Last checked at 
6 Mar 2023 09:46
06 March 2023
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 28 February 2023
The Company announces its Net Asset Value ("NAV") per ordinary share as at 28 February 2023 was 132.27 pence.
In February, the NAV was down 0.61% in Sterling terms, whilst the BSE MidCap TR Index was down 0.49%, delivering an underperformance against the notional benchmark of 0.12%. In local currency terms, the NAV was down 1.89%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 28 February 2023 was 136.20 pence.
Portfolio analysis by sector as at 28 February 2023 | ||
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Sector | No. of Companies | % of Portfolio |
Financials | 6 | 25.1% |
Materials | 7 | 17.2% |
Industrials | 6 | 15.5% |
Consumer Discretionary | 7 | 14.8% |
Consumer Staples | 3 | 9.6% |
Information Technology | 2 | 6.8% |
Health Care | 1 | 3.2% |
Communication Services | 1 | 2.9% |
Real Estate | 0 | 0.0% |
Energy | 0 | 0.0% |
Utilities | 0 | 0.0% |
Total Equity Investment | 33 | 95.2% |
Cash & cash equivalents | 4.8% | |
Total Portfolio | 33 | 100.0% |
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Top 20 holdings as at 28 February 2023 | ||
Holding | Sector | % of Portfolio |
Federal Bank | Financials | 7.1% |
IDFC Bank | Financials | 5.9% |
Indusind Bank | Financials | 4.9% |
Ramkrishna Forgings | Materials | 4.0% |
Persistent Systems | Information Technology | 4.0% |
Emami | Consumer Staples | 3.7% |
City Union Bank | Financials | 3.5% |
PI Industries | Materials | 3.4% |
Neuland Laboratories | Health Care | 3.2% |
Finolex Cables | Industrials | 3.1% |
CCL Products India | Consumer Staples | 3.0% |
Balkrishna Industries | Consumer Discretionary | 2.9% |
Affle India | Communication Services | 2.9% |
JK Lakshmi Cement | Materials | 2.9% |
Tech Mahindra | Information Technology | 2.9% |
Kajaria Ceramics | Industrials | 2.9% |
Jyothy Laboratories | Consumer Staples | 2.8% |
Skipper | Industrials | 2.7% |
Multi Commodity Exchange | Financials | 2.7% |
Dixon Technologies | Consumer Discretionary | 2.6% |
Portfolio analysis by market capitalisation size as at 28 February 2023 | ||
Market capitalisation size | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$2bn) | 16 | 44.3% |
Mid Cap (US$2bn < M/Cap < US$8bn) | 15 | 43.1% |
Large Cap (M/Cap > US$8bn) | 2 | 7.8% |
Total Equity Investment | 33 | 95.2% |
Net Cash | 4.8% | |
Total Portfolio | 33 | 100.0% |