PHILADELPHIA, Feb. 7, 2014 /PRNewswire/ -- The India Fund, Inc. (the "Fund") (NYSE: IFN), a closed-end equity fund, announced today its performance data and portfolio composition as of December 31, 2013. In addition, the Fund announced the results of the recent Special Meeting of Stockholders.
(Logo: http://photos.prnewswire.com/prnh/20121106/NE07292LOGO)
The Fund's total returns for various periods through December 31, 2013 are provided below. (All figures are based on distributions reinvested at the dividend reinvestment price and are stated net-of-fees):
|
Cumulative as of 12/31/13
|
Annualized as of 12/31/13
|
|
1 Month
|
3 Month
|
YTD
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Since Inception
|
|
NAV
|
3.7
|
8.8
|
0.9
|
0.9
|
-7.8
|
12.5
|
11.4
|
8.6
|
|
Market
Price
|
3.1
|
9.4
|
0.2
|
0.2
|
-11.4
|
8.4
|
9.2
|
7.5
|
|
MSCI India
|
3.3
|
10.3
|
-3.8
|
-3.8
|
-8.7
|
13.3
|
11.0
|
6.3
|
On December 31, 2013, the Fund's net assets amounted to US$800.7 million and the Fund's NAV per share was $22.92.
As of December 31, 2013, the portfolio was invested as follows:
|
Portfolio Composition
|
Percent of
Net Assets
|
|
Financials
|
23.0
|
|
Information Technology
|
19.3
|
|
Consumer Staples
|
18.3
|
|
Materials
|
12.7
|
|
Consumer Discretionary
|
8.3
|
|
Health Care
|
7.7
|
|
Industrials
|
4.4
|
|
Utilities
|
4.0
|
|
Telecommunications
|
1.8
|
|
Cash
|
0.6
|
The Fund's ten largest equity holdings as of December 31, 2013, representing 63.0% of net assets, were:
|
Stock
|
Percent of
Net Assets
|
|
Housing Development Finance Corporation
|
9.2
|
|
ICICI Bank
|
9.1
|
|
Tata Consultancy Services
|
8.5
|
|
Infosys
|
8.2
|
|
ITC
|
7.2
|
|
HDFC Bank
|
4.7
|
|
Hero MotoCorp
|
4.7
|
|
Godrej Consumer Products
|
4.0
|
|
Hindustan Unilever
|
3.9
|
|
UltraTech Cement
|
3.5
|
Results of Special Meeting of Stockholders
The Special Meeting of Stockholders was held on February 3, 2014 at 712 Fifth Avenue, 49th Floor, New York, New York. The description of the proposal and number of shares voted at the meeting are as follows:
To eliminate the fundamental policy governing the Fund's semi-annual repurchase offers:
|
Shares Voted
|
Votes For
|
|
Eliminate Policy
|
17,521,445
|
13,947,562
|
Important Information
Aberdeen Asset Management Inc. has prepared this report based on information sources believed to be accurate and reliable. However, the figures are unaudited and neither the Fund, Aberdeen Asset Management Asia Limited (the Investment Manager), nor any other person guarantees their accuracy. Investors should seek their own professional advice and should consider the investment objectives, risks, charges and expenses before acting on this information. Aberdeen is a U.S. registered service mark of Aberdeen Asset Management PLC.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective.
Total return figures with distributions reinvested at the dividend reinvestment price are stated net-of-fees and represents past performance. Past performance is not indicative of future results, current performance may be higher or lower. Holdings are subject to change and are provided for informational purposes only and should not be deemed as a recommendation to buy or sell the securities shown. Inception date February 23, 1994.
If you wish to receive this information electronically, please contact: InvestorRelations@aberdeen-asset.com
SOURCE The India Fund, Inc.