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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 20-Nov-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 softened in September. Investors were rattled by the Supreme Court’s decision to cancel and re-auction more than 200 coal-mining licenses, and impose US$1.2 billion in fines on the owners. The verdict is likely to unsettle both the power sector, which depends on a stable coal supply, and some public-sector banks, which have the largest exposure to the affected businesses. We have minimal exposure to power companies and no public bank holdings.
Meanwhile, S&P revised its outlook on the country’s sovereign credit rating to stable from negative, reflecting improvements in both the economic and political backdrops.
We initiated Kotak Mahindra Bank in September. It has experienced management, a steady track record and healthy balance sheet. Against this, we trimmed HDFC Bank, which trades on a higher valuation.
Bharti Airtel will sell more than 3,500 telecom towers in Africa to Eaton Towers under a 10-year sell-and-leaseback agreement. This will help reduce the company’s debt and lower its capital expenditure on passive infrastructure.
Lupin will partner with German drugmaker Merck Serono to develop and supply products to major emerging markets. It also signed a deal to market US-based Salix Pharmaceuticals’ medicines in Canada, further expanding its global footprint. Elsewhere, Hero MotoCorp and Honda Motorcycle hiked prices in the run-up to the festive season, to counter rising input and transportation costs.
Meanwhile, the government bowed to pressure from the pharmaceutical industry, scrapping plans to impose price controls on a range of branded generic drugs made by Western multinationals and leading domestic manufacturers. This should prove positive for some of our healthcare holdings.
India’s equity markets might have faltered over the last few weeks, coming off an extended rally; however, economic signals appear increasingly encouraging. The current account deficit has narrowed sharply, factory activity looks healthy, and inflation is starting to ease. As far as recoveries go, it remains a nascent one, and setbacks are possible. Inflation, in particular, remains a risk. The sub-par monsoon season could see food prices spike again, while lingering geopolitical instability will likely mean volatile crude oil prices. Modi appears to be nudging India in the right direction still and his focus on reviving the crucial manufacturing sector is heartening. However, critical infrastructure needs must also be addressed for the country to live up to its growth potential.
Source: Monthly Factsheet Aberdeen Asset Managers Limited