Net Asset Value

India Capital Growth Fund Limited

05 October 2023

 

05 October 2023

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

Net Asset Value statement at 29 September 2023

The Company announces its Net Asset Value ("NAV") per ordinary share as at 29 September 2023 was 172.31 pence.

In September, the NAV was up 4.19% in Sterling terms, whilst the BSE MidCap TR Index was up 7.18%, delivering an underperformance against the notional benchmark of 3.00%. In local currency terms, the NAV was up 0.79%.

The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 29 September 2023 was 180.17 pence.

Portfolio analysis by sector as at 29 September 2023
Sector	No. of Companies	% of Portfolio
Financials	7	24.4%
Consumer Discretionary	8	18.3%
Materials	7	15.5%
Industrials	7	14.3%
Consumer Staples	3	9.6%
Information Technology	2	5.5%
Health Care	1	3.6%
Communication Services	1	2.7%
Real Estate	0	0.0%
Energy	0	0.0%
Utilities	0	0.0%
Total Equity Investment	36	93.9%
Cash & cash equivalents		6.1%
Total Portfolio	36	100.0%
Top 20 holdings as at 29 September 2023
Holding	Sector	% of Portfolio
Federal Bank	Financials	6.0%
IDFC Bank	Financials	5.6%
Indusind Bank	Financials	4.8%
Ramkrishna Forgings	Materials	4.3%
Emami	Consumer Staples	3.9%
Skipper	Industrials	3.9%
Dixon Technologies	Consumer Discretionary	3.6%
Neuland Laboratories	Health Care	3.6%
Persistent Systems	Information Technology	3.6%
Sona BLW Precision Forgings	Consumer Discretionary	3.2%
Jyothy Laboratories	Consumer Staples	3.0%
PI Industries	Materials	2.8%
Welspun India	Consumer Discretionary	2.8%
Affle India	Communication Services	2.7%
CCL Products India	Consumer Staples	2.7%
Kajaria Ceramics	Industrials	2.6%
Balkrishna Industries	Consumer Discretionary	2.6%
RBL Bank	Financials	2.5%
VIP Industries	Consumer Discretionary	2.5%
JK Lakshmi Cement	Materials	2.4%
Portfolio analysis by market capitalisation size as at 29 September 2023
Market capitalisation size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$2bn)	18	44.2%
Mid Cap (US$2bn < M/Cap < US$8bn)	15	41.6%
Large Cap (M/Cap > US$8bn)	3	8.0%
Total Equity Investment	36	93.9%
Net Cash		6.1%
Total Portfolio	36	100.0%

 

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