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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Himalayan Fd | LSE:HYF | London | Ordinary Share | NL0000464154 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHYF
RNS Number : 4635I
Himalayan Fund N.V.
31 August 2016
HIMALAYAN FUND N.V - HALF YEARLY RESULTS Directors' Report, First Half-year 2016 The Fund The Net Asset Value (NAV) per share of your Fund was US$52.80 on June 30th 2016, 4.3% higher than the closing NAV of $50.64 on December 31st, 2015. Over the same period the Fund's performance benchmark, the re-named Nifty50 USD index gained 2.3%. Thus, your Fund outperformed its benchmark by 2%. For comparison purposes, the Transaction Price on Euronext Amsterdam for the Fund's shares was US$52.99 at the end of the period compared to $50.45 at the beginning, a rise of 5%. Over the comparable period, the benchmark index rose by 3.1%, including Rupee depreciation of 1.9% against the US dollar. The number of Ordinary Shares held by third parties on December 31, 2015 was 207,748; by mid-year, this had fallen to 170,321. The net turnover in the Fund's Ordinary Shares in the first half of this year was 22%. Investment in emerging markets demands long- term commitment and in the first half of 2016, India provided a modest reward which your Fund exceeded for shareholders who stayed the course. We commend our long-standing shareholders for their commitment and thank them for their continuing loyalty. The Market The first half of 2016 began with the worst opening month's performance in equity markets for many years. A collapse in oil prices and in Chinese GDP growth as well as mounting concern about an economic slowdown in the US undermined global equities. This background drove the MSCI All Countries World Index down more than 6% and the MSCI Pacific ex-Japan index down 7.9%. The MSCI India Index fell by 6.9% that month, closer to the World index than regional comparatives. This started a differentiation of its markets from others consistent with India's emergence as the fastest growing large economy in the world. It also prefaced a recovery in foreign portfolio investment in India which supported its markets through the later part of the half-year. By the end of the half-year, the MSCI World and Pacific ex-Japan indices had recovered to within half a percent either side of their starting points. The Chinese economy proved to be adjusting to a sub-7% GDP growth trajectory and the oil price recovered to the $40-50 range. The US economy disappointed doom-mongers but failed to support expectations of a rapid ratcheting up of policy rates. The pace of employment creation, in particular, was highly volatile, dampening prospects of supply-side inflation emerging as a basis for further rate increases. At the time of writing, some forecasts of the next Fed funds rate increase have disappeared into 2017 while sustained dollar strength may create a headwind for US exporters and dampen the corporate earnings outlook. Meanwhile, the Indian economy has seen GDP growth slowly rising towards 8% as the IMF has been progressively cutting global growth forecasts below the 3% rate. The RBI cut the repo rate by 25 basis points in April, following a Union Budget which affirmed the government's commitment to fiscal consolidation. The central bank's "accommodative" stance was confirmed at the June Monetary Policy review but emerging food price pressure discouraged it from cutting rates any further. The central bank has also improved liquidity conditions for banks following its stringent application of loan-loss provisioning requirements for the fiscal year- end on March 31st. Banks had only transmitted half of the recent 150 basis-point relaxation of policy rates. The return of 2.3% for the Nifty50 USD index distinguished Indian markets in the first half-year. A recovery in foreign investor sentiment was a key influence, supported by fiscal consolidation, consumer demand, especially in urban areas and public sector investment. Particularly notable has been the Modi government's attention to clearing long-delayed infrastructure projects which had been embroiled in obstructive administrative clearance procedures. Your Fund's 200 basis points of outperformance was generated by pursuing our long-term approach of selecting stocks with high quality earnings prospects at reasonable valuations which demonstrate high standards of governance. During the course of the period under review, we held a total of twenty five stocks, with an average of twenty holdings. Fifteen of our holdings outperformed the benchmark and ten underperformed. From a top-down perspective, we have consistently held overweight positions in Consumer orientated and Healthcare stocks. We have been around level weight in IT stocks and close to an index weight in Financials. In this case, however, we have concentrated on private sector banks and progressively eliminated stocks with riskier loan books, concentrating eventually in just two of the highest quality banks. The biggest contributions to performance came from Pidilite Industries (+25.5%), VIP Industries (+12%) and Nestle India (+11.2%) in the Consumer sector. Heidelberg Cement added 77.9%, Supreme Industries 31.8% and Indraprashtha Gas 18%. Our two remaining banks also contributed: HDFC Bank 13.3% and Kotak Mahindra Bank 5.1%. On the downside, our Healthcare holdings suffered from negative reports about USFDA inspections and approvals of generic patent applications. Lupin lost 16.6% and Torrent Pharma lost 5.2%. In Financials, ICICI Bank lost 8.8% and Magma Fincorp 18.9%. By the end of the half-year, our portfolio was overweight in IT, Industrials, Construction, Consumer, Healthcare and Media stocks. Our significant underweight sectors were Energy and Financials while we held no stocks at all in the Telecom, Metals and Transport sectors. Prospects for future returns are now framed by the excellent sowing season nearing completion in, so far, above average monsoon rains. There has also been a further boost to sentiment generated by the recent passage of the government's GST Bill, paving the way for progress towards a single market in India as a multitude of inter-state duties and taxes are replaced by a single national indirect tax. The Directors are convinced that the return prospects for foreign investors investing in India are excellent in the medium term. We also believe the Fund is in an excellent position to capture these returns while benefitting from the favourable tax position it enjoys as well as the liquidity provided by the stock exchange listings the Fund maintains. Administration The Fund's website provides access to all regulatory and statutory information on the Fund, the address is: www.himalayanfund.nl On June 16, the AGM of the Fund was held in Amsterdam; the Annual Report for 2015 was adopted by unanimous vote and the Directors were discharged from their responsibilities for the year. After completing the routine Agenda for the AGM, the Chairman gave a description of the outlook for the Indian economy and the investment strategy of the Fund for the benefit of the audience and answered a number of their questions. Conclusion The Directors would like to thank shareholders for their continuing support for the Fund. In compliance with regulatory requirements, the Directors review the Synthetic Risk and Reward Indicator (SRRI) on a regular basis. As at June 30th, the calculation puts the Fund in Category 5, one category lower than last year. Consistent positive monthly returns continue to drive the SRRI percentage down; we are now at the top of Category 5. The Directors consider it unlikely that the SRRI classification will drop to a lower category in due course. It would not be unusual for a fund investing in emerging market equities to have a higher risk rating and the Directors remind shareholders of the risk statements in the Fund's Prospectus which is available for download from the Fund's website. Amsterdam, August 30, 2016 Board of Directors Ian McEvatt, Chairman Dwight Makins Robert Meijer Karin van der Ploeg Financial statements Himalayan Fund N.V. Semi Annual Report 2016 Balance sheet (before profit appropriation) 30-06-2016 31-12-2015 USD Notes USD Investments Securities 8,928,185 4.1 10,108,751 Short term receivables Receivable on security transactions - 5.1 94,841 Due to subscriptions - 5.2 - Dividend receivable 3,800 5.3 - Other receivables - 5.4 - 3,800 94,841 Other assets Cash at banks 147,208 6 465,306 Current liabilities (due within one year) Payable on security transactions - 7.1 77,498 Due to redemptions - 7.2 - Other liabilities, accruals and deferred income 71,812 7.3 56,570 Total current liabilities 71,812 134,068 Total of receivables and other assets
less current liabilities 79,196 426,079 Total assets less current liabilities 9,007,381 10,534,830 ------------ ------------ Shareholders' equity Issued capital 17,412 8.1 17,752 Share premium 16,684,949 8.2 18,504,968 General reserve -7,987,890 8.3 -7,942,782 Undistributed result current year 292,910 8.4 -45,108 Total shareholders' equity 9,007,381 10,534,830 ------------ ------------ Net Asset Value per share 52.80 50.64 Profit & Loss account 01-01-2016 01-01-2015 30-06-2016 30-06-2015 USD Notes USD Income from investments Dividends 63,451 9.1 40,428 Other income - 9.3 40 63,451 40,468 Capital gains/losses Unrealised gains on investments 710,635 4 404,940 Unrealised losses on investments -611,951 4 -1,112,815 Realised price gains on investments 673,631 4 1,605,299 Realised price losses on investments -126,585 4 - Realised currency gains on investments - 4 - Realised currency losses on investments -193,761 4 -211,562 Other exchange differences -11,219 -7,857 440,750 678,005 Expenses Investment research fees 85,512 10.1 90,847 Other expenses 149,554 10.2 151,091 235,066 241,938 Tax 23,775 16,508 Total investment result 292,910 493,043 ------------ ------------ Total investment result per ordinary share 1.72 2.26 Statement of Cash Flows 01-01-2016 01-01-2015 30-06-2016 30-06-2015 USD Notes USD Cash flow from investing activities Income from investments 63,451 9 40,468 Expenses -235,066 10 -241,938 Tax 23,775 16,508 Result of operations -147,840 -184,962 Purchases of investments -114,757 4 -1,654,272 Sales of investments 1,747,292 4 2,967,641 1,632,535 1,313,369 Change in short term receivables 91,041 5 -7,656 Change in current liabilities -62,256 7 244,744 28,785 237,088 Cash flow from investing activities 1,513,480 1,365,495 Cash flow from financing activities Received on shares issued - 8 186,699 Paid on shares purchased -1,820,359 8 -1,109,955 Cash flow from financing activities -1,820,359 -923,256 Other exchange differences -11,219 -7,857 Change in cash and cash equivalents -318,098 434,382 Cash and cash equivalents as at January 1 465,306 200,116 ------------ ------------ Cash and cash equivalents as at June 30 147,208 6 634,498 ------------ ------------ Notes 1 General Himalayan Fund N.V. ('the Fund') is an open-end investment company (in Dutch: beleggingsmaatschappij met veranderlijk kapitaal) incorporated under Dutch law and has its statutory seat in Amsterdam. The Fund is listed both on NYSE Euronext Amsterdam and on The London Stock Exchange. This semi annual report is prepared in accordance with Part 9 Book 2 of the Dutch Civil Code and the Act on the Financial Supervision (AFS) ("Wet op het financieel toezicht"). Since December 1991 the Fund is licensed to undertake investment activities according to the Act on the Financial Supervision. 2. Principles of valuation 2.1 Investments The investments are valued based on the following principles: - listed securities are valued at the most recent stock market price as at the end of the accounting period which can be considered fair value; - non or low marketable securities are, according to the judgement of the Investment Committee, valued at the best effort estimated price, taking into account the standards which the Investment Committee thinks fit for the valuation of such investments. Expenses related to the purchase of investments are included in the cost of investments. Sales charges, if any, are deducted from gross proceeds and will be expressed in the capital gains/losses. 2.2 Foreign currency translation Assets and liabilities in foreign currencies are translated into US dollars at the rate of exchange as at the balance sheet date. All exchange differences are taken to the profit and loss account. Income and expenses in foreign currencies are translated at the exchange rate as per transaction date. Rates of exchange as at June 30, 2016, equivalent of 1 US dollar: Euro 0.90013 Srilanka Rupee 145.65003 Indian Rupee 67.49503 Bangladesh Taka 78.37499 ----------------------------------- ---------- --------------------- ----------- 2.3 Other assets and liabilities Other assets and liabilities are stated at nominal value. If required, provisions have been taken for irrecoverable receivables. 2.4 Income recognition principles The result is determined by deducting expenses from the proceeds of dividend, interest and other income in the period under review. The realized revaluations of investments are determined by deducting the purchase price from the sale proceeds. The unrealized revaluations of investments are determined by deducting the purchase price or the balance sheet value at the start of the period under review from the balance sheet value at the end of the period under review. Brokerage fees payable on the acquisition of investments, if any, are considered to be part of the investments costs, and as a result, are not taken to the profit and loss account. 2.5 Cash flow statement The Cash Flow statement has been prepared according to the indirect method. 3. Risk Management Investing in emerging and developing markets carries risks that are greater than those associated with investment in securities in developed markets. In particular, prospective investors should consider the following: 3.1 Currency Fluctuations The Fund invests primarily in securities denominated in local currencies whereas the Ordinary Shares are quoted in US dollars. The US dollar price at which the Ordinary Shares are valued is therefore subject to fluctuations in the US dollar/ local currency exchange rate. 3.2 Counterparty Risk The Fund deals principally in listed stocks traded on the BSE and the NSE in India. All transactions are book-entry and settlement is fully automated. In the event of non-delivery by either side, the transaction fails. In this case recovery can be achieved by delivery against payment or the transaction abandoned. 3.3 Concentration Risk The investment restrictions for the Fund in section IX INVESTMENT POLICIES of the Prospectus, limit the possibility for concentration of risk by stock and sector. Investors should note that the portfolio will be concentrated in the Indian sub-continent. 3.4 Market Volatility Securities exchanges in emerging markets are smaller and subject to greater volatility than those in developed markets. The Indian market has in the past experienced significant volatility and there is no assurance that such volatility will not occur in the future. 3.5 Market Liquidity A substantial proportion of market capitalization and trading value in emerging markets can be represented by a relatively small number of issuers. Also, there is a lower level of regulation and monitoring of the activities of investors, brokers and other market participants than in most developed markets. Disclosure requirements may be less stringent and there may
be less public information available about corporate activity. As a result, liquidity may be impaired at times of high volatility. The Indian markets have withstood high volatility in the recent past and recovered momentum because of excellent corporate results. This has shown that the liquidity in the shares of the top companies is strong, as further emphasized by demand for those shares through Depository Receipts in overseas markets. Furthermore, standards of governance and transparency are improving dramatically under the impetus of the regulatory bodies. Other contiguous markets are not necessarily the same and the Fund only invests in them with the utmost care. 3.6 Fund Liquidity The Fund's rules allow weekly purchases and sales of Ordinary Shares but in order to allow orderly management of the portfolio in the interest of continuing shareholders, the value of purchases may be limited to 5% of the net asset value of the Fund on any one Execution Day. 3.7 Political Economy The Fund's portfolio may be adversely affected by changes in exchange rates and controls, interest rates, government policies, inflation, taxation, social and religious instability and regional geo-political developments. 3.8 Legal and Regulatory Compliance The Fund is responsible for ensuring that no action taken by it or by any contracted service provider might cause a breach of any legal or regulatory requirement. The Fund and all of its service providers maintain adequate control procedures to guard against any such occurrence and these procedures are subject to regular review. Should such a breach occur inadvertently, control procedures should detect it and institute corrective action without delay. 3.9 Financial Crisis Almost uniquely amongst financial markets, the Indian financial sector was insulated against any consequences of the recent financial crisis by the tight control exercised by the RBI. Bank balance sheets were free of toxic assets and capital ratios were maintained. Ratios of non-performing assets remained within historic norms. 3.10 Credit risk The principal credit risk is counterparty default (i.e., failure by the counterparty to perform as specified in the contract) due to financial impairment or for other reasons. Credit risk is generally higher when a nonexchange-traded or foreign exchange-traded financial instrument is involved. Credit risk is reduced by dealing with reputable counterparties. The Fund manages credit risk by monitoring its aggregate exposure to counterparties. Notes to the Balance sheet 30-06-2016 31-12-2015 4. Investments USD USD 4.1 Statement of changes in securities Position as at January 1 10,108,751 11,907,241 Purchases 114,757 2,827,529 Sales -1,747,292 -5,008,125 Unrealised gains on investments 710,635 275,208 Unrealised losses on investments -611,951 -2,224,393 Realised price gains on investments 673,631 2,843,600 Realised price losses on investments -126,585 -74,221 Realised currency gains on investments - - Realised currency losses on investments -193,761 -438,088 Position as at June 30 8,928,185 10,108,751 ----------- ----------- Historical cost 5,241,413 6,520,663 The Fund's portfolio comprises shares of companies listed on The National Stock Exchange of India or the Bombay Stock Exchange. The Fund may also acquire depository receipts or participatory notes of Indian companies listed on overseas stock exchanges as well as other instruments as described in the Prospectus. The Fund held no unlisted shares on June 30th 2016 (December 31, 2015: USD 123,163). The portfolio breakdown as at June 30th 2016 is provided on page 18 of this report. 4.2 Transaction costs The transaction costs for the purchase of investments are capitalized within the historical cost price and for sales the transaction costs are discounted from the sales price. Transaction costs for the first half year of 2016 are USD 5,313 (for the first half year of 2015: USD 15,471). 5. Receivables 5.1 Receivable on security transactions These include transactions still unsettled as at the balance sheet date. 5.2 Due to subscriptions These include payments already done by new subscribers for entering the Fund against the next available NAV. 5.3 Dividend receivable These include other transactions still unsettled as at the balance sheet date. This includes the receivables from unsettled share subscriptions as per balance sheet date. 5.4 Other receivables These include other receivables. 6. Cash at banks This includes immediately due demand deposits at banks. 7. Current liabilities (due within one year) 7.1 Payable on security transactions These include transactions still unsettled as at the balance sheet date. 7.2 Due to redemptions These include the debts in respect of the repurchase of shares Himalayan still unsettled as at the balance sheet date. 30-06-2016 31-12-2015 USD USD 7.3 Other liabilities, accruals and deferred income Payable investment reseach fee 21,871 12,511 Payable administration fee 4,141 4,363 Payable auditors fee 13,548 19,954 Other expenses payable 32,252 19,742 71,812 56,570 ----------------- ------------ 8. Shareholders' equity The authorised share capital of the Fund is EUR 60,000 (December 31, 2015: EUR 60,000) and consists of: Ordinary shares of EUR 0.01 - each 5,000,100 Priority shares of EUR 0.20 - each 49,995 8.1 Issued capital number USD USD Ordinary shares: Position as at January 1 207,748 3,522 4,258 Sold - - 44 Purchased -37,427 -374 -321 Revaluation - 34 -459 Position as at June 30 170,321 3,182 3,522 ----------------- ----------------- ------------ Priority shares: Position as at January 1 49,995 14,230 14,230 Sold - - - Revaluation - - - Position as at June 30 49,995 14,230 14,230 ----------------- ----------------- ------------ Total issued capital 17,412 17,752 ----------------- ------------ As at June 30, 2016 the issued and subscribed EUR EUR share capital amounts to: Ordinary shares, par value EUR 0.01 (December 31, 2015: EUR 0.01) 4,450,005 44,500 44,500 Priority shares, par value EUR 0.20 (December 31, 2015: EUR 0.20) 49,995 9,999 9,999 54,499 54,499 ----------------- ------------ The Fund became open-ended on April 7, 2000. As at June 30, 2016 a total of 4,279,684 Ordinary Shares have been purchased, meaning that 170,321 Ordinary Shares are still outstanding as at June 30, 2016. Ordinary Shares purchased by the Fund are directly charged against capital and share premium. 8.2 Share premium USD USD Position as at January 1 18,504,968 19,947,953 Received on shares sold - 236,334 Paid on shares purchased -1,819,985 -1,679,778
Revaluation of outstanding capital -34 459 Position as at June 30 16,684,949 18,504,968 30-06-2016 31-12-2015 USD USD 8.3 General reserve Position as at January 1 -7,942,782 -11,914,402 Transferred from undistributed result -45,108 3,971,620 Position as at June 30 -7,987,890 -7,942,782 ----------------- ------------ 8.4 Undistributed result Position as at January 1 -45,108 3,971,620 Transferred to/from general reserve 45,108 -3,971,620 Total investment result 292,910 -45,108 Position as at June 30 292,910 -45,108 ----------------- ------------ Three years Himalayan Fund N.V. 30-06-2016 31-12-2015 31-12-2014 Net Asset Value (USD x 1,000) Net Asset Value according to balance sheet 9,007 10,535 12,024 Less: value priority shares 14 14 14 8,993 10,521 12,010 ----------------- ----------------- ------------ Number of Ordinary Shares outstanding 170,321 207,748 235,416 Per Ordinary Share Net Asset Value share (USD) 52.80 50.64 51.01 Notes to the Profit & Loss account 9. Income from investments 9.1 Dividends This refers to net cash dividends including withholding tax. Stock dividends are considered to be cost free shares. Therefore stock dividends are not presented as income. 9.2 Interest income Most of this amount was received on outstanding cash balances. 9.3 Other income From March 6, 2009 this refers to the charges of 0.35% received on shares issued and repurchased. These costs are to cover transaction costs in relation with the purchase and sale of Ordinary Shares and are booked as an income for the Fund. 01-01-2016 01-01-2015 10. Expenses 30-06-2016 30-06-2015 USD USD 10.1 Investment research fees Research fee 81,000 85,771 Custody Fee and Charges 4,512 5,076 -------------- ---------------- 85,512 90,847 -------------- ---------------- Expenses directly related to the management of investments, like custody fees and transfer charges as well as other paying agent fees, are deducted from the result. These expenses are included in other investment management fees with the exception of the transfer charges. Transfer charges are accounted for in the investment revaluation reserve. 10.2 Other expenses Administration Fees and Charges 29,655 29,953 Company Secretarial and Domiciliation Fees 16,892 16,844 Bank Expenses 150 1,314 Regulatory Fees and Charges 6,308 17,205 Legal Expenses - - Distribution fees 18,411 18,306 Listing Expenses 7,210 7,190 Audit Fees 9,997 9,940 Fiscal Advisory Fees 9,219 2,975 Advertising and Promotion 7,553 3,798 Directors Fees 31,700 31,700 Board Expenses 10,156 10,235 Miscellaneous 2,303 1,631 -------------- ---------------- 149,554 151,091 -------------- ---------------- On-going charges ratio The on-going charges ratio is calculated as follows: the total expenses of the Fund, excluding transaction fees and cost of interest, divided by the average NAV*. The expense ratio of the Fund for the reporting period is equal to 2.55%; annualised 5.11% (annualised 2015: 4.04%). Turnover ratio The turnover ratio is calculated as follows: the total sum of purchases plus sales minus subscriptions minus redemptions divided by the average NAV *. The turnover ratio of the Fund for the reporting period is equal to 0.45 %; annualised 0.91 % (annualised 2015: 55.61%). * - The Fund has a weekly NAV. The average Net Asset Value of the Company for the reporting period is calculated as the sum of the weekly Net Asset Values divided by the number of observations. Comparison of real cost with cost according to Prospectus* According to Prospectus Actual costs USD USD Research fee (1) 81,000 81,000 Administration fee (2) 29,655 29,655 Secretarial and Domiciliation fees (3) 16,892 16,892 Costs for the Board (4) 100,000 41,856 *- As per the Prospectus of June 7, 2010. 1) Ian McEvatt receives an annual fee of USD 114,000 for investment research and IndAsia Fund Advisors Pvt Ltd receives an annual fee of USD 42,000. 2) CACEIS Bank Luxembourg Amsterdam Branch is paid a fixed fee of EUR 50,000 per year for administration services. 3) Inviqta has been appointed to provide domicile and company secretarial services to the Fund for a fixed fee of EUR 25,000 (exclusive VAT) per year. 4) The Prospectus states that the remuneration of the Directors is subject to a limit of USD 100,000 in aggregate per year. In 2015 the remuneration of the Directors will be USD 62,895 (inclusive VAT). Directors fees per person in the first half year of 2015 are as follows: Ian McEvatt*: USD 5,000; Dwight Makins: USD 9,250; Robert Meijer: USD 11,400; Karin van der Ploeg*: USD 6,050. Board expenses (exclusive remuneration of the Directors) amount to USD 10,235 for the first half year of 2016. * Karin van der Ploeg is a partner of Inviqta. It has been agreed that members of the Board who are also directors/partners of the service providers of the Fund receive a fixed annual management fee of USD 10,000 (exclusive VAT). Employees The Fund has no employees. Amsterdam, August 30, 2016 Board of Directors Ian McEvatt, Chairman Dwight Makins Robert Meijer Karin van der Ploeg Portfolio breakdown As per June 30, 2016 percentage Market value of total Net India USD Asset Value Auto Ancillary 518,102 5.8 13,000 Bajaj Auto 518,102 Construction 950,645 10.6 250,000 HeidelbergCement 437,810 135,369 Kalpataru Power Transmission 512,835
Consumer discretionary 709,386 7.9 240,000 Indian Hotels 454,256 150,000 VIP Industries 255,130 Consumer goods 1,620,558 18.0 28,000 Agro Tech Foods 217,296 3,500 Nestle India 336,665 100,000 Pidilite Industries 1,066,597 Energy 371,909 4.1 40,000 Indraprastha Gas 371,909 Financials 1,533,729 17.0 27,000 HDFC Bank 470,615 94,000 Kotak Mahindra Bank 1,063,114 Healthcare 1,239,049 13.8 24,000 Lupin 547,489 34,000 Torrent Pharmaceuticals 691,560 Industrials 338,303 3.8 25,000 Supreme Industries 338,303 Media 179,514 2.0 38,000 Shemaroo Entertainment 179,514 Technology 1,466,990 16.3 250,000 Firstsource Solutions 171,864 18,000 HCL Technologies 194,801 22,000 Infosys Technologies 381,622 19,000 Tata Consultancy 718,703 Total Equity 8,928,185 99.1 Cash 79,196 0.9 NAV 9,007,381 100.0
HIMALAYAN FUND N.V
The semi-annual report of Himalayan Fund N.V. (the "Fund") for the period ending 30 June 2016 is now available. Copies may be obtained, free of charge, from the offices of the Fund. The report is published on the website of the Fund: www.himalayanfund.nl
Amstelveen, 31 August 2016
Himalayan Fund N.V.
Legmeerdijk 182
1187 NJ Amstelveen
020-6411161
karin@himalayanfund.nl
This information is provided by RNS
The company news service from the London Stock Exchange
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August 31, 2016 02:00 ET (06:00 GMT)
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