India Capital Growth Fund Limited Net Asset Value (7243T)
July 05 2018 - 5:19AM
UK Regulatory
TIDMIGC
RNS Number : 7243T
India Capital Growth Fund Limited
05 July 2018
5 July 2018
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 30 June 2018
Net Asset Value
The Company announces its Net Asset Value per share as at 30
June 2018 was 108.09 pence.
In June the Net Asset Value (NAV) was down 6.9% in Sterling
terms, whilst the BSE Mid Cap TR Index was down 3.6%, delivering an
under performance against the notional benchmark of 3.3%. In local
currency terms, the NAV was down 6.7% for the month.
Portfolio update
Positive attribution to the portfolio's performance came from
Jyothy Labs (up 10.9%), Dewan Housing (up 4.0%) and Emami (up
1.2%). Negative attribution came from Ramkrishna Forgings (down
14.0%), Jain Irrigation (down 25.8%) and Finolex Cables (down
15.1%).
Market and economic update
India's Large cap stocks continue to outperform the Mid and
Small cap space in India as the BSE Sensex held its previous
month's gain, rising 0.3% whilst the BSE Mid Cap Index sustained
its correction, falling 3.5%. Investors continue to switch into
larger cap, more liquid stocks, as a form of protection against
weak sentiment for equities, both onshore and across Emerging
Markets more generally. Foreign Institutions were net sellers
(US$377m for the month), but the market enjoyed ongoing support
from Domestic Institutions who were net buyers (US$2bn for the
month). India's rupee depreciated 1.6% against the US Dollar and
0.2% against the British Pound.
In a move that surprised markets (positively), the Reserve Bank
of India raised the repo rate by 25bps to 6.25%, citing inflation
pressure, which was 4.9% in May, up from 4.6% in April, as stronger
oil prices fed into the domestic economy. The monetary policy
committee upped its own inflation forecasts to 4.8%-4.9% for the
full year. Markets took the news positively, believing the Central
Bank was aiming to be "ahead of the curve" given US interest rates
are set to rise further this year.
Manufacturing continues to strengthen, with the latest PMI
manufacturing data for June rising to 53.1, the eleventh successive
month of expansion and the strongest pace since December 2017. The
auto sector contributed positively, including personal vehicles, 2
wheelers and commercial vehicles, all showing strong double digit
growth in June, the latter segment recording 44% growth year over
year. Demand is being driven by government expenditure in
infrastructure, road building, and affordable housing in
particular, which is driving the demand for commercial vehicles,
supported by increased economic activity in rural India.
Portfolio analysis by sector as at 30 June 2018
Sector No. of Companies % of Portfolio
Financials 8 24.3%
Materials 8 18.9%
Consumer Discretionary 8 17.6%
Consumer Staples 4 10.1%
Industrials 4 8.5%
IT 2 7.9%
Healthcare 2 3.2%
Real Estate 2 2.7%
Total Equity Investment 38 93.2%
Net Cash 6.8%
Total Portfolio 38 100.0%
Top 20 holdings as at 30 June 2018
Holding Sector % of Portfolio
Dewan Housing Finance Financials 5.3%
Jyothy Laboratories Consumer Staples 4.5%
Ramkrishna Forgings Materials 4.1%
NIIT Technologies IT 4.0%
Tech Mahindra IT 3.9%
Motherson Sumi Systems Consumer Discretionary 3.9%
Federal Bank Financials 3.7%
City Union Bank Financials 3.5%
Indusind Bank Financials 3.4%
Radico Khaitan Consumer Staples 2.9%
Balkrishna Industries Consumer Discretionary 2.9%
Exide Industries Consumer Discretionary 2.9%
Kajaria Ceramics Industrials 2.6%
Finolex Cables Industrials 2.6%
Berger Paints India Materials 2.5%
Welspun India Consumer Discretionary 2.5%
Sobha Developers Real Estate 2.5%
Sagar Cements Materials 2.4%
Indian Bank Financials 2.4%
Capital First Financials 2.4%
Portfolio analysis by market capitalisation size as 30 June
2018
Market capitalisation size No. of Companies % of Portfolio
Small Cap (M/Cap < US$2bn) 25 54.0%
Mid Cap (US$2bn < M/Cap < US$7bn) 9 25.9%
Large Cap (M/Cap > US$7bn) 4 13.3%
Total Equity Investment 38 93.2%
Net Cash 6.8%
Total Portfolio 38 100.0%
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END
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