REG - India CapitalGrwthFd - Net Asset Value

India Capital Growth FundAnnouncement

06/02/2025 11:30

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RNS Number : 2108W  India Capital Growth Fund Limited  06 February 2025

06 February 2025

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

Net Asset Value statement at 31 January 2025

The Company announces its Net Asset Value ("NAV") per ordinary share as at 31
January 2025 was 193.49 pence.

In January, the NAV was down 7.43% in Sterling terms, whilst the BSE MidCap TR
Index was down 7.32%, delivering an underperformance against the notional
benchmark of 0.11%. In local currency terms, the NAV was down 7.30%.

The Company also announces its Net Asset Value per ordinary share before
Indian CGT (deferred tax provision) as at 31 January 2025 was 204.21 pence.

 

 Portfolio analysis by sector as at 31 January 2025

 Sector                                    No. of Companies           % of Portfolio
 Financial Banks                           5                          16.4%
 Industrials                               6                          13.1%
 Consumer Discretionary                    5                          11.3%
 Auto & Auto Ancillary                     4                          9.7%
 Consumer Staples                          4                          9.5%
 Healthcare                                2                          7.3%
 Digital                                   2                          5.5%
 Chemicals                                 2                          4.9%
 IT Services                               2                          4.7%
 Textiles                                  2                          4.6%
 Cement                                    2                          4.4%
 Financial Services                        1                          3.9%
 Financial NBFC                            1                          1.2%
 Energy                                    0                          0.0%
 Metals                                    0                          0.0%
 Utilities                                 0                          0.0%
 Real Estate                               0                          0.0%
 Total Equity Investment                   38                         96.6%
 Cash & cash equivalents                                              3.4%
 Total Portfolio                           38                         100.0%

 Top 20 holdings as at 31 January 2025

 Holding                                   Sector                     % of Portfolio
 Federal Bank                              Financial Banks            5.6%
 Neuland Laboratories                      Healthcare                 5.3%
 Skipper                                   Industrials                4.8%
 Dixon Technologies                        Consumer Discretionary     4.7%
 Persistent Systems                        IT Services                4.0%
 Multi Commodity Exchange                  Financial Services         3.9%
 Emami                                     Consumer Staples           3.7%
 Ramkrishna Forgings                       Auto & Auto Ancillary      3.7%
 Affle India                               Digital                    3.1%
 IDFC Bank                                 Financial Banks            3.1%
 PI Industries                             Chemicals                  3.1%
 RBL Bank                                  Financial Banks            2.9%
 JK Lakshmi Cement                         Cement                     2.7%
 City Union Bank                           Financial Banks            2.6%
 Sona BLW Precision Forgings               Auto & Auto Ancillary      2.6%
 CCL Products India                        Consumer Staples           2.4%
 PSP Projects                              Industrials                2.4%
 Cartrade Technologies                     Digital                    2.4%
 Gokaldas Exports                          Textiles                   2.3%
 Balkrishna Industries                     Auto & Auto Ancillary      2.3%

 Portfolio analysis by market capitalisation size as at 31 January 2025
                                           No. of Companies           % of Portfolio

 *Market capitalisation size
 Small Cap (M/cap < US$4bn)                28                         68.0%
 Mid Cap (US$4bn < M/cap < US$12bn)        9                          27.4%
 Large Cap (M/cap > US$12bn)               1                          1.2%
 Total Equity Investment                   38                         96.6%
 Net Cash                                                             3.4%
 Total Portfolio                           38                         100.0%

 

*At six monthly intervals the investment team will review the portfolio and
the market capitalisation to best reflect its positioning in the Mid and Small
cap segment of the market. In its review exercise carried out in January 2025,
the market cap definitions of Large, Mid and Small cap companies have been
updated. The definitions are based on the classification adopted by the
Association of Mutual Funds in India (AMFI), which is mandated by the
Securities & Exchange Board of India (SEBI) to define Large, Mid and Small
cap companies. AMFI utilises the following methodology to define market
capitalisation (six months average market cap across all exchanges is
considered):

·    The top 100 largest companies by market cap are classified as Large
cap

·    The next 150 companies by market cap are defined as Mid cap

·    All other companies are defined as Small cap

 

As a result, ICGF has adopted the following market cap classifications from 1
January 2025:

·    Small cap: Market cap < USD 4 billion

·    Mid cap: USD 4 billion < Market cap < USD 12 billion

·    Large cap: Market cap > USD 12 billion

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