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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.
The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Fund Managers Limited, as the alternative investment fund manager of New India Investment Trust PLC, to make available to investors certain information prior to such investors’ investment in the Company.
The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as “UCITS”.
At close 26-Mar-2015Ord
Source: Morningstar, NAV = Net Asset Value, excluding income.
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 is not a guide to future results.
See latest monthly factsheet below for performance history.
Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.
Bow Bells House,
1 Bread Street,
Registered in England and Wales as an Investment Company Number 2902424
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).
In this webcast Adrian Lim gives an update on a range of subjects including performance, sector breakdown, political environment, twenty largest investments and an outlook for the Trust.
Indian shares gained in February amid broadly encouraging domestic and global backdrops. The BJP’s first annual budget was largely well received. Pro-development and reform, with a widely-expected focus on infrastructure investment, it prescribed a more realistic deficit target of 3.9% for 2016. Government coffers would benefit from several tax changes, as well as asset sales, while social and agricultural initiatives also featured.
In February, we bought generic drugmaker Sun Pharmaceuticals. A solid company, with a good track record, its current valuation does not reflect potential synergies with acquisition Ranbaxy. The combined entity offers a broader product suite and should be less reliant on the US market.
We also initiated tower infrastructure firm Bharti Infratel and small-cap pharmaceutical Biocon. We like Bharti’s business model, healthy cashflows and robust balance sheet, and believe it will benefit from India’s growing appetite for data. Biocon is a domestic market leader in biopharma and clinical research services. It has delivered consistent profit growth, while also returning cash to shareholders. To fund these, we trimmed HDFC Bank after a long period of good performance.
Infosys acquired software automation services provider Panaya for US$200 million. This will enhance Infosys’ automation technologies, expand its client base and allow it to cross-sell services. The move signals management’s resolve to put its US$5.5 billion cash pile to good use.
Ultratech Cement benefited from improved demand; but, prices were soft, while costs remained high. These pressures are likely to linger in the near term, particularly given the higher freight charges announced in the rail budget. However, the government’s commitment to higher infrastructure spending will benefit the cement industry over the longer term.
The budget’s bigger-than-expected cigarette tax hikes could well suppress volumes at ITC; however, it previously defended bottom-line growth by raising prices. Meanwhile, its non-cigarette businesses should help cushion the impact of softer cigarette sales.
We were relatively encouraged by the BJP’s budget. It was light on radical changes, but it did provide a clear, consistent road map for reforms. The more relaxed stance on fiscal consolidation is tolerable too, if it means restoring India’s economy to the path of sustainable, long-term growth. Reassuringly, the Reserve Bank saw no reason to waylay monetary easing; within days of the budget it cut rates by a further 25 basis points in its second unscheduled meeting this year.
Source: Monthly Factsheet Aberdeen Asset Managers Limited