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JPMorgan India Growth & Income PLC on Wednesday expressed optimism for the future of Indian equities, as it reported a decline in its net asset value per share. The India-focused investment trust reported a NAV total return of minus 11.4% for the financial year that ended September 30, outperforming its benchmark, the MSCI India Index, which returned minus 13.5% over the same period. The company credited its outperformance to a combination of stock selection and the favourable effects of capital gains tax credits arising from the market’s decline. NAV per share fell 11.4% from 1,108.2 pence from 1,250.1p a year prior. ‘The period witnessed elevated levels of global uncertainty induced by the imposition of tariffs by the US, geopolitical tensions, weak outlook on global trade, high US bond yields and a negative outlook on inflation in the US,’ noted the trust. It added that despite the ‘weak year’, valuations for Indian equities remain elevated when compared to historical levels and fundamentals, with the magnitude of earnings downgrades outpacing ‘price and time correction’. Shares in the trust were up 1.6% at 1,032.64 pence on Wednesday afternoon in London. Chair Jeremy Whitley said: ‘The board considers that the investment case for Indian equities remains very strong. My fellow board members and I are confident that the portfolio managers’ approach, supported by the deep research resources of the Investment Manager, will provide shareholders with consistent, attractive returns and a competitive income as India realises its significant long-term potential.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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