Net Asset Value(s)

RNS Number : 0281E
India Capital Growth Fund Limited
04 April 2014
 



4 April 2014

India Capital Growth Fund Limited (the "Company" or "ICGF")

Net Asset Value statement as at 31 March 2014

Net Asset Value

The Company announces its Net Asset Value per share as at 31 March 2014 was 50.93 pence.

In March the Net Asset Value (NAV) was up 10.9%, whilst the BSE Mid Cap Index was up 13.1% and Ocean Dial's Composite Index was up 12.5%, all in Sterling terms. In comparison to the Sensex, the NAV delivered an outperformance of 0.9%, whilst underperforming the Mid Cap and Composite Index by 2.2% and 1.6% respectively. In local currency terms, the NAV increased 6.9% for the month.

Portfolio update

The positive contribution to the portfolio's performance was generated by Federal Bank (up 24.7%), Yes Bank (up 35.7%), Sobha Developers (up 27.4%) and Voltas (up 20.6%). Negative attribution was driven by NIIT Tech (down 9.7%), KPIT Cummins (down 5.2%) and Lupin (down 6.3%).

Market and economic update

The upward momentum in Indian equity markets sustained this month led by Mid-Caps, rallying 9%, but well supported by the main Index which rose 6%. There has been an important shift in investors' risk appetite as market performance was dominated by industrials and financials, founded on the perception of a business friendly election outcome.  Strong FII net Inflows of US$3.3bn supported currency appreciation, as the Rupee rose 3.2% against US$, an eight month high.

Also supportive of market sentiment was further falls in reported inflation; thus CPI reported at 8.1% in February versus 8.8% in January of this year. In spite of this the Reserve Bank kept the rates unchanged in its recent monetary policy review, determined to quash further inflationary expectation, support the currency, and remain apolitical ahead of May's General Election. We expect the policy rate to remain on hold for an extended period. Banks, and in particular the cash constrained public sector, received a fillip this month, as the RBI extended the timeline by which they must implement additional capital adequacy requirements as dictated by Basel 3, intentionally assisting the Government in the process. Underlying economic activity remained weak.

Portfolio analysis by sector as at 31 March 2014




Sector

No. of Companies

% of Portfolio

Financials

8

23.4%

Industrials

7

17.9%

IT

5

12.5%

Consumer Staples

4

11.3%

Healthcare

3

10.3%

Consumer Discretionary

3

6.9%

Materials

3

6.6%

Energy

2

4.4%

Telecommunications

1

2.2%

Total Equity Investment

36

95.6%

Net Cash


4.4%

Total Portfolio

36

100.0%

 

 

 

Top 20 holdings as at 31 March 2014




Holding

Sector

% of Portfolio

Jyothy Laboratories

Consumer Staples

5.4%

KPIT Cummins Infosystems

IT

5.1%

Federal Bank

Financials

4.0%

Kajaria Ceramics

Industrials

3.9%

Motherson Sumi Systems

Consumer Discretionary

3.9%

Tech Mahindra

IT

3.9%

Jammu & Kashmir Bank

Financials

3.9%

Divi's Laboratories

Healthcare

3.8%

Eicher Motors

Industrials

3.7%

Lupin

Healthcare

3.7%

Sobha Developers

Financials

3.6%

IPCA Laboratories

Healthcare

3.3%

NIIT Technologies

IT

3.3%

Dewan Housing

Financials

3.2%

Yes Bank

Financials

3.1%

Indusind Bank

Financials

2.9%

Larsen & Toubro

Industrials

2.9%

Dish TV India

Consumer Discretionary

2.7%

Emami

Consumer Staples

2.5%

PI Industries

Materials

2.5%




Portfolio analysis by market capitalisation size as 31 March 2014




Market capitalisation size

No. of Companies

% of Portfolio

Small Cap (M/Cap <INR15bn)

1

0.6%

Mid Cap (INR15bn <M/Cap<INR100bn)

21

59.6%

Large Cap (M/Cap > INR100bn)

13

35.4%

Unlisted

1

0.0%

Total Equity Investment

36

95.6%

Net Cash


4.4%

Total Portfolio

36

100.0%

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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