The JPMorgan Indian Investment Trust PLC has released its half-year report for the six months ended March 31, 2025. The report highlights the companys financial performance, portfolio activity, and future strategies.
**Financial Performance**
The companys net asset value (NAV) total return was -7.2%, compared to -10.6% for the MSCI India Index.
The share price return was -4.8%.
The decline in the Indian equity market and growth slowdown posed challenges for investors.
The key drivers of relative performance included CGT write-backs, strong earnings from out-of-index positions, and overweight in banks.
**Portfolio Activity**
The company repurchased 3,136,391 shares into Treasury during the reporting period, equivalent to 3% of its share capital.
New initiations include Hexaware Technologies, Max Health, Vishal Megamart, ICICI Lombard, and Max Financial.
Disposals include Embassy REITEnduranceand Bajaj Housing Finance.
**Future Strategies and Proposals**
The Board proposes a suite of initiatives to enhance the companys attractiveness and narrow the discount, including tender offers, a commitment to target a single-digit discount, and an enhanced dividend distribution policy.
The Board believes in the long-term investment case for Indian equities, supported by structural changes such as infrastructure investment, digitalization, and the growth of the middle classes.
The investment manager intends to continue its strategy of investing in high-quality companies at attractive prices, focusing on long-term opportunities.
The report also includes detailed financial statements, disclosures, and notes for the period.