RCS - Ashoka India Equity - Results analysis from Kepler Trust Intelligence

Ashoka India Equity Investment TrustAnnouncement

06/03/2026 16:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260306:nRSF7358Va&default-theme=true

RNS Number : 7358V  Ashoka India Equity Investment Tst  06 March 2026

Ashoka India Equity (AIE)

06/03/2026

Results analysis from Kepler Trust Intelligence

Ashoka India Equity (AIE) has released its half year results for the period
ending 31/12/2025 during which, AIE saw a NAV TR of -3.6%, versus the
benchmark of -2.3% (in sterling terms). Despite this, returns since launch
remain strong, with a NAV TR of 170.7% to year end, considerably ahead of the
benchmark's 88.1%, aided by the small and mid-cap allocation.

In the period, key contributors came from a leading online travel agency,
which begun to take market share in both online bus tickets and air fares, an
auto-parts firm which saw higher-than-expected growth through both organic and
inorganic improvements, and a public bank which maintained market share and
saw improved loan growth. Detractors include a leading fashion retailer due to
slowing consumption, a financial services company impacted by regulatory
action, and a digital services company over AI concerns.

Despite moderating in the near-term, the managers believe the India growth
story remains firmly intact and low levels of research support the long-term
alpha opportunity, especially in small and mid-cap names. Sector allocations
are broadly similar, with moderate increases to consumer discretionary and
communication services sectors, whilst financials and energy are underweight.

The trust issued 1.1m shares from the beginning of the financial year to the
publication of the report, equivalent to around 0.7% of the opening share
capital.

Despite the more challenging environment, Chairman Andrew Watkins noted the
"Structural opportunities presented by India's economic growth, expanding
domestic consumption and adoption of the latest technology remain firmly
intact," and that the managers are, "well positioned to navigate evolving
market conditions," and, "deliver long-term outperformance."

Kepler View

At this point, the Indian growth story is well known. A growing working age
population, coupled with government reform have led to a rapidly developing
economy that has driven exceptional returns. However, this has waned slightly
in the near-term, due to a number of headwinds. Despite this, the long-term
potential remains very much intact, in our view. Supportive demographics will
likely outlast any near-term volatility, whilst the government continues to
pursue its growth agenda through several channels, and maintain financial
discipline.

As a result, Indian GDP growth is forecast at 7.3% for 2026, likely making it
the fastest growing major economy in the world. If so, India should become the
world's third largest economy, by the end of the decade. Smaller companies
should benefit best from this growth, making AIE well-placed, in our view. The
management team have generated excellent alpha since inception, with nothing
in the results to indicate the trust cannot deliver on its promise once these
headwinds abate.

AIE has continued to trade close to NAV, enabling share issuance which,
coupled with strong performance, has meant AIE has grown its asset base
impressively. The trust also has the lowest ongoing charges amongst peers,
aided by a shareholder-aligned structure which further incentivises the
managers to generate alpha.

CLICK HERE TO READ THE FULL REPORT
(https://www.trustintelligence.co.uk/investor/articles/news-investor-results-analysis-ashoka-india-equity-retail-mar-2026?utm_source=RNS&utm_medium=news)

Visit Kepler Trust Intelligence
(http://www.trustintelligence.co.uk/investor?utm_source=RNS&utm_medium=news)
for more high quality independent investment trust research.

 

Important information

This report has been issued by Kepler Partners LLP.  The analyst who has
prepared this report is aware that Kepler Partners LLP has a relationship with
the company covered in this report and/or a conflict of interest which may
impair the objectivity of the research.

Past performance is not a reliable indicator of future results. The value of
investments can fall as well as rise and you may get back less than you
invested when you decide to sell your investments. It is strongly recommended
that if you are a private investor independent financial advice should be
taken before making any investment or financial decision.

Kepler Partners is not authorised to make recommendations to retail clients.
This report has been issued by Kepler Partners LLP, is based on factual
information only, is solely for information purposes only and any views
contained in it must not be construed as investment or tax advice or a
recommendation to buy, sell or take any action in relation to any investment.

The information provided on this website is not intended for distribution to,
or use by, any person or entity in any jurisdiction or country where such
distribution or use would be contrary to law or regulation or which would
subject Kepler Partners LLP to any registration requirement within such
jurisdiction or country. In particular, this website is exclusively for non-US
Persons. Persons who access this information are required to inform themselves
and to comply with any such restrictions.

The information contained in this website is not intended to constitute, and
should not be construed as, investment advice. No representation or warranty,
express or implied, is given by any person as to the accuracy or completeness
of the information and no responsibility or liability is accepted for the
accuracy or sufficiency of any of the information, for any errors, omissions
or misstatements, negligent or otherwise. Any views and opinions, whilst given
in good faith, are subject to change without notice.

This is not an official confirmation of terms and is not a recommendation,
offer or solicitation to buy or sell or take any action in relation to any
investment mentioned herein. Any prices or quotations contained herein are
indicative only.

Kepler Partners LLP (including its partners, employees and representatives) or
a connected person may have positions in or options on the securities detailed
in this report, and may buy, sell or offer to purchase or sell such securities
from time to time, but will at all times be subject to restrictions imposed by
the firm's internal rules. A copy of the firm's Conflict of Interest policy is
available on request.

PLEASE SEE ALSO OUR TERMS AND CONDITIONS
(http://www.trustintelligence.co.uk/investor/terms?utm_source=RNS&utm_medium=news)

Kepler Partners LLP is authorised and regulated by the Financial Conduct
Authority (FRN 480590), registered in England and Wales at 70 Conduit Street,
London W1S 2GF with registered number OC334771.

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRABUGDXCUGDGLL



            Copyright 2019 Regulatory News Service, all rights reserved