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In the first three months of this year, 17 new companies have listed on the mainboard exchanges in India, more than in all of 2019 or 2020.

FSSA Investment Managers, Indian equities, Road to Recovery

Our investment philosophy is to back owners and managers with whom we feel strongly aligned. These owners typically have track records of treating all stakeholders fairly, in both good and bad times.

“We already have (exposure) to India via our Asia and Regional strategies.” We often hear this comment from prospective clients who are considering an investment in the FSSA Indian Subcontinent strategy, but are not yet convinced that a dedicated allocation would indeed be worth it. Call us biased, but we have been arguing in favour of a standalone investment in India for many years.

India's economic prowess has become a focal point for institutional investors eyeing long-term growth. Traditionally, investors lean towards Global Emerging Market (GEM) strategies to tap into this opportunity.

Sree Agarwal and Shivika Srimal, investment analysts at FSSA Investment Managers, believe there are a number of reasons to be positive on India in the long run, and shared their rationale at the FSSA Forum 2023.

In our team, mistakes are teachable moments to be shared and learnt from. Thankfully, for us and our clients, in our history of investing in India we have managed to avoid the big ones.

Over the last few years, we have been selling many companies which have become expensive. On the other hand, there are still companies that are attractively valued with robust growth ahead.

FOMO, that would perhaps be an accurate description of what drove some of my portfolio decisions as a young fund manager, roughly 15 years ago during the global financial crisis (GFC) meltdown.

There have been many disruptions in India over the past decade, with frequent regulatory reforms and a costly Covid-19 experience. However, the positive effects of the reforms are now being seen, with market leaders across sectors gaining rapidly from the formalisation of the economy.

Ten years ago last month, I assumed lead management responsibilities for the FSSA Indian Subcontinent strategy. How time has flown!

After a recent meeting in Mumbai with the top management of an Indian conglomerate group, we came back with a clear message — the group's commitment to its purpose does not mean that it will continue to operate loss-making businesses.

Learn more about investing in Indian equities with FSSAIM today. Our India investment strategies aim to achieve sustainable, long term growth.

As the saying goes, those who stand for nothing, fall for everything. And so it is that we believe there isn’t a price for every business. Most are better left alone in the interests of sleeping better at night. Staying disciplined to our process means erring on the side of caution and avoiding companies where we have lingering suspicions about the governance practices.