REG - India CapitalGrwthFd - Net Asset Value

India Capital Growth FundAnnouncement

06/08/2025 15:00

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RNS Number : 2808U  India Capital Growth Fund Limited  06 August 2025

06 August 2025

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

Net Asset Value statement at 31 July 2025

The Company announces its Net Asset Value ("NAV") per ordinary share as at 31
July 2025 was 189.79 pence.

In July, the NAV was up 0.11% in Sterling terms, whilst the BSE MidCap TR
Index was down 1.10%, delivering an outperformance against the notional
benchmark of 1.21%. In local currency terms, the NAV was down 0.94%.

The Company also announces its Net Asset Value per ordinary share before
Indian CGT (deferred tax provision) as at 31 July 2025 was 200.63 pence.

 

 Portfolio analysis by sector as at 31 July 2025

 Sector                                        No. of Companies           % of Portfolio
 Financial Banks                               5                          15.9%
 Industrials                                   6                          12.6%
 Consumer Discretionary                        4                          10.8%
 Consumer Staples                              4                          9.9%
 Auto & Auto Ancillary                         4                          7.6%
 Digital                                       2                          6.8%
 Healthcare                                    2                          6.5%
 IT Services                                   2                          5.3%
 Financial Services                            2                          5.1%
 Cement                                        2                          5.0%
 Chemicals                                     2                          4.1%
 Textiles                                      2                          3.9%
 Financial NBFC                                1                          1.3%
 Energy                                        0                          0.0%
 Metals                                        0                          0.0%
 Utilities                                     0                          0.0%
 Real Estate                                   0                          0.0%
 Total Equity Investment                       38                         94.8%
 Cash & cash equivalents                                                  5.2%
 Total Portfolio                               38                         100.0%

 Top 20 holdings as at 31 July 2025

 Holding                                       Sector                     % of Portfolio
 Dixon Technologies                            Consumer Discretionary     5.0%
 Skipper                                       Industrials                4.6%
 Neuland Laboratories                          Healthcare                 4.6%
 Multi Commodity Exchange                      Financial Services         4.5%
 RBL Bank                                      Financial Banks            4.4%
 Federal Bank                                  Financial Banks            4.4%
 Affle India                                   Digital                    3.8%
 Emami                                         Consumer Staples           3.8%
 Persistent Systems                            IT Services                3.2%
 IDFC Bank                                     Financial Banks            3.2%
 CCL Products India                            Consumer Staples           3.1%
 City Union Bank                               Financial Banks            3.1%
 JK Lakshmi Cement                             Cement                     3.0%
 Cartrade Technologies                         Digital                    2.9%
 VIP Industries                                Consumer Discretionary     2.6%
 PI Industries                                 Chemicals                  2.5%
 Ramkrishna Forgings                           Auto & Auto Ancillary      2.3%
 Sona BLW Precision Forgings                   Auto & Auto Ancillary      2.2%
 Kajaria Ceramics                              Consumer Discretionary     2.2%
 Balkrishna Industries                         Auto & Auto Ancillary      2.1%

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

 Market capitalisation size
 Small Cap (M/Cap < US$3.5bn)                  27                         64.3%
 Mid Cap (US$3.5bn < M/Cap < US$10.5bn)        9                          24.2%
 Large Cap (M/Cap > US$10.5bn)                 2                          6.2%
 Total Equity Investment                       38                         94.8%
 Net Cash                                                                 5.2%
 Total Portfolio                               38                         100.0%

 

 

As investment managers, we must remain as dynamic as the markets in which we
invest. The investment team periodically reviews 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 July'25, the
market cap definition of Large, Mid and Small cap companies have been
reclassified. The new 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. The exercise is carried out at 6 monthly intervals.

 

 

AMFI utilizes the following methodology to define market capitalisation (6
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:

·      Small Cap: Market Cap < USD 3.5 billion

·      Mid Cap: USD 3.5 billion < Market Cap < USD 10.5 billion

·      Large Cap: Market Cap > USD 10.5 billion

 

We have not altered our investment process or the stocks within the portfolio.
This reclassification ensures that shareholders, the investment team, and the
board have an accurate view of the portfolio holdings.

 

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