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An update from our investment manager, Kristy Fong - 5 May 2021
The second Covid-19 wave has hit India hard and daily case counts have reached over three times the levels seen last year. The daily pace of new cases is beginning to peak in areas such as Mumbai and Delhi. New areas of stress are emerging in regional hubs including Kerala and Tamil Nadu. Six states accounting for about a third of India’s GDP have announced new lockdown restrictions whilst several others have implemented night curfews and/or weekend lockdowns. This has resulted in a drop in mobility, but several of our holdings have commented that this is manageable from a logistics perspective as long as there is no nationwide full lockdown (see bank and consumer comments below). The vaccine rollout which started so strong has begun to stumble and a shortage of vaccines, along with rising case numbers, has unsurprisingly delayed the original plan.
Despite this, the Indian equity market remained remarkably resilient in April, flat in local currency terms but down 90 basis points (bps) in US dollar terms. Although it has lagged the broader Asia region, Indian equities are still up 4.2% in US dollar terms on a year to date basis.
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.
Hear more from our investment manager Kristy Fong:
Kristy Fong is an investment manager on the Asian equities team. Kristy joined Aberdeen 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.
Joined AAM: August 2010
Nationality: British
Location: Singapore
James Thom is an investment manager on the Asian Equities Team. James joined Aberdeen 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.
Investment Director
Kristy Fong is an investment manager on the Asian equities team. Kristy joined Aberdeen 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.
Investment Director
Joined AAM: August 2010
Nationality: British
Location: Singapore
James Thom is an investment manager on the Asian Equities Team. James joined Aberdeen 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.
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.
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 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.
Chairman
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.
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.
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.
| Year End | 31 March |
| Accounts Published | July |
| Annual General Meeting | September |
| Dividend Paid | n/a |