Net Asset Value(s)

RNS Number : 8077S

India Capital Growth Fund Limited

05 December 2012

 



5 December 2012

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

Net Asset Value statement as at 30 November 2012

Net Asset Value

The Company announces its Net Asset Value per share as at 30 November 2012 was 52.07 pence.

In November the Net Asset Value (NAV) rose 3.8% in Sterling terms, whilst the BSE Midcap Index was up 4.6%, underperforming the notional benchmark by 0.8%. In local currency terms the NAV rose 4.3%.

Year to date, the Sterling NAV has increased by 31.5%, outperforming the BSE Midcap Index by 5.4%.

Portfolio update

Positive contributors to the portfolio's performance came from Kajaria Ceramics (up 21.3%), Jammu & Kashmir Bank (up 12.3%) and Eicher Motors, which rose 18.0%. Negative attribution came from HPCL (down 3.9%), Petronet LNG (down 3.4%) and Voltas (down 2.3%).

Market and economic update

Indian equities in November closed positively helped by continued strong FII inflows. The reform initiatives taken by the government are increasing the chances of better economic growth and improved market sentiment.

Economic fundamentals continue to remain week. India's GDP growth for the Q2 FY13 was 5.3% as compared to 6.7% in the same quarter last year, the result of poor performances in the manufacturing and agricultural sectors. During the first half of FY13, the economy grew by 5.4% which is considerably lower than 7.3% growth in the year-ago period.

On the positive, inflation in India slowed to its weakest rate in nine months in October, taking some pressure off the central bank to keep interest rates high and opening the door to a rate cut early next year. The wholesale price index rose 7.5% in October down from September's 7.8%.

Foreign equity flows continue; year to date USD19.8bn has been invested including an additional USD1.7bn this month. Domestic mutual funds remain net sellers.

Portfolio analysis by sector as at 30 November 2012

Sector	No. of Companies	% of Portfolio
Financials	10	32.8%
Industrials	6	16.2%
Consumer Discretionary	4	12.3%
Consumer Staples	3	9.1%
Health Care	3	8.1%
Energy	3	7.4%
Information Technology	2	3.7%
Telecommunication Services	1	2.3%
Materials	1	2.1%
Total Equity Investment	33	94.0%
Net Cash		6.0%
Total Portfolio		100.0%

Top 10 holdings as at 30 November 2012

Holding	Sector	% of Portfolio
Federal Bank	Financials	5.3%
Jyothy Laboratories	Consumer Staples	5.1%
Jammu & Kashmir Bank	Financials	4.1%
Yes Bank	Financials	4.0%
Max India	Industrials	3.9%
IDFC	Financials	3.9%
Dish TV India	Consumer Discretionary	3.9%
Kajaria Ceramics	Consumer Discretionary	3.8%
KPIT Cummins	IT	3.7%
Larsen & Toubro	Industrials	3.4%

Portfolio analysis by market capitalisation size as at 30 November 2012

Market capitalisation size	No. of Companies	% of Portfolio
Small Cap (M/Cap <INR 15bn)	2	5.9%
Mid Cap (INR 15bn <M/Cap<INR 100bn)	19	56.4%
Large Cap (M/Cap > INR 100bn)	11	31.7%
Unlisted	1	0.0%
Total Equity Investment	33	94.0%
Net Cash		6.0%
Total Portfolio		100.0%

 

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