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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 17-Dec-2014Ord
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 equities gained in November on hopes that falling oil prices would lower inflation and pave the way for an interest rate cut. Loose monetary policy from some of the world’s major central banks also boosted risk appetites. The pace of economic growth moderated in the September quarter, to 5.3% year-on-year. However, recent economic indicators were more reassuring: both manufacturing and industrial production rose, while consumer inflation eased to 5.52% in October.
There were no major portfolio changes in November. Kotak Mahindra Bank plans to acquire ING Vysya Bank for US$2.4 billion through a share swap, creating India’s fourth-largest private bank. The deal, if successful, should add value to both businesses. Kotak’s presence in the South and in small-business banking will enjoy a boost, while capital constraints will no longer hinder ING Vysya’s franchise-expansion plans. Container Corporation of India (Concor) reported good volume growth on higher trade traffic, while its revenue-diversification strategies sounded promising. However, the recently announced steep increase in haulage charges appeared less reassuring, as they account for a significant portion of Concor’s expenses. Our consumer holdings proved resilient amid sluggish domestic demand. Godrej Consumer Products’ bottom-line was particularly healthy, despite suggestions it was one of the slowest years for the fast-moving consumer goods industry in over a decade. Meanwhile, ITC staved off volume pressures by hiking prices. Separately, a recent government proposal to ban loose cigarette sales could be detrimental to ITC. However, we believe this would be tough to implement. Further, we have confidence in ITC’s ability to navigate such regulatory roadblocks.
The mood among India’s consumers and businesses is increasingly buoyant, while investors have been resolutely upbeat for some time. This optimism has yet to manifest itself to a great degree in the real economy, which has meandered along the same moderate growth path for several quarters, while consumer demand and general business activity remained sluggish. India’s recovery was never going to happen overnight, given the bureaucratic and structural obstacles. However, the signs of improvement are encouraging. Inflationary pressures have eased considerably, which could expedite interest rate cuts in 2015. Meanwhile, the government appears to have upped the pace of reforms following its success in pivotal state elections. Such factors should help support better corporate earnings growth over coming quarters and reinforce the long-term appeal of Indian equities.
Source: Monthly Factsheet Aberdeen Asset Managers Limited