HYF Himalayan Fd

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

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