Over the year ended 30 September 2013 the NAV fell by 13.7%, slightly more than the fall in the value of the benchmark, the , which fell by 12.7%. JII’s discount widened resulting in a share price return of -17.6%. The managers point to overweights, relative to the benchmark, in Infrastructure Finance Development Corporation and cement producers and an underweight position in technology stocks as reasons for underperformance. Underweights in banks and an overweight in Tata Motors were positive during the period.
