JPMorgan India Growth & Income underperforms benchmark at half year
JPMorgan India Growth & Income PLC on Tuesday reported an interim decline in its net asset value but expressed optimism around the investment case for Indian equities.
The India-focused investment trust reported a return on net assets of 16.5% for the six months ended March 31, underperforming its benchmark, the the MSCI India Index, which declined 12.4%.
Net asset value per share fell 18% to 906.2p at March 31 from 1,108.2p at September 30.
JPMorgan India Growth & Income noted an ‘unfavourable’ backdrop during the period, as it said the Indian equities market experienced further weakness over the six months.
Weighing the sector down, said the investment trust, were softening earnings, ongoing high valuations and fears of AI-led disruption, especially to IT companies.
‘In addition, conflict in the Middle East fuelled concerns about the adverse economic impact of rising oil prices, given India’s heavy reliance on imported energy,’ noted JPMorgan India Growth & Income, adding that these factors saw foreign sales of Indian equities hit record levels in March.
JPMorgan India Growth & Income said it plans to pay fourth and final quarterly dividend for the financial year of 11.08 pence, bringing its total dividend for the financial year to 44.32 pence.
The investment trust introduced its quarterly dividend policy late last year.
Shares in the investment trust were trading 1.1% higher at 868.00 pence on Tuesday morning in London.
‘Despite the market’s recent setbacks, the board remains convinced that the investment case for Indian equities is compelling. Our conviction is based on India’s very positive long-term growth trajectory, which is underpinned by several major structural trends, including lifestyle upgrades by the country’s growing middle class, rising demand for financial services and ongoing investment in technology and infrastructure,’ said Chair Jeremy Whitley.
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