7 January 2021
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 31 December 2020
The Company announces its Net Asset Value per share as at 31 December 2020 was 97.70 pence.
In December, the Net Asset Value (NAV) was up 2.4% in Sterling terms, whilst the BSE MidCap TR Index was up 5.1%, delivering an underperformance against the notional benchmark of 2.7%. In local currency terms, the NAV was up 3.4% for the month.
| Portfolio analysis by sector as at 31 December 2020 | ||
| | | |
| Sector | No. of Companies | % of Portfolio |
| Materials | 7 | 20.1% |
| Financials - Banks | 4 | 17.3% |
| Consumer Staples | 4 | 14.6% |
| Industrials | 4 | 10.5% |
| Consumer Discretionary | 4 | 10.4% |
| Information Technology | 3 | 6.8% |
| Health Care | 2 | 6.6% |
| Utilities | 1 | 3.7% |
| Financials - Diversified | 1 | 3.1% |
| Energy | 1 | 2.6% |
| Financials - Insurance | 1 | 2.2% |
| Real Estate | 1 | 0.1% |
| Communication Services | 0 | 0.0% |
| Total Equity Investment | 33 | 98.0% |
| Net Cash | | 2.0% |
| Total Portfolio | 33 | 100.0% |
| | | |
|
Top 20 holdings as at 31 December 2020 | ||
| | | |
| Holding | Sector | % of Portfolio |
| Federal Bank | Financials - Banks | 6.0% |
| Emami | Consumer Staples | 5.4% |
| IndusInd Bank | Financials - Banks | 5.4% |
| PI Industries | Materials | 4.8% |
| Tech Mahindra | Information Technology | 4.3% |
| Divi's Laboratories | Health Care | 4.1% |
| Gujarat Gas | Utilities | 3.7% |
| Kajaria Ceramics | Industrials | 3.5% |
| City Union Bank | Financials - Banks | 3.4% |
| Jyothy Laboratories | Consumer Staples | 3.3% |
| Bajaj Consumer Care | Consumer Staples | 3.2% |
| JK Lakshmi Cement | Materials | 3.1% |
| Balkrishna Industries | Consumer Discretionary | 3.1% |
| Skipper | Industrials | 3.1% |
| Multi Commodity Exchange | Financials - Diversified | 3.1% |
| Ramkrishna Forgings | Materials | 3.0% |
| Welspun India | Consumer Discretionary | 2.9% |
| Aarti Industries | Materials | 2.7% |
| Aegis Logistics | Energy | 2.6% |
| CCL Products India | Consumer Staples | 2.6% |
|
Portfolio analysis by market capitalisation size as at 31 December 2020 | ||
|
Market capitalisation size | No. of Companies | % of Portfolio |
| Small Cap (M/Cap < US$1bn) | 13 | 30.5% |
| Mid Cap (US$1bn < M/Cap < US$7bn) | 16 | 51.6% |
| Large Cap (M/Cap > US$7bn) | 4 | 15.9% |
| Total Equity Investment | 33 | 98.0% |
| Net Cash | | 2.0% |
| Total Portfolio | 33 | 100.0% |
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