While the JHPs such as the Winchester Silvertip get great reviews in the gun rags, many .32 ACP pistols REFUSE to feed anything other than FMJ ball ammo.
In the limited testing which I have done in Browning M1922, Walther PP, HSc, Beretta M1935 and M70 pistols, NONE of the available JHP rounds I tested, which included Silvertip, Gold Dot, Hornady XTP, MagTech and PMC would function with anything even approaching acceptable reliability.
My M1935 Beretta will feed cast SWC bullets with utter reliability (for practice I use the Saeco #325 with 1.8 grs. of Bullseye and have shot HUNDREDS of rounds), but will not feed Silvertips at all. They stub and bugger up on the feedramp.
The JHPs out there which work with fair reliability are the MagTech, Hornady XTP, Federal Hydra-Shok and the Speer Gold Dot. But you can still bet on getting at least one bobble out of a box of 20 or 25. Not acceptable!
I should also note that much of the US manufactured FMJ ammunition is anemic compared to European ammunition, and may not reliably function in older WWII-era. militaries. While US ammo is "claimed" to be 905 f.p.s. with a 71-gr. bullet, my chronograph results in M70 and M1935 Berettas range from 830-850 f.p.s.
The only ammos I found which have proven 100% reliable, all the time in all the guns were either Fiocchi or RWS-Geco FMJ hardball. The Czech S-B hardball was also OK, but less accurate. All three reliably clocked 900+ f.p.s. from my pistols.
In my opinion none of the .32 ACP JHP loads provide adequate penetration for defense. The 12-15" of water jug penetration often cited equates to only 8-10" of gelatin and isn't enough. My tests of .32 ACP hardball ranged from five (denting the far side of the jug) to six (exiting but not perforationg the next) 1/2 gallon water jugs, or 18-24" of water, which approximates 14-18 inches of gelatin, which is aceptable.
If limited to a minimum bulk carry gun of marginal energy, the bullet must penetrate deeply enough to reach vital organs and you must rely on marksmanship and the effect of rapid multiple hits to have effect.
An old salt I knew had combat experience comparing an M1911 in side-by-side use with an M1922 Browning in .32 ACP wielded by his ROC first mate against multiple knife-wielding swimmers trying to board his "research vessel" in the South China Sea. He said that the .32 did just fine, but Harry was still glad that he had his .45!