India Capital Growth Fund Limited Net Asset Value(s) (5153B)
June 07 2019 - 4:08AM
UK Regulatory
TIDMIGC
RNS Number : 5153B
India Capital Growth Fund Limited
07 June 2019
7 June 2019
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 31 May 2019
Net Asset Value
The Company announces its Net Asset Value per share as at 31 May
2019 was 102.24 pence.
In May the Net Asset Value (NAV) was up slightly (0.2%) in
Sterling terms, whilst the BSE Mid Cap TR Index was up 4.1%,
delivering under performance against the notional benchmark of
3.9%. In local currency terms, the NAV was down 2.4% for the
month.
Portfolio update
Positive contribution to the portfolio's performance came from
Federal Bank (up 15.7%), PI Industries (up 8.9%) and Sobha
Developers (up 13.4%). Negative contribution came from Manpasand
Beverages (down 52.9%), Motherson Sumi Systems (down 21.3%) and
Aurobindo Pharma (down 17.9%).
Market and economic update
Indian equity markets saw a broad based rally in May with the
BSE Sensex and BSE Midcap indices up 1.8% and 1.4% respectively
(both total return in Indian Rupees) on the back of the BJP
government increasing its seat share and winning an absolute
majority for a second successive term. Exceeding expectations, this
is the first time a party has returned to power with a majority
since 1971. Over the month foreign institutional investors and
domestic institutions were net buyers to the tune of (US$ 1.4bn)
and (US$754m). The Indian Rupee depreciated by 0.2% against US
Dollar and appreciated 2.6% against Pound Sterling.
India's real GDP growth moderated to 5.8% in 4QFY19 compared to
6.6% in 3QFY19 due to a contraction in agricultural activity and a
slowdown in manufacturing and construction, whilst growth in
services improved. On the demand side, even though private
consumption slowed to 7.2%, government consumption expenditure,
increased 13.1%. Investment growth (gross fixed capital formation)
fell sharply to 3.6%. For the year FY19 GDP growth slowed to 6.8%
from 7.2% in FY18. Nirmala Sitharaman, the newly appointed Finance
Minister will present her first Union Budget for FY19/20 on 5(th)
July.
India's benchmark 10 year bond yield slid to an 18-month low to
7.03% as falling oil prices (down 14.9% for the month) and tame
inflation suggest market expectations of more interest cut rates
driven by a policy shift from the RBI from neutral to
accommodative.
Portfolio analysis by sector as at 31 May 2019
Sector No. of Companies % of Portfolio
Financials 7 23.9%
Materials 8 20.9%
Consumer Discretionary 5 11.2%
Information Technology 3 10.2%
Consumer Staples 4 9.7%
Industrials 4 9.3%
Health Care 3 7.0%
Real Estate 2 3.0%
Communication Services 0 0.0%
Energy 0 0.0%
Utilities 0 0.0%
Total Equity Investment 36 95.2%
Net Cash 4.8%
Total Portfolio 36 100.0%
Top 20 holdings as at 31 May 2019
Holding Sector % of Portfolio
Federal Bank Financials 5.3%
Tech Mahindra Information Technology 4.8%
City Union Bank Financials 4.8%
PI Industries Materials 4.3%
Kajaria Ceramics Industrials 4.2%
NIIT Technologies Information Technology 4.1%
Jyothy Laboratories Consumer Staples 3.5%
Divi's Laboratories Health Care 3.4%
Ramkrishna Forgings Materials 3.3%
Berger Paints India Materials 3.2%
IDFC Bank Financials 3.1%
Jammu & Kashmir Bank Financials 3.0%
Indusind Bank Financials 3.0%
Sobha Developers Real Estate 2.8%
Aurobindo Pharma Health Care 2.8%
Emami Consumer Staples 2.8%
Welspun India Consumer Discretionary 2.7%
Yes Bank Financials 2.6%
The Ramco Cements Materials 2.6%
Radico Khaitan Consumer Staples 2.6%
Portfolio analysis by market capitalisation size as 31 May
2019
Market capitalisation size No. of Companies % of Portfolio
Small Cap (M/Cap < US$2bn) 21 45.3%
Mid Cap (US$2bn < M/Cap < US$7bn) 13 42.2%
Large Cap (M/Cap > US$7bn) 2 7.8%
Total Equity Investment 36 95.2%
Net Cash 4.8%
Total Portfolio 36 100.0%
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END
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