**Summary of Aberdeen New India Investment Trust PLC Half-Year Financial Report (11 December 2025)**
**Overview**
Aberdeen New India Investment Trust PLC (formerly abrdn New India Investment Trust plc) released its half-year financial report for the six months ended 30 September 2025. The trust focuses on investing in high-quality, well-governed Indian companies poised to benefit from Indias long-term growth drivers, including urbanization, digitalization, financial inclusion, healthcare, and renewable energy.
**Investment Case for India**
**Demographics**Indias large and expanding middle class drives consumption growth.
**Urbanization & Infrastructure**Booming infrastructure development benefits property, materials, and industrial sectors.
**Financial Inclusion**Digitalization expands financial services to underserved markets.
**Digital Transformation**Indias IT sector supports global digital readiness.
**Healthcare**Rising income and chronic diseases increase demand for quality healthcare.
**Green Transition**Policy commitments to renewable energy and environmental management.
**Performance Highlights**
**Six Months Ended 30 September 2025**
Share price+1.1%
Net asset value (NAV) per share-4.3%
Adjusted NAV per share-3.8% (adjusted for Indian Capital Gains Tax)
MSCI India Index (Sterling adjusted)-1.8%
**Year Ended 31 March 2025**
Share price+16.0%
NAV per share+8.5%
Adjusted NAV per share+11.7%
MSCI India Index+0.7%
**Long-Term Performance (10 years)**
Share price+150.7%
NAV per share+148.3%
MSCI India Index+180.1%
**Financial Metrics**
**Discount to NAV**Narrowed from 15.0% to 10.2%.
**Net Gearing**Increased slightly to 4.2% from 3.9%.
**Ongoing Charges Ratio**Rose to 1.00% from 0.95%.
**Portfolio Strategy**
Focus on high-quality, well-managed companies with sustainable competitive advantages.
Concentrated portfolio aligned with Indias structural growth themes.
Increased exposure to domestic-oriented sectors like financials (e.g., Karur Vysya Bank, Kotak Mahindra Bank) and consumer discretionary (e.g., MakeMyTrip, Trent).
Reduced exposure to tariff-sensitive exporters and IT services reliant on US demand.
**Key Developments**
**Investment Policy Change**Increased individual holding limit to 10% of net assets or benchmark weighting + 3.5%, enhancing flexibility for high-conviction bets.
**Board Changes**Rebecca Donaldson passed away
search for a new Non-Executive Director underway.
**Name Change**Renamed to Aberdeen New India Investment Trust PLC, aligning with the Managers parent company branding.
**Outlook**
Near-term challenges include US tariffs, macroeconomic risks, and market volatility.
Long-term growth drivers remain intactdemographics, policy reforms, urbanization, digitalization, and energy transition.
Portfolio positioned to benefit from Indias structural growth themes, with a focus on quality and domestic growth drivers.
**Chairmans Statement**
Michael Hughes highlighted the trusts resilience despite market rotation and macroeconomic headwinds. The adjusted NAV total return outperformed the benchmark by 4.7% (29.7% vs. 25.0%) from 1 April 2022 to 30 September 2025. The Board remains committed to enhancing shareholder value through selective buybacks, gearing, and a performance-related conditional tender offer.
**Investment Managers Report**
The portfolio underperformed the MSCI India Index in the period due to exposure to cyclical sectors and profit-taking in previous winners. Key holdings like Uno Minda and Mahindra & Mahindra performed well, while lack of exposure to Maruti Suzuki and Zomato weighed on returns. The trust actively participated in IPOs like Aegis Vopak Terminals and Siemens Energy, leveraging Indias robust primary issuance market.
**Top Holdings (as of 30 September 2025)**
HDFC Bank (10.2%)
ICICI Bank (8.4%)
Bharti Airtel (6.5%)
Mahindra & Mahindra (4.8%)
Infosys (3.7%)
**Risks**
Principal risks include market volatility, geopolitical tensions, climate change, and US tariff policies. The Board monitors emerging risks like AI development and global geopolitical escalation.
**Conclusion**
Aberdeen New India Investment Trust PLC remains optimistic about Indias long-term growth prospects, with its portfolio strategically aligned to capitalize on structural trends. Despite near-term challenges, the trusts focus on quality and active management positions it well to deliver sustainable returns.