Vanquish India
Holdings
Not only does India have the world’s largest population, it also has its fastest growing economy. Having already overtaken the UK and Japan, India remains on track to surpass Germany and claim the number 3 spot by 2030. Its stock markets have been equally relentless, outperforming even the mighty US.
Despite these impressive developments, India remains a relatively closed, complex, and restrictive market for non-domestic investors. Vanquish India addresses these challenges by accessing Indian stocks via main market listed instruments, such as American Depository Receipts (US-traded certificates representing overseas shares) and targeted UK listed investment trust holdings.
This approach secures access to the highest quality opportunities open to international investors today, whilst also establishing a forward looking portfolio designed to evolve in step with India’s development.
Larsen & Tourbo
L&T is a major player in the engineering, construction, infrastructure, and defence sectors. With increasing government focus on infrastructure development and ongoing investments in strategic projects, L&T is well positioned to benefit from long-term growth across multiple sectors. We hold this stock in dollars via an American Depository Receipt (ADR).
Bajaj Finserve
A leader in financial services, Bajaj Finserv has strong growth potential through a well-diversified business model, including insurance, lending, and wealth management segments. It also benefits from India's expanding middle class and financial inclusion, which further enhances long-term growth prospects. We hold this stock in dollars via an American Depository Receipt (ADR).
ICICI Bank
As one of India's leading private sector banks, ICICI stands to benefit from the increasing financial inclusion and growing demand for both retail banking, insurance an asset management products. The multinational group also operates across 11 other countries providing both retail and corporate services. We hold this stock in dollars via an American Depository Receipt (ADR).
Ashoka India Investment Trust PLC
A specialist UK listed trust, again selected for its on-the-ground insight into local companies. It seeks medium to large cap stocks with superior returns on capital, strong governance, and attractive valuations, providing additional exposure to Dixon and ICICI together with access to Tata Consultancy Services, State Bank of India, Zomato, HDFC Bank, Bharti Airtel, CG Power & Industrial Solutions, Nestlé India, Cholamandalam Financial Holdings.
India Capital Growth
A UK-listed investment trust specialising in scalable small- to mid-cap Indian stocks (US$4–12bn), advised by Gaurav Narain’s team in Mumbai and selected for its bottom-up, research-driven approach and on-the-ground insight. This trust gives us access to Dixon Technologies, Skipper, Neuland Laboratories, MCX, RBL Bank, Federal Bank, Affle India, Emami, Persistent Systems, and IDFC Bank, which collectively represent 41.2% of the trust’s holdings.