India has undergone one of the most dramatic repositionings in our emerging markets dataset. In this month’s piece we document the drivers behind the rotation, from country and sector down to fund and stock level moves.

Key Findings

• Average India weights have fallen from 17.47% in August 2024 to 9.94% today, the largest 12-month country weight decline in our universe

• The rotation has been active and deliberate — 5.1% of funds switched from overweight to underweight in just 12 months, led by Morgan Stanley, Liontrust and Neuberger Berman

• But the headline numbers only tell half the story. Financials ownership sits at a record high, Bharti Airtel and Mahindra & Mahindra are at all-time ownership peaks, and a new cohort of rising stars is quietly building a following