Aberdeen New India Investment Trust : Annual Report to 31 March 2023
August 16, 2023 at 05:57 am EDT
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abrdn New India Investment Trust plc
(formerly Aberdeen New India Investment Trust PLC)
Annual Report 31 March 2023
Seeking world-class, well governed companies at the heart of India's growth
abrdnnewindia.co.uk
India is continuing to expand its national grid as part of the rural electrification programme.
"India's large population, favourable demographics and evolving middle class set it apart from other emerging markets. Domestic consumption, urbanisation and infrastructure remain long term structural growth stories, coupled with the digitalisation opportunity."
Michael Hughes, Chairman
"Given the quality and strong fundamentals of our portfolio holdings, we believe that your Company is well positioned to deliver on its performance objective for shareholders."
Kristy Fong and James Thom
Investment Manager
abrdn New India Investment Trust plc
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Why invest in India?
Aspiration
India's population is the largest in the world with an expanding middle class which will drive consumption growth
Building India
Urbanisation and infrastructure development have multiplier effects for job creation and the wider economy
Renewables
India has committed to meeting half of its energy needs from renewable sources by 2030
Domestic opportunities
Global businesses are investing in and shifting production to, India, drawn by a wealth of incentives and opportunities
Exporting talent
India's giant tech service sector, built on a highly educated and diligent workforce, drives the export of services by helping global companies keep pace with the fast-changing tech innovation landscape
Digitalisation
India has made immense progress in digital investments, which will underpin its rise to be one of the largest global economies by the middle of this century
Why invest in abrdn New India Investment Trust plc?
Robust financial strength and sustainable competitive advantage
Indian companies meeting a 'quality' threshold are included in the portfolio, displaying both strong financial characteristics and a consistent competitive advantage in attractive industries or sectors
Engaged Management
The management of the best companies in India is world-class and understands the importance of sustainability and good governance to drive the best outcomes for investors and other stakeholders
Return of growth stocks
As interest rates peak globally over the medium term, investors will seek out growth stocks which are set to benefit. The portfolio's focus on those Indian companies with the desire and capacity to expand will drive performance
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abrdn New India Investment Trust plc
Financial Highlights and Performance
Financial Highlights
31 March 2023
31 March 2022
% change
Equity shareholders' funds (net assets)
£357,919,000
£403,995,000
-11.4
Market capitalisation
£285,747,000
£325,607,000
-12.2
Share price (mid market)
512.00p
562.00p
-8.9
Net asset value per Ordinary shareA
641.32p
697.30p
-8.0
Discount to net asset valueA
20.2%
19.4%
Net gearingA
5.8%
5.5%
Total return per share
(60.00p)
69.64p
Operating costs
Ongoing charges ratioA
1.09%
1.06%
Considered to be an Alternative Performance Measure. See pages 83 to 85 for further information.
Performance (total return, in Sterling terms)
1 year
3 year
5 year
10 year
% return
% return
% return
% return
Share priceA
-8.9
+56.5
+20.5
+116.5
Net asset value per Ordinary shareA
-8.0
+56.1
+31.0
+139.1
Adjusted net asset value per Ordinary shareA
-8.5
N/A
N/A
N/A
MSCI India Index (sterling adjusted)
-6.0
+85.3
+54.7
+144.6
Considered to be an Alternative Performance Measure. See page 85 for further information. Source: abrdn plc, Morningstar & Lipper.
Overview
Strategic Report
Portfolio
General Corporate Information Financial Statements Governance
abrdn New India Investment Trust plc
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Disclaimer
Aberdeen New India Investment Trust plc published this content on 16 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2023 09:56:04 UTC.
abrdn New India Investment Trust plc is an investment trust. The Company's investment objective is to provide shareholders with long-term capital appreciation by investment in companies, which are incorporated in India, or which derive revenue or profit from India, with dividend yield from the Company being of secondary importance. The Company primarily invests in Indian equity securities. It may also invest in open-ended collective investment schemes and closed-end funds which invest in India and are listed on the Indian stock exchanges. It invests not more than 15% of its gross assets in other listed investment companies. It invests in various sectors, such as financials, information technology, consumer staples, materials, health care, real estate, industrials, utilities, consumer discretionary, communication services and energy. abrdn Asia Limited acts as the investment manager of the Company.
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