9th Jun 2023 10:09
(Alliance News) - JPMorgan Indian Investment Trust PLC on Friday reported a half-year net asset value decline, during a six-month period soured by accelerating inflation and interest rate worries.
The investor in Indian companies outperformed its benchmark, however.
Its NAV per share fell 0.7% to 958.7 pence at its March 31 half-year end, from 965.0p a year earlier.
Shares in JPMorgan Indian Investment Trust were down 0.1% at 830.80 pence each in London on Friday morning.
The NAV total return for the six months was negative 8.3%, though it outperformed the MSCI India Index benchmark, which logged a decline of 14%.
"Rising inflation led to fears that central banks would continue to raise interest rates and a global recession was predicted for the near term," JPMorgan Indian explained.
Its pretax loss for the half-year ended March 31 widened to GBP66.1 million from GBP19.9 million a year prior. Its loss on investments stretched to GBP67.6 million from GBP20.1 million.
"The board believes the long-term growth story for the Indian economy remains strong and is less concerned about near-term volatility that has been seen over the latter part of the six months period," said Chair Rosemary Morgan.
By Will Neill, Alliance News reporter
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