India Capital Growth focused on share price performance

India Capital Growth reports that the Net Asset Value of the fund rose by 20.4% in sterling terms over the course of 2016, though adjusting for the dilution caused by the exercise of the Subscription Shares, the rebased NAV was up 28.5%, in line with the Mid Cap Total Return Index, which was up 28.8%. Within this, the appreciation of the Rupee against Sterling accounted for 15% of the returns, while INR returns were 9% for the year. It was the mid cap stocks which once again performed better as the broader market rose only 1.9% during 2016.

Positive attribution from the portfolio during the year came from Essel Propack (up 86%), Finolex Cables (up 65%), Max Financial Services (up 64%) and Yes Bank (up 61%), whilst negative attribution came from Ramkrishna Forgings (down 46%), Welspun India (down 35%) and Divis Laboratories (down 31%).

The chairman says that the investment manager is now focused on driving better share price performance as well as delivering good NAV performance.

IGC : India Capital Growth focused on share price performance