Last checked at 
6 Jun 2023 10:31
06 June 2023
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 31 May 2023
The Company announces its Net Asset Value ("NAV") per ordinary share as at 31 May 2023 was 144.17 pence.
In May, the NAV was up 5.22% in Sterling terms, whilst the BSE MidCap TR Index was up 6.01%, delivering an underperformance against the notional benchmark of 0.79%. In local currency terms, the NAV was up 5.58%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 31 May 2023 was 149.26 pence.
Portfolio analysis by sector as at 31 May 2023 | ||
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Sector | No. of Companies | % of Portfolio |
Financials | 6 | 23.8% |
Consumer Discretionary | 8 | 18.0% |
Materials | 7 | 17.9% |
Industrials | 6 | 13.6% |
Consumer Staples | 3 | 9.1% |
Information Technology | 2 | 5.9% |
Health Care | 1 | 4.0% |
Communication Services | 1 | 2.8% |
Real Estate | 0 | 0.0% |
Energy | 0 | 0.0% |
Utilities | 0 | 0.0% |
Total Equity Investment | 34 | 95.1% |
Cash & cash equivalents | 4.9% | |
Total Portfolio | 34 | 100.0% |
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Top 20 holdings as at 31 May 2023 | ||
Holding | Sector | % of Portfolio |
IDFC Bank | Financials | 6.8% |
Federal Bank | Financials | 6.1% |
Indusind Bank | Financials | 5.2% |
Ramkrishna Forgings | Materials | 4.8% |
Neuland Laboratories | Health Care | 4.0% |
Persistent Systems | Information Technology | 3.8% |
Sona BLW Precision Forgings | Consumer Discretionary | 3.6% |
PI Industries | Materials | 3.5% |
Emami | Consumer Staples | 3.2% |
Dixon Technologies | Consumer Discretionary | 3.1% |
CCL Products India | Consumer Staples | 3.1% |
Kajaria Ceramics | Industrials | 3.0% |
JK Lakshmi Cement | Materials | 2.8% |
Affle India | Communication Services | 2.8% |
City Union Bank | Financials | 2.8% |
Jyothy Laboratories | Consumer Staples | 2.8% |
Balkrishna Industries | Consumer Discretionary | 2.7% |
Skipper | Industrials | 2.5% |
Welspun India | Consumer Discretionary | 2.5% |
Uniparts India | Industrials | 2.4% |
Portfolio analysis by market capitalisation size as at 31 May 2023 | ||
Market capitalisation size | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$2bn) | 17 | 43.6% |
Mid Cap (US$2bn < M/Cap < US$8bn) | 14 | 42.9% |
Large Cap (M/Cap > US$8bn) | 3 | 8.6% |
Total Equity Investment | 34 | 95.1% |
Net Cash | 4.9% | |
Total Portfolio | 34 | 100.0% |