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
END
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