Himalayan Fund N.V. Press Release (6001Q)
September 02 2014 - 4:00AM
UK Regulatory
TIDMHYF
RNS Number : 6001Q
Himalayan Fund N.V.
02 September 2014
2 September 2014
HIMALAYAN FUND NV
PRESS RELEASE
Return well above S&P CNX Nifty benchmark
Strong first half for Himalayan Fund N.V.
AMSTERDAM - Monday September 1(st) , 2014 - The Net Asset Value
per share of Himalayan Fund was US$44.97 on June 30(th) 2014, that
is 26.2% higher than the closing NAV of $35.64 on December 31(st) ,
2013. Over the same period, the Fund's performance benchmark the
S&P CNX Nifty index in US$ terms, advanced by 24.4%%. Himalayan
Fund outperformed its benchmark by 1.8%.
This year opened with almost all market strategists forecasting
that 2014 would be the year of the dollar and that emerging markets
across the board would be laggards as investors withdrew funds in
aversion to risk. Yet dollar weakness continued and some emerging
markets have turned out to be the best performing, supported by
sustained foreign portfolio flows. Investment in emerging markets
demands long-term commitment and in the first half of 2014, the
Indian economy rewarded investors who stayed the course.
The Market, international perspective
The first half of 2014 was good for equity investors as the MSCI
World Index returned 4.9%, almost identical to the return achieved
in the comparable period in 2013. Developed markets were solidly in
the black. In emerging markets, the MSCI Emerging Markets Index
returned 4.8%, with Brazil and South East Asian markets
particularly strong. China, by contrast was a loser. Against this
background, India was a star turn amongst all markets in the first
half-year. In spite of broadly negative forecasts at the outset,
foreign portfolio investment was sustained in the expectation of a
change of government at national elections in May.
Ian McEvatt, Chairman of Himalayan Fund N.V.: "In the stock
markets, daily trading increased steadily, so that by the end of
the period, daily trading volume was $3.5bn, well above the
trailing twelve month average of $2.6bn. In terms of investment
strategy, we continue to reduce our exposure to the energy sector
and limit our financial sector holdings to private sector stocks
only. Our overweight positions in the consumer and healthcare
sectors are making a significant contribution to performance. We
continue to avoid the sector 'Metals & Mining' and limit our
exposure to 'Power Generation' due to the regulatory
uncertainty."
For market participants, there are two optimistic signals
emerging: even difficult decisions by the government are being
welcomed and a return of retail interest in equities is becoming
evident. McEvatt continues: "We have adjusted our portfolio to
align with the growth prospects and hope to be able to maintain
recent outperformance over the medium term. We believe that under
the Modi government, Indian markets can look forward to continued
upward momentum driven by a recovery in consumer confidence which
already emerging, as well as a recovery in private sector
investment."
For the complete half year report go to:
www.himalayanfund.nl
Note for editors, not for publication
More information via:
Richard Neve
E: richard@richardneve.nl
T: +31 6 22 48 37 66
This information is provided by RNS
The company news service from the London Stock Exchange
END
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