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Last checked at 
4 Sep 2025 10:45
04 September 2025
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 29 August 2025
The Company announces its Net Asset Value ("NAV") per ordinary share as at 29 August 2025 was 180.71 pence.
In August, the NAV was down 4.78% in Sterling terms, whilst the BSE MidCap TR Index was down 4.28%, delivering an underperformance against the notional benchmark of 0.50%. In local currency terms, the NAV was down 2.87%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 29 August 2025 was 190.66 pence.
Portfolio analysis by sector as at 29 August 2025 | ||
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Sector | No. of Companies | % of Portfolio |
Financial Banks | 5 | 15.7% |
Industrials | 6 | 12.6% |
Consumer Discretionary | 4 | 10.9% |
Consumer Staples | 4 | 10.4% |
Auto & Auto Ancillary | 4 | 7.6% |
Digital | 2 | 6.7% |
Healthcare | 2 | 6.5% |
Financial Services | 2 | 5.8% |
IT Services | 2 | 5.5% |
Cement | 2 | 5.1% |
Chemicals | 2 | 3.8% |
Textiles | 2 | 3.3% |
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 | 95.2% |
Cash & cash equivalents | 4.8% | |
Total Portfolio | 38 | 100.0% |
Top 20 holdings as at 29 August 2025 | ||
Holding | Sector | % of Portfolio |
Dixon Technologies | Consumer Discretionary | 5.1% |
Skipper | Industrials | 5.0% |
Neuland Laboratories | Healthcare | 4.8% |
RBL Bank | Financial Banks | 4.5% |
Multi Commodity Exchange | Financial Services | 4.4% |
Federal Bank | Financial Banks | 4.3% |
Affle India | Digital | 3.9% |
Emami | Consumer Staples | 3.7% |
Persistent Systems | IT Services | 3.4% |
CCL Products India | Consumer Staples | 3.3% |
IDFC Bank | Financial Banks | 3.2% |
JK Lakshmi Cement | Cement | 3.0% |
City Union Bank | Financial Banks | 2.9% |
Cartrade Technologies | Digital | 2.8% |
VIP Industries | Consumer Discretionary | 2.5% |
Ramkrishna Forgings | Auto & Auto Ancillary | 2.3% |
Kajaria Ceramics | Consumer Discretionary | 2.3% |
Sona BLW Precision Forgings | Auto & Auto Ancillary | 2.2% |
PI Industries | Chemicals | 2.2% |
Sagar Cements | Cement | 2.1% |
Portfolio analysis by market capitalisation size as at 29 August 2025 | ||
Market capitalisation size | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$3.5bn) | 27 | 65.0% |
Mid Cap (US$3.5bn < M/Cap < US$10.5bn) | 9 | 23.8% |
Large Cap (M/Cap > US$10.5bn) | 2 | 6.4% |
Total Equity Investment | 38 | 95.2% |
Net Cash | 4.8% | |
Total Portfolio | 38 | 100.0% |
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