5th Nov 2026 10:38
05 November 2026
India Capital Growth Fund Limited (the "Company" or "ICGF")
Net Asset Value statement at 30 October 2026
The Company announces its Net Asset Value (“NAV”) per ordinary share as at 30 October 2026 was 182.60 pence (Ex Dividend).
In October, the NAV was down 7.24% in Sterling terms, whilst the MSCI India SMID Cap Index was down 4.41%, delivering an underperformance against the notional benchmark of 2.83%. In local currency terms, the NAV was down 6.94%.
The Company also announces its Net Asset Value per ordinary share before Indian CGT (deferred tax provision) as at 30 October 2026 was 193.08 pence (Ex Dividend).
Portfolio analysis by sector as at 30 October 2026 | ||
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Sector | No. of Companies | % of Portfolio |
Financials | 6 | 25.4% |
Industrials | 10 | 21.1% |
Consumer Discretionary | 6 | 13.9% |
Materials | 5 | 10.3% |
Health Care | 3 | 8.8% |
Information Technology | 2 | 7.3% |
Consumer Staples | 3 | 6.6% |
Communication Services | 1 | 2.9% |
Energy | 0 | 0.0% |
Real Estate | 0 | 0.0% |
Utilities | 0 | 0.0% |
Total Equity Investment | 36 | 96.1% |
Cash & cash equivalents |
| 3.9% |
Total Portfolio | 36 | 100.0% |
Top 20 holdings as at 30 October 2026 | ||
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Holding | Sector | % of Portfolio |
Skipper | Industrials | 5.5% |
Multi Commodity Exchange | Financials | 5.4% |
RBL Bank | Financials | 5.2% |
Federal Bank | Financials | 4.5% |
Coforge | Information Technology | 4.0% |
IDFC Bank | Financials | 3.8% |
City Union Bank | Financials | 3.8% |
Dixon Technologies | Consumer Discretionary | 3.5% |
Aether Industries | Health Care | 3.5% |
Neuland Laboratories | Health Care | 3.3% |
Sona BLW Precision Forgings | Consumer Discretionary | 3.2% |
Persistent Systems | Information Technology | 3.2% |
Kajaria Ceramics | Industrials | 3.2% |
Essel Propack | Materials | 3.2% |
Affle India | Communication Services | 2.9% |
CCL Products India | Consumer Staples | 2.7% |
Nuvama Wealth Management | Financials | 2.6% |
Emami | Consumer Staples | 2.5% |
Atlanta Electricals | Industrials | 2.5% |
Uniparts India | Industrials | 2.5% |
Portfolio analysis by market capitalisation size as at 30 October 2026 | ||
Market capitalisation size | No. of Companies | % of Portfolio |
Small Cap (M/Cap < US$3.5bn) | 28 | 63.1% |
Mid Cap (US$3.5bn < M/Cap < US$11.0bn) | 8 | 33.0% |
Large Cap (M/Cap > US$11.0bn) | 0 | 0 |
Total Equity Investment | 36 | 96.1% |
Net Cash |
| 3.9% |
Total Portfolio | 36 | 100.0% |
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Related Shares:
India Cap