Last checked at 
6 Feb 2023 10:41
06 February 2023
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 31 January 2023
The Company announces its Net Asset Value ("NAV") per ordinary share as at 31 January 2023 was 133.08 pence.
In January, the NAV was down 4.98% in Sterling terms, whilst the BSE MidCap TR Index was down 3.74%, delivering an underperformance against the notional benchmark of 1.24%. In local currency terms, the NAV was down 3.88%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 31 January 2023 was 137.26 pence.
Portfolio analysis by sector as at 31 January 2023 | ||
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Sector | No. of Companies | % of Portfolio |
Financials | 6 | 25.8% |
Materials | 7 | 17.6% |
Industrials | 6 | 14.6% |
Consumer Discretionary | 7 | 14.6% |
Consumer Staples | 3 | 10.0% |
Information Technology | 2 | 6.6% |
Health Care | 2 | 3.1% |
Communication Services | 1 | 3.1% |
Real Estate | 0 | 0.0% |
Energy | 0 | 0.0% |
Utilities | 0 | 0.0% |
Total Equity Investment | 34 | 95.3% |
Cash & cash equivalents | 4.7% | |
Total Portfolio | 34 | 100.0% |
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Top 20 holdings as at 31 January 2023 | ||
Holding | Sector | % of Portfolio |
Federal Bank | Financials | 7.3% |
IDFC Bank | Financials | 6.1% |
Indusind Bank | Financials | 4.8% |
Ramkrishna Forgings | Materials | 4.4% |
Persistent Systems | Information Technology | 4.0% |
Emami | Consumer Staples | 4.0% |
City Union Bank | Financials | 3.9% |
PI Industries | Materials | 3.2% |
Balkrishna Industries | Consumer Discretionary | 3.2% |
JK Lakshmi Cement | Materials | 3.1% |
Affle India | Communication Services | 3.1% |
Jyothy Laboratories | Consumer Staples | 3.0% |
CCL Products India | Consumer Staples | 3.0% |
Skipper | Industrials | 2.9% |
Neuland Laboratories | Health Care | 2.9% |
Multi Commodity Exchange | Financials | 2.8% |
Kajaria Ceramics | Industrials | 2.7% |
Sagar Cements | Materials | 2.7% |
Tech Mahindra | Information Technology | 2.6% |
Bajaj Electricals | Consumer Discretionary | 2.5% |
Portfolio analysis by market capitalisation size as at 31 January 2023 | ||
Market capitalisation size | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$2bn) | 19 | 48.2% |
Mid Cap (US$2bn < M/Cap < US$8bn) | 13 | 39.7% |
Large Cap (M/Cap > US$8bn) | 2 | 7.4% |
Total Equity Investment | 34 | 95.3% |
Net Cash | 4.7% | |
Total Portfolio | 34 | 100.0% |