Last checked at 9 Jun 2022 14:53
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN INDIAN INVESTMENT TRUST PLC
Half Year Report & FINANCIAL STATEMENTS
for the six months ended 31st MARCH 2022
Legal Entity Identifier: 549300OHW8R1C2WBYK02
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Performance
During the six months period to 31st March 2022, global markets and economies faced new challenges to add to the ongoing uncertainties from the pandemic. Market volatility spiked on the escalation of the Russia/Ukraine conflict, as well as expectations of increasing inflation and weaker growth. Against this backdrop, the Indian market showed considerable resilience in relative terms. The Company produced a total return on net assets of -1.9% in the period, which compares with a return of +0.3% from its benchmark index, the MSCI India Index (in sterling terms). The total return to shareholders was -5.4% during the period, reflecting the widening of the share price discount to net asset value from 15.5% at the previous financial year end to 18.5% at the period end. Since 31st March 2022, the Company's NAV has fallen by 1.2% as at 6th June 2022.
The Investment Managers provide a detailed commentary on these figures and discuss performance, activity and the outlook for the Indian market in their report on page 10 of the Half Year Report.
Gearing
The Company has a floating rate loan facility to provide the Investment Managers with the flexibility to gear the portfolio when they think it is appropriate to do so. As at 31st March 2022, the Group's portfolio held 1.8% net cash, i.e. was 98.2% invested. At the time of writing, the Group's portfolio is approximately 1.9% net cash.
Discount and Share Repurchases
The Board has guidelines in place with regard to the management of the discount of to net asset value at which the Company's shares trade. At the AGM held in February 2022, shareholders gave approval for the Company to renew the Directors' authority to repurchase up to 14.99% of the Company's shares for cancellation or into Treasury on an ongoing basis. The Company repurchased 837,501 shares into Treasury during the reporting period. Since the half year end, 460,419 shares have been bought back for holding in Treasury.
The Board regularly considers the merits of buying back shares in order to manage the level and volatility of the discount and will buy back shares if the discount is out of line with the peer group and markets are orderly. As shares are only bought back at a discount to the prevailing net asset value, share buybacks benefit shareholders by increasing the net asset value per share.
Conditional Tender Offer
As previously announced, a tender offer will be made to shareholders for up to 25% of the Company's outstanding share capital, at NAV less costs if, over the five years from 1st October 2020, the Company's NAV total return in sterling on a cum income basis does not exceed the total return of the benchmark index plus 0.5% per annum over the five-year period on a cumulative basis. If the tender offer is triggered, it will be subject to shareholder approval at the relevant time.
Any tender offer will also be conditional on shareholders approving the Company's continuation vote in 2024.
Taxation
As has been explained previously, the India-Mauritius tax treaty was amended with effect from May 2017 since when the advantages of investing in India via Mauritius have, to a large degree, been removed. The process to move the Company's assets to the UK parent company was accelerated during the year ended 30th September 2021. All holdings except one delisted investment at nil value were transferred by the financial year end, so that 100% of the Group's investments are now held directly by the parent company. In order to comply with local requirements, a cash balance will be maintained in the Mauritian subsidiary until it is formally dissolved, a process which is likely to take some time. However, no further investments will be purchased or held there until its dissolution.
The Board
As announced last year, Hugh Sandeman stepped down from the Board at the conclusion of the General Meeting held on 3rd February 2022 and Jeremy Whitley succeeded him as the Senior Independent Director upon his retirement.
Further, the Board announced the appointment of Mr. Khozem Merchant on 22nd December 2021 as a Non-Executive Director of the Company with effect from 3rd February 2022. Khozem Merchant brings over thirty years of experience from the media and business sectors, operating at the most senior levels in India as well as in the UK. Previously, he served as President at Pearson India, rolling out their education services strategy across the country. Prior to that, he spent 19 years as a journalist with the Financial Times, before becoming the Director of Business Development in India.
Outlook
Since our last report to shareholders, the challenges faced by India and the rest of the globe have significantly increased. Factors such as the horrific events unfolding in Ukraine, rising inflation and tightening of the US monetary policy by the Fed will inevitably lead to increased market volatility and lower growth in the near-term. Notwithstanding these risks and uncertainties, our investment managers remain confident about the prospects for the Indian equity market and are amply resourced to identify appropriate investment opportunities in this environment. The Company's portfolio with its emphasis on quality companies should be well positioned to deliver good performance over the longer term.
Rosemary Morgan Chairman
9th June 2022
INVESTMENT MANAGERS' REPORT
The first half of the financial year was a tumultuous period for capital markets and the world economy. Indian equities were not immune to the volatility but they displayed remarkable resilience. The benchmark MSCI India Index returned 0.3% (in GBP terms) in the six months to end March 2022. This compared with the Company's return of -1.9% in net asset value (NAV) terms. On a share price basis, the Company returned -5.4%, resulting in a widening of the share price discount relative to NAV.
These declines are disappointing. But they follow exceptionally high returns over the financial year ending 30 September 2021, when the Company returned over 40% in both NAV and share price terms. Over the past ten years the portfolio has made an average annualised return of 9.1% in NAV terms, and 8.1% on a share price basis. The relative performance (-2.1%) in the first half of the financial year was disappointing but should be viewed in the context of the extreme volatility.
Our investment thesis is built around well-managed businesses with a long-term horizon, within a disciplined valuation framework. Our view is that superior businesses with scope to grow will not only deliver strong absolute returns; they will outperform in the long run, rewarding patient investors.
In this report, we review the key market developments, the drivers of recent performance and portfolio positioning and consider the outlook for Indian equities over the remainder of the year and beyond.
Market Review
Even by recent standards, the past six months have been unusually turbulent for financial markets, with the conflict in Ukraine and the shift in US monetary policy the primary cause. Yet India's economy has continued its recovery from pandemic-induced shocks. Higher global commodity prices have pushed CPI inflation beyond the Reserve Bank of India's 6% upper threshold on its target range, and interest rates have started to rise. Higher commodity prices also widened the current account deficit, to 2.7% of GDP in Q4 2021, from 1.3% in the previous quarter.
Under farmer protests, the government dropped its plans to implement three farm laws intended to boost low agricultural productivity. The government met with more success with its Production Linked Incentive scheme to encourage investments by global (and domestic) manufacturers looking to diversify their global supply chains, notably in technology, pharmaceuticals and chemicals.
Despite the macro headwinds, the MSCI India Index's marginal rise during the review period was significantly better than broader Asian and Emerging Markets indices. This was primarily due to domestic investors' robust move into equities, which more than offset the significant outflows of about US$20bn by foreign portfolio investors, as global volatility triggered a retreat from risky assets.
The market for new listings continued to surge particularly in the technology sector. Valuations for most new listings were relatively high, which led to post-listing profit taking. FSN E-Commerce, which trades as the Nykaa cosmetics brand, did extremely well; PayTM sold off significantly, which spiked the general IPO exuberance. We participated in the FSNE-Commerce IPO, but not the PayTM float due to concerns around its business model and rich valuations.
One sign of the resilience of the domestic market was the successful completion of one of India's largest M&A. In April 2022, HDFC Bank announced a merger with its largest shareholder, Housing Development Finance Corp (HDFC), creating one of the largest financial institutions in the world.
We believe this deal is a positive, as it will give HDFC Bank access to the best mortgage lending business in India, while removing the structural risk of a wholesale lender for the parent - HDFC. HDFC is one of the Company's largest holdings, and it has a smaller exposure to HDFC Bank.
Performance
The Company's underperformance during the review period was primarily due to stock selection, although decisions on asset allocation at the sector level also detracted modestly, mainly as the result of underweight exposures to materials and utilities, along with an overweight in financials.
At a stock level, the most adverse influence on performance was an underweight position on the Adani Group companies, which accounted for more than half of the total underperformance during the review period (1.2%). Adani has diverse interests across commodity trading, energy generation and distribution, gas distribution, consumer staples and infrastructure assets such as ports and airports. The group has also announced significant investment plans in renewable energy. Despite its opaque governance, and an ongoing regulatory investigation, share prices of group companies defied the volatility in broader markets and surged, driven by a stream of new business announcements.
Our overweight positions on financials such as HDFC, Kotak Bank, HDFC Bank and HDFC Life Insurance, at a time of rising rates, also hurt returns. Financials, which has the largest weightage in the benchmark, suffered due to foreign investors' significant outflows. This sell-off occurred despite an improving operating environment, reflected in the good results from large, well-run private banks.
Stock selection in telecom and IT services were the key positive contributors to performance over the review period. A notable overweight in Infosys Technologies, an IT services provider, was among the largest contributors, along with our holdings in recently-listed Zomato, a leading food delivery service which floated in July last year, and FSN E-Commerce. Both display strong long-term growth prospects; however, their valuations were overstretched post listing, pricing in most of the growth opportunity over the next decade. We have therefore exited both, with satisfying profits.
Our overweight exposure to a few idiosyncratic opportunities such as Power Grid Corporation, a power transmission utility, and Bharti Airtel, a telecoms company, were among other key contributors, along with holdings in several mid and small caps such as L&T Technology Services, the ratings agency CRISIL, ABB India, which develops and sells specialist industrial machinery, and Godrej Properties, a property developer, which has performed well since acquisition.
Given current high valuations, we have maintained a cautious approach to gearing. The Company currently has a net cash position of 2.3%, which is more conservative than the net cash position of 1.6% at 30th September 2021. This approach yielded a modest uptick during the review period.
Portfolio positioning and recent investment activity
Our investment philosophy has a strong bias towards businesses that are managed professionally with superior long-term growth opportunities.
While the process tends to result in relatively low turnover, recent volatility has thrown up opportunities to acquire interesting names, or top up existing positions, at attractive prices, though this has not resulted in any major shift in positioning at a sector level over the review period.
New additions included IT services providers HCL Technologies and Wipro, Hero MotorCorp, India's leading two wheeler manufacturer, and small caps such Aarti Industries, a well-run producer of specialty chemicals and pharmaceuticals, and Lemon Tree Hotels, which is well-placed to benefit from the resumption of domestic travel. We also increased exposure to existing portfolio positions in consumer sector names such as Hindustan Unilever, a leading supplier of household and personal products, and biscuit and packaged food maker Britannia Industries, where valuations have become attractive following underperformance over the past couple of years. These are all well-run businesses with strong growth prospects over the long term.
These purchases were funded by trims or outright sales of several mid and small caps, following their strong absolute and relative performance over the past couple of years. Exists included L&T Technology Services and ABB India, which suffer from rich valuations following recent good performances. Positions in Jubilant Foodworks, which runs restaurant franchises, and Kajaria Ceramics, a building materials supplier, were also cut, while exposure to large, expensive IT services names such as Infosys Technologies and Tata Consultancy Services were modestly reduced in favor of more attractively valued names such HCL Technologies and Wipro, mentioned above.
We also exited a couple of names in the consumer sector, including beverage producer United Spirits, and luxury goods manufacturer Titan, again due to their now extended valuations.
Outlook
India will continue to be impacted in the near term by the twin headwinds of the war in Ukraine and US monetary policy tightening:
1. Inflation - As a large net consumer of commodities, the Indian economy has always been vulnerable to rising (imported) commodity prices. Inflationary pressures will squeeze margins as many companies lack the pricing power to pass on the costs. The same inflationary pressures will lead to a widening of the CA deficit, weakening the rupee and compounding the pricing cycle.
2. Interest rates - The Reserve Bank of India is likely to follow other central banks and continue to raise rates. Bond yields have already started pricing in monetary tightening.
3. Growth - Higher inflation and rising interest rates could slow the pace of recovery, and earnings growth, just as momentum was building after the pandemic.
These challenges could extend recent volatility. Yet we remain optimistic. India is an early-stage growth economy, with an annual per capita GDP of only $2,000. The potential to lift this number, while also expanding the base of wealth creation, is immense. As digitization and technology adoption deepens, principally via government leadership, so too will its impact on the economy.
Our research coverage is large and growing and remains oriented towards identifying the opportunities created by these macro trends. We are therefore confident of the Company's ability to continue delivering attractive levels of capital growth over the long-term.
We thank shareholders for their ongoing support.
Rajendra Nair, CFAAyaz Ebrahim Investment Managers
9th June 2022
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its Half Year Report.
Principal and Emerging Risks and Uncertainties
The principal and emerging risks and uncertainties faced by the Company fall into the following broad categories: investment and strategy; environmental and Climate Change; market; legal and regulatory; taxation; corporate governance and shareholder relations; operational, including cyber crime; financial; Environmental, Social and Governance and political and economic. Information on each of these areas is given in the Business Review within the Annual Report and Financial Statements for the year ended 30th September 2021.
Related Parties Transactions
During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period.
Going Concern
The Directors believe, having considered the Company's investment objective, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operational existence for at least twelve months from the date of the approval of this half yearly financial report. In reaching that view, the Directors have considered the impact of the heightened market volatility since the Covid-19 outbreak and more recently the Russian invasion of Ukraine, but does not believe the Company's going concern status is affected. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with the Accounting Standards Board's Statement 'Half Yearly Financial Reports' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st March 2022, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and
(ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:
· select suitable accounting policies and then apply them consistently;
· make judgements and accounting estimates that are reasonable and prudent;
· state whether applicable International Financial Reporting Standards (IFRS) have been followed, subject to any material departures disclosed and explained in the financial statements; and
· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;;
and the Directors confirm that they have done so.
For and on behalf of the Board Rosemary Morgan Chairman
9th June 2022
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31ST MARCH 2022
| (Unaudited)Six months ended31st March 2022 | (Unaudited)Six months ended31st March 2021 | (Audited)Year ended30th September 2021 | ||||||
Revenue£'000 | Capital£'000 | Total£'000 | Revenue£'000 | Capital£'000 | Total£'000 | Revenue£'000 | Capital£'000 | Total£'000 | |
(Losses)/gains on investments held at fair value through profit or loss | - | (20,071) | (20,071) | - | 123,275 | 123,275 | - | 247,654 | 247,654 |
Net foreign currency gains/(losses) | - | 28 | 28 | - | (113) | (113) | - | (702) | (702) |
Income from investments | 3,218 | - | 3,218 | 2,263 | - | 2,263 | 6,336 | - | 6,336 |
Interest receivable and similar income | 19 | - | 19 | 3 | - | 3 | 6 | - | 6 |
Total income/(loss) | 3,237 | (20,043) | (16,806) | 2,266 | 123,162 | 125,428 | 6,342 | 246,952 | 253,294 |
Management fee | (2,457) | - | (2,457) | (943) | - | (943) | (2,587) | - | (2,587) |
Other administrative expenses | (613) | - | (613) | (410) | - | (410) | (745) | - | (745) |
Profit/(Loss) before finance costs and taxation | 167 | (20,043) | (19,876) | 913 | 123,162 | 124,075 | 3,010 | 246,952 | 249,962 |
Finance costs | (80) | - | (80) | (162) | - | (162) | (231) | - | (231) |
Profit/(loss) before taxation | 87 | (20,043) | (19,956) | 751 | 123,162 | 123,913 | 2,779 | 246,952 | 249,731 |
Taxation | (1,062) | 4,995 | 3,933 | (425) | (7,757) | (8,182) | (989) | (18,833) | (19,822) |
Net (loss)/profit | (975) | (15,048) | (16,023) | 326 | 115,405 | 115,731 | 1,790 | 228,119 | 229,909 |
(Loss)/earnings per share (note 4) | (1.26)p | (19.45)p | (20.71)p | 0.42p | 148.57p | 148.99p | 2.31p | 293.72p | 296.03p |
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31ST MARCH 2022
Called upsharecapital£'000 | Share premium£'000 | Exercised warrant reserve£'000 | Capital redemptionreserve£'000 | Capital reserves£'000 | Revenue reserve£'000 | Total£'000 | |
Six months ended 31st March 2022 (Unaudited) | |||||||
At 30th September 2021 | 24,868 | 97,316 | 5,886 | 12,898 | 645,480 | (22,535) | 763,913 |
Repurchase of shares into Treasury | - | - | - | - | (6,635) | - | (6,635) |
Loss for the period | - | - | - | - | (15,048) | (975) | (16,023) |
At 31st March 2022 | 24,868 | 97,316 | 5,886 | 12,898 | 623,797 | (23,510) | 741,255 |
Six months ended 31st March 2021 (Unaudited) | |||||||
At 30th September 2020 | 24,868 | 97,316 | 5,886 | 12,898 | 420,054 | (24,325) | 536,697 |
Repurchase of shares into Treasury | - | - | - | - | (2,693) | - | (2,693) |
Profit for the period | - | - | - | - | 115,405 | 326 | 115,731 |
At 31st March 2021 | 24,868 | 97,316 | 5,886 | 12,898 | 532,766 | (23,999) | 649,735 |
Year ended 30th September 2021 (Audited) | |||||||
At 30th September 2020 | 24,868 | 97,316 | 5,886 | 12,898 | 420,054 | (24,325) | 536,697 |
Repurchase of shares into Treasury | - | - | - | - | (2,693) | - | (2,693) |
Profit for the year | - | - | - | - | 228,119 | 1,790 | 229,909 |
At 30th September 2021 | 24,868 | 97,316 | 5,886 | 12,898 | 645,480 | (22,535) | 763,913 |
STATEMENT OF FINANCIAL POSITION
AT 31ST MARCH 2022
(Unaudited)31st March 2022£'000 | (Unaudited)31st March 2021£'000 | (Audited)30th September 2021£'000 | |
Non current assets | |||
Investments held at fair value through profit or loss | 727,567 | 357,957 | 752,037 |
Investments in subsidiaries held at fair value throughprofit or loss | 4,917 | 313,569 | 5,019 |
Total non current assets | 732,484 | 671,526 | 757,056 |
Current assets |
|
| |
Financial assets: Derivative financial instruments | 8 | - | 8 |
Other receivables | 3,626 | 349 | 1,759 |
Cash and cash equivalents | 22,262 | 7,472 | 26,366 |
25,896 | 7,821 | 28,133 | |
Current liabilities | |||
Other payables | (1,071) | (201) | (227) |
Net current assets | 24,825 | 7,620 | 27,906 |
Total assets less current liabilities | 757,309 | 679,146 | 784,962 |
Non-current liabilities |
|
|
|
Provision for capital gains tax | (16,054) | (9,411) | (21,049) |
Bank loan | - | (20,000) | - |
Net assets | 741,255 | 649,735 | 763,913 |
Amounts attributable to shareholders |
|
|
|
Called up share capital | 24,868 | 24,868 | 24,868 |
Share premium | 97,316 | 97,316 | 97,316 |
Exercised warrant reserve | 5,886 | 5,886 | 5,886 |
Capital redemption reserve | 12,898 | 12,898 | 12,898 |
Capital reserves | 623,797 | 532,766 | 645,480 |
Revenue reserve | (23,510) | (23,999) | (22,535) |
Total shareholders' funds | 741,255 | 649,735 | 763,913 |
Net asset value per share (note 5) | 965.0p | 836.7p | 983.7p |
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 31ST MARCH 2022
(Unaudited)Six months ended31st March 2022£'000 | (Unaudited)Six months ended31st March 2021£'000 | (Audited)Year ended30th September 2021£'000 | |
Operating activities | |||
(Loss)/profit before taxation | (19,956) | 123,913 | 249,731 |
Deduct dividends received | (3,218) | (2,263) | (6,336) |
Deduct bank interest received | (19) | (3) | (6) |
Add interest paid | 80 | 162 | 231 |
Add losses/(deduct gains) on investments held at fair value through profit or loss | 20,071 | (123,275) | (247,654) |
(Increase)/decrease in prepayments, VAT and other receivables | (12) | 216 | 181 |
(Decrease)/Increase in other payables | (51) | 15 | 58 |
Net cash outflow from operating activities before Interest and taxation | (3,105) | (1,235) | (3,795) |
Interest paid | (77) | (171) | (257) |
Tax paid | (849) | (518) | (764) |
Dividends received | 4,342 | 2,275 | 5,215 |
Interest received | 19 | 3 | 6 |
Net cash inflow from operating activities | 330 | 354 | 405 |
Investing activities | |||
Purchases of investments held at fair value through profit or loss | (108,864) | (77,539) | (387,431) |
Sales of investments held at fair value through profit or loss | 110,863 | 71,096 | 419,838 |
Settlement of foreign currency contracts | (1) | - | (7) |
Net cash inflow/(outflow) from investing activities | 1,998 | (6,443) | 32,400 |
Financing activities | |||
Repurchase of shares into Treasury | (6,432) | (4,249) | (4,249) |
Drawdown of loan | - | 20,000 | 20,000 |
Repayment of loans | - | (30,000) | (50,000) |
Net cash outflow from financing activities | (6,432) | (14,249) | (34,249) |
Decrease in cash and cash equivalents | (4,104) | (20,338) | (1,444) |
Cash and cash equivalents at the start of the period | 26,366 | 27,810 | 27,810 |
Cash and cash equivalents at the end of the period | 22,262 | 7,472 | 26,366 |
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31ST MARCH 2022
1. Principal activity
The principal activity of the Company is that of an investment trust company within the meaning of Section 1158 of the Corporation Tax Act 2010.
2. Financial Statements
The financial information for the six months ended 31st March 2022 and 2021 has not been audited or reviewed by the Company's auditors.
The financial information contained in these half year financial statements does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.
The information for the Company for the year ended 30th September 2021 has been extracted from the latest published audited financial statements. Those financial statements have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either Section 498(2) or 498(3) of the Companies Act 2006.
3. Accounting policies
The financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS'), which comprise standards and interpretations approved by the International Accounting Standards Board to the extent that they have been adopted by the European Union.
Where presentational guidance set out in the Statement of Recommended Practice (the 'SORP') for investment trusts issued by the Association of Investment Companies in April 2022 is consistent with the requirements of IFRS, the financial statements have been prepared on a basis compliant with the recommendations of the SORP.
The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 30th September 2021.
JPMorgan Indian Investment Trust plc has a 100% holding in JPMorgan Indian Investment Company (Mauritius) Limited, which qualifies as an investment entity under IFRS 10. The subsidiary is valued at fair value, and the total value at 31st March 2022 is disclosed on a separate line of the Statement of Financial Position. In addition the List of Investments has been prepared on a look through basis, meaning the stocks held by the subsidiary are disclosed.
4. (Loss)/earnings per share
| (Unaudited)Six months ended31st March 2022£'000 | (Unaudited)Six months ended31st March 2021£'000 | (Audited)Year ended30th September 2021£'000 | |
(Loss)/return per share is based on the following: | ||||
Revenue (loss)/return) | (975) | 326 | 1,790 | |
Capital (loss)/return | (15,048) | (115,405) | 228,119 | |
| Total (loss)/return | (16,023) | 115,731 | 229,909 |
Weighted average number of shares in issue | 77,370,486 | 77,677,565 | 77,666,181 | |
Revenue (loss)/return per share | (1.26)p | 0.42p | 2.31p | |
Capital (loss)/return per share | (19.45)p | 148.57p | 293.72p | |
| Total (loss)/return per share | (20.71)p | 148.99p | 296.03p |
5. Net asset value per share
(Unaudited)Six months ended31st March 2022 | (Unaudited)Six months ended31st March 2021 | (Audited)Year ended30th September 2021 | ||
Net assets (£'000) | 741,255 | 649,735 | 763,913 | |
Number of shares in issue excluding shares heldin Treasury | 76,817,359 | 77,654,860 | 77,654,860 | |
| Net asset value per share | 965.0p | 836.7p | 983.7p |
The Company will only re-issue shares held in Treasury at a premium and therefore these shares have no dilutive potential.
For further information, please contact:
Divya Amin
For and on behalf of
JPMorgan Funds Limited,
Company Secretary
020 7742 4000
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
JPMORGAN ASSET MANAGEMENT (UK) LIMITED
ENDS
A copy of the half year report will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The half year will also shortly be available on the Company's website at www.jpmindian.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.