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LONDON - Ashoka India Equity Investment Trust (AIE) reported a net asset value (NAV) return of -0.2% for the year ending June 30, 2025, significantly outperforming its benchmark MSCI India IMI Index which fell 6.6% in sterling terms, according to the trust’s annual results.
The trust has maintained its long-term outperformance record, delivering approximately 181% returns since its 2018 inception compared to the benchmark’s 93%, despite the impact of capital gains tax accruals.
OneSource Specialty Pharma emerged as the largest contributor to performance during the reporting period, becoming the trust’s second-largest holding. The outperformance was primarily driven by stock selection across various sectors.
In a post-results development, Hiren Dasani joined from Goldman Sachs as co-portfolio manager. The trust currently maintains overweight positions in industrials and healthcare sectors, with a bias toward small and mid-cap stocks.
The board has proposed increasing the trust’s maximum exposure to private companies from 10% to 15% of gross assets at the time of investment, subject to shareholder approval at the next annual general meeting.
During the year, the trust traded at a premium to NAV, enabling share issuance that contributed to its promotion to the FTSE 250 Index. Despite not being a primary objective, AIE generated sufficient income to declare a small dividend.
Chairman Andrew Watkins expressed optimism about India’s economic prospects, stating that "the economic growth prospects for the powerhouse of the Indian economy remain intact."
The information in this article is based on a press release statement from the company.
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