**Summary of Ashoka India Equity Investment Trust PLC Half-Yearly Report (February 2026)**
**Overview**
Ashoka India Equity Investment Trust PLC released its Half-Yearly Report for the six months ended 31 December 2025, highlighting its investment performance, financial position, and strategic focus amid global volatility. The Trust aims to achieve long-term capital appreciation through investments in Indian securities and companies with significant Indian presence.
**Financial Highlights**
**Net Asset Value (NAV) per Ordinary Share**: Decreased to 269.6p from 278.9p at 30 June 2025.
**Share Price**Fell to 272.0p from 281.5p.
**Net Assets**Declined to £455.5 million from £476.2 million.
**Performance**Total returns for the period were negative, with share price and NAV returns at (3.2%) and (3.1%) respectively, underperforming the MSCI India IMI Index return of (2.3%).
**Investment Strategy and Performance**
The Trust maintained its focus on high-quality businesses with sustainable competitive advantages, strong cash flows, and robust corporate governance.
Despite short-term underperformance due to global uncertainties, the Trust has delivered strong long-term returns since its launch in 2018, with cumulative share price and NAV returns of 169.9% and 172.1% respectively, outperforming the benchmark (88.1%).
Key contributors to performance included Le Travenues Technology (Ixigo), Lumax Auto Technologies, and State Bank of India, while detractors were Trent, Computer Age Management Services (CAMS), and Info Edge.
**Operational Developments**
Two new DirectorsSarah MacAulay and Karen Roydonwere appointed to the Boardenhancing governance and expertise.
A modest change to the investment policy was approved, allowing increased exposure to unquoted companies (up to 15% of gross assets) to enhance long-term returns.
The Trust issued 1.125 million new shares, raising £3.1 million, reflecting continued investor demand.
**Performance Fee**
A performance fee of £14.721 million was accrued for the current three-year period (July 2024 to June 2027) due to outperformance against the benchmark.
**Outlook**
India’s domestic economy remains resilient, supported by robust consumption, public and private investment, and structural reforms.
The Trust is well-positioned to capitalize on India’s long-term growth opportunities, including digitalization, formalization, and supply chain diversification.
Near-term market conditions may be influenced by global factors, but the Board remains confident in India’s medium-to-long-term fundamentals.
**Conclusion**
Despite short-term challenges, Ashoka India Equity Investment Trust PLC remains committed to its disciplined investment approach, focusing on long-term value creation. The Trust’s strong track record, strategic adjustments, and alignment with India’s growth prospects position it favorably for future performance.
| Metric | As at 31 December 2025 | As at 30 June 2025 | Change |
|---|---|---|---|
| Net Asset Value (NAV) per Ordinary Share (cum income) | 269.6p | 278.9p | -3.3% |
| Ordinary Share Price | 272.0p | 281.5p | -3.4% |
| Ordinary Share Price Premium to NAV | 0.9% | 0.9% | 0.0% |
| Net Assets | £455.5 million | £476.2 million | -4.3% |
| Performance Fee Provision | £14,721,000 | £15,954,000 | -7.7% |
| Cash and Cash Equivalents | £11.3 million | £27.4 million | -58.8% |
| Total Liabilities | £30,109,000 | £34,397,000 | -12.5% |