Overview

The Neptune India Fund gives investors access to one of the world’s most exciting, fastest growing markets. India is undergoing a period of rapid transformation, with a modernising economy and growing population leading to higher levels of domestic consumption. A nimble portfolio, Fund Manager Ewan Thompson seeks to identify the best investment opportunities across the market cap spectrum.

Investment objective

To provide capital growth by investing mainly in Indian companies, selected at the manager's discretion.

There is no assurance that the investment objective will be achieved.

Ongoing charge (%) 1.24
Minimum investment
Initial 250,000
Top up -
Regular -
Share class codes
ISIN GB00B1L6DV51
Bloomberg NEPINDB:LN
SEDOL B1L6DV5

Fund managers

Ewan Thompson

Fund Manager
  • Role at Neptune

    Investment Director, Head of Emerging Market Equities

  • Time at Neptune

    12 years

  • Research focus

    Metals and Mining

Ruth Chambers

Assistant Manager
  • Role at Neptune

    Fund Manager

  • Time at Neptune

    3 years

  • Research focus

    Energy and Utilities

Performance

Portfolio

Data as at 31/01/2019

Top ten holdings (%)

FundIndex
Infosys Technologies 8.79 8.33
Reliance Industries 5.44 11.13
ICICI Bank 5.34 2.76
Housing Development Finance 3.66 9.82
Godrej Consumer Products 3.35 0.81
Yes Bank 3.20 1.05
Blue Star 3.09 0.00
Biocon 2.87 0.00
HCL Technologies 2.80 1.73
Cyient 2.76 0.00

Sector (%)

FundIndex
Financials 32.7 23.7
Information technology 16.3 18.2
Materials 10.8 8.1
Healthcare 9.5 5.4
Industrials 8.9 4.1
Consumer discretionary 8.3 9.2
Energy 7.0 14.6
Consumer staples 3.4 11.2
Communication services 1.9 2.4
Real estate 1.1 0.0
Utilities 0.0 2.9
Cash 0.1000 0.0

Top ten holdings (%)

FundIndex
Infosys Technologies 8.79 8.33
Reliance Industries 5.44 11.13
ICICI Bank 5.34 2.76
Housing Development Finance 3.66 9.82
Godrej Consumer Products 3.35 0.81
Yes Bank 3.20 1.05
Blue Star 3.09 0.00
Biocon 2.87 0.00
HCL Technologies 2.80 1.73
Cyient 2.76 0.00

Sector (%)

FundIndex
Financials 32.7 23.7
Information technology 16.3 18.2
Materials 10.8 8.1
Healthcare 9.5 5.4
Industrials 8.9 4.1
Consumer discretionary 8.3 9.2
Energy 7.0 14.6
Consumer staples 3.4 11.2
Communication services 1.9 2.4
Real estate 1.1 0.0
Utilities 0.0 2.9
Cash 0.1000 0.0

    Active share

    Active share 63.7%

    The Active Share is a measure of how different a portfolio is from its benchmark, i.e. how 'actively managed' a fund is relative to its respective Index. A score of 100% indicates the fund's holdings are completely different, whilst 0% indicates the portfolio exactly replicates the Index.

    Number of holdings

    No. of holdings 41

    Total number of holdings, excluding cash positions.

    Quarterly commentary

    Q4 2018

    Market overview

    Against an extremely challenging backdrop of sharply falling global markets, Indian equities bucked the trend and registered significant outperformance in the fourth quarter, returning 5.0%. India has been under pressure this year from a number of external as well as domestic factors. In particular, the rise in crude oil prices through September had weighed on sentiment – as an oil importing nation, India suffers a macro vulnerability to higher energy prices – driving the rupee lower, inflation higher as well as weighing on economic growth. Having endured these headwinds throughout the year, India therefore enjoyed something of a relief rally as oil prices sharply dropped during the final quarter.

    Portfolio attribution

    The stabilisation in the rupee also drove a degree of sector rotation where US dollar earners such as the healthcare and technology sectors underperformed at the expense of a resurgence from sectors more closely tied to the domestic economy such as industrials and financials. The Neptune India Fund returned 3.4% for the quarter, driven by strong performance across holdings in the industrials and real estate sectors, especially in the mid-cap space, which is more closely tied to the domestic economy. The Fund’s underweight in consumer staples was a slight detractor to performance, which enjoyed a very strong quarter led by index-heavyweight Hindustan Unilever, which provided a drag on relative performance.

    Outlook

    The Neptune India Fund remains positioned for long-term growth in the domestic economy, led by mid-cap, domestically facing companies, especially along the theme of growing financial inclusion. The Fund’s overweight positions are therefore in the financials, healthcare, industrials and real estate sectors, whilst being underweight consumer staples, which we feel are expensive, as well as technology, which we believe to be more linked to external growth drivers.

    Ewan Thompson

    Fund Manager

    Against an extremely challenging backdrop of sharply falling global markets, Indian equities bucked the trend & registered significant outperformance in the fourth quarter, returning 5.0%.

    Prices

    Choose date
    Share class Price Change (%) Date
    C Acc GBP 203.40 -1.79 18/02/2019
    C Acc USD 97.64 -0.93 18/02/2019
    A Acc USD 78.60 -0.91 18/02/2019

    Neptune funds are priced every working day at 12 noon UK time and prices should be updated here by 6pm the same day.

    The prices shown should be taken only as an indication of the value of shares. Prices are set on a forward-pricing basis which means that any instruction to buy or sell shares will be fulfilled at the price set at 12 noon the next day.

    If you are looking for historical prices of closed funds or share classes, or are having any difficulty finding the price information you require, please call our customer services team on 0800 587 5051.

    Literature

    Codes & fees

    ISIN SEDOL Bloomberg Ongoing charge (%)
    C Acc GBP GB00B1L6DV51 B1L6DV5 NEPINDB:LN 1.24
    C Acc USD GB00BWK1S243 BWK1S24 NEPINCU:LN 1.25
    A Acc USD GB00B60T6221 B60T622 NEPINDA:LN 2.28

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