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 oil prices may be a headwind but India’s domestically focused economy should be relatively sheltered from a global trade war. Gaurav Narain, investment adviser to IGC, thinks we could see the companies in IGC’s portfolio reporting average earnings growth of at least 20% a year for the periods ending March 2019 and March 2020.
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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