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India

Witness the rise of India with a different perspective.

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.
 

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.

Investment Insights

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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.
  • Article
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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. 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.
  • Article
  • 3 mins
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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.
  • Article
  • 3 mins

Meet the manager

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Sreevardhan Agarwal

Portfolio Manager

Price & performance

Strategy overview

Issuer:

Key facts

Indicative NAV*
per unit as at

Updated every 15 seconds
Pricing information
Entry Price
Exit Price
NAV per unit as at
Key dates
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

Key Facts

Price: /

SUT represents Singapore Unit Trust fund range

Fund performance data is sourced from First Sentier Investors. Single pricing basis with net income reinvested. The above performance data is provided for information only and does not contain or constitute investment advice. A copy of the Prospectus is available and may be obtained from the Manager, First Sentier Investors (Singapore), or any of our distributors. Investors should read the Prospectus and consult a financial adviser before deciding to make any investment. In the event of discrepancies between the marketing materials and the Prospectus, the Prospectus shall prevail. The value of the Fund and the income from them, if any, may fall or rise. Past performance of the Fund or the Manager and any economic and market trends or forecast, is not indicative of the future or likely performance of the Fund or the Manager. Neither the Manager, nor any of its associates, nor any director, or employee accepts any liability for any loss arising directly or indirectly from any use of this information. Units are not available to U.S. persons.

For more information, please contact us