New India Investment Trust PLC
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NMPI Status

The Company currently conducts its affairs so that securities issued by New India Investment Trust PLC can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream Pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.

The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are securities in an investment trust.

 
 

Morningstar Ratings

Fund Rating

5 Star Rating
 
 

Daily Data

At close 16-Apr-2014

Ord
Price220.00p
NAV257.29p
Prem/-Disc-14.49%


Source: Morningstar, NAV = Net Asset Value, excluding income.

 
 
 

Risk Warning

The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.

Read the detailed Risk Warning
 

Past Performance

Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.

 
 
 
 

Trust Details

New India Investment Trust PLC

Registered Office:
Bow Bells House,
1 Bread Street,
London
EC4M 9HH

Registered in England and Wales as an Investment Company Number 2902424

 

New India Investment Trust PLC

Objective

To achieve long-term capital appreciation by investing in companies which are incorporated in India or which derive significant revenue or profit from India, with dividend yield from the company being of secondary importance. This emphasis on long-term capital appreciation will be demonstrated by benchmarking the Company’s net asset performance against the Morgan Stanley Capital International India Index (in Sterling terms).

 

New India Investment Trust PLC Half Yearly Report for Six Months Ended 30 Sept 2014
Adrian Lim, Senior Investment Manager

In this webcast Adrian Lim gives an update on a wide range of subjects including performance, as sector breakdown, twenty largest investments and an outlook for the Trust.

Click here to listen to the presentation.

 

 

Manager's Monthly Report

January 2014

Market Review

Indian equities rose in February in tandem with regional markets, despite the pace of growth slowing slightly from the previous quarter.

Encouragingly, consumer prices softened, the trade deficit narrowed and exports rose. Meanwhile, the interim budget seemed sensible, containing few populist policies.

Portfolio review

In February, we trimmed Infosys, which has rebounded under Narayana Murthy’s leadership, and added to Ultratech and ACC on weakness.

India’s deteriorating auto sector and weak rupee did Bosch’s performance no favours in the fiscal third-quarter. However, the company has been expanding capacity and continues to invest for long-term growth. Meanwhile, auto demand could pick up on the back of a cut in excise duties, which manufacturers have decided to pass on to attract more customers.

Ambuja Cements and ACC battled the same cost and competition pressures that have plagued industry peers over the past few quarters. Regardless, infrastructure development is essential to India’s progress and this will benefit the cement sector over the longer term. Ambuja and ACC have the added advantage of an experienced parent and an imminent organisational restructure.

Tata Power has received approval from regulators to pass on higher fuel costs at its struggling Mundra power plant via tariff increases. Crucially, the price rise can be applied retrospectively; very good news for Tata’s bottom line, which has been under pressure.

L

Outlook

While the economy seems to be moving in the right direction, albeit slowly, and investors have regained confidence in equity markets, India’s banking sector remains under considerable stress. Deteriorating asset quality is a particular concern. However, an important distinction must be made between public banks, none of which we own, and private sector lenders. Our holdings, such as HDFC and ICICI, continue to maintain robust balance sheets and decent asset quality. In comparison, State Bank of India recently announced an increase in non-performing loans at the same time as coverage fell. Meanwhile, small state-owned United Bank of India has been forced to halt lending as its poor-quality loans reached worrying levels and left it in dire need of a capital injection. While we do not believe the challenges afflicting state-owned banks are systemic, we are watching events closely.


Source: Monthly Factsheet Aberdeen Asset Managers Limited