Interim Management Statement

RNS Number : 5781I

New India Investment Trust PLC

27 July 2012

 



New India Investment Trust PLC

Interim Management Statement - 3 months ended 30 June 2012

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 2012 to 30 June 2012 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').

Investment policy

Benchmark

The Company compares its performance to the MSCI India Index but 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 11 July 2012, the Company posted to shareholders its Annual Report and Accounts for the year ended 31 March 2012 including the Notice of Annual General Meeting to be held on Thursday 20 September 2012 at Bow Bells House, 1 Bread Street, London EC4M 9HH at 11.30 am.

The Board is not aware of any significant events or transactions which have occurred between 30 June 2012 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, please refer to the Company's website at www.newindia-trust.co.uk.

Fifteen largest equity holdings at 30 June 2012

	%
Infosys	9.3
HDFC	9.0
Tata Consultancy Services	8.7
ICICI Bank	7.7
Hero Motocorp	4.7
ITC	4.3
Bosch	4.0
Hindustan Unilever	4.0
Godrej Consumer Products	3.8
Grasim Industries	3.6
Ambuja Cements	3.6
MphasiS	3.4
HDFC Bank	3.3
Piramal Healthcare	2.9
GlaxoSmithKline India	2.8
	__________
Total	75.1
	__________
Total number of investments	32

Sector allocation as at 30 June 2012

Sector	Company	Benchmark
	%	%
Information Technology	22.4	16.2
Financials	21.7	27.2
Consumer Staples	14.7	9.4
Materials	11.6	9.1
Consumer Discretionary	8.8	7.8
Health Care	7.8	5.4
Utilities	6.1	4.7
Industrials	4.2	5.7
Telecommunication Services	1.9	2.1
Energy	0.0	12.3
Cash	0.8	-
	__________	__________
Total	100.0	100.0
	__________	__________

General description of Company's financial position and performance as at 30 June 2012

	£m
Gross Assets	134.5
Debt	Nil
Gearing	Nil

Capital structure

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

Cumulative performance (%)

	As at 30/6/2012	1 month	3 months	6 months	YTD	1 year	3 years	5 years	Since portfolio change completed 31/01/05 cumulative
Share Price	202.5p	5.9	(8.8)	3.8	3.8	(18.0)	38.0	44.1	114.6
NAVA	227.5p	5.3	(6.4)	5.6	5.6	(16.1)	42.8	40.9	147.0
MSCI India		5.4	(7.8)	7.6	7.6	(23.7)	11.6	12.3	160.6

Discrete performance (%)

Year ending:	30/6/2012	30/6/2011	30/6/2010	30/06/09	30/06/08	Since portfolio change completed 31/01/05 (annualised)
Share Price	(18.0)	11.6	50.8	18.3	(11.7)	10.8
NAVA	(16.1)	11.2	53.0	11.8	(11.7)	13.0
MSCI India	(23.7)	0.6	45.3	14.8	(12.4)	13.8

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 Excluding current year revenue.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar

Please note that past performance is not a guide to future performance. The value of shares may go down as well as up and an investor may not get back the amount  invested.

For New India Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

27 July 2012

 

END

 

 

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