- Edison has issued a research update on JPMorgan Indian Investment Trust.

The report says: "JPMorgan Indian Investment Trust (JII) has performed strongly over the past six months, as a landslide election victory for pro-reform Narendra Modi of the BJP sparked a major reappraisal of the stock market. The trust seeks capital growth from a portfolio of companies chosen for their quality, value and growth characteristics. The managers take a long-term view and made an early move into cyclical stocks, which hurt performance during the 'taper tantrum' in mid-2013, but has helped drive returns since the turn of the year.

"A move down the capitalisation spectrum has seen turnover tick up, but it remains within a long-term range below 40%. The discount - although above 10% - is around average levels, perhaps reflecting greater caution towards single-country funds."

At 9:02am: [LON:JII] JPMorgan Indian Investment Trust Plc share price was -1p at 444p

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