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Last checked at 
7 May 2025 09:00
07 May 2025
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 30 April 2025
The Company announces its Net Asset Value ("NAV") per ordinary share as at 30 April 2025 was 176.63 pence.
In April, the NAV was up 0.76% in Sterling terms, whilst the BSE MidCap TR Index was up 0.43%, delivering an outperformance against the notional benchmark of 0.33%. In local currency terms, the NAV was UP 3.61%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 30 April 2025 was 185.35 pence.
Portfolio analysis by sector as at 30 April 2025 | ||
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Sector | No. of Companies | % of Portfolio |
Financial Banks | 5 | 15.5% |
Industrials | 6 | 13.6% |
Consumer Discretionary | 5 | 10.2% |
Consumer Staples | 4 | 9.9% |
Auto & Auto Ancillary | 4 | 8.5% |
Healthcare | 2 | 6.4% |
Digital | 2 | 6.0% |
Chemicals | 2 | 5.2% |
IT Services | 2 | 4.6% |
Cement | 2 | 4.6% |
Financial Services | 1 | 4.4% |
Textiles | 2 | 4.3% |
Financial NBFC | 1 | 1.4% |
Energy | 0 | 0.0% |
Metals | 0 | 0.0% |
Utilities | 0 | 0.0% |
Real Estate | 0 | 0.0% |
Total Equity Investment | 38 | 94.7% |
Cash & cash equivalents | 5.3% | |
Total Portfolio | 38 | 100.0% |
Top 20 holdings as at 30 April 2025 | ||
Holding | Sector | % of Portfolio |
Dixon Technologies | Consumer Discretionary | 5.3% |
Skipper | Industrials | 4.8% |
Federal Bank | Financial Banks | 4.7% |
Neuland Laboratories | Healthcare | 4.6% |
Emami | Consumer Staples | 4.4% |
Multi Commodity Exchange | Financial Services | 4.4% |
Persistent Systems | IT Services | 3.7% |
RBL Bank | Financial Banks | 3.7% |
Affle India | Digital | 3.4% |
PI Industries | Chemicals | 3.3% |
IDFC Bank | Financial Banks | 3.3% |
City Union Bank | Financial Banks | 2.8% |
JK Lakshmi Cement | Cement | 2.7% |
Ramkrishna Forgings | Auto & Auto Ancillary | 2.6% |
Sona BLW Precision Forgings | Auto & Auto Ancillary | 2.6% |
Cartrade Technologies | Digital | 2.5% |
PSP Projects | Industrials | 2.5% |
CCL Products India | Consumer Staples | 2.4% |
Balkrishna Industries | Auto & Auto Ancillary | 2.3% |
Gokaldas Exports | Textiles | 2.2% |
Portfolio analysis by market capitalisation size as at 30 April 2025 | ||
Market capitalisation size | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$4bn) | 28 | 67.0% |
Mid Cap (US$4bn < M/Cap < US$12bn) | 9 | 26.2% |
Large Cap (M/Cap > US$12bn) | 1 | 1.4% |
Total Equity Investment | 38 | 94.7% |
Net Cash | 5.3% | |
Total Portfolio | 38 | 100.0% |
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