REG - India CapitalGrwthFd - Net Asset Value

India Capital Growth FundAnnouncement

05/02/2026 11:00

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RNS Number : 9072R  India Capital Growth Fund Limited  05 February 2026

05 February 2026

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

Net Asset Value statement at 30 January 2026

The Company announces its Net Asset Value ("NAV") per ordinary share as at 30
January 2026 was 171.36 pence.

In January, the NAV was down 8.51% in Sterling terms, whilst the BSE Midcap TR
Index was down 7.83%, delivering an underperformance against the notional
benchmark of 0.68%. In local currency terms, the NAV was down 4.46%.

The Company also announces its Net Asset Value per ordinary share before
Indian CGT (deferred tax provision) as at 30 January 2026 was 180.57 pence.

 

 Portfolio analysis by sector as at 30 January 2026

 Sector                                        No. of Companies           % of Portfolio
 Financial Banks                               4                          18.5%
 Industrials                                   6                          13.4%
 Consumer Staples                              4                          10.7%
 Consumer Discretionary                        3                          8.2%
 Financial Services                            2                          7.4%
 Digital                                       2                          7.1%
 Auto & Auto Ancillary                         3                          7.0%
 IT Services                                   2                          6.6%
 Healthcare                                    2                          5.9%
 Cement                                        2                          5.2%
 Chemicals                                     2                          5.1%
 Textiles                                      2                          2.6%
 Financial NBFC                                0                          0.0%
 Energy                                        0                          0.0%
 Metals                                        0                          0.0%
 Utilities                                     0                          0.0%
 Real Estate                                   0                          0.0%
 Total Equity Investment                       34                         97.7%
 Cash & cash equivalents                                                  2.3%
 Total Portfolio                               34                         100.0%

 Top 20 holdings as at 30 January 2026

 Holding                                       Sector                     % of Portfolio
 Multi Commodity Exchange                      Financial Services         5.3%
 RBL Bank                                      Financial Banks            5.0%
 Federal Bank                                  Financial Banks            4.7%
 Skipper                                       Industrials                4.6%
 IDFC Bank                                     Financial Banks            4.6%
 City Union Bank                               Financial Banks            4.2%
 Neuland Laboratories                          Healthcare                 4.0%
 Affle India                                   Digital                    3.9%
 Persistent Systems                            IT Services                3.9%
 CCL Products India                            Consumer Staples           3.6%
 Emami                                         Consumer Staples           3.5%
 JK Lakshmi Cement                             Cement                     3.2%
 Sona BLW Precision Forgings                   Auto & Auto Ancillary      3.2%
 Cartrade Technologies                         Digital                    3.2%
 Dixon Technologies                            Consumer Discretionary     3.0%
 Aether Industries                             Chemicals                  2.7%
 Kajaria Ceramics                              Consumer Discretionary     2.7%
 Coforge                                       IT Services                2.7%
 Essel Propack                                 Consumer Staples           2.7%
 PI Industries                                 Chemicals                  2.4%

 Portfolio analysis by market capitalisation size as at 30 January 2026
                                               No. of Companies           % of Portfolio

 Market capitalisation size*
 Small Cap (M/Cap < US$4.0bn)                  27                         71.1%
 Mid Cap (US$4.0bn < M/Cap < US$11.5bn)        7                          26.6%
 Large Cap (M/Cap > US$11.5bn)                 0                          0.0%
 Total Equity Investment                       34                         97.7%
 Net Cash                                                                 2.3%
 Total Portfolio                               34                         100.0%

 

* At six monthly intervals, the investment team reviews the portfolio and the
market capitalisation sizes to best reflect its positioning in the mid and
small cap segment of the market. In its review exercise carried out in January
2026, the market cap definitions of Large, Mid and Small cap companies have
been reclassified. 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 defined 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 2026:

·      Small Cap: Market Cap < USD 4.0 billion

·      Mid Cap: USD 4.0 billion < Market Cap < USD 11.5 billion

·      Large Cap: Market Cap > USD 11.5 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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