Net Asset Value

India Capital Growth Fund Limited

05 January 2024

 

05 January 2024

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

Net Asset Value statement at 29 December 2023

The Company announces its Net Asset Value ("NAV") per ordinary share as at 29 December 2023 was 180.11 pence.

In December, the NAV was up 2.77% in Sterling terms, whilst the BSE MidCap TR Index was up 7.30%, delivering an underperformance against the notional benchmark of 4.53%. In local currency terms, the NAV was up 3.00%.

The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 29 December 2023 was 189.38 pence.

Portfolio analysis by sector as at 29 December 2023
Sector	No. of Companies	% of Portfolio
Financials	7	25.4%
Consumer Discretionary	7	16.7%
Materials	6	14.4%
Industrials	7	13.1%
Consumer Staples	3	9.6%
Information Technology	2	5.8%
Health Care	1	3.1%
Communication Services	1	2.9%
Real Estate	0	0.0%
Energy	0	0.0%
Utilities	0	0.0%
Total Equity Investment	34	90.9%
Cash & cash equivalents		9.1%
Total Portfolio	34	100.0%
Top 20 holdings as at 29 December 2023
Holding	Sector	% of Portfolio
Federal Bank	Financials	5.8%
Indusind Bank	Financials	4.9%
IDFC Bank	Financials	4.8%
Emami	Consumer Staples	4.5%
Dixon Technologies	Consumer Discretionary	4.0%
Persistent Systems	Information Technology	3.9%
RBL Bank	Financials	3.6%
PI Industries	Materials	3.5%
Ramkrishna Forgings	Materials	3.4%
Sona BLW Precision Forgings	Consumer Discretionary	3.2%
Skipper	Industrials	3.2%
Neuland Laboratories	Health Care	3.1%
JK Lakshmi Cement	Materials	3.1%
Welspun India	Consumer Discretionary	3.0%
Affle India	Communication Services	2.9%
Ashok Leyland	Industrials	2.7%
Jyothy Laboratories	Consumer Staples	2.7%
Multi Commodity Exchange	Financials	2.6%
City Union Bank	Financials	2.5%
CCL Products India	Consumer Staples	2.4%
Portfolio analysis by market capitalisation size as at 29 December 2023
Market capitalisation size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$2bn)	16	35.5%
Mid Cap (US$2bn < M/Cap < US$8bn)	15	47.5%
Large Cap (M/Cap > US$8bn)	3	7.9%
Total Equity Investment	34	90.9%
Net Cash		9.1%
Total Portfolio	34	100.0%

 

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