17th Mar 2014 14:20
LONDON (Alliance News) - India Capital Growth Fund Ltd Monday said its net asset value fell by 9.2% in 2013, outperforming its benchmark in a difficult year for the rupee.
The fund said its NAV decline was a result of the rupee's depreciation against sterling.
In 2013, the fund's benchmark, the BSE Mid Cap Index fell by 18.2%.
The fund said the outperformance continued in the two months to February 2014 with NAV outperforming the BSE Mid Cap Index by 3.4% in sterling terms for this period.
"Regardless of political and macro-economic factors, India's dynamic, young and entrepreneurial population continues to provide attractive opportunities for patient investors. The investment manager's philosophy of bottom up stock selection of high quality, cash generating businesses with strong balance sheets has thus far delivered consistent outperformance against the notional benchmark. In the long run, as confidence returns to the markets, this should translate into meaningful absolute returns for shareholders," Fred Carr, Chairman, said in a statement.
India Capital Growth Fund shares were Monday quoted at 35.25 pence, down 1.1%.
By Samuel Agini; [email protected]; @samuelagini
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