JPMorgan Asia Growth & Income PLC GBP · LSE:JAGI
JPMorgan Asia Growth & Income PLC GBP — JPMorgan India Growth & Income — Shareholder Meeting (February 2026)
26 slides from JPMorgan Asia Growth & Income PLC GBP's shareholder meeting presentation, Feb 10, 2026
Slide 1: JPMorgan India Growth & Income plc Annual General Meeting
JPMorgan India Growth & Income plc Annual General Meeting 10 February 2026 Amit Mehta, Portfolio Manager Sandip Patodia, Portfolio Manager This is a marketing communication. Please refer to the KID (JPMorgan India Growth & Income plc) before making any final investment decisions
Slide 2: Agenda
Agenda 2025 – A look back at the year Our approach – your portfolio Looking ahead 2
Slide 3: 2025 – A look back at the year
2025 – A look back at the year 3
Slide 4: Key events during the year
Key events during the year Index price 3100 New RBI GST slabs governor finalised appointed 50% tariffs 3000 announcement on India 2900 Income tax cut India–Pakistan escalation: announcement Operation Sindoor GST rationalisation (X) 2800 announcement RBI easing cycle begins Liberation day tariffs 270
Slide 5: Main themes during the year – alpha begins at home
Main themes during the year – alpha begins at home India centric businesses outperform amid global uncertainty aided by domestic flows Domestic sectors (financials) outperformed exports (IT) Domestic flows absorbed selling by foreigners and equity supply 105 125 108 75 (Re-based to 100) 95 (In USD b
Slide 6: Cyclical value outperforms quality; valuation inflation in small and mid-caps
6 0.80 0.90 1.00 1.10 1.20 1.30 1.40 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Quality Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Cyclical Value Mar-25 Apr-25 May-25 Jun-25 Jul-25 Cyclical value as a style factor continues to outperform quality Aug-25 Sep-25
Slide 7: Long term performance
Long term performance JPMorgan India Growth & Income plc as 30 September 2025 140 One As of 30 September 2025 year 130 MSCI India -13.5 120 110 India ETF -10.7 100 90 JPMorgan India Growth & Income plc NAV* -11.4 80 JPMorgan India Growth & Income plc Share Price** -1.8 MSCI India India ETF JIGI NAV
Slide 8: Performance attribution
Performance attribution JPMorgan India Growth & Income plc Attribution summary Stock: -0.69 Sector: 0.56 for 1 year ending 30 September 2025 Benchmark MSCI INDIA Net Return in GBP Sector attribution (%) Relative weight Stock Top contributors Impact (%) (%) return (%) Stock selection Asset allocation
Slide 9: Our approach – your portfolio
Our approach – your portfolio 9
Slide 10: What are we trying to do?
What are we trying to do? Buy high quality businesses… led by outstanding management teams… that trade at reasonable/attractive valuations 10
Slide 11: Broadening investment opportunities
Broadening investment opportunities Discretionary consumption and industrial companies to grow faster as India transitions from low to mid-income country over the long-term Beneficiaries of cycle Core Quality Growth Not owned broadening Financials Consumer Discretionary ICICI Bank, CAMS Highly value
Slide 12: Sector positions
Sector positions As of 30 September 2025 Sector positions Relative weight (%) Portfolio 36.8 5.2 9.9 21.6 12.7 7.4 15.1 7.6 4.1 8.3 0.0 0.0 4.1 3.5 0.3 weight (%) Source: J.P. Morgan Asset Management. JPMorgan India Growth & Income plc. The strategy is actively managed. Position is relative to MSCI
Slide 13: Select portfolio changes
Select portfolio changes Bought: Max Financial Sold: Vishal Mega Mart Added: Dr Reddy’s Reduced: Bajaj Auto Image source: Shutterstock. The securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. 13
Slide 14: Looking ahead
Looking ahead 14
Slide 15: Four stakeholders in an economy that contribute to growth
Four stakeholders in an economy that contribute to growth and value creation Exports Government Economy Corporates Households 15
Slide 16: Exports: US trade policies to weigh on exports from India
Exports: US trade policies to weigh on exports from India Narrowing US Current Account Deficit (CAD) to weigh on global trade, including India 0 US trade balance (% of GDP) -1 Post covid: 2010s Widening deficit (% of GDP) -2 2000s US trade flat US trade deficit widens -2.4 -3 1990s -4 US trade defic
Slide 17: Government: Fiscally conservative
Government: Fiscally conservative Government remains in fiscal consolidation mode USD50bn of consumption stimulus 60 US$ 18bn, 0.4% of US$ 50bn, 1.2% of 10 GDP GDP 9.2 45 US$ 20bn, 0.5% of (In USD bn) GDP 30 8 US$ 12bn, 0.3% of 15 GDP 6.7 6.5 0 6 Income tax relief GST rate rationalisation Repo rate
Slide 18: Corporates: Strong profits but companies reticent to invest
Corporates: Strong profits but companies reticent to invest Strong profits yet capex is weak 5.0 4.5 Profit to GDP at a decade high 4.1 4.0 (% of GDP) 3.5 3.0 2.8 2.5 Capex to GDP at a decade low 2.0 FY10 FY13 FY16 FY19 FY22 FY25 BSE500 capex to GDP BSE500 (ex-OMCs) PAT to GDP Source: Capitaline, CM
Slide 19: Households: Consumption loans picking up but balance sheet still levered
Households: Consumption loans picking up but balance sheet still levered Consumption loans are rising amid rate cuts HH leverage rising and yet nominal GDP growth has slowed down 16 7.0 24 20 HH debt (% of GDP) 15 6.5 16 12 (%YoY, 3mma) 8 (%) 14 6.0 18 16 (%, 2Y CAGR) NGDP 13 5.5 14 12 10 12 5.0 8 S
Slide 20: India is expected to remain one of the fastest growing large economies
India is expected to remain one of the fastest growing large economies globally Real GDP Growth, YoY% 12.0% 9.7% 10.0% 9.2% 8.0% 8.3% 8.0% 7.4% 7.6% 7.4% 6.8% 7.0% 6.4% 6.5% 6.5% 6.0% 3.9% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -5.8% -8.0% FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26E
Slide 21: India: Long term performance
% 21 50 100 150 200 250 0 Dec-19 Jan-20 Feb-20 Last 5 Years Mar-20 Last 20 Years Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 9% 11% Jul-21 Aug-21 Past performance is not a reliable indicator of current and future results India: Long term p
Slide 22: Summary
Summary Mid-cycle pause on growth, but long-term structural drivers remain intact Valuation froth coming out of the market, especially in the SMID space Volatility often provides opportunity for bottom-up stock-selection Look to stay invested and focus on the long term Opinions, estimates, f
Slide 23: Appendix
Appendix JPMorgan 23 ASSET MANAGEMENT
Slide 24: Portfolio positions
Portfolio positions As of 31 December 2025 Top 10 holdings Portfolio weight (%) Top 5 overweights Portfolio weight (%) Relative weight (%) HDFC Bank 9.34 ICICI Bank 8.58 3.53 ICICI Bank 8.58 Kotak Mahindra Bank 4.81 3.09 Mahindra & Mahindra 5.41 Dr.Reddys Laboratories 3.48 2.99 Mahindra & Mahindra 5
Slide 25: Investment objective and main risks
Investment objective and main risks JPMorgan India Growth & Income plc INVESTMENT OBJECTIVE Aims to provide capital growth from investments in India Summary Risk Indicator Main Risks 1 2 3 4 5 6 7 • Exchange rate changes may cause the value of underlying overseas investments to go down as well as up
Slide 26: Important information
Important information For Professional Clients only – not for Retail use or distribution. This is a marketing communication and as such the views contained herein do not form part of an offer, nor are they to be taken as advice or a recommendation, to buy or sell any investment or interest thereto.
JPMorgan India Growth & Income — Shareholder Meeting (February 2026) on 6ix