Net Asset Value

India Capital Growth Fund Limited

06 August 2024

 

06 August 2024

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

Net Asset Value statement at 31 July 2024

The Company announces its Net Asset Value ("NAV") per ordinary share as at 31 July 2024 was 203.91 pence.

In July, the NAV was up 2.37% in Sterling terms, whilst the BSE MidCap TR Index was up 3.49%, delivering an underperformance against the notional benchmark of 1.11%. In local currency terms, the NAV was up 4.40%.

The NAV is post making the usual full provision for Indian short-term and long-term capital gains tax. However, the long-term capital gains tax rate was increased from 10% to 12.5% and the short-term capital gains tax rate was increased from 15% to 20% effective 23^rd July 2024 following the Indian Budget. Consequently, the NAV reflects these increased rates as of that date.

The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 31 July 2024 was 217.54 pence.

Portfolio analysis by sector as at 31 July 2024
Sector	No. of Companies	% of Portfolio
Consumer Discretionary	9	22.2%
Financials	7	22.2%
Industrials	8	15.4%
Materials	5	14.0%
Consumer Staples	3	10.0%
Health Care	3	8.2%
Information Technology	1	3.3%
Communication Services	1	3.2%
Real Estate	0	0.0%
Energy	0	0.0%
Utilities	0	0.0%
Total Equity Investment	37	98.7%
Cash & cash equivalents		1.3%
Total Portfolio	37	100.0%
Top 20 holdings as at 31 July 2024
Holding	Sector	% of Portfolio
Federal Bank	Financials	5.9%
Emami	Consumer Staples	5.5%
Dixon Technologies	Consumer Discretionary	5.1%
Skipper	Industrials	4.6%
Neuland Laboratories	Health Care	4.3%
PI Industries	Materials	3.6%
Ramkrishna Forgings	Materials	3.6%
RBL Bank	Financials	3.6%
IDFC Bank	Financials	3.4%
Persistent Systems	Information Technology	3.3%
Sona BLW Precision Forgings	Consumer Discretionary	3.3%
Affle India	Communication Services	3.2%
Welspun India	Consumer Discretionary	3.0%
Indusind Bank	Financials	2.9%
JK Lakshmi Cement	Materials	2.7%
Multi Commodity Exchange	Financials	2.7%
Kajaria Ceramics	Industrials	2.5%
Balkrishna Industries	Consumer Discretionary	2.4%
CCL Products India	Consumer Staples	2.4%
City Union Bank	Financials	2.4%
Portfolio analysis by market capitalisation size as at 31 July 2024
Market capitalisation size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$2bn)	19	44.0%
Mid Cap (US$2bn < M/Cap < US$8bn)	13	38.4%
Large Cap (M/Cap > US$8bn)	5	16.2%
Total Equity Investment	37	98.7%
Net Cash		1.3%
Total Portfolio	37	100.0%

 

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