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Last checked at 
6 Aug 2025 14:55
06 August 2025
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 31 July 2025
The Company announces its Net Asset Value ("NAV") per ordinary share as at 31 July 2025 was 189.79 pence.
In July, the NAV was up 0.11% in Sterling terms, whilst the BSE MidCap TR Index was down 1.10%, delivering an outperformance against the notional benchmark of 1.21%. In local currency terms, the NAV was down 0.94%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 31 July 2025 was 200.63 pence.
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Portfolio analysis by sector as at 31 July 2025 | ||
Ā | Ā | Ā |
Sector | No. of Companies | % of Portfolio |
Financial Banks | 5 | 15.9% |
Industrials | 6 | 12.6% |
Consumer Discretionary | 4 | 10.8% |
Consumer Staples | 4 | 9.9% |
Auto & Auto Ancillary | 4 | 7.6% |
Digital | 2 | 6.8% |
Healthcare | 2 | 6.5% |
IT Services | 2 | 5.3% |
Financial Services | 2 | 5.1% |
Cement | 2 | 5.0% |
Chemicals | 2 | 4.1% |
Textiles | 2 | 3.9% |
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 | 94.8% |
Cash & cash equivalents | 5.2% | |
Total Portfolio | 38 | 100.0% |
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Top 20 holdings as at 31 July 2025 | ||
Holding | Sector | % of Portfolio |
Dixon Technologies | Consumer Discretionary | 5.0% |
Skipper | Industrials | 4.6% |
Neuland Laboratories | Healthcare | 4.6% |
Multi Commodity Exchange | Financial Services | 4.5% |
RBL Bank | Financial Banks | 4.4% |
Federal Bank | Financial Banks | 4.4% |
Affle India | Digital | 3.8% |
Emami | Consumer Staples | 3.8% |
Persistent Systems | IT Services | 3.2% |
IDFC Bank | Financial Banks | 3.2% |
CCL Products India | Consumer Staples | 3.1% |
City Union Bank | Financial Banks | 3.1% |
JK Lakshmi Cement | Cement | 3.0% |
Cartrade Technologies | Digital | 2.9% |
VIP Industries | Consumer Discretionary | 2.6% |
PI Industries | Chemicals | 2.5% |
Ramkrishna Forgings | Auto & Auto Ancillary | 2.3% |
Sona BLW Precision Forgings | Auto & Auto Ancillary | 2.2% |
Kajaria Ceramics | Consumer Discretionary | 2.2% |
Balkrishna Industries | Auto & Auto Ancillary | 2.1% |
Ā Ā Ā Portfolio analysis by market capitalisation size as at 31 July 2025 | ||
Ā Market capitalisation size | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$3.5bn) | 27 | 64.3% |
Mid Cap (US$3.5bn < M/Cap < US$10.5bn) | 9 | 24.2% |
Large Cap (M/Cap > US$10.5bn) | 2 | 6.2% |
Total Equity Investment | 38 | 94.8% |
Net Cash | 5.2% | |
Total Portfolio | 38 | 100.0% |
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As investment managers, we must remain as dynamic as the markets in which we invest. The investment team periodically reviews the portfolio and the market capitalisation to best reflect its positioning in the mid and small cap segment of the market. In its review exercise carried out in July'25, the market cap definition of Large, Mid and Small cap companies have been reclassified. The new 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. The exercise is carried out at 6 monthly intervals.
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AMFI utilizes the following methodology to define market capitalisation (6 months average market cap across all exchanges is considered):
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Ā· The top 100 largest companies by market cap are classified as Large Cap.
Ā· The next 150 companies by market cap are defined as Mid Cap.
Ā· All other companies are defined as Small Cap.
As a result, ICGF has adopted the following market cap classifications:
Ā· Small Cap: Market Cap < USD 3.5 billion
Ā· Mid Cap: USD 3.5 billion < Market Cap < USD 10.5 billion
Ā· Large Cap: Market Cap > USD 10.5 billion
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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.
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