HEAD-TO-HEAD: First State versus JP Morgan

123456

Manager review

“We continue to have high conviction in First State Indian Subcontinent’s lead manager and his well-codified approach,” said Nel.

Vinay Agarwal and Naren Gorthy are the named managers on this strategy, with Agarwal serving as lead manager and Gorthy as backup.

Agarwal is the “best fund manager in his India peer group”, according to Nel.

“He is well-supported by a committed, knowledgeable and passionate team. There is highly productive debate and collaboration, but ultimately Agarwal makes the final portfolio selections,” he added.

Agarwal, who took over as lead manager in August 2012, has been with First State since 2011 and has 15 years of investment experience.

“In general, Argarwal has demonstrated sharp and differentiated insights on Indian equities during our meetings over the years,” said Nel.

Turning to the JP Morgan fund, Shroff and Nair provide “experienced and stable management, and they have access to a vast group of around 100 emerging market Asia-Pacific analysts,” said Nel, who met them two months ago.

“It’s obvious that the pair have a strong bond and have a deep knowledge of the Indian equity market.”

Karan Sikka, previously a member of the Mumbai onshore team, has been directly supporting the managers as an India product analyst since 2016, when JP Morgan sold its onshore business.

“In addition to this dedicated resource, the managers rely heavily on the wider emerging-markets and Asia-Pacific investment team, which was formed in 2015,” said Nel.

“Shroff and Nair are a stable portfolio management duo with ample resources, who follow a sensible process,” Nel summed up.

123456