04 April 2025
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 28 March 2025
The Company announces its Net Asset Value ("NAV") per ordinary share as at 28 March 2025 was 175.31 pence.
In March, the NAV was up 3.49% in Sterling terms, whilst the BSE MidCap TR Index was up 6.92%, delivering an underperformance against the notional benchmark of 3.43%. In local currency terms, the NAV was up 4.21%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 28 March 2025 was 183.45 pence.
| Portfolio analysis by sector as at 28 March 2025 | ||
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| Sector | No. of Companies | % of Portfolio |
| Financial Banks | 5 | 15.6% |
| Industrials | 6 | 13.5% |
| Auto & Auto Ancillary | 4 | 9.8% |
| Consumer Discretionary | 5 | 9.8% |
| Consumer Staples | 4 | 9.7% |
| Healthcare | 2 | 6.8% |
| Digital | 2 | 6.2% |
| Chemicals | 2 | 5.3% |
| IT Services | 2 | 5.0% |
| Textiles | 2 | 4.5% |
| Cement | 2 | 4.4% |
| Financial Services | 1 | 3.9% |
| Financial NBFC | 1 | 1.5% |
| Energy | 0 | 0.0% |
| Metals | 0 | 0.0% |
| Utilities | 0 | 0.0% |
| Real Estate | 0 | 0.0% |
| Total Equity Investment | 38 | 96.1% |
| Cash & cash equivalents | | 3.9% |
| Total Portfolio | 38 | 100.0% |
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Top 20 holdings as at 28 March 2025 | ||
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| Holding | Sector | % of Portfolio |
| Federal Bank | Financial Banks | 5.3% |
| Neuland Laboratories | Healthcare | 5.0% |
| Skipper | Industrials | 4.8% |
| Dixon Technologies | Consumer Discretionary | 4.5% |
| Emami | Consumer Staples | 4.2% |
| Ramkrishna Forgings | Auto & Auto Ancillary | 4.0% |
| Persistent Systems | IT Services | 4.0% |
| Multi Commodity Exchange | Financial Services | 3.9% |
| Affle India | Digital | 3.6% |
| RBL Bank | Financial Banks | 3.3% |
| PI Industries | Chemicals | 3.3% |
| IDFC Bank | Financial Banks | 2.9% |
| JK Lakshmi Cement | Cement | 2.8% |
| Sona BLW Precision Forgings | Auto & Auto Ancillary | 2.6% |
| City Union Bank | Financial Banks | 2.6% |
| PSP Projects | Industrials | 2.6% |
| Cartrade Technologies | Digital | 2.5% |
| Welspun India | Textiles | 2.4% |
| CCL Products India | Consumer Staples | 2.3% |
| Balkrishna Industries | Auto & Auto Ancillary | 2.3% |
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Portfolio analysis by market capitalisation size as at 28 March 2025 | ||
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Market capitalisation size | No. of Companies | % of Portfolio |
| Small Cap (M/Cap < US$4bn) | 28 | 68.2% |
| Mid Cap (US$4bn < M/Cap < US$12bn) | 9 | 26.4% |
| Large Cap (M/Cap > US$12bn) | 1 | 1.5% |
| Total Equity Investment | 38 | 96.1% |
| Net Cash | | 3.9% |
| Total Portfolio | 38 | 100.0% |
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