**The India Fund, Inc. Q3 2025 Commentary**
*By Aberdeen Asset Management*
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**Summary**
Over the third quarter of 2025, The India Fund, Inc. declined by 7.01%, underperforming its benchmark by 41 basis points. This performance was chiefly impacted by negative stock selection in the consumer discretionary and financials sectors. However, these effects were partially offset by positive contributions from holdings in industrials, health care, and energy.
Indian equities experienced a challenging quarter. A combination of factors—such as new US tariffs, persistent selling from foreign institutional investors, and a relatively weaker rupee—acted as headwinds. Despite these challenges, our positions in infrastructure capex-related companies within the capital goods sector delivered robust results.
While short-term uncertainties remain, particularly those stemming from US tariff impacts, we believe India’s long-term structural growth story is still intact.
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**Fund Performance Overview**
During the quarter, the Fund’s return was -7.01%, which was 41 basis points below the benchmark. Negative stock selection in consumer discretionary and financials, coupled with an overweight to communication services, assigned a drag to performance. Nevertheless, strong results from industrials, health care, and energy provided some balance.
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**About Aberdeen Asset Management**
Aberdeen Standard Investments is a leading global asset manager focused on creating long-term value. Our comprehensive range of investment capabilities is matched by our commitment to delivering high-quality client service. We manage over $669.1 billion* for clients in more than 80 countries and employ over 1,000 investment professionals. Our global reach is supported by over 40 client relationship offices around the world.
Aberdeen Standard Investments emerged following the merger of Aberdeen Asset Management PLC and Standard Life Plc on August 14, 2017, forming Standard Life Aberdeen plc.
*For more insights, follow us on our Thinking Aloud blog.*
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*Data as of June 30, 2019
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