Overview
India Capital Growth was established to take advantage of long term investment opportunities in companies based in India. Investments are predominantly made into listed companies through a subsidiary in Mauritius. The objective is to provide long term capital appreciation by investing predominantly in listed mid and small cap companies with a smaller proportion in unlisted companies. Investments may also be made in large cap Indian companies where the Fund Manager believes long-term capital appreciation will be achieved. The company may hold liquid assets (including cash) pending deployment in suitable investments. It is the company’s declared policy not to hedge the exposure to the Indian Rupee.
You can access the manager’s website here
Fundamentals
Price
Research History
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25 Feb 2026 5 min read
India Capital Growth Fund – Some welcome improvements
Some welcome improvements India Capital Growth Fund (IGC) is asking shareholders to approve replacing its biennial (every other year) redemption facility with five-yearly performance-based tender offers. This change aims to help the adviser take a longer-term approach to investments. The board also plans to introduce a new dividend policy, paying out about 2% of NAV […]
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6 min read
India Capital Growth Fund – Some welcome improvements
Some welcome improvements India Capital Growth Fund (IGC) is asking shareholders to approve plans to swap its biennial redemption facility with five-yearly performance- related tender offers. This will make it easier for the adviser to take a long-term view when evaluating investments. At the same time, the board is proposing to introduce an enhanced dividend […]
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17 Oct 2023 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2023
Third quarter of 2023 Investment Companies | Quarterly roundup | October 2023 Kindly sponsored by abrdn ‘Uncomfortable’ Following a fast start to the first half of the year, globally equities took a breather in Q3, as markets assessed the implications of the worst bond sell-off in a generation. Yields on 10-year US treasuries and UK […]
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13 Oct 2023 10 min read
QuotedData’s Investment Companies Roundup – October 2023
October 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in September 2023 September was defined by the ongoing US bond selloff, with global markets trending down in sympathy. Investment trust returns were negative on average for the month, although several sectors still achieved positive returns. The Royalties sector was the […]
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14 Sep 2023 9 min read
QuotedData’s Investment Companies Roundup – September 2023
September 2023 Monthly roundup | Investment companies Kindly sponsored by abrdn Winners and losers in August 2023 Share price total returns for investment companies were generally poor over August, with the best performing sector, Debt – Structured Finance, returning just 2.1%, with only a few sectors managing to eke out a positive total return. Funds […]
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06 Apr 2023 82 min read
QuotedData’s Economic and Political Monthly Roundup April 2023
Economic and Political Monthly Roundup Investment companies | Monthly | April 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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15 Mar 2023 19 min read
India Capital Growth – Don’t Stop Believin’
India Capital Growth Investment companies | Update | 15 March 2023 Don’t Stop Believin’ India Capital Growth’s (IGC’s) adviser, Gaurav Narain, says that at a time when many economies and equity markets are struggling, there are many reasons to be optimistic about the outlook for the Indian economy. Although down in sterling absolute terms during […]
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19 min read
India Capital Growth – Don’t Stop Believin’
India Capital Growth Investment companies | Update | 15 March 2023 Don’t Stop Believin’ India Capital Growth’s (IGC’s) adviser, Gaurav Narain, says that at a time when many economies and equity markets are struggling, there are many reasons to be optimistic about the outlook for the Indian economy. Although down in sterling absolute terms during […]
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19 min read
India Capital Growth – Don’t Stop Believin’
India Capital Growth Investment companies | Update | 15 March 2023 Don’t Stop Believin’ India Capital Growth’s (IGC’s) adviser, Gaurav Narain, says that at a time when many economies and equity markets are struggling, there are many reasons to be optimistic about the outlook for the Indian economy. Although down in sterling absolute terms during […]
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07 Dec 2022 8 min read
QuotedData’s Investment Companies Roundup – December 2022
Investment Companies Monthly Roundup Kindly sponsored by abrdn December 2022 Monthly | Investment companies Winners and losers in November 2022 As discussed in this month’s economic and political roundup, lower US inflation triggered a fall in the US dollar and drove equity markets higher over November. The big surprise was the resurgence of Chinese markets […]
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13 Oct 2022 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2022
Third quarter of 2022 Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Piling on the misery In the face of rising inflation, exacerbated by the war in Ukraine, central bankers have condemned for their relative inaction. However, in the third quarter of 2022, they stepped up a gear. Last month’s economic and political roundup […]
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06 Oct 2022 9 min read
QuotedData’s Investment Companies Roundup – October 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn October 2022 Monthly | Investment companies Winners and losers in September 2022 September’s median total share price return was -6.4% (+0.4% in August). The median NAV return over September was -1.2%. See Appendix 1 for a breakdown of how all the sectors have […]
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111 min read
QuotedData’s Economic and Political Monthly Roundup October 2022
Economic and Political Monthly Roundup Investment companies | Monthly | October 2022 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to […]
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08 Dec 2021 22 min read
India Capital Growth – The show must go on
The show must go on India has outperformed even the US over 2021, despite reportedly suffering from one of the deadliest waves of the COVID-19 pandemic earlier this year. Combined with improved stock selection and a new investment policy, India Capital Growth (IGC) has also seen performance shine through, says its advisor, Gaurav Narain. He […]
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23 min read
India Capital Growth – The show must go on
The show must go on India has attracted a lot of attention over 2021 as it has outperformed even the US, despite suffering from one of the deadliest waves of the COVID-19 pandemic earlier this year. Combined with improved stock selection and its new investment policy, India Capital Growth (IGC) has also seen its performance […]
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23 min read
India Capital Growth – The show must go on
The show must go on All eyes have been on India over 2021 as it has outperformed even the US, despite suffering from one of the deadliest waves of the COVID-19 pandemic earlier this year. Combined with improved stock selection and its new investment policy, India Capital Growth (IGC) has also seen its performance shine […]
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26 Nov 2021 1 min read
Interview with David Cornell – India Capital Growth
In this week’s show, Jayna Rana and Richard Williams talked to David Cornell from India Capital Growth. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us. Additionally, if you would […]
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17 Jun 2021 17 min read
India Capital Growth – Lessons learnt
Lessons learnt Though India’s second coronavirus wave – which started in March 2021 and saw as many as 414,000 recorded daily cases as recently as 6 May – has been described as one of the worst in the world, Gaurav Narain, India Capital Growth’s (IGC’s) investment adviser, believes the peak in infections has now passed. […]
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16 min read
India Capital Growth – Lessons learnt
Lessons learnt Though India’s second coronavirus wave – which started in March 2021 and saw as many as 414,000 recorded daily cases as recently as 6 May – has been described as one of the worst in the world, Gaurav Narain, India Capital Growth’s (IGC’s) investment adviser, believes the peak has now passed. Daily cases […]
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17 min read
India Capital Growth – Lessons learnt
Lessons learnt Though India’s second coronavirus wave – which started in March 2021 and saw as many as 414,000 recorded daily cases as recently as 6 May – has been described as one of the worst in the world, Gaurav Narain, India Capital Growth’s (IGC’s) investment adviser, believes the peak has now passed. The number […]
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18 Feb 2021 2 min read
QuotedData’s Round the World Webinar series – Asia day playback
On 10th February 2021, QuotedData hosted the penultimate Round the World webinar from our series. This webinar was focused on Asia and included presentations and Q&As from 4 investment companies’ managers, covering markets across Asia. We would like to thank all of our speakers and attendees for joining us. Click on the links below to watch […]
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15 Dec 2020 27 min read
India Capital Growth – A win-win scenario
A win-win scenario India, the world’s fifth-largest economy, has rebounded very strongly as COVID-related restrictions have eased; a fact that Gaurav Narain, India Capital Growth’s (IGC’s) investment adviser, believes has caught many observers by surprise. The key indicators suggest further recovery from here. India’s purchasing managers index (PMI) was 56.3 for November – a number […]
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26 min read
India Capital Growth – Recovery potential and redemption opportunity
A win-win scenario India, the world’s fifth-largest economy, has rebounded very strongly as COVID-related restrictions have eased; a fact that Gaurav Narain, India Capital Growth’s (IGC’s) investment adviser, believes has caught many observers by surprise. The key indicators suggest the potential for further recovery from here (India’s PMI was 56.3 for November) and Gaurav says […]
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26 min read
India Capital Growth – A win-win scenario
A win-win scenario India, the world’s fifth-largest economy, has rebounded very strongly as COVID-related restrictions have eased; a fact that Gaurav Narain, India Capital Growth’s (IGC’s) investment adviser, believes has caught many observers by surprise. The key indicators suggest further recovery from here (India’s PMI was 56.3 for November) and Gaurav says that recent results […]
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16 Oct 2020 11 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit Stubborn resistance The end […]
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09 Oct 2020 7 min read
QuotedData’s Economic Roundup – October 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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10 Sep 2020 6 min read
QuotedData’s Investment Companies Roundup – September 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over August: Aberdeen New Dawn – COVID positive “In […]
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14 Jul 2020 9 min read
QuotedData’s Investment Companies Quarterly Review – Second Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit When the going gets […]
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29 May 2020 1 min read
QuotedData’s weekly roundup 29 May 2020
James Carthew’s weekly news roundup show for Friday, 29 May, covers a wide range of topics and includes an interview with David Cornell, manager of India Capital Growth. Listen back here If there is a guest speaker you’d particularly like to hear from, please email us – [email protected]. Next we’ll be back on 5th June […]
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26 May 2020 20 min read
India Capital Growth – Needs more time
Needs more time India Capital Growth’s (IGC’s) board is asking investors to back a continuation vote scheduled for 12 June 2020 and it is important that shareholders make their vote count. COVID-19 has depressed valuations to levels not seen since the financial crisis. The managers see substantial upside when market confidence returns and are asking […]
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21 min read
India Capital Growth – Needs more time
Needs more time India Capital Growth’s (IGC’s) board is asking investors to back a continuation vote scheduled for 12 June 2020 and it is important that shareholders make their vote count. COVID-19 has depressed valuations to levels not seen since the financial crisis. The managers see substantial upside when market confidence returns and are asking […]
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07 Apr 2020 8 min read
QuotedData’s Investment Companies Roundup – April 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over March: An update note […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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15 Oct 2019 7 min read
Investment companies quarterly roundup – Third quarter 2019
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford New research Over the third quarter, we published notes on India Capital Growth, Jupiter Emerging & Frontier Income, Montanaro European Smaller Companies, JLEN Environmental Assets, Civitas Social Housing, JPMorgan Russian Securities, International Biotechnology Trust, Aberdeen Emerging Markets, Seneca Global Income & Growth, Standard Life Investments Property Income […]
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07 Oct 2019 6 min read
QuotedData’s economic roundup – October 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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01 Oct 2019 16 min read
India Capital Growth – Discounted value
Discounted value India Capital Growth (IGC)’s portfolio was trading at just 12x estimated earnings for the year ended 31 March 2021 at the end of August. The manager says that when it last hit that level, in August 2013, IGC delivered a 197% return in sterling over the following three years. Indian stocks have begun […]
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16 min read
India Capital Growth – Discounted value
Discounted value India Capital Growth (IGC)’s portfolio was trading at just 12x FY21 earnings at the end of August. The manager says that when it last hit that level, in August 2013, IGC delivered a 197% return in sterling over the following three years. Stocks have begun to rebound but there could be much more […]
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11 Sep 2019 3 min read
QuotedData’s investment companies roundup – September 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over August, we published notes on Aberdeen Emerging Markets and JLEN Environmental Assets . You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite for risk was generally down in August, as […]
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07 Aug 2019 3 min read
QuotedData’s investment companies roundup – August 2019
Investment Companies Roundup New research Over July, we published notes on CQS New City High Yield, BlackRock Throgmorton, Strategic Equity Capital, Seneca Global Income & Growth, CG Asset Management, Standard Life Investments Property Income and Aberdeen New Dawn. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite […]
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05 Jul 2019 3 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
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07 Jun 2019 3 min read
QuotedData’s investment companies roundup – June 2019
Investment Companies Roundup New research Over May, we published notes on Shires Income, Standard Life Private Equity and The North American Income Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was notable that risk appetite was down in May as renewed […]
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05 Apr 2019 4 min read
QuotedData’s economic roundup – April 2019
Kindly sponsored by Polar Capital Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy […]
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04 Apr 2019 1 min read
QuotedData’s investment companies roundup – April 2019
QuotedData’s investment companies roundup – April 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2019. Kindly sponsored by Baillie Gifford. JPMorgan Indian, India Capital Growth, Aberdeen New India and Ashoka India Equity Investment […]
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22 Feb 2019 1 min read
QuotedData’s investment companies roundup – February 2019
QuotedData’s investment companies roundup – February 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2019. Kindly sponsored by Baillie Gifford. December’s sharp sell-off in technology and growth stocks reversed somewhat in January. This was […]
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25 Jan 2019 1 min read
QuotedData review of 2018 – Annual report investment companies
QuotedData review of 2018 – Annual report investment companies 2018 – the return of volatility A trade war, Brexit, US interest rate rises, slowing Chinese growth, a US government shutdown, a dispute over Italy’s budget, the Skripal poisonings, numerous elections – there was plenty to worry about in 2018. A last-minute dive left the US […]
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18 Jan 2019 1 min read
QuotedData’s investment companies roundup – January 2019
QuotedData’s investment companies roundup – January 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2018. Kindly sponsored by Baillie Gifford. Extract from money raised and returned in December The only new issue […]
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19 Dec 2018 1 min read
QuotedData’s investment companies roundup – December 2018
QuotedData’s investment companies roundup – December 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2018. Kindly sponsored by Baillie Gifford. Extract from ‘winners and losers’ The Californian wildfires took their toll on CatCo Reinsurance as it […]
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29 Nov 2018 1 min read
India Capital Growth – Shakeout uncovers value
The Indian market slid in September, extending its run of losses in 2018, and has seesawed since. The main culprit was the oil price, which feeds through into inflation concerns, rising interest rates, a falling rupee and what appears to have been, a liquidity squeeze. A sharp fall in the oil price since mid-October may […]
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1 min read
India Capital growth – Shakeout uncovers value
India Capital growth – Shakeout uncovers value is QuotedData’s latest update note on this Indian small and mid-cap focused investment company. The Indian stock market slid in September, extending its run of losses in 2018, and has seesawed since. Higher oil prices fed through into inflation concerns; rising interest rates; a fall in the exchange […]
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13 Nov 2018 1 min read
QuotedData’s investment companies roundup – November 2018
QuotedData’s investment companies roundup – November 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2018. Kindly sponsored by Baillie Gifford. Winners and losers in October In what was generally a miserable month for equity markets, Brazil shone […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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12 Oct 2018 1 min read
QuotedData’s Economic round up – October 2018
QuotedData’s Economic round up – October 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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1 min read
QuotedData’s investment companies roundup – October 2018
QuotedData’s investment companies roundup – October 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in September Trian Investors 1 is a new fund that will adopt […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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26 Jun 2018 1 min read
India Capital Growth – A return to earnings growth
India Capital Growth – A return to earnings growth Earnings figures for the companies in India Capital Growth (IGC)’s portfolio are increasing as India puts the disruptive effects of demonetisation and the introduction of the Goods and Services Tax (GST) – both of which were covered in QuotedData’s March 2017 note – behind it. Rising […]
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1 min read
India Capital Growth – A return to earnings growth
India Capital Growth – A return to earnings growth Earnings figures for the companies in India Capital Growth (IGC)’s portfolio are increasing as India puts the disruptive effects of demonetisation and the introduction of the Goods and Services Tax (GST) – both of which were covered in Marten & Co’s March 2017 note – behind […]
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11 Jun 2018 1 min read
QuotedData’s investment companies roundup – June 2018
QuotedData’s investment companies roundup – June 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2018. Kindly sponsored by Baillie Gifford. The premium of biotech company, Syncona, rose on positive news on two of its […]
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11 May 2018 1 min read
QuotedData’s investment companies roundup – May 2018
QuotedData investment companies roundup – May 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2018. Kindly sponsored by Baillie Gifford. India Capital Growth has experience a rebound in performance in the past month, as […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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18 Apr 2018 1 min read
QuotedData’s investment companies roundup – April 2018
QuotedData investment companies roundup – April 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2018. Kindly sponsored by Baillie Gifford. Stock markets have suffered their first meaningful fall for nearly two years. At the quarter end, […]
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13 Mar 2018 1 min read
QuotedData’s investment companies roundup – March 2018
QuotedData investment companies roundup – March 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2018. Kindly sponsored by Baillie Gifford. Equity markets continued to run up in early February, supported by strong corporate earnings […]
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30 Jan 2018 1 min read
India Capital Growth – Moving to the main board
India Capital Growth – Moving to the main board Marten & Co has published a note on a company in the Country Specialists – Asia Pacific sector. India Capital Growth (IGC) moved to the premium listing segment of the London Stock Exchange’s main market on 24 January 2018. The board considers that this market is more appropriate […]
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1 min read
India Capital Growth – Moving to the main board
QuotedData has published a note on a company in the Country Specialists – Asia Pacific sector. India Capital Growth – Moving to the main board India Capital Growth (IGC) moved to the premium listing segment of the London Stock Exchange’s main market on 24 January 2018. The board considers that this market is more appropriate […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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10 Jan 2018 2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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10 Nov 2017 1 min read
QuotedData investment companies roundup – November 2017
QuotedData investment companies roundup – November 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2017. Kindly sponsored by Baillie Gifford. November Investment Companies Roundup Globalworth Real Estate’s discount was eliminated after it announced […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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14 Sep 2017 2 min read
QuotedData’s economic round up – September 2017
QuotedData’s economic round up – September 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to […]
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1 min read
QuotedData investment companies roundup – September 2017
QuotedData investment companies roundup – September 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2017. Kindly sponsored by Baillie Gifford. September Investment Companies Roundup Winners and losers in August Ashmore Global’s […]
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10 Apr 2017 1 min read
QuotedData’s round up of views on the global economy – April 2017
A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned. Kindly sponsored […]
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1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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29 Mar 2017 1 min read
India Capital Growth – Full steam ahead
India Capital Growth – Full steam ahead With last year’s successful subscription share exercise (discussed in Marten & Co’s last note) pushing India Capital Growth (IGC)’s net assets through the £100m mark; strong performance relative to peers; and buoyant conditions in India, IGC’s focus is now on driving down the discount that its shares trade […]
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1 min read
India Capital Growth – Full steam ahead
With last year’s successful subscription share exercise (discussed in QuotedData’s last note) pushing India Capital Growth (IGC)’s net assets through the £100m mark; strong performance relative to peers; and buoyant conditions in India, IGC’s focus is now on driving down the discount that its shares trade at relative to its net asset value. Recent poll […]
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31 Jan 2017 1 min read
QuotedData – 2016 review of the year
Our review of 2016 includes performance data, significant moves in discounts and premiums, money raised and money handed back, major news stories and links to the research we have published including our guide to investment companies. 2016 Annual roundup
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07 Dec 2016 1 min read
QuotedData investment companies roundup – December 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2016. december-investment-companies-roundup
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08 Nov 2016 1 min read
QuotedData investment companies roundup – November 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2016. november-investment-companies-roundup-2
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21 Oct 2016 1 min read
India Capital Growth – India at a significant discount
India Capital Growth – India at a significant discount Marten & Co published the following note on the company, which includes the investment managers view that India is trading at a significant discount to other markets, which is unjustified. In August, India Capital Growth (IGC)’s subscription shares were converted into ordinary shares. This increased its […]
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1 min read
India Capital Growth – India at a significant discount
In August, India Capital Growth (IGC)’s subscription shares were converted into ordinary shares. This increased its net assets by 29.2% before costs. IGC’s manager believes that this expansion should improve liquidity in the company’s shares and lower its ongoing charges ratio. However, IGC’s manager points out that despite these positive developments, an improving outlook for […]
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13 Oct 2016 1 min read
QuotedData’s round up of views on the global economy – October 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. october-economic-and-political-roundup
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08 Jul 2016 1 min read
India Capital Growth – Indian powerhouse
IGC’s NAV is up 28.8% since our last note was published on 23 March 2016 (its price is up 20.1%) yet, in recent weeks, its discount has widened to 20.4%. There is no good reason why the discount should be widening, in our view. India shines as a bright spot in a world beset by economic problems: […]
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1 min read
India Capital Growth – Indian powerhouse
India Capital Growth – Indian powerhouse India Capital Growth’s net asset value is up 28.8% since Marten & Co’s last note was published on 23 March 2016 (its price is up 20.1%) yet, in recent weeks, its discount has widened to 20.4%. The managers cannot see any obvious reason why the discount should be widening. India shines […]
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1 min read
India Capital Growth – Indian powerhouse
India Capital Growth’s net asset value is up 28.8% since QuotedData’s last note was published on 23 March 2016 (its price is up 20.1%) yet, in recent weeks, its discount has widened to 20.4%. The managers cannot see any obvious reason why the discount should be widening. India shines as a bright spot in a world beset […]
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23 Mar 2016 1 min read
India Capital Growth – Compounding machine
India Capital Growth – Compounding machine Marten and Co publishes our initiation of coverage note on India Capital Growth Fund India has one of the fastest growing economies in the world and India Capital Growth (IGC), the only London listed fund with a portfolio of predominantly small and mid-cap Indian companies, is positioned to benefit […]
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1 min read
India Capital Growth – Compounding machine
Please click on the link above to access our initiation note on India Capital Growth Fund India has one of the fastest growing economies in the world and India Capital Growth (IGC), the only London listed fund with a portfolio of predominantly small and mid-cap Indian companies, is positioned to benefit from that growth. […]
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04 Nov 2015 1 min read
QuotedData’s valuation sheet on warrants, subscription shares and zeros – November 2015
We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 4 November 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out of date for […]
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02 Oct 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – October 2015
October Warrants and subscription shares We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the afternoon of 2 October 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out […]
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02 Sep 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – September 2015
September warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 2 September 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be […]
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03 Aug 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – August 2015
August warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 3 August 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be […]
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01 Jun 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – June 2015
June warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 1 June 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out […]
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01 May 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – May 2015
May warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 1 May 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be […]
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02 Apr 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – April 2015
April warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 2 April 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out […]
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02 Mar 2015 1 min read
QuotedData’s valuation sheet on Warrants, Subscription Shares and Zeros – March 2015
March warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 2 March 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out […]
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02 Feb 2015 1 min read
February Warrants, Subscription Shares and Zeros
February warrants, subscription shares and zeros We have updated our warrant and subscription shares and ZDP sheet for you with numbers from the morning of 2 February 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out […]
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02 Jan 2015 1 min read
January Zero Dividend Preference Share data
January Zero Dividend Preference Share sheet We have updated the ZDP sheet for you with numbers from the morning of 2 January 2015 – you can access it by clicking the link above. Bear in mind that the net asset value numbers that go into calculating the final asset cover may be out of date for funds that […]
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1 min read
January warrants and subscription shares data
January Warrants and subscription shares We have updated the warrants and subscription share data for you with numbers from the morning of 2 January 2015. Just click on the link above. We hope you find this useful. JPMorgan Japan Smaller Companies issued a new series of subscription shares with a two year life exercisable at a 2% premium […]
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02 Dec 2014 1 min read
December 2014 warrant and subscription shares figures from QuotedData
December Warrants and subscription shares We have updated the warrants and subscription share data for you with numbers from the morning of 1 December 2014. Just click on the link above. We hope you find this useful. Golden Prospect Precious Metals subscription shares have expired worthless and trading in them is being cancelled. JPMorgan Japan Smaller […]
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03 Nov 2014 1 min read
November 2014 warrant and subscription shares figures from QuotedData
November 2014 warrant and subscription shares figures from QuotedData November Warrants and subscription shares We have updated the warrants and subscription share data for you with numbers from the morning of 1 November 2014. We hope you find this useful. JPMorgan Overseas subscription shareholders had the chance to convert their holdings into ordinary shares at a […]
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01 Oct 2014 1 min read
October 2014 warrant and subscription shares figures from QuotedData
October 2014 warrant and subscription shares figures from QuotedData October Warrants and subscription shares We have updated the warrants and subscription share data for you with numbers from the morning of 1 October 2014. We hope you find this useful. We have added a new line this month, India Capital Growth subscription shares. These were actually […]
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01 Sep 2014 1 min read
August 2014 warrant and subscription shares figures from QuotedData
August 2014 warrant and subscription shares figures from QuotedData August Warrants and subscription shares We have updated the warrants and subscription share data for you with numbers from the morning of 1 September 2014. We hope you find this useful. You may notice that one issue expired this month – Henderson International Income subscription shares were […]
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01 Aug 2014 1 min read
July 2014 warrant and subscription shares figures from QuotedData
July warrant and subscription shares We have updated the warrants and subscription share data for you with numbers from the morning of 1 August 2014. Hope this is useful. You may notice that one issue expired this month – JPMorgan Emerging Markets subscription shares were in the money (the conversion price was less than the price […]
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04 Jul 2014 1 min read
June 2014 warrants and subscription share figures from QuotedData
June warrant and subscription shares We have updated the warrants and subscription share data for you with numbers from the morning of 4 July 2014. Hope this is useful.
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13 Jun 2014 1 min read
Warrants and subscription shares
140613 Warrants and subscription shares Following on from the sheet we published on Zeros the other day, here is a similar sheet covering Warrants and subscription share issues in the investment company sector with some basic valuation information. As with the ZDPs. we’ll aim to keep this updated once a month – but this data […]
News
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03 Jul 2026 4 min read
Trust Spot: Biotech Growth soars 21%; 3i Group regroups after May slump; Seraphim Space steps back from high
Biotechnology trusts BIOG and IBT replaced technology trusts as last month’s big risers with profit taking hitting Seraphim Space (SSIT) in June, but 3i Group (III) recovering after its tumble in May. June’s top risers Investment company Total shareholder return % Premium (- discount) % Biotech Growth (BIOG) 20.58 -8.59 Bluefield Solar (BSIF) 16.5 -13.96 […]
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22 May 2026 3 min read
India – a growth story that doesn’t rely on AI?
India Capital Growth (IGC) is gearing up for its AGM which is scheduled for 11 June. If you are shareholder and you are free, I would urge you to go along. Listen to the investment adviser’s presentation and put questions to him and the board. I know that if it was not for the demands […]
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01 May 2026 2 min read
Master Investor: An exhilarating event showing the strength and depth of UK-listed investment companies
Master Investor is over for another year, and I am very glad I had the chance to attend the UK’s biggest annual retail investment jamboree. As a first-timer to the show in London’s Business Design Centre, I was impressed to see a big, buzzy crowd of private investors (with over 4,000 tickets sold) gathered in […]
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26 Mar 2026 2 min read
India Capital Growth shareholders agree to five-yearly exits to stabilise fund hit by £76m of redemptions in four years
India Capital Growth (IGC), the £93m fund focused on small and mid-cap Indian stocks, yesterday gained over 97% shareholder votes approving the introduction of a dividend and a reduction in the exit opportunities given to investors. The investment company will now pay a semi-annual dividend starting at a level of around 2% of net asset […]
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20 Mar 2026 2 min read
Morning briefing: Augmentum Fintech urges shareholders to vote for Verdane’s low bid; India Capital Growth backs Liontrust buying River Global; plus LABS, GRIO, NSI
Augmentum Fintech (AUGM) has urged shareholders to vote for the £185.7m cash bid from Norwegian buyout group Verdane the board recommended last month as the best way for investors to realise some value in the short term. The investment company has published a circular detailing how shareholders can send in proxy votes for the meetings […]
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16 Mar 2026 2 min read
Morning briefing: Liontrust buys Martin Gilbert’s River Global; Harwood pushes for M&C Saatchi break-up; VinaCapital Vietnam lags narrow index
Martin Gilbert’s River Global (RVRG) fund manager agrees to a £9.7m all-share acquisition by Liontrust Asset Management (LIO), with its £2.7bn assets under management set to lift Liontrust’s to £24.4bn. The deal will expand Liontrust’s investment company range with India Capital Growth (IGC), River UK Micro Cap (RMMC) and European Opportunities Trust (EOT) joining the […]
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20 Feb 2026 2 min read
Morning briefing: Valhalla lifts HGT stake to 7.2%; India Capital proposes five-yearly tender; Segro says logistics “reasserts” its strengths; plus SEC, DGI9, RESI
Valhalla Ventures, the holding company of Preqin founder Mark O’Hare, has lifted its stake in HgCapital (HGT) for a fourth time to 7.2% from 6.4%. The Jersey-based company bought again on Tuesday and now holds almost 33m shares which at almost 439p give him a stake worth around £145m in the £2bn investment trust investing in the private equity […]
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02 Dec 2025 3 min read
Morning briefing: Blackstone reported to have pulled out of Big Yellow bid talks; tiny Investment Company considers wind-up; plus SBO, IGC, MMIT, BPM, GR1T, GRIO, ANII, MPO, OFG, NVT, MTE, WKOF
Big Yellow (BYG) shares fell 6.5% in late trading yesterday on reports that Blackstone has walked away from talks over its proposed takeover of the UK’s largest self-storage business. In October the US investment group said it was at the “preliminary stage” of assessing whether to make an offer for a company with a then […]
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03 Nov 2025 3 min read
Morning briefing: Hurricane Melissa delays Ocean Wilsons’ Hansa merger hearing; Saba reveals DIVI stake; plus MPO, PEY, ORIT, ASLI, NSI, FAIR, AWEM, IGC
Ocean Wilsons (OCN) says “adverse weather conditions resulting from the proximity of Hurricane Melissa to Bermuda” have delayed the court sanction hearing into shareholder Arnhold’s objections to its merger with Hansa Investment Company (HANA). The hearing started on Thursday but due to reduced court time will continue this week. Ocean Wilsons will make a further […]
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10 Oct 2025 3 min read
India “on the cusp” of greatness says Ashoka manager as trust pays first dividend after seven strong years
Ashoka India Equity (AIE) is to pay its first dividend since launch seven years ago after shielding investors from the turmoil of US President Trump’s chaotic tariffs policy. Annual results yesterday showed the £470m investment trust emerged essentially unscathed from the turbulence caused by Trump eventually slapping a 25% tariff on India’s imports along with […]
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25 Sep 2025 3 min read
Morning briefing: Goldman Sachs’ Petershill soars on stock market exit; plus IGC, DIG, PINT, NBPE, ARR & PCTN
Petershill Partners prepares to delist after four unsuccessful years on the UK stock market while India Capital Growth, Dunedin Income Growth, Pantheon Infrastructure, NB Private Equity and Aurora UK Alpha issue half-year results and Picton Property completes the sale of its largest office. Petershill Partners (PHLL) shares jump 33% after the £2.5bn Goldman Sachs fund […]
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08 Jul 2025 2 min read
Top-performing India Capital Growth sets terms of investors’ next exit opportunity
India Capital Growth, the best performer in its sector over three and five years, is giving shareholders the chance to sell their shares on a narrow discount. India Capital Growth (IGC) has announced that at its third two-yearly redemption point on 28 November shareholders will be able to sell all their shares at 3% below […]
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07 May 2025 2 min read
UK-India free trade agreement 2025: What it means for markets and stocks
Most significant post Brexit trade pact The UK-India Free Trade Agreement (FTA), finalised in 2025 after years of negotiation, marks the most significant post-Brexit trade pact for the United Kingdom. It not only strengthens economic ties with one of the world’s fastest-growing economies but is also poised to influence key sectors across both UK and […]
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09 Apr 2025 3 min read
QuotedData’s morning briefing 9 April 2025 – UTL, BSRT, SDV, IGC
We also have: Stories you may have missed from yesterday:
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27 Mar 2025 3 min read
India Capital Growth lagged benchmark by wide margin over 2024
India Capital Growth’s results for the 12 months ended 31 December 2024 show an NAV return of 16% and share price return of 11.3% (as the discount widened from 3.9% to 7.9%). [The chair describes 2024 as a strong year for the company – which it was in absolute terms – but while the chair’s […]
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19 Apr 2024 4 min read
QD view – Hot stuff
Forget the Magnificent Seven, the Indian stock market has been the unsung hero of the past decade. The MSCI India has delivered an annualised return of 13.6%[1], that puts it ahead of the MSCI World (9.97%) and its emerging market peers (3.33%). The returns from the country’s small-and mid-cap sector have been even higher. With […]
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28 Mar 2024 2 min read
India Capital Growth serves up great absolute but poor relative returns
India Capital Growth Fund reports NAV growth of 28.6% and share price growth of 34.1% for 2023. However, the benchmark S&P BSE Midcap Total Return Index rose by 38.4% The share price discount to NAV narrowed over the year to just over 3.9% at the year end. The board intends to continue to repurchase shares […]
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08 Jan 2024 2 min read
QuotedData’s morning briefing for 8 January 2024 – AERI, CORD, SMIF, ICG, CLDN, RTW, LMP, PSDL
In QuotedData’s morning briefing for 8 January 2024: Aquila European Renewables (AERI) has announced that it has entered into a €50m five-year debt facility with ING Bank N.V. Sucursal en España. The facility is secured by AERI’s wholly owned Spanish solar PV portfolio, with the leverage equal to 26%. The pricing of the debt remains […]
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03 Jan 2024 1 min read
QuotedData’s morning briefing 3 January 2024 – IGC
In QuotedData’s morning briefing 3 January 2024: India Capital Growth says that 15,159,876 shares, equivalent to 15.7% of its issued share capital, have been submitted to its annual redemption facility. The redemption price will be annouunced on 8 January 2024. [That is quite a blow for a fund that has delivered a 35% share price […]
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04 Dec 2023 3 min read
QuotedData’s morning briefing 4 December 2023 – GSF, SEQI, SYNC, SBO, INOV, IGC, JLEN, SEIT
In QuotedData’s morning briefing 4 December 2023: Gore Street Energy Storage Fund (GSF) has announced that its investment manager, Gore Street Capital, has been selected as the co-manager of Japan’s first dedicated fund for grid storage batteries, with the Tokyo Metropolitan Government as the cornerstone investor, contributing £10.6m to the fund. Sequoia Economic Infrastructure Income Fund […]
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02 Oct 2023 2 min read
QuotedData’s morning briefing 2 October 2023 – ICG, TMI, PEY, AERI, MWY, AIRE, SERE, JLEN
In QuotedData’s morning briefing 2 October 2023: India Capital Growth Fund (ICG) has announced that its investment manager, Ocean Dial Asset Management, has been acquired by AssetCo. As a result ICG will come under the River and Mercantile brand in due course, which will increase the resources available to ICG. Taylor Maritime Investments (TMI) has […]
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21 Apr 2023 4 min read
QD view – Jury out on latest IPO
A brave WhiteOak Capital Management is trying to prop up the entire UK investment company IPO market almost single handed (although we are still waiting for the result of the AT85 Infrastructure IPO). The team behind Ashoka India Equity is looking to be the first to bring an investment company to market in over 18 […]
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30 Mar 2023 5 min read
India Capital Growth benefits from financials overweight
India Capital Growth (IGC) has announced its annual results for the year ended 31 December 2022. During the year, IGC’s NAV rose 3.9%, modestly outperforming the BSE Midcap TR Index, which increased by 3.2%. The NAV of the portfolio, before deferred tax provision relating to potential Indian Capital Gains Tax, rose by 4.3% outperforming emerging […]
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06 Mar 2023 1 min read
India Capital Growth’s manager bought by AssetCo
AssetCo Plc, the asset manager founded and chaired by Martin Gilbert, has agreed to acquire Ocean Dial Asset Management Limited, investment manager to India Capital Growth. The deal is subject to regulatory approvals from the Financial Conduct Authority in the UK, the Securities Exchange Board of India and the Reserve Bank of India. Ocean Dial […]
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04 Nov 2022 4 min read
QD view – India, the new darling of emerging markets?
The Indian stock market has proved an unlikely safe haven over the past three years. After an astonishing recovery in 2020 and 2021, Indian investment trusts continued their resilience in 2022, only outpaced by commodity-focused markets. Its strength is in notable contrast to China, which languishes at the bottom of the performance tables. It suggests […]
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26 Sep 2022 2 min read
QuotedData’s morning briefing 26 September 2022
In QuotedData’s morning briefing 26 September 2022 India Capital Growth (IGC) had a difficult start to 2022, underperforming the BSE Midcap total return index by 6.2% over the six months ended 30 June 2022. The trust returned -14.7% in NAV terms and -19.8% in share price terms (and that is after benefitting from a 4.3% […]
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13 May 2022 6 min read
QD View – Delhi’s dilemma – navigating the region’s geopolitics
Regular readers of our research and news may have noticed that, at QuotedData, we are quite positive on India as an investment destination. While acknowledging that, as a sprawling democracy of some 1.4bn people and the world’s fifth largest economy, India inevitably has its challenges. Nonetheless, there is much to recommend it. In our view, […]
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25 Mar 2022 1 min read
QuotedData’s weekly news show 25th March 2022
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Aberdeen New India/India Capital Growth • Greencoat Renewables • Rockwood Realisation This week’s interview was with Blake Hutchins of Troy Income & Growth. – […]
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21 Mar 2022 3 min read
Investors are coming round to a ‘resilient India’ says India Capital Growth manager
Investors are coming round to a ‘resilient India’ says India Capital Growth manager – India Capital Growth (IGC) has published its final results for the year to 31 December 2021. During this time, it reported an NAV increase of 37.9% and a share price increased of 42.7%. However, the company’s NAV underperformed its benchmark, the […]
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11 Jan 2022 1 min read
QuotedData’s morning briefing 11 January 2022
In QuotedData’s morning briefing 11 January 2022: The redemption price for investors that asked to redeem their India Capital Growth (IGC) shares will be 126.2613p per share. Payment is expected on or before 21 January 2022. Dunedin Income & Growth (DIG) says that Samantha Brownlee and Rebecca Maclean, both investment directors and senior members of […]
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04 Jan 2022 1 min read
QuotedData’s morning briefing 4 January 2022
In QuotedData’s morning briefing 4 January 2022: Foresight Solar Fund (FSFL) has taken its holdings in the Oakey 1 (30 MW) and Longreach (17 MW) solar farms in Queensland, Australia up to 100%. The fund bought a 49% stake in each farm in December 2017 and has acquired the remaining 51% in each from Canadian […]
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06 Dec 2021 1 min read
India Capital Growth confirms upcoming redemption facility details and determines exit discount for 2023
India Capital Growth confirms upcoming redemption facility details and determines exit discount for 2023 – India Capital Growth, which is due to hold its redemption vote at the end of this year, has confirmed the arrangements for the vote, which will enable Shareholders to request redemption at an Exit Discount of 6%. In addition, and […]
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01 Oct 2021 1 min read
QuotedData’s weekly news show 1 October 2021
QuotedData’s weekly news show 1 October 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Vietnam Holding • Indian funds • Bits and pieces This week’s interview was with Tim Creed of […]
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29 Sep 2021 2 min read
India Capital Growth posts strong results ahead of first redemption vote
India Capital Growth posts strong results ahead of first redemption vote – India Capital Growth (IGC) has published its interim results for the six months to 30 June 2021, during which time its share price rose by 31.7% and its NAV increased by 25.1%, outperforming the BSE Midcap TR Index by 2.9%. However, IGC is […]
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16 Jul 2021 3 min read
QD view – is India back on track?
India has made major headlines since the start of the year as it has been hit by one of the deadliest waves of the coronavirus pandemic, with almost 410,000 deaths and 31m cases – and these are only reported instances. Experts believe the actual toll is much higher. It is also supposedly where the Delta […]
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01 Jun 2021 2 min read
QuotedData’s morning briefing 1 June 2021
In QuotedData’s morning briefing 1 June 2021: Blackstone Loan Financing has announced plans for a share repurchase programme to repurchase ordinary shares within certain pre-set parameters, following the expiry of the previous programme on 26 May 2021. The new share repurchase programme will start today and will run until the company’s upcoming AGM on 23 July […]
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12 May 2021 1 min read
India Capital Growth Fund Webinar playback: India’s second wave
Watch the recording of India Capital Growth Fund’s webinar here where Gaurav Narain, co-Head of Equities and Portfolio Advisor, Elisabeth Scott, Chairman of the India Capital Growth Fund and Camilla Bryden answered investors questions and provided an update on: The spread of Covid-19 in India The impact on India Capital Growth Fund’s mid and small cap portfolio Market […]
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30 Apr 2021 3 min read
QD view – Indian funds take stock
QD view – Indian funds take stock No doubt you have seen the horrific scenes in India as COVID-19 seemingly runs out of control. Our first thoughts must be with the victims and their families, but the managers of funds specialising in the region have also been taking time to update us on what this […]
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26 Mar 2021 2 min read
QD view – there’s more to emerging markets than China
We have just published a note on Aberdeen Emerging Markets Investment Company, following a meeting with its managers, and our guest on this week’s news show was Ross Teverson, manager of Jupiter Emerging & Frontier Income. This week’s QD view picks up on some of the themes that came out of our discussions. The first […]
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5 min read
India Capital Growth benefits from improved process
India Capital Growth (IGC) has announced its annual results for the year ended 31 December 2020, during which it says that, in the second half of 2020, after the changes to the investment process and investment team came into effect, it benefitted from significantly improved performance. In 2020 as a whole, IGC’s NAV rose 10.4%, […]
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30 Sep 2020 4 min read
Early promise shown by some of India Capital Growth’s newer holdings
India Capital Growth (IGC) has reported interim results to 30 June 2020, with the NAV declining by 20.4% over the six months. The NAV increased by 22% from the low reached on 31 March and has continued to recover since the period-end, increasing by 14%, as at 31 August. Performance attribution – Aurobindo Pharma leads gains […]
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28 Aug 2020 2 min read
QuotedData’s morning briefing 28 August 2020
In QuotedData’s morning briefing 28 August 2020: Invesco Asia (IAT) announced two measures aimed at meeting its 10% discount target. Chairman, Neil Rogan, says that they are being introduced to spark new demand for the company. Conditional tender offer: subject to approval by shareholders, the board intends to introduce a performance-related conditional tender offer. Under the […]
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12 Jun 2020 1 min read
India Capital Growth gets backing for continuation
India Capital Growth gets backing for continuation At today’s AGM, all the resolutions that were put to shareholders were passed by a significant margin. Resolution 1 – that the company continues – was passed 92.9 : 7.1 Resolution 2 – allowing the company to issue shares – was passed 96.9 : 3.1 Resolution 3 – […]
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26 May 2020 3 min read
India Capital Growth continuation vote – urgent video from the board to its shareholders
An urgent video message from the chairman, Elisabeth Scott A message from the Chairman from India Capital on Vimeo. Additionally: Join one of their two webinars; Read our research note India Capital Growth – Needs more time; And David Cornell, of the manager Ocean Dial will be on our weekly show Friday at 11am (normally […]
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2 min read
India Capital Growth wants time to recover
India Capital Growth wants time to recover – This morning, India Capital Growth has announced that it will hold a continuation vote on 12 June. A vote looked likely to be triggered later this year as the fund has failed to beat its benchmark over the period since 30 June 2017. The manager has been […]
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20 Mar 2020 2 min read
India Capital Growth annual results reflect challenging investment climate
India Capital Growth (IGC) released its annual results this morning, covering the period to 31 December 2019. It was another difficult year for the Indian stock market and for Indian small and mid-cap stocks in particular. The company’s NAV per share declined by (12.9%) while the discount widened from (14%) to (20.4%) over the year. […]
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17 Oct 2019 1 min read
India Capital Growth management team strengthened
India Capital Growth management team strengthened – Ocean Dial India hires Tridib Pathak as co-head of equities alongside Gaurav Narain. Tridib Pathak’s career in the Indian financial markets spans 30 years. Originally he appraised project finance and term lending for a public sector bank. He then moved across to a research focused role initially as a […]
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03 Sep 2019 1 min read
India Capital Growth reports on difficult start to 2019
India Capital Growth reports on difficult start to 2019 – Following a difficult year in 2018, the Indian stock market struggled to move forward in the first half of 2019. While the large company index showed a positive return, the small and mid-cap index, the BSE MidCap Total Return Index declined 2.4% in sterling terms. India […]
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24 May 2019 1 min read
India Capital Growth slashes fee to 1.25%
India Capital Growth (IGC) has announced that, with effect from 1 July 2019, its annual management fee will be charged at a rate of 1.25%. This is a reduction from the current rate of 1.50%. Reflecting this, the company says that its annualised ongoing charges ratio is forecast to fall to around 1.6% ,based upon […]
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28 Mar 2019 2 min read
India Capital Growth 2018 NAV down 20% as small and mid-cap market deflates
India Capital Growth 2018 NAV down 20% as small and mid-cap market deflates – After a bumper few years following the election and reforms enacted by Prime Minister Narendra Modi, India’s stock market cooled in 2018. The impact of a more challenged macroeconomic environment and exogenous forces such as the rise in oil prices (India […]
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19 Jul 2018 1 min read
Investment Trust Insider on how to grow trusts
Investment Trust Insider on how to grow trusts James Carthew: imponderable questions in quest for scale Last week I addressed the uphill battle Ashoka India Equity (AIE) faces if it wants to expand, having raised just £46.5 million in its flotation. It is by no means the smallest fund out there, however. Many of the very smallest funds […]
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10 Jul 2018 1 min read
Investment Trust Insider on recent new issues
Investment Trust Insider on recent new issues – James Carthew: can Ashoka overcome a disappointing launch? It has been a week of contrasts in the new issue market. Tritax EuroBox (BOXE) raised its maximum target of £300 million in an issue that was ‘significantly oversubscribed’ and Hipgnosis Songs Fund (SONG) raised over £200 million. Whereas […]
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22 Mar 2018 1 min read
India Capital Growth shareholders made 59% in 2017
India Capital Growth shareholders made 59% in 2017 – India Capital Growth had a great 2017, returning 59% to shareholders and delivering a 42.3% return on its NAV. The NAV just failed to beat its notional benchmark, the BSE Midcap, which returned 45.3%. The 3% underperformance arose in December when three significant portfolio holdings corrected […]
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19 Jan 2018 1 min read
Investment Trust Insider trusts that didn’t escape me last year
Investment Trust Insider – trusts that didn’t escape me last year. As 2018 gets underway, I thought that it might be worth revisiting some of the funds that I wrote about in 2017. At the start of the year I hailed the changes that Standard Life Private Equity (SLPE) was implementing to broaden its investment proposition and noted the increasing […]
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09 Aug 2017 1 min read
India Capital Growth manager acquired
India Capital Growth manager acquired – India Capital Growth says that it was informed by Ocean Dial Asset Management Limited, its investment manager, that an agreement has been reached with Avendus Capital Private Limited whereby Avendus Capital and/or its wholly owned subsidiary will acquire 100% ownership of Ocean Dial. Avendus Capital is an India-based financial […]
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29 Jun 2017 5 min read
Miton Global discount narrows on strong performance
For the year ended 30 April 2017, Miton Global Opportunities net asset value per share rose to 248.7p (2016: 182.4p), a total return of 36.3% (2016: 0.4%). The share price ended on an all-time high of 242.3p (2016: 164.3p), a total return of 47.5%. The fund has outperformed a number of other comparators such as the […]
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06 Apr 2017 1 min read
A few nice words from the chairman of India Capital Growth…
A few nice words from the chairman of India Capital Growth… Fred Carr, chairman of India Capital Growth, said: “in conjunction with the Investment Manager, the Board has employed the services of Marten and Co to write regular and detailed research on the Company throughout the year. Marten and Co have a broad and growing […]
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29 Mar 2017 1 min read
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 […]
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15 Sep 2016 1 min read
India Capital Growth’s portfolio outperforms
India Capital Growth reports that, despite Indian markets enduring a shaky start to the year in lockstep with equity volatility globally, its portfolio performance has remained robust, with the net asset value per share rising 17.2%, as compared with the notional benchmark’s performance of 14.9% over the six months ended 30 June 2016. the 17.2% return […]
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09 Aug 2016 1 min read
India Capital Growth raises £23m after heavily discounted share issue
Ocean Dial Asset Management’s India Capital Growth fund has raised £22.8m following the expiration of its subscription shares issued on a ‘one for two’ basis in August 2014. read more here
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16 Mar 2016 1 min read
India Capital Growth beats benchmark but discount widens
India Capital Growth outperformed its benchmark, the S&P BSE Mid Cap Index, over the course of 2015 – generating a return on net assets of 8.6% against a 7.7% return on the index. Unfortunately though the discount widened from 18.7% to 24.4% and so the share price was up 1%. With the exception of Financials, […]
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19 Mar 2015 1 min read
India Capital Growth reaps rewards of resurgent stock market
India Capital Growth’s net asset value rose by 50.3% over the course of 2014, an impressive result but unfortunately quite a bit less than the company’s benchmark, the BSE Mid Cap Index, which returned 63.2%. The MSCI India index returned 28.75 over the same period. The Chairman makes the point that the BSE Index contains a number of […]
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13 Jun 2014 1 min read
India Capital Growth : IGC – proposals
India Capital Growth has been thinking about its future and has decided to call an EGM where it will propose 1) that shareholders are issued with subscription shares and 2) that the dates of the company’s forthcoming continuation votes are changed. The subscription shares would, if issued, be exercisable at asset value two years after being […]
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18 Dec 2013 1 min read
India Capital Growth : IGC – abandons subscription share issue
Following discussions with shareholders, IGC will not proceed with its planned issue of subscription shares.
Videos
In The Press
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24 Aug 2026 1 min read
Investment trust insider on India Capital Growth
James Carthew: The only India trust bucking the downward trend India Capital Growth has made positive returns whilst all its peers sank over the past year, yet is trading on too wide of a discount. Not that long ago, India was the place to be for investors. But after a strong run, its equity markets […]
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15 Jul 2026 1 min read
James Carthew comments on Indian equities in Investors’ Chronicle
James Carthew comments on Indian equities in Helen Kirrane’s article: “The previous story was that Indian equities had become very expensive and then there was a long period where nothing really happened, and I think that we are maybe starting to come through the other side of that,” Read the article here
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19 Mar 2024 1 min read
Investment trust insider on JPMorgan Indian
Investment trust insider on JPMorgan Indian – James Carthew: JPMorgan Indian off the boil as India reaches melting point Last month’s comfortably passed continuation vote belies years of underperformance by this trust. Its two mid-cap rivals look better even if India’s financial regulator worries about hot money. When I last wrote about India in October […]
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08 Mar 2024 1 min read
The most expensive trusts relative to their history
By Matteo Anelli, Senior reporter, Trustnet, 07 March 2024: Premiums are rare in the investment trusts industry, which suffers from chronic discounts, but there are still some trusts that have caught investors’ eyes and garnered traction over the past five years, according to data from QuotedData. Earlier this morning, we looked at the trusts that […]
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25 Oct 2022 1 min read
Investment trust insider on India
Investment trust insider on India – James Carthew: India trusts still have questions to answer A couple of months ago, I highlighted the wide discounts that most of the investment trusts in the India sector were trading on. These have not gone away. However, in terms of underlying returns and net asset value (NAV), until […]
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23 Dec 2021 2 min read
Bargain Hunter: 25 cheap equity trusts towards end of 2021
Kyle Caldwell, interactive investor, 15 December 2021 Some trusts have seen premiums cool, while others are trading on potentially unjustly wide discounts. The pick-up in market volatility of late, amid concerns over rising inflation levels and the emergence last month of the Omicron variant, has led to a welcome increase in potential investment trust discount […]
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20 Dec 2021 1 min read
Investment trust insider on 2022
Investment trust insider on 2022 – James Carthew: Anomalies and opportunities on next year’s horizon Many of the themes that we had going into 2021 look likely to persist into 2022. Covid has not gone away, despite the success of vaccinations. God forbid we end up with lockdowns again, but this is quite possible. This […]
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10 Nov 2021 1 min read
Review: India Capital Growth fund may be small but it’s mighty
inews, Jayna Rana, November 5, 2021 6:11 am This week marks Diwali, also known as the festival of lights, an auspicious occasion celebrated by millions of people in India and around the world. To celebrate, we take a look at the country which is on track to be one of the world’s next superpowers, with […]
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2 min read
Plenty of reasons for India to celebrate
This year’s Diwali is particularly prosperous Jayna Rana, Investment Week, 2 November 2021 This week, millions of people both in India and around the world will celebrate the festival of lights, also known as Diwali. It is an auspicious occasion that celebrates the plight of good over evil but is also used as a time […]
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15 Oct 2021 1 min read
How much of your savings should you have in India?
David Brenchley Sunday October 10 2021, 12.01am, The Sunday Times With a population of 1.4 billion, a rising middle class and some of the fastest-growing companies in the world, India has long been touted as the next great place to hunt out stellar investment returns. In particular it is seen as an alternative to China, […]
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14 Jul 2021 1 min read
India looking forward
Is the time right for investors to refocus on the new-found strength of the economy? Jayna Rana, QuotedData, 14 July 2021 With its young population, rapidly expanding economy and close links to other dominant countries, India is still very much a potential superpower of the world. However, it has also been somewhat misunderstood in recent […]
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17 May 2021 1 min read
There is more to emerging markets than China
DIY Investor, 6 May 2021 James Carthew, head of investment trusts, QuotedData Markets are trying to get to grips with the long term effects of COVID-19 on the global economy, but the prognosis is hard to call. That has led to some volatility this year, which may be a feature of markets for a while […]
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24 Mar 2021 1 min read
Investment trust shareholder rights a beginner’s guide
Investment trust shareholder rights: a beginner’s guide by Kyle Caldwell from interactive investor | 23rd March 2021 14:04 We explain everything investors in investment trusts need to know about their shareholder rights and why voting matters. One of the longstanding, but perhaps understated structural advantages of investment trusts versus funds is their independent board of directors. It is their job […]
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27 Nov 2020 1 min read
AIC consults on creating China and India sectors
AIC consults on creating China and India sectors Countries under-represented in investment company universe David Brenchley, Investment Week, 27 November 2020 The trade body said it was currently consulting with the relevant members and their managers on whether China and India-focused investment trusts should leave the Country Specialist: Asia Pacific ex Japan sector to form […]
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13 Jan 2020 1 min read
Equity trusts offer value as renewables and infrastructure premiums climb
Equity trusts offer value as renewables and infrastructure premiums climb By David Brenchley Investment company discounts moving into 2020 have “never been tighter”, but trust buyers are still seeing bargain opportunities in a number of equity-oriented mandates… Through 2019, the renewables sector re-rated from a 4% premium at the beginning of the year to a […]
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14 May 2019 2 min read
Investment trust insider on India
Investment trust insider on India – James Carthew: ignore India’s polls and pick a stock picker India is going to the polls and results from the general election will be declared on 23 May. It looks as though the National Democratic Alliance, the coalition of the BJP (Bharatiya Janata Party) and various regional parties, will be […]
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10 Jul 2018 1 min read
Investment Trust Insider on recent new issues
Investment Trust Insider on recent new issues – James Carthew: can Ashoka overcome a disappointing launch? It has been a week of contrasts in the new issue market. Tritax EuroBox (EBOX) raised its maximum target of £300 million in an issue that was ‘significantly oversubscribed’ and Hipgnosis Songs Fund (SONG) raised over £200 million. Whereas […]
