Net Asset Value

India Capital Growth Fund Limited

06 December 2023

 

06 December 2023

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

Net Asset Value statement at 30 November 2023

The Company announces its Net Asset Value ("NAV") per ordinary share as at 30 November 2023 was 175.26 pence.

In November, the NAV was up 3.10% in Sterling terms, whilst the BSE MidCap TR Index was up 4.95%, delivering an underperformance against the notional benchmark of 1.85%. In local currency terms, the NAV was up 7.90%.

The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 30 November 2023 was 183.61 pence.

Portfolio analysis by sector as at 30 November 2023
Sector	No. of Companies	% of Portfolio
Financials	7	24.1%
Materials	7	17.5%
Consumer Discretionary	7	17.0%
Industrials	7	13.5%
Consumer Staples	3	9.7%
Information Technology	2	5.5%
Health Care	1	4.5%
Communication Services	1	2.6%
Real Estate	0	0.0%
Energy	0	0.0%
Utilities	0	0.0%
Total Equity Investment	35	94.3%
Cash & cash equivalents		5.7%
Total Portfolio	35	100.0%
Top 20 holdings as at 30 November 2023
Holding	Sector	% of Portfolio
Federal Bank	Financials	5.7%
IDFC Bank	Financials	4.7%
Indusind Bank	Financials	4.7%
Neuland Laboratories	Health Care	4.5%
Ramkrishna Forgings	Materials	4.3%
Emami	Consumer Staples	4.2%
Skipper	Industrials	4.1%
PI Industries	Materials	3.9%
Persistent Systems	Information Technology	3.7%
Dixon Technologies	Consumer Discretionary	3.5%
Welspun India	Consumer Discretionary	3.4%
JK Lakshmi Cement	Materials	2.9%
Sona BLW Precision Forgings	Consumer Discretionary	2.9%
Jyothy Laboratories	Consumer Staples	2.9%
Multi Commodity Exchange	Financials	2.7%
RBL Bank	Financials	2.7%
CCL Products India	Consumer Staples	2.6%
Affle India	Communication Services	2.6%
City Union Bank	Financials	2.6%
Kajaria Ceramics	Industrials	2.5%
Portfolio analysis by market capitalisation size as at 30 November 2023
Market capitalisation size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$2bn)	19	47.8%
Mid Cap (US$2bn < M/Cap < US$8bn)	13	38.9%
Large Cap (M/Cap > US$8bn)	3	7.6%
Total Equity Investment	35	94.3%
Net Cash		5.7%
Total Portfolio	35	100.0%

 

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