Net Asset Value

India Capital Growth Fund Limited

06 November 2023

 

06 November 2023

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

Net Asset Value statement at 31 October 2023

The Company announces its Net Asset Value ("NAV") per ordinary share as at 31 October 2023 was 169.98 pence.

In October, the NAV was down 1.35% in Sterling terms, whilst the BSE MidCap TR Index was down 2.89%, delivering an outperformance against the notional benchmark of 1.54%. In local currency terms, the NAV was down 1.84%.

The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 31 October 2023 was 177.36 pence.

Portfolio analysis by sector as at 31 October 2023
Sector	No. of Companies	% of Portfolio
Financials	7	24.4%
Consumer Discretionary	7	17.8%
Materials	7	16.7%
Industrials	7	13.9%
Consumer Staples	3	9.8%
Information Technology	2	5.7%
Health Care	1	3.6%
Communication Services	1	2.6%
Real Estate	0	0.0%
Energy	0	0.0%
Utilities	0	0.0%
Total Equity Investment	35	94.7%
Cash & cash equivalents		5.3%
Total Portfolio	35	100.0%
Top 20 holdings as at 31 October 2023
Holding	Sector	% of Portfolio
Federal Bank	Financials	5.9%
IDFC Bank	Financials	5.0%
Indusind Bank	Financials	5.0%
Ramkrishna Forgings	Materials	4.4%
Emami	Consumer Staples	4.3%
Skipper	Industrials	4.1%
Persistent Systems	Information Technology	3.9%
Neuland Laboratories	Health Care	3.6%
Dixon Technologies	Consumer Discretionary	3.5%
Welspun India	Consumer Discretionary	3.5%
PI Industries	Materials	3.3%
Sona BLW Precision Forgings	Consumer Discretionary	3.0%
Jyothy Laboratories	Consumer Staples	3.0%
RBL Bank	Financials	2.7%
JK Lakshmi Cement	Materials	2.6%
Balkrishna Industries	Consumer Discretionary	2.6%
Affle India	Communication Services	2.6%
City Union Bank	Financials	2.6%
Kajaria Ceramics	Industrials	2.5%
CCL Products India	Consumer Staples	2.5%
Portfolio analysis by market capitalisation size as at 31 October 2023
Market capitalisation size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$2bn)	20	48.6%
Mid Cap (US$2bn < M/Cap < US$8bn)	12	38.0%
Large Cap (M/Cap > US$8bn)	3	8.0%
Total Equity Investment	35	94.7%
Net Cash		5.3%
Total Portfolio	35	100.0%

 

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