Interim Management Statement

RNS Number : 2254N

New India Investment Trust PLC

24 July 2014

 



New India Investment Trust PLC

Interim Management Statement - 3 months ended 30 June 2014

To the Shareholders of New India Investment Trust PLC ('the Company')

This Interim Management Statement ('IMS') has been produced solely to provide additional information to Shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This IMS relates to the period from 1 April 2014 to 30 June 2014 and contains information that covers this period, and up to the date of publication of this IMS, unless otherwise specified.

Investment objective

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 (Sterling-adjusted) ('MSCI India Index').

Benchmark

The Company compares its performance to the MSCI India Index (Sterling-adjusted). However the Company's investment portfolio is constructed without reference to the composition of any stockmarket index or benchmark. It is likely, therefore, that there will be periods when the Company's performance may vary significantly from the benchmark.

Material events

On 26 June 2014, the Company posted to shareholders its Annual Report and Accounts for the year ended 31 March 2014 including the Notice of Annual General Meeting to be held at 11.30am on Friday 11 September 2014 at Bow Bells House, 1 Bread Street, London EC4M 9HH.

The Board is not aware of any significant events or transactions which have occurred between 30 June 2014 and the date of publication of this IMS, other than those described above, which would have had a material impact on the financial position of the Company.

For up-to-date net asset value and share price information, as well as the Manager's monthly factsheet and commentary, please refer to the Company's website at www.newindia-trust.co.uk.

Fifteen largest equity holdings at 30 June 2014

	%
HDFC	8.7
Tata Consultancy Services	8.3
Infosys	7.4
ICICI Bank	6.7
Hero Motocorp	4.3
Bosch	4.1
Ambuja Cements	4.1
ITC	3.9
HDFC Bank	3.5
Container Corp of India	3.2
Grasim	3.2
Godrej Consumer Products	3.0
Hindustan Unilever	3.0
MphasiS	2.6
Nestle India	2.6
	__________
Total	68.6
	__________
Total number of investments	37

Sector allocation as at 30 June 2014

Sector	Company	Benchmark
	%	%
Financials	23.1	20.6
Information Technology	19.7	20.5
Materials	16.3	8.0
Consumer Staples	12.5	10.3
Consumer Discretionary	8.3	6.7
Health Care	7.4	7.7
Utilities	5.4	4.6
Industrials	5.0	6.3
Telecommunication Services	1.4	2.5
Energy	-	12.9
Cash	0.9	-
	__________	__________
Total	100.0	100.0
	__________	__________

General description of Company's financial position and performance as at 30 June 2014

Gross Assets		£168.3m
Debt		Nil
Cash		£1.9m
Gearing		Nil
Ongoing charges *		1.6%
Premium / (discount)		(12.8%)

*expressed as a percentage of average daily net assets for the year ended 31 March 2014.

Capital structure

Ordinary Shares of 25p each:      59,070,140

Cumulative performance (%)

	As at 30/6/2014	1 month	3 months	6 months	YTD	1 year	3 years	5 years	Since portfolio change completed 31/01/05 cumulative
Share Price	248.4p	2.6	10.4	20.0	20.0	15.3	0.6	69.3	163.2
NAVA	284.9p	3.1	8.1	16.9	16.9	14.0	5.1	78.9	209.3
MSCI India		2.0	9.9	18.0	18.0	13.0	(4.8)	39.2	224.9

Discrete performance (%)

Year ending:	30/6/2014	30/6/2013	30/6/2012	30/6/2011	30/6/2010	Since portfolio change completed 31/01/05 (annualised)
Share Price	15.3	6.4	(18.0)	11.6	50.8	10.8
NAVA	14.0	9.8	(16.0)	11.2	53.0	12.7
MSCI India	13.0	10.3	(23.7)	0.6	45.3	13.3

Total Return; NAV to NAV, Net income reinvested, GBP.  Share price total return is on a mid-to-mid basis. 

Dividend calculations are to reinvest as at the ex-dividend date.

^A Including current year revenue.

Source: Aberdeen Asset Managers Limited, Lipper and Morningstar

Past performance is not a guide to future results.

For New India Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

24 July 2014

 

END

 

 

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