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    Our investment philosophy has remained broadly unchanged for more than thirty years. We focus on identifying quality companies, buying them at a sensible price and holding for the long term. 

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    As long-term investors, we uphold the highest standards of responsible investment, guided by the principles of human rights, environmental stewardship and adherence to international norms. ​

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    Latest fund price and performance, documents and factsheets for our range of actively managed funds

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    Price and performance

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    Read our latest views on companies and investment trends

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    China update: Domestic revival gaining traction despite external headwinds

    Investors started to turn more positive towards China after the government stepped up support for the economy last September. Domestic developments in artificial intelligence (AI) had also helped to boost market sentiment. But in recent weeks, global markets – including China equities – have been upended with chaotic announcements from the US about trade tariffs on goods imports from around the globe.

    • About us

    Our investment philosophy has remained broadly unchanged for more than thirty years. We are focused on identifying quality companies, buying them at a sensible price and holding for the long term. 

    • Career opportunities

    We believe that looking at things differently is more important than following the herd or tracking an arbitrary index. We are looking for people who have a passion for business and investing to join the team and provide a different perspective on companies.

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Important Note Click to maximise
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• The Fund invests primarily in equity securities and equity related securities in Indian subcontinent which may expose to potential changes in tax, political, social and economic environment.

• The Fund invests in emerging markets which may have increased risks than developed markets including liquidity risk, currency risk/control, political and economic uncertainties, high degree of volatility, settlement risk and custody risk.

• Investing in small /mid-capitalisation securities may have lower liquidity and their prices are more volatile to adverse economic developments.

• The Fund’s investments may be concentrated in a single country/ sector, specific region or small numbers of countries/ companies which may have higher volatility or greater loss of capital than more diversified portfolios.

• The Fund may use FDIs for hedging and efficient portfolio management purposes, which may subject the Fund to additional liquidity, valuation, counterparty and over the counter transaction risks.

• It is possible that a part or entire value of your investment could be lost. You should not base your investment decision solely on this document. Please read the offering document including risk factors for details.
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India

Witness the rise of India with a different perspective.

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  1. Price & performance
  2. Meet the manager
  3. Insights
  4. Responsible investing
  5. Case studies

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India’s large population, its rapidly developing metropolises and its rich history of commerce are all contributing to its journey in becoming an economic powerhouse. We have spent the past decades building relationships with high-quality owners and managers in India and have identified, in our view, some of the best growth opportunities in the world. 

What we invest in

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Aspirational consumer base

Favourable demographics and under-penetrated categories*, lead to well-positioned consumer franchises generating high Returns on Capital Employed (ROCE)**. We believe such dominant franchises will keep gaining market share as the markets formalise as well as premiumise over time.

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Infrastructure Improvement

With greater need for better quality infrastructure as the country develops, we believe that suppliers, such as paints and cement companies, will benefit. Well-run companies in these industries typically generate high returns and have low debt compared to infrastructure asset owners.

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Financial Inclusion

We believe well-managed private banks should continue to benefit from greater penetration of financial services across India. They should continue gaining market share at the expense of poorly run and under-capitalised state-owned banks.

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Undiscounted change

We believe in paying close attention to changes in management and ownership, in inherently attractive businesses undergoing temporary periods of difficulty. This can often lead to meaningful transformations, generating significant value for shareholders.
 

*Under-penetrated categories mean categories or products and services that are still not widely used by consumers.
**Return on capital employed (ROCE) is a financial ratio that can be used in assessing a company's profitability and capital efficiency.
 

Case studies

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Growth opportunities in India’s oral care market

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India’s largest private sector bank

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Accelerated growth in an under-penetrated category

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Our approach to responsible investment

Non-label disclaimer

Our approach to responsible investing has been shaped by an emphasis on stewardship and the belief that quality managers and good governance should ensure that environmental and social concerns are rightfully addressed. We have integrated sustainability analysis into our investment process and engage extensively on environmental, labour and governance issues. 

Sustainable investment labels help investors find products that have a specific sustainability goal. FSSA's products do not have a UK sustainable investment label as they do not have a non-financial sustainability objective. Their objective is to achieve long-term capital growth by following its investment policy and strategy.

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Investment Insights

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Our views on US tariffs

News about US reciprocal tariffs have rocked global markets, as President Trump announced sweeping import taxes that were far higher and affected a much broader swathe of countries than expected.
  • 09 April, 2025
  • Article
  • 5 mins
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What makes India an exciting investment destination?

India’s large population, its rapidly developing metropolises and its rich history of commerce, are all contributing to its journey in becoming an economic powerhouse. FSSA has been investing in India since the market first opened to foreign investors (in the early ‘90s); we then launched our dedicated India strategy in 1994.
  • 05 November, 2024
  • Article
  • 3 mins
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What “Value Up”?!

Whilst valuations of many small and mid-cap companies are questionably high, we are being prudent; and we believe there are a number of reasons why India’s premium is well justified.
  • 16 July, 2024
  • Article
  • 3 mins

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Meet the manager

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Sreevardhan Agarwal

Portfolio Manager

Meet the team

Price & performance

Strategy overview

The Fund aims to achieve long term capital appreciation and invests primarily in a diversified portfolio of equity securities and equity related securities issued by companies of the Indian subcontinent. Countries of the Indian subcontinent include India, Pakistan, Sri Lanka and Bangladesh. The Fund concentrates on securities that are listed, traded or dealt in on regulated markets in the Indian subcontinent and offshore instruments issued by companies established or operating or have significant interests in the Indian subcontinent and listed on other regulated markets.

Issuer:

Key facts

Indicative NAV*
USD
per unit as at

Updated every 15 seconds
Pricing information
USD
Entry Price
USD
Exit Price
USD
NAV per unit as at
08 Jul 2025
Key dates
{{FundDate}}
{{FundDateDescription}} | {{APIRTitle}} {{APIRDescription}}
15 May 2025
ETF Listing Date | ASX:LEVR

ASX announcements

View all announcements

The iNAV reflects the estimated NAV per unit in respect of the Fund’s assets that have live market prices during the trading day. The issuer of the Fund has engaged ICE Data Indices, LLC as iNAV calculation agent to independently calculate the iNAV.
* iNAV calculations as shown (the "data") are provided by ICE Data Indices, LLC or its third party suppliers and are updated during ASX trading hours. iNAV calculations are indicative and for reference purposes only. The Fund is not sponsored, endorsed, sold or marketed by ICE Data Indices, LLC, its affiliates ("ICE Data") and ICE Data or its respective third party suppliers MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE iNAV, FUND OR ANY FUND DATA INCLUDED THEREIN. IN NO EVENT SHALL ICE DATA HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. You acknowledge that the data is provided for information only and should not be relied upon for any purpose.

Strategy Overview

The Fund aims to achieve long term capital appreciation and invests primarily in a diversified portfolio of equity securities and equity related securities issued by companies of the Indian subcontinent. Countries of the Indian subcontinent include India, Pakistan, Sri Lanka and Bangladesh. The Fund concentrates on securities that are listed, traded or dealt in on regulated markets in the Indian subcontinent and offshore instruments issued by companies established or operating or have significant interests in the Indian subcontinent and listed on other regulated markets.

Key Facts

Inception Date
23 Aug 1999
ISIN
IE0008369930
Price: USD 191.1774 / 08 Jul 2025

Strategy Overview

The Fund aims to achieve long term capital appreciation and invests primarily in a diversified portfolio of equity securities and equity related securities issued by companies of the Indian subcontinent. Countries of the Indian subcontinent include India, Pakistan, Sri Lanka and Bangladesh. The Fund concentrates on securities that are listed, traded or dealt in on regulated markets in the Indian subcontinent and offshore instruments issued by companies established or operating or have significant interests in the Indian subcontinent and listed on other regulated markets.

Key Facts

Inception Date
23 Aug 1999
ISIN
IE0008369930
Price:
USD
191.1774 / 08 Jul 2025

Cumulative performance (%) as at 31 May 2025

FUND

SHARE CLASS

INCEPTION DATE

CURRENCY

3MTHS

YTD

1YR

3YRS

5YRS

SINCE INCEPTION

FSSA Indian Subcontinent Fund

Class I (Acc)

23 Aug 1999

USD

11.9

-1.5

6.7

48.8

131.5

1763.4

Benchmark *

-

-

-

15.9

2.9

4.7

40.0

138.6

1086.3

Calendar year performance (%)

FUND

SHARE CLASS

CURRENCY

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

FSSA Indian Subcontinent Fund

Class I (Acc)

USD

15.5

27.3

-7.2

21.4

8.8

3.6

-7.9

40.0

1.6

5.1

Benchmark *

-

-

11.2

20.8

-8.0

26.2

15.6

7.6

-7.3

38.8

-1.4

-6.1

* MSCI India Net Index


Source: Lipper, Nav-Nav (with dividend reinvested where applicable)
Acc represents share class with dividends accumulated. M Dist represents share class with monthly distribution of dividends.  H Dist represents share class with half-yearly distribution of dividends.  Q Dist represents share class with quarterly distribution of dividends.  Dividends are not guaranteed and may be paid out of capital. All prices are for indication only. For detail, please refer to the Fund’s factsheet for further details including investment objective & strategy, asset allocation, top 10 holdings, comparison with benchmark (if any) and disclosure.

Investment Resources

Fund prices & performance Fund literature & factsheets

For more information, please contact us. 

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