JPMorgan Indian (JII) aims to generate long-term capital growth by investing in high-quality companies benefitting from exciting secular growth trends in Asia such as the growing young demographic, urbanisation and digitalisation. Managers Rukhshad Shroff and Rajendra Nair have worked together on the portfolio since 2003, giving them extensive experience in Indian equities. They have access to the vast Emerging Markets and Asia Pacific (EMAP) equity team at JPMorgan, made up of sector specialists who can place Indian companies in the context of their international peers. The managers have a highly active and stable stock-picking approach intended to look through short-term noise and identify those companies with superior growth prospects over at least five years. Over the long term their approach has led to steady outperformance of the MSCI India benchmark, although in recent years performance has been hit by their decision not to hold one stock which is a major part of the index and has outperformed (as discussed in the Performance section). Thanks to this underperformance, a tender offer was triggered at the end of September 2019 and 25% of the share capital was repurchased by the trust. However, it will remain the largest India specialist investment trust. Discounts have been volatile in Asia in 2020 thanks to the coronavirus scare. JII’s discount did come in since the tender offer, but has since widened out to 13%.