"Are you considering increasing your holding of JPM India? I notice you have not mentioned it for a while and wondered what your current thoughts are."

David Fuller's view You are correct but both Eoin and I have commented on India quite frequently and this extremely attractive long-term prospect has been a serial underperformer this year due to political scandals and ineptness, which have aggravated inflationary pressures, prompting the RBI to raise interest rates 13 times. India's latest blunder, in my opinion, was the decision last week to postpone the entry of foreign retailers, including supermarkets.

This underperformance is unlikely to reverse until the RBI begins to lower rates. That could happen sooner rather than later as India's GDP growth is slowing and inflation will fall in line with commodity prices which are coming down faster, on average, than the rupee is weakening. I already have a substantial long-term investment in India but if you are looking for a catalyst, the next time to buy JII or any other Indian fund, I suggest, is when the RBI lowers rates.