Aberdeen New India Investment Trust PLC

Seeking world-class, well governed companies at the heart of India's growth


Morningstar rating:
4 out of 5

Daily prices as of 24 Sep 2021

Share Price 656.00p

Estimated NAV cum income 757.19p

Estimated NAV ex income 756.37p

Dividend Yield NA%

Premium / (Discount) to NAV cum income -13.4%

Premium / (Discount) to NAV ex income -13.3%

On Tuesday 24th August, Aberdeen New India Investment Trust PLC hosted an online presentation for shareholders to raise questions ahead of the AGM. This online event took the form of a short introduction from the Chairman, followed by a more detailed presentation from the manager, Kristy Fong. The post-event recording is available to watch now below.

The Annual Report for the year ended March 2021 is available to download in the 'Key literature' section below. The online presentation was held ahead of the AGM to allow shareholders to submit their proxy votes prior to the AGM and we would encourage all shareholders to lodge their votes in advance in this manner.

Latest news

An update from our investment manager, Kristy Fong - 25 August 2021

India is starting to re-open in spite of the spectre of a potential third wave from variants of the Delta strain. While there has been a pick up in the pace of vaccinations, it seems slow relative to the experience elsewhere. Nevertheless, we expect a diminishing impact from each subsequent wave, given how businesses and the authorities have learnt to adapt to each outbreak. We also hope that the government would be able to boost the country’s healthcare infrastructure so that it is able to better handle future surges. For now, any disruption, coupled with sustained inflationary pressure, could put a speed bump in the path to an earnings recovery. This makes us circumspect about valuation multiples and growth expectations currently priced in by the Indian stock market.

However, this does not change our view that India remains an attractive market to invest in for the long term. The domestic market benefits from a rapidly growing middle-class that is increasingly affluent. Digital adoption has accelerated and we expected to see more listed investment opportunities in the new-economy space. Ultimately, India is home to many of Asia’s most successful companies that have been tested by prior economic crises. As ever, we remain highly selective in our portfolio positioning, preferring high-quality companies with robust balance sheets and led by good management that helps them weather storms better than most. We remain focused on identifying companies with clear prospects for earnings growth, a secure competitive position, and prudent capital management. These companies have the potential to deliver sustainable returns over time.

About us

Seeking world-class, well governed companies at the heart of India's growth

First-hand quality seeker: intensive first-hand research and regular company engagement help us to identify world-class organisations that we believe can deliver sustainable long-term growth and weather Indian market volatility.

Independent-minded investor: we are not afraid to be different by focusing on those companies and sectors that offer sustained potential to share in India’s long-term growth story, regardless of their index or sector weightings.

Governance champion: we actively engage with companies to improve the treatment of minority shareholders and reject companies we perceive to have poor management, regardless of their short-term momentum or high market profile.

Learn more about the portfolio

Key people

Kristy Fong

Kristy Fong

Investment Director

Kristy Fong is an investment manager on the Asian equities team. Kristy joined abrdn in 2004 from UOB KayHian Pte Ltd where she was an analyst.

Kristy graduated with a BA (Hons) in Accountancy from Nanyang Technological University, Singapore. She is a CFA Charterholder.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

James Thom

James Thom

Investment Director

Personal Details

Joined the company: August 2010

Nationality: British

Location: Singapore

Education and Experience

James Thom is an investment manager on the Asian Equities Team. James joined the company in 2010 from Actis, the emerging markets Private Equity firm, based in Singapore and covering Southeast Asia.

James graduated with an MBA from INSEAD, an MA from Johns Hopkins University and a BSc from University College London.

  • Kristy Fong

    Kristy Fong

    Investment Director

    Kristy Fong is an investment manager on the Asian equities team. Kristy joined abrdn in 2004 from UOB KayHian Pte Ltd where she was an analyst.

    Kristy graduated with a BA (Hons) in Accountancy from Nanyang Technological University, Singapore. She is a CFA Charterholder.

    CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

  • James Thom

    James Thom

    Investment Director

    Personal Details

    Joined the company: August 2010

    Nationality: British

    Location: Singapore

    Education and Experience

    James Thom is an investment manager on the Asian Equities Team. James joined the company in 2010 from Actis, the emerging markets Private Equity firm, based in Singapore and covering Southeast Asia.

    James graduated with an MBA from INSEAD, an MA from Johns Hopkins University and a BSc from University College London.

Hasan Askari

Hasan Askari

Chairman

Mr Askari began his career as an investment banker in the City of London in 1975 at S.G. Warburg & Co. Ltd (now UBS) and has subsequently worked, as Managing Director, in JP Morgan Chase Investment Bank in HongKong and in Barclays Capital (previously BZW) in Tokyo and London. Most recently, he was at Old Mutual plc, London as a member of the Executive Committee responsible for Old Mutual’s operations in the U.K., Europe and Asia-Pacific. He is a director of Lloyd George Indian Ocean Fund, Hong Kong.
Michael Hughes

Michael Hughes

Senior Independent Director

Appointed a Director on 7 September 2016, Michael Hughes became Senior Independent Director on 23 September 2020. He is a Director of T. Bailey Asset Management Limited and acting investment consultant to various family offices and charities. He was a Director of Baring Asset Management Limited from 1998, and Chief Investment Officer from 2000, until his retirement in 2007. Prior to this, he was Managing Director of Barclays Capital (previously BZW) and Chairman of the Board of pension trustees. Before ‘Big Bang’ he was a Partner at stockbrokers de Zoete and Bevan.

Michael Hughes is chairman of JPMorgan Mid Cap Investment Trust plc.

Stephen White

Stephen White

Chairman of Audit Committee

Appointed a Director on 26 September 2013, Stephen became Chairman of the Audit Committee on 11 September 2014. He qualified as a Chartered Accountant at PwC before starting a career in investment management. He has more than 35 years' experience of managing investment portfolios, most notably twenty years as Head of European Equities at F&C Asset Management and ten years as Head of European and US Equities at British Steel Pension Fund. He is a non-executive Director and chairman of the audit committee of Blackrock Frontiers Investment Trust plc and a non-executive director of JP Morgan European Smaller Companies Investment Trust plc and Polar Capital Technology Trust plc.

Rebecca Donaldson

Rebecca Donaldson

Non-Executive Director

Rebecca Donaldson was appointed as a Director of the Company on 1 September 2020. She has led the development of global marketing, communications and investor relations solutions for a broad range of investment companies, most recently as Head of Channel Marketing, EMEA at BMO Global Asset Management, and previously with Fidelity Worldwide Investments, Dexion Capital plc (now Fidante Partners) and UBS Global Asset Management AG.

  • Hasan Askari

    Hasan Askari

    Chairman

    Mr Askari began his career as an investment banker in the City of London in 1975 at S.G. Warburg & Co. Ltd (now UBS) and has subsequently worked, as Managing Director, in JP Morgan Chase Investment Bank in HongKong and in Barclays Capital (previously BZW) in Tokyo and London. Most recently, he was at Old Mutual plc, London as a member of the Executive Committee responsible for Old Mutual’s operations in the U.K., Europe and Asia-Pacific. He is a director of Lloyd George Indian Ocean Fund, Hong Kong.
  • Michael Hughes

    Michael Hughes

    Senior Independent Director

    Appointed a Director on 7 September 2016, Michael Hughes became Senior Independent Director on 23 September 2020. He is a Director of T. Bailey Asset Management Limited and acting investment consultant to various family offices and charities. He was a Director of Baring Asset Management Limited from 1998, and Chief Investment Officer from 2000, until his retirement in 2007. Prior to this, he was Managing Director of Barclays Capital (previously BZW) and Chairman of the Board of pension trustees. Before ‘Big Bang’ he was a Partner at stockbrokers de Zoete and Bevan.

    Michael Hughes is chairman of JPMorgan Mid Cap Investment Trust plc.

  • Stephen White

    Stephen White

    Chairman of Audit Committee

    Appointed a Director on 26 September 2013, Stephen became Chairman of the Audit Committee on 11 September 2014. He qualified as a Chartered Accountant at PwC before starting a career in investment management. He has more than 35 years' experience of managing investment portfolios, most notably twenty years as Head of European Equities at F&C Asset Management and ten years as Head of European and US Equities at British Steel Pension Fund. He is a non-executive Director and chairman of the audit committee of Blackrock Frontiers Investment Trust plc and a non-executive director of JP Morgan European Smaller Companies Investment Trust plc and Polar Capital Technology Trust plc.

  • Rebecca Donaldson

    Rebecca Donaldson

    Non-Executive Director

    Rebecca Donaldson was appointed as a Director of the Company on 1 September 2020. She has led the development of global marketing, communications and investor relations solutions for a broad range of investment companies, most recently as Head of Channel Marketing, EMEA at BMO Global Asset Management, and previously with Fidelity Worldwide Investments, Dexion Capital plc (now Fidante Partners) and UBS Global Asset Management AG.

 

Financial calendar

Year End 31 March
Accounts Published July
Annual General Meeting September
Dividend Paid n/a

Trust details

Aberdeen New India Investment Trust PLC

Registered Office:
Bow Bells House,
1 Bread Street,
London
EC4M 9HH

Registered in England and Wales as an Investment Company Number 2902424

Launch Date: February 1994
Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.