Last checked at 
(Alliance News) - Ashoka India Equity Investment Trust PLC on Friday said it outperformed its benchmark in its first financial year due to good stock selection.
The long-only equity investor's net asset value total return per ordinary share for the period spanning its May 2018 incorporation to June 30, 2019 was 11.0%. This compares to a 10% return from the MSCI IMI Index, Ashoka's benchmark.
Chair Andrew Watkins attributed this to "strong stock selection across the market".
As at June 30, the trust's NAV per share stood at 108.8 pence while its share price was 109.0p, giving a 0.2% premium.
Shares in Ashoka were up 4.5% at 107.62p on Friday in London, having declined since the year-end.
Watkins said: "India's economy has been growing for several years driven by many factors, including improved demographics, increased domestic consumption and infrastructure developments. The company's portfolio consists of those individual companies that will benefit from the continued economic development of India, concentrating on mid and smaller sized companies and being style agnostic.
"Being Mumbai-based gives the investment adviser an edge over other non-local firms. The Indian market is still relatively under-researched and great care goes into selecting appropriate investments for the portfolio, seeking to avoid companies which may later prove problematic. Risk management takes time and due diligence is best conducted on home territory. The opportunity for outstanding returns continues to remain the most attractive aspect of the investment case for India. From this perspective the outlook for patient investors remains as positive as in years past."