Title: URL Source: https://is.gd/VYNHs9 Published Time: Wed, 14 May 2025 09:08:57 GMT Markdown Content: # invtrusts.co.uk ## 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. ## Benchmark The Company compares its performance to the MSCI India Index (sterling adjusted). However, the Company’s portfolio is constructed without reference to the composition of any stock market index or benchmark. It is likely, therefore, that there will be periods when its performance may vary significantly from the benchmark. ## Cumulative performance (%) as at 31/03/25 1month 3months 6months 1year 3years 5years 10 years Share Price 756.0p 9.2 (7.6) (6.2) 16.0 34.5 131.0 115.3 NAV A 889.0p 6.6 (10.1) (8.6) 8.5 27.5 116.5 131.1 MSCI India 6.7 (5.8) (9.8) 0.7 27.2 150.8 151.2 ## Discrete performance (%) 31/03/25 31/03/24 31/03/23 31/03/22 31/03/21 Share Price 16.0 27.3 (8.9) 3.7 65.6 NAV A 8.5 27.8 (8.0) 11.2 52.7 MSCI India 0.7 34.4 (6.0) 23.9 59.1 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. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen and Morningstar. Past performance is not a guide to future results. abrdn New India Investment Trust plc Seeking world-class, well governed companies at the heart of India’s growth Performance Data and Analytics to 31 March 2025 A Including current year revenue. B © 2025 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to: http://corporate.morningstar.com/us/documents/ MethodologyDocuments/AnalystRatingforFundsMethodology.pdf The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures. Morningstar Sustainability Rating TM Morningstar Rating TM > B Morningstar Rating TM for Funds Morningstar rates funds from one to five stars based on how well they’ve performed (after adjusting for risk and accounting for all sales charges) in comparison to similar funds. Ten largest equity holdings (%) HDFC Bank 9.0 ICICI Bank 9.0 Bharti Airtel 6.1 Tata Consultancy Services 5.7 Infosys 4.3 Power Grid Corp 4.2 Aegis Logistics 4.1 Mahindra & Mahindra 3.1 SBI Life Insurance 3.1 J.B Chemicals & Pharma 3.0 Total 51.6 Total number of investments 42 Sector allocation (%) Trust Benchmark Financials 28.1 29.5 Information Technology 11.3 10.4 Health Care 10.3 5.8 Communication Services 9.4 4.6 Consumer Discretionary 9.1 12.2 Materials 7.5 7.9 Industrials 6.7 8.8 Real Estate 5.2 1.5 Utilities 4.2 4.0 Energy 4.1 8.7 Consumer Staples 3.3 6.6 Cash 0.6 - Total 100.0 100.0 Figures may not add up to 100 due to rounding. All sources (unless indicated): Aberdeen: 31 March 2025. 02 Fund risk statistics 3 Years 5 Years Annualised Standard Deviation of Fund 15.10 15.39 Beta 0.93 0.93 Sharpe Ratio 0.39 1.02 Annualised Tracking Error 5.80 5.82 Annualised Information Ratio 0.25 (0.30) R-Squared 0.85 0.86 Source: Aberdeen & Factset. Basis: Total Return, Gross of Fees, GBP. Please note that risk analytics figures are calculated on gross returns whereas the performance figures are based on net asset value(NAV) returns. Key information Calendar Year end 31 March Accounts published July Annual General Meeting September Dividend paid n/a Trust information Original trust launch date February 1994 Name change/ reconstruction December 2004 Fund manager James Thom, Rita Tahilramani Ongoing charges C 1.00% Annual management fee D0.80% per annum up to £300m of net assets and 0.60% per annum above £300m of net assets Premium/(Discount) (15.0)% Yield E 0.0% Net cash/(gearing) F (3.9)% Active share G 61.7% AIFMD Leverage Limits Gross Notional 2.5x Commitment 2x Assets/Debt (£m) Gross Assets 444.9 Debt 19.4 Cash & cash equivalents 3.0 # abrdn New India Investment Trust plc abrdn New India Investment Trust plc 1 Year Premium/Discount Chart (%) -25 -20 -15 -10 Mar-25 Jan-25 Nov-24 Sep-24 Jul-24 May-24 Mar-24 ## Fund managers’ report Market review Indian equities rebounded in March, with the MSCI India Index up 6.72% in sterling, outperforming global and emerging markets (EM). Following this, in early April, the US levied broad baseline and reciprocal tariffs on trading partners. US President Donald Trump announced 26% tariffs on India, while hitting other EM trading partners such as China, Vietnam, Thailand and Taiwan with considerably higher rates. The overall direct impact compared to many other countries is likely to be limited for two reasons: First, India’s exports to the US amount to just 2% of its gross domestic product (GDP), whereas the number ranges between 11-23% of GDP for many others. Second, two high-ticket Indian exports have been left untouched so far — information technology (IT) services, which do not fall under goods-specific imports, and pharmaceuticals, which is placed on an exempted list of sectors for now. That said, India is not immune to any slowdown in the global growth cycle or supply chain disruptions caused by a trade war. The impact of tariffs could affect corporate decisions around IT spending, which is likely to have an impact on the IT services sector. Meanwhile, pharmaceuticals could still be subjected to future sector-specific tariffs. The two countries are in the process of negotiating for a bilateral trade deal over the next few months, which we will be watching closely. On the macro front, inflation fell to a seven-month low of 3.6% in February on a sharp decline in food prices, while January’s industrial production exceeded market expectations, driven by strong manufacturing and mining activity. C Expressed as a percentage of average daily net assets for the year ended 31 March 2024. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company. It is made up of the Annual Management Fee and other charges. It does not include any costs associated with buying shares in the Company or the cost of buying and selling stocks within the Company. The OCF can help you compare the annual operating expenses of different Companies. D The management fee is 0.80% per annum of net assets up to £300m and 0.60% per annum of net assets above £300m. E Calculated using the Company’s historic net dividends and month end share price. F Net gearing is defined as a percentage, with net debt (total debt less cash/cash equivalents) divided by shareholders’ funds. G The ‘Active Share’ percentage is a measure used to describe what proportion of the Company’s holdings differ from the benchmark index holdings. Fund managers’ report continues overleaf 03 abrdn New India Investment Trust plc abrdn New India Investment Trust plc Portfolio changes We exited Prestige Estates to reduce our exposure to cyclical sectors. Outlook We view the macroeconomic slowdown in India as temporary and cyclical in nature. We have seen the Reserve Bank of India start its rate cutting cycle in February and add liquidity to the market. While earnings growth slowed in the most recent report season, we expect India to continue generating comfortable double-digit earnings growth going into next year. In view of the global uncertainties brought on by the latest round of widespread tariffs from the US, we are cognisant of the risks India faces. While India should be able to safely navigate the tariffs through negotiations, a potential US recession could trigger a global slowdown while supply chain disruptions caused by the tariffs could see India get caught in the crossfires of an international trade war. In such instances, we would expect the portfolio’s downside to be well-protected given our quality focus. The long-term structural growth story remains intact. The consumer-focused financial year 2026 budget is expected to help with middle income consumption demand. There is also emphasis from the government for more public-private partnerships for infrastructure projects, while the ‘Make in India’ manufacturing focus continues with more money allocated to production-linked incentive schemes to encourage multinationals to set up production bases in the country. From a stock picking perspective, we are still finding pockets of good growth and quality across various sectors and sub-sectors, even in this temporary market downturn. The Fund’s downside is well-protected given our quality focus, and our defensive holdings are in a good position in case of profit-taking. Any correction in their share prices would be, in our view, a buying opportunity. Capital structure > Ordinary shares 47,855,793 Treasury shares 11,214,347 Allocation of management fees and finance costs > Revenue 100% Trading details > Reuters/Epic/ Bloomberg code ANII ISIN code GB0006048770 Sedol code 0604877 Stockbrokers WINS Investment Trusts Market makers CNKS INV, MREX, PEEL, PMUR, SCAP, SING, STFL, WINS # i Factsheet Receive the factsheet by email as soon as it is available by registering at www.aberdeeninvestments.com/ trustupdates www.aberdeeninvestments.com/anii Contact Private investors trusts@aberdeenplc.com Institutional Investors InvestmentTrustInvestorRelations-UK@ aberdeenplc.com Ben Heatley Head of Closed End Fund Sales Ben.Heatley@aberdeenplc.com ## Fund managers’ report - continued The risks outlined overleaf relating to gearing, warrants, emerging markets, small companies and exchange rate movements are particularly relevant to this trust but should be read in conjunction with all warnings and comments given. Important information overleaf 04 abrdn New India Investment Trust plc abrdn New India Investment Trust plc Statement of Operating Expenses Publication date: 9 October 2024 Recurring Operating Expenses (£000s) Year ended 31 Mar 2024 % of Average NAV Year ended 31 Mar 2023 % of Average NAV % Change (YOY) Management Fee (inc AIFM) 2,964 0.76% 3,284 0.83% -9.7% Custody fees and bank charges 319 0.08% 311 0.08% 2.6% Promotional activities 190 0.05% 176 0.04% 8.0% Directors remuneration 135 0.03% 148 0.04% -8.8% Depositary fees 39 0.01% 40 0.01% 0.0% Auditors' remuneration 70 0.02% 60 0.02% 16.7% Other administrative expenses 204 0.05% 266 0.07% -23.3% Ongoing Operating Expenses (ex indirect fund management expenses) 3,921 1.00% 4,285 1.09% -8.5% Expenses relating to investments in other collective investments 0.00% 0.00% Ongoing Operating Expenses (inc indirect fund management expenses) 3,921 1.00% 4,285 1.09% -8.5% Average Net Asset Value 391,393 394,420 -0.8% Operating Expense Ratio (ex indirect fund management expenses) 1.00% 1.09% Operating Expense Ratio (inc indirect fund management expenses) 1.00% 1.09% Transaction costs and other one-off expenses (£000s) Year ended 31 Mar 2024 % of Average NAV Year ended 31 Mar 2023 % of Average NAV % Change (YOY) Transaction costs 343 0.09% 339 0.09% 1.2% Performance fees 0.00% 0.00% Other non-recurring expenses - 0.00% 27 0.01% -100.0% Total 343 0.09% 366 0.09% -6.3% Current Service Providers AIFM abrdn Fund Managers Limited Investment Manager abrdn Asia Limited Company Secretary abrdn Holdings Limited Fund Accounting Services BNP Paribas Fund Services UK Limited Auditor KPMG LLP Depositary & Custodian BNP Paribas S.A. London Branch Registrar Computershare Investor Services PLC Corporate Broker Winterflood Securities Limited Summary of Current Key Commercial Arrangements The Company has appointed abrdn Fund Managers Limited (aFML) as its alternative investment fund manager, to provide investment management, risk management, promotional activities and administration and company secretarial services to the Company. The Company’s portfolio is managed by abrdn Asia Limited (aAL) by way of a group delegation agreement in place between aML and aAL. In addition, aFML has subdelegated administrative and secretarial services to abrdn Holdings Limited, promotional activities to abrdn Investments Limited and fund accounting services to BNP Paribas Fund Services UK Limited. There is a rebate for any fees received in respect of any investments by the Company in investment vehicles managed by abrdn. The Management Agreement is terminable by either party on not less than six months' notice. In the event of termination on less than the agreed notice period, compensation is payable to the Manager in lieu of the unexpired notice period. The investment management fees are chargeable 100% to revenue. No performance fee. Fee scale % of NAV £0-£300m 0.80% >£300m 0.60% Directors fee rates (£) Year ended 31 Mar 2024 Year ended 31 Mar 2023 % change YoY Chair 40,000 38,000 5.3% Chair of Audit & Risk Committee 34,500 33,000 4.5% Director 30,000 29,000 3.4% Number of Directors 4 5 Important Information The Statement of Operating Expenses is designed to help investors understand the impact of operating expenses on financial performance. Operating expenses are NOT deducted from the value of an investor's shareholding, which is derived from the share price. The market value (share price) of all publicly traded companies reflects a wide range of factors, including the estimated impact of operating expenses on future financial performance. The market value of an investment trust may diverge materially, both positively and negatively, from the reported net asset value. 0004674601 For more information visit invtrusts.co.uk Important information Risk factors you should consider prior to investing: • The value of investments, and the income from them, can go down as well as up and investors may get back less than the amount invested. • Past performance is not a guide to future results. • Investment in the Company may not be appropriate for investors who plan to withdraw their money within 5 years. • The Company may borrow to finance further investment (gearing). The use of gearing is likely to lead to volatility in the Net Asset Value (NAV) meaning that any movement in the value of the company’s assets will result in a magnified movement in the NAV. • The Company may accumulate investment positions which represent more than normal trading volumes which may make it difficult to realise investments and may lead to volatility in the market price of the Company’s shares. • The Company may charge expenses to capital which may erode the capital value of the investment. • Movements in exchange rates will impact on both the level of income received and the capital value of your investment. • There is no guarantee that the market price of the Company’s shares will fully reflect their underlying Net Asset Value. • As with all stock exchange investments the value of the Company’s shares purchased will immediately fall by the difference between the buying and selling prices, the bid-offer spread. If trading volumes fall, the bid-offer spread can widen. • The Company invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down. • Yields are estimated figures and may fluctuate, there are no guarantees that future dividends will match or exceed historic dividends and certain investors may be subject to further tax on dividends. Other important information: An investment trust should be considered only as part of a balanced portfolio. The information contained in this document should not be considered as an offer, solicitation or investment recommendation to deal in the shares of any securities or financial instruments. It is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. Nothing herein constitutes investment, legal, tax or other advice and is not to be relied upon in making an investment or other decision. No recommendation is made, positive or otherwise, regarding individual securities mentioned. This is not an invitation to subscribe for shares and is by way of information only. Investment should only be following a review of the current Key Information Document (KID) and pre-investment disclosure document (PIDD) both of which are available on www.invtrusts. co.uk. Any data contained herein which is attributed to a third party ("Third Party Data") is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by Aberdeen*. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Aberdeen* or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates. *Aberdeen means the relevant member of the Aberdeen Group, being Aberdeen Group plc together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis, should not be taken as an indication or guarantee of any future performance analysis forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI” Parties) expressly disclaims all warranties (including without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com). Issued by abrdn Fund Managers Limited, registered in England and Wales (740118) at 280 Bishopsgate, London, EC2M 4AG, authorised and regulated by the Financial Conduct Authority in the UK.