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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 29-Sep-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.
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 August on the back of positive cues from the global economy. India’s GDP in the in the fiscal first quarter beat market expectations, growing by 5.7% compared to the previous year, after almost two years of sub-5% growth. The Reserve Bank of India expects the economy to grow by around 5.5% in 2015. Conversely, consumer inflation was worse than expected, climbing back to 8%, compared to 7.5% in June on the back of elevated food prices.
There were no significant portfolio moves in August.
ICICI Bank was resilient, despite on-going stress in the credit system. Net profits were up, its loan book expanded by 15%, and its capital position remains healthy. On the other hand, Jammu & Kashmir Bank’s asset quality deteriorated as some corporate loans soured. This had been well flagged and management anticipated that the loans could be upgraded to restructured assets soon.
Hero MotoCorp reported record sales, although profits were dampened by an increase in expenses. Separately, Pawan Munjal, the founder’s son, will be appointed to vice chairman. Most of our consumer staples holdings performed well. ITC benefited from good growth in its cigarette and agricultural businesses. Meanwhile, it bumped up cigarette prices by 23% following the recent excise tax hike. Hindustan Unilever and Godrej Consumer Products reported a lift in domestic sales, despite inflation and soft consumer sentiment. Nestlé India’s topline growth improved thanks to higher prices, however cost pressures continued to impact earnings.
Many investors viewed July’s unexpected acceleration in India’s economic growth as the start of a sustainable phase of recovery. There is no denying that growth dynamics are improving. The trade balance has also been in surplus for the last three quarters. We are optimistic, but cautiously so, believing the recovery will be more gradual and uneven than recent data might suggest. A sub-par monsoon season, significant corporate debt and a central bank struggling with persistent inflation could present potential hurdles to a viable economic resurgence. Short-term growth is also likely to be dampened by the government’s inability to narrow the deficit without resorting to spending cuts. That said, first-quarter earnings seemed quite positive, indicating an improvement in corporate profitability. And, even a slowly expanding domestic economy is good for companies’ bottom lines.
Source: Monthly Factsheet Aberdeen Asset Managers Limited