Net Asset Value(s)

RNS Number : 4568E

India Capital Growth Fund Limited

06 April 2011

 



India Capital Growth Fund Limited

06 April 2011

India Capital Growth Fund Limited (the "Company" or "ICGF")

31 March 2011 NAV Statement

Net Asset Values

The Company announces its net asset values per share as at 31 March 2011:

Net asset value per share - undiluted:  60.89 pence

Net asset value per share - fully diluted:  60.89 pence

Portfolio Update

During March 2011 the net asset value of the portfolio rose 10.4% in Sterling terms, of which 7.7% was due to the underlying portfolio and 2.5% due to the strength of the Rupee relative to Sterling.   The portfolio gain was in line with the notional benchmark (BSE Midcap) which rose 8%. 

The positive performance can be attributed to the financial sector in particular, which rallied strongly in the month, with Yes Bank, Federal Bank and Indian Bank up 21%, 20% and 13% respectively.  Elsewhere the portfolio's largest listed holding, Prime Focus (6.7%) rose 21% in anticipation of the (since announced) winning of the contract to convert the first Star Wars film from 2D to 3D. The drag on performance came primarily from the portfolio's unlisted investment Marwadi (9.8% of the portfolio) and cash (average 7% for the month) along with the healthcare and energy exposure which sectors remained flat as the market rallied. 

The Indian midcap index recently hit a low relative to large cap stocks not seen since the middle of 2009.  When the rally in Indian equities gathers momentum it is likely that this "discount" to large cap will unwind.  This should be a significant driver for the NAV of the Company with its mid cap focus.

Analysis of holdings at 31 March 2011

Sector Summary	No. of Companies	% of Portfolio
Financials	13	36.1%
Industrials	8	15.8%
Materials	6	12.3%
Consumer Discretionary	2	11.7%
Health Care	3	8.0%
Telecom Services	2	5.1%
IT	3	3.0%
Energy	1	2.0%
Consumer Staples	1	1.7%
Total Equity Investment	39	95.7%
Net Cash		4.3%
Total Portfolio		100.0%

Top 10 equity holdings at 31 March 2011

Holding	Sector	% of Portfolio
Marwadi Shares and Finance	Financials	9.8%
Prime Focus	Consumer Discretionary	7.1%
Bilcare	Health Care	4.6%
S. Kumars Nationwide	Consumer Discretionary	4.6%
United Phosphorus	Materials	4.1%
Indian Bank	Financials	3.1%
Bharti Airtel	Telecom Services	3.0%
Opto Circuits	Health Care	2.9%
Yes Bank	Financials	2.9%
Federal Bank	Financials	2.9%

Portfolio breakdown by size at 31 March 2011

Size	No. of Companies	% of Portfolio
Small Cap  (M/Cap <INR 15bn)	14	38.5%
Mid Cap (INR 15bn <M/Cap<INR 100bn)	16	31.2%
Large Cap (M/Cap > INR 100bn)	7	16.2%
Unlisted	2	9.8%
Cash/Cash Equivalent		4.3%
Total	39	100.0%

 

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