Sign In
Last checked at 
5 Feb 2026 10:56
05 February 2026
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 30 January 2026
The Company announces its Net Asset Value ("NAV") per ordinary share as at 30 January 2026 was 171.36 pence.
In January, the NAV was down 8.51% in Sterling terms, whilst the BSE Midcap TR Index was down 7.83%, delivering an underperformance against the notional benchmark of 0.68%. In local currency terms, the NAV was down 4.46%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 30 January 2026 was 180.57 pence.
Portfolio analysis by sector as at 30 January 2026 | ||
|
|
|
Sector | No. of Companies | % of Portfolio |
Financial Banks | 4 | 18.5% |
Industrials | 6 | 13.4% |
Consumer Staples | 4 | 10.7% |
Consumer Discretionary | 3 | 8.2% |
Financial Services | 2 | 7.4% |
Digital | 2 | 7.1% |
Auto & Auto Ancillary | 3 | 7.0% |
IT Services | 2 | 6.6% |
Healthcare | 2 | 5.9% |
Cement | 2 | 5.2% |
Chemicals | 2 | 5.1% |
Textiles | 2 | 2.6% |
Financial NBFC | 0 | 0.0% |
Energy | 0 | 0.0% |
Metals | 0 | 0.0% |
Utilities | 0 | 0.0% |
Real Estate | 0 | 0.0% |
Total Equity Investment | 34 | 97.7% |
Cash & cash equivalents | 2.3% | |
Total Portfolio | 34 | 100.0% |
Top 20 holdings as at 30 January 2026 | ||
Holding | Sector | % of Portfolio |
Multi Commodity Exchange | Financial Services | 5.3% |
RBL Bank | Financial Banks | 5.0% |
Federal Bank | Financial Banks | 4.7% |
Skipper | Industrials | 4.6% |
IDFC Bank | Financial Banks | 4.6% |
City Union Bank | Financial Banks | 4.2% |
Neuland Laboratories | Healthcare | 4.0% |
Affle India | Digital | 3.9% |
Persistent Systems | IT Services | 3.9% |
CCL Products India | Consumer Staples | 3.6% |
Emami | Consumer Staples | 3.5% |
JK Lakshmi Cement | Cement | 3.2% |
Sona BLW Precision Forgings | Auto & Auto Ancillary | 3.2% |
Cartrade Technologies | Digital | 3.2% |
Dixon Technologies | Consumer Discretionary | 3.0% |
Aether Industries | Chemicals | 2.7% |
Kajaria Ceramics | Consumer Discretionary | 2.7% |
Coforge | IT Services | 2.7% |
Essel Propack | Consumer Staples | 2.7% |
PI Industries | Chemicals | 2.4% |
Portfolio analysis by market capitalisation size as at 30 January 2026 | ||
Market capitalisation size* | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$4.0bn) | 27 | 71.1% |
Mid Cap (US$4.0bn < M/Cap < US$11.5bn) | 7 | 26.6% |
Large Cap (M/Cap > US$11.5bn) | 0 | 0.0% |
Total Equity Investment | 34 | 97.7% |
Net Cash | 2.3% | |
Total Portfolio | 34 | 100.0% |
|
|
|
* At six monthly intervals, the investment team reviews the portfolio and the market capitalisation sizes to best reflect its positioning in the mid and small cap segment of the market. In its review exercise carried out in January 2026, the market cap definitions of Large, Mid and Small cap companies have been reclassified. The definitions are based on the classification adopted by the Association of Mutual Funds in India (AMFI), which is mandated by the Securities & Exchange Board of India (SEBI) to define Large, Mid and Small cap companies. AMFI utilises the following methodology to define market capitalisation (six months average market cap across all exchanges is considered):
· The top 100 largest companies by market cap are defined as Large Cap.
· The next 150 companies by market cap are defined as Mid Cap.
· All other companies are defined as Small Cap.
As a result, ICGF has adopted the following market cap classifications from 1 January 2026:
· Small Cap: Market Cap < USD 4.0 billion
· Mid Cap: USD 4.0 billion < Market Cap < USD 11.5 billion
· Large Cap: Market Cap > USD 11.5 billion
We have not altered our investment process or the stocks within the portfolio. This reclassification ensures that shareholders, the investment team, and the board have an accurate view of the portfolio holdings.
Follow the stocks
