JPMorgan Indian Investment Trust's net asset value rose by 7.6% in the six months to the end of March on a total return basis compared with a 12% increase in its benchmark, the MSCI India Index (in sterling terms).

Chairman Richard Burns said: "Whilst it is disappointing to have underperformed the benchmark index in the first half of the financial year, the board judges performance over the longer term and I am pleased to report that long term performance remains strong, the company having outperformed the benchmark over the three, five and ten years to 31 March 2017.

"The return to shareholders was +10.5%, reflecting a narrowing of the discount over the six months from 13.7% to 11.4% at the period end."