Shakeout uncovers value
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 rate between the Indian rupee and other key currencies such as the US dollar; and what appears to have been, a liquidity squeeze (where some companies found it hard to borrow money).
India Capital Growth Fund is a closed-ended investment company. Co. invests (indirectly) in companies based in India. Co.'s subsidiary, ICG Q Limited holds an underlying portfolio of 39 listed equity instruments based in India. ICG Q Limited's portfolio consists predominantly of mid cap and small cap listed Indian securities. Co. invests in various sectors, including IT, Financials, Consumer discretionary, Industrials, Materials, Consumer staples, and Healthcare. Co.'s investment was managed by Apex Fund Services (Guernsey) Limited. As of Dec 31 2017, Co.'s total portfolio investments was valued at £139.2 million.
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