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04 June 2026
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 29 May 2026
The Company announces its Net Asset Value ("NAV") per ordinary share as at 29 May 2026 was 179.90 pence.
In May, the NAV was up 2.15% in Sterling terms, whilst the MSCI India SMID Cap Index was up 2.63%, delivering an underperformance against the notional benchmark of 0.48%. In local currency terms, the NAV was up 2.14%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 29 May 2026 was 190.42 pence.
Portfolio analysis by sector as at 29 May 2026 | ||
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Sector | No. of Companies | % of Portfolio |
Industrials | 6 | 17.6% |
Financial Banks | 4 | 17.1% |
Consumer Staples | 3 | 8.6% |
Consumer Discretionary | 3 | 8.5% |
Financial Services | 2 | 7.2% |
Auto & Auto Ancillary | 3 | 7.2% |
Healthcare | 2 | 5.9% |
IT Services | 2 | 5.5% |
Digital | 2 | 5.3% |
Chemicals | 2 | 4.3% |
Cement | 2 | 4.1% |
Textiles | 2 | 2.9% |
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 | 33 | 94.1% |
Cash & cash equivalents | 5.9% | |
Total Portfolio | 33 | 100.0% |
Top 20 holdings as at 29 May 2026 | ||
Holding | Sector | % of Portfolio |
Skipper | Industrials | 6.7% |
RBL Bank | Financial Banks | 5.5% |
Multi Commodity Exchange | Financial Services | 4.9% |
Federal Bank | Financial Banks | 4.5% |
Neuland Laboratories | Healthcare | 3.9% |
IDFC Bank | Financial Banks | 3.7% |
Dixon Technologies | Consumer Discretionary | 3.6% |
City Union Bank | Financial Banks | 3.3% |
Kajaria Ceramics | Consumer Discretionary | 3.1% |
Atlanta Electricals | Industrials | 3.1% |
Affle India | Digital | 3.1% |
CCL Products India | Consumer Staples | 3.0% |
Essel Propack | Consumer Staples | 2.9% |
Coforge | IT Services | 2.7% |
Emami | Consumer Staples | 2.7% |
Persistent Systems | IT Services | 2.7% |
Sona BLW Precision Forgings | Auto & Auto Ancillary | 2.7% |
Triveni Turbine | Industrials | 2.4% |
Ramkrishna Forgings | Auto & Auto Ancillary | 2.4% |
Aether Industries | Chemicals | 2.3% |
Portfolio analysis by market capitalisation size as at 29 May 2026 | ||
Market capitalisation size | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$4.0bn) | 26 | 70.0% |
Mid Cap (US$4.0bn < M/Cap < US$11.5bn) | 7 | 24.1% |
Large Cap (M/Cap > US$11.5bn) | 0 | 0.0% |
Total Equity Investment | 33 | 94.1% |
Net Cash | 5.9% | |
Total Portfolio | 33 | 100.0% |
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