Net Asset Value

India Capital Growth Fund Limited

06 June 2023

 

06 June 2023

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

Net Asset Value statement at 31 May 2023

The Company announces its Net Asset Value ("NAV") per ordinary share as at 31 May 2023 was 144.17 pence.

In May, the NAV was up 5.22% in Sterling terms, whilst the BSE MidCap TR Index was up 6.01%, delivering an underperformance against the notional benchmark of 0.79%. In local currency terms, the NAV was up 5.58%.  

The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 31 May 2023 was 149.26 pence.

Portfolio analysis by sector as at 31 May 2023
Sector	No. of Companies	% of Portfolio
Financials	6	23.8%
Consumer Discretionary	8	18.0%
Materials	7	17.9%
Industrials	6	13.6%
Consumer Staples	3	9.1%
Information Technology	2	5.9%
Health Care	1	4.0%
Communication Services	1	2.8%
Real Estate	0	0.0%
Energy	0	0.0%
Utilities	0	0.0%
Total Equity Investment	34	95.1%
Cash & cash equivalents		4.9%
Total Portfolio	34	100.0%
Top 20 holdings as at 31 May 2023
Holding	Sector	% of Portfolio
IDFC Bank	Financials	6.8%
Federal Bank	Financials	6.1%
Indusind Bank	Financials	5.2%
Ramkrishna Forgings	Materials	4.8%
Neuland Laboratories	Health Care	4.0%
Persistent Systems	Information Technology	3.8%
Sona BLW Precision Forgings	Consumer Discretionary	3.6%
PI Industries	Materials	3.5%
Emami	Consumer Staples	3.2%
Dixon Technologies	Consumer Discretionary	3.1%
CCL Products India	Consumer Staples	3.1%
Kajaria Ceramics	Industrials	3.0%
JK Lakshmi Cement	Materials	2.8%
Affle India	Communication Services	2.8%
City Union Bank	Financials	2.8%
Jyothy Laboratories	Consumer Staples	2.8%
Balkrishna Industries	Consumer Discretionary	2.7%
Skipper	Industrials	2.5%
Welspun India	Consumer Discretionary	2.5%
Uniparts India	Industrials	2.4%
Portfolio analysis by market capitalisation size as at 31 May 2023
Market capitalisation size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$2bn)	17	43.6%
Mid Cap (US$2bn < M/Cap < US$8bn)	14	42.9%
Large Cap (M/Cap > US$8bn)	3	8.6%
Total Equity Investment	34	95.1%
Net Cash		4.9%
Total Portfolio	34	100.0%

 

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