Financials hit JPM Indian trust

Trust underperforms over six months, with overweight financials bet dragging down returns

JPMorgan Indian investment trust is the latest in a long line to report recent underperformance due to an overweight position in financials. The trust fell 12.4% in NAV terms over the six months to 31 March against a 7.7% decline in the MSCI India benchmark. Managers, Edward Pulling, Rukhshad Shroff and Rajendra Nair pointed to financials as the key reason behind lagging returns. "The company had a poor first half of the year, underperforming the benchmark as our key overweight in financials detracted value," they said. "The financial sectors severely underperformed in February and ...