06 April 2022
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 31 March 2022
The Company announces its Net Asset Value ("NAV") per ordinary share as at 31 March 2022 was 123.42 pence.
In March, the NAV was up 3.00% in Sterling terms, whilst the BSE MidCap TR Index was up 4.71%, delivering an underperformance against the notional benchmark of 1.71%. In local currency terms, the NAV was up 1.60%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 31 March 2022 was 126.28 pence.
Portfolio analysis by sector as at 31 March 2022 |
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Sector |
No. of Companies |
% of Portfolio |
Materials |
7 |
19.6% |
Financials - Banks |
4 |
18.7% |
Consumer Discretionary |
7 |
16.2% |
Consumer Staples |
3 |
10.1% |
Information Technology |
2 |
9.2% |
Industrials |
4 |
8.6% |
Health Care |
2 |
4.8% |
Communication Services |
1 |
3.8% |
Financials - Diversified |
1 |
2.5% |
Energy |
1 |
2.2% |
Financials - Insurance |
0 |
0.0% |
Utilities |
0 |
0.0% |
Real Estate |
0 |
0.0% |
Total Equity Investment |
32 |
95.9% |
Net Cash |
|
4.1% |
Total Portfolio |
32 |
100.0% |
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Top 20 holdings as at 31 March 2022 |
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Holding |
Sector |
% of Portfolio |
Federal Bank |
Financials - Banks |
6.6% |
Persistent Systems |
Information Technology |
5.0% |
Indusind Bank |
Financials - Banks |
4.6% |
Emami |
Consumer Staples |
4.4% |
Tech Mahindra |
Information Technology |
4.2% |
Ramkrishna Forgings |
Materials |
4.1% |
IDFC Bank |
Financials - Banks |
4.1% |
Affle India |
Communication Services |
3.8% |
City Union Bank |
Financials - Banks |
3.5% |
PI Industries |
Materials |
3.3% |
Sagar Cements |
Materials |
3.3% |
Jyothy Laboratories |
Consumer Staples |
3.3% |
Aarti Industries |
Materials |
3.2% |
Balkrishna Industries |
Consumer Discretionary |
3.1% |
Welspun India |
Consumer Discretionary |
3.1% |
Kajaria Ceramics |
Industrials |
2.9% |
Bajaj Electricals |
Consumer Discretionary |
2.8% |
Divi's Laboratories |
Health Care |
2.6% |
Sona BLW Precision Forgings |
Consumer Discretionary |
2.6% |
Dixon Technologies |
Consumer Discretionary |
2.5% |
Portfolio analysis by market capitalisation size as at 31 March 2022 |
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Market capitalisation size |
No. of Companies |
% of Portfolio |
Small Cap (M/Cap < US$2bn) |
15 |
39.0% |
Mid Cap (US$2bn < M/Cap < US$8bn) |
14 |
45.5% |
Large Cap (M/Cap > US$8bn) |
3 |
11.4% |
Total Equity Investment |
32 |
95.9% |
Net Cash |
|
4.1% |
Total Portfolio |
32 |
100.0% |