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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 28-May-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.
Equities retreated in April as concerns over the retroactive taxation of foreign fund managers operating in India weighed on market sentiment. Mixed earnings reports and a recovery in crude oil prices further dampened risk appetites. Economic signals remained mixed. Industrial activity accelerated, while Moody’s upgraded the country’s credit- rating outlook from positive to stable. Conversely, manufacturing expanded at a slower pace in April, marking its first fall in 12 months.
In April, we participated in Sun Pharmaceuticals’ share placement at an attractive discount, topping up the position. Against this, we trimmed Bharti Airtel following good performance. While Infosys’ March-quarter revenues were underwhelming, it continued to expect full-year growth of 10-12%. Meanwhile, the company announced a 50% increase in its dividend and a 1-for-1 bonus issue – the second this year. It plans to use excess cash for further investment in the business, plus acquisitions.
HDFC and HDFC Bank remained resilient in the face of challenging macro economic conditions, reporting improved margins and relatively healthy asset quality. Conversely, ICICI Bank faced continued pressure on asset quality. However, it still delivered decent growth in profits, margins, and fee income, while keeping costs under control.
Cement companies Ultratech and Ambuja suffered from declining sales in the March quarter due to lacklustre rural and infrastructure demand. Meanwhile, subdued pricing and overcapacity plagued Grasim Industries’ viscose staple fibre business. Elsewhere, Godrej Consumer Products fared well on a steady recovery in the fast-moving consumer goods sector and market share gains in core segments. Its international business also enjoyed double-digit growth on a constant currency basis.
Tata Consultancy Services reported decent revenue growth in the March quarter; although the market was disappointed by the fall in sales compared to the previous quarter. Profits also suffered from a one-off employee bonus to celebrate 10 years as a listed company.
While Indian equities had already begun to reverse course over the last few weeks, selling accelerated when authorities announced that the minimum alternative tax (MAT) would be retroactively applied to foreign fund managers. This shook investor confidence, given considerable uncertainty over how broadly authorities intended to apply the rule and whether pre-existing tax agreements would be upheld. The finance minister quickly sought to allay concerns; however, investors are likely to tread cautiously until the implications are more fully understood. In addition, firmer oil prices, forecasts of a sub-normal monsoon, and the land acquisition bill’s lack of parliamentary progress could continue to discourage buying over the short term.
Source: Monthly Factsheet Aberdeen Asset Managers Limited