Title: URL Source: https://is.gd/OCr0AU Published Time: Wed, 25 Jun 2025 10:18:53 GMT Markdown Content: www.indiacapitalgrowth.com +44 20 3327 5107 investment.companies@river.global APRIL 2025 # India Capital Growth Fund NET ASSET VALUE The Net Asset Value (NAV) per share as at 30 April 2025 was 176.63 pence. In April the NAV was up 0.76% in Sterling terms, whilst the BSE MidCap TR Index was up 0.43%. In local currency terms, the NAV was up 3.61% for the month. FUND INFORMATION Listing LSE Main Market Domicile Guernsey NAV publication Monthly (daily estimate) Size (NAV) GBP150.9m Launch date 22 December 2005 Adviser start 31 December 2011 Fund Manager River Global Investors Principal Adviser Gaurav Narain Benchmark S&P BSE MidCap TR AMC 1.25% of market cap Share price NAV per share 169.0p / 176.6p Discount to NAV 4.3% PORTFOLIO CHARACTERISTICS Number of holdings 38 Median market cap (US$bn) $1.5bn PE FY26E 22.3 ROE FY26E 17.3% Tracking Error 7.5% Active Share 87.7% Annual return 14.9% INDIA HIGHLIGHT MTD YTD INR vs US$ [stronger/(weaker)] 1.1% 1.3% FII Net flows (US$m) 1,270.8 (12,266.0) DII Net flows (US$m) 3,285.8 25,097.2 CPI inflation (Mar-25 / 3m avg) 3.3% 3.7% GDP Q3 FY25 6.2% Current account/ GDP Q3 FY25 (0.9)% Source: River Global Investors PORTFOLIO AND MARKET UPDATE April witnessed robust performance in Indian equity markets with the large-cap Sensex rising by 3.7%, mid-cap index increasing by 3.3% and small-cap index up by 1.6%, in local currency. Sector-wise, Consumer Durables, Oil & Gas and FMCG gained 6%, 5% and 5% respectively, while Metals and IT declined by 6% and 3%. Foreign Institutional Investors (FII) flows remained positive at US$1.3bn and domestic flows reached US$3.3bn. The Indian Rupee appreciated by 0.6% against the US Dollar. The Reserve Bank of India (RBI) reduced the repo rate by 25bps to 6% and adopted an accommodative stance as the Consumer Price Index (CPI) inflation rate eased to 3.3% in March, from 3.6% in February. Economic momentum remained strong, driven by record April GST collections of ₹2.37 trillion (up 12.6% YoY) and a 10-month high manufacturing PMI of 58.2. An above-normal monsoon forecast may further boost agriculture, ease inflation, and support consumption through potential rate cuts. At a portfolio level, stocks posted positive returns, led by Indusind Bank (+26%), Dixon Technologies (+25%), and Elecon Engineering (+21%). Negative returns came from Ramkrishna Forgings (-23%), Coforge (-10%) and Triveni Turbines (-8%). HOLDING IN FOCUS: Titagarh Rail Systems Limited Established in 1997, Titagarh is India’s largest manufacturer of railway wagons, holding over 20% of market share in railway freight wagons. Through investments in technology, design and engineering capabilities, Titagarh has transformed into a comprehensive railway transportation company, successfully venturing into the production of metro and semi-high-speed passenger rail coaches. This has enhanced its market opportunities and provided long term growth visibility. Titagarh is also undertaking backward integration into the production of wheels and propulsion systems, which will improve margins going forward. With its integrated business model and engineering capabilities, Titagarh has established entry barriers, the benefits of which are anticipated to be reflected in the Company’s numbers going forward. Revenues and earnings projected to grow at compound annual rate of over 25% over the next 3 years. REBASED NAV PERFORMANCE SINCE 31 DECEMBER 2011 (%) 80 200 320 440 560 680 800 920 Apr 25 Apr 24 Apr 23 Apr 22 Apr 21 Apr 20 Apr 19 Apr 18 Apr 17 Apr 16 Apr 15 Apr 14 Apr 13 Dec 11 ICGF Rebased NAV (GBP) 1BSE MidCap TR (GBP) 1 The Rebased NAV is the fairest representation of the Manager’s performance across all periods excluding the dilutive effect of the new ordinary shares issued on 8 August 2016 following the exercise of subscription share rights. Full provision is made for Indian Capital Gains Tax in the Net Asset Value. PERFORMANCE (%) 1 mnth 3mnth 6mnth 1 year 3 years 5 years ICGF NAV 0.8 (8.7) (14.0) (5.2) 36.5 173.8 BSE MidCap TR Index 0.4 (5.8) (10.5) (5.7) 52.3 209.3 TOPICAL COMMENT BOOK REVIEW April 2025 LONDON AGM April 2025 OCEAN DIAL ASSET MANAGEMENT March 2025 IN THE MEDIA April 2025 Taxtopia by The Rebel Accountant 5th June 2025 at 11am Register Here Ocean Dial Asset Management-New name, Same team CNBC’s Inside India newsletter by Ganesh Rao APRIL 2025 # India Capital Growth Fund www.indiacapitalgrowth.com +44 20 3327 5107 investment.companies@river.global QUARTERLY ATTRIBUTION – 3 MONTHS TO APRIL 2025 (%) TOP 5 Ave. weight Ave. index weight Return Contribution BOTTOM 5 Ave. weight Ave. index weight Return Contribution RBL Bank 3.19 0.00 14.92 0.46 Neuland Laboratories 4.88 0.00 (19.76) (1.04) Dixon Technologies India 4.77 2.04 3.75 0.22 Ramkrishna Forgings 3.64 0.00 (28.25) (1.00) Cholamandalam Inv and Finance Co 1.45 0.00 9.77 0.13 Persistent Systems 3.79 2.15 (16.63) (0.70) Emami 4.11 0.43 0.81 0.08 Triveni Turbine 1.87 0.00 (26.41) (0.57) Multi Commodity Exchange of India 3.94 0.00 1.02 0.07 VIP Industries 2.00 0.00 (22.30) (0.53) TOP TEN HOLDINGS Portfolio company Weight Characteristics Market cap US$bn Dixon Technologies 5.3% Dominant player in an emerging Indian Electronic Manufacturing Services industry with structural tailwinds 11.7 Skipper 4.8% Power transmission and distribution company including polymer pipes and fittings segment 0.6 Federal Bank 4.7% Well run mid-sized private sector bank, attractive valuations 5.7 Neuland Laboratories 4.6% API and Custom Manufacturing solutions (CMS) provider to multinational pharmaceutical companies. Beneficiary of China-dominated supply chain disruptions 1.8 Emami 4.4% Dominant player across multiple niche consumer product categories, attractive valuations 3.2 Multi Commodity Exchange 4.4% Commodity exchange, with 95%+ market share 3.7 Persistent Systems 3.7% IT services company benefitting from ‘digital transformation’ of businesses globally 9.8 RBL Bank 3.7% Private sector bank offering online and branch business banking and financial market operations 1.4 Affle India 3.4% Mobile adtech company 2.6 PI Industries 3.3% Quality agro-chemical company, high visibility, strong industry tailwinds in global supply chains 6.5 PORTFOLIO ANALYSIS (%) Cash & cash equiv alents U③li③es Tex③les Real Estate Metals IT Services Industrials Healthcare Financial Services Financial NBFC Financial Banks Energy Digital Consumer Staples Consumer Discre③onary Chemicals Cement Auto & Auto Ancillary 8.5 7.5 4.6 1.4 5.2 6.2 10.2 13.9 9.9 3.9 6.0 2.8 0.0 3.7 15.5 8.0 1.4 4.0 4.4 4.0 6.4 12.8 13.6 13.8 4.6 8.9 0.0 3.1 0.0 3.7 4.3 0.0 0.0 2.3 5.3 0.0 Por€olio BSE MidCap TR Cash 5.3% Large Cap 1.4% Mid Cap 26.2% Small Cap 67.0% (1) The market capital classifications have recently changed. Read more The information in this document does not constitute or contain an offer or invitation for the sale or purchase of any shares in the Fund in any jurisdiction, is not intended to form the basis of any investment decision, does not constitute any recommendation by the Fund, its directors, agents or advisers, is unaudited and provided for information purposes only and may include information from third party sources which has not been independently verified. Interests in the Fund have not been and will not be registered under any securities laws of the United States of America or its territories or possessions or areas subject to its jurisdiction, and may not be offered for sale or sold to nationals or residents thereof except pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and any applicable state laws. While all reasonable care has been taken in the preparation of this document, no warranty is given on the accuracy of the information contained herein, nor is any responsibility or liability accepted for any errors of fact or any opinions expressed herein. Past performance is not a guide to future performance and investment markets and conditions can change rapidly. Emerging market equities can be more volatile than those of developed markets and equities in general are more volatile than bonds and cash. The value of your investment may go down as well as up and there is no guarantee that you will get back the amount that you invested. Currency movements may also have an adverse effect on the capital value of your investment. Investing in a country specific fund may be less liquid and more volatile than investing in a diversified fund in the developed markets. This Fund should be seen as a long term investment and you should read the London Stock Exchange Listing Prospectus published in December 2017 (the ”Prospectus”) whilst paying particular attention to the risk factors section before making an investment. Please refer to the Prospectus for specific risk factors. Where reference to a specific Class of security is made, it is for illustrative purposes only and should not be regarded as a recommendation to buy or sell that security. Market index information shown herein such as that of the S&P BSE Midcap TR is included to show relative market performance for the periods indicated and not as standards of comparison, since indices are unmanaged, broadly based and differ in numerous respects from the Fund. This document is issued by RGI Fund Management (referred to as River Global) and views expressed in this document reflect the views of River Global and adviser Saltoro Investment Advisors Pvt Ltd as at the date of publication. This information may not be reproduced, redistributed or copied in whole or in part without the express consent of River Global and River Global Investors LLP is authorised and regulated by the Financial Conduct Authority in the United Kingdom. River Global Investors LLP is a signatory to the UN Principles of Responsible Investment. Registered office: 30 Coleman Street, London, EC2R 5AL. SOURCES Source of all performance and portfolio analysis: River Global Investors, Bloomberg. CAPITAL STRUCTURE 85,415,644 ordinary shares in issue with voting rights. BOARD Elisabeth Scott (Chair), Patrick Firth, Lynne Duquemin, Nick Timberlake OTHER ADVISERS Administrator: Apex Fund and Corporate Services (Guernsey) Limited Broker: Shore Capital Stockbrokers Limited Registrar and CREST Agent: Neville Registrars Limited IMPORTANT INFORMATION APRIL 2025 # India Capital Growth Fund PRINCIPAL ADVISER Gaurav Narain has advised India Capital Growth Fund since November 2011, having been immersed in the Indian equity markets for the previous 21 years. He has held senior positions as both a fund manager and an equities analyst in New Horizon Investments, ING Investment Management India and SG (Asia) Securities India. He holds a Masters degree in Finance and Control and a Bachelor of Economics degree from Delhi University. INVESTMENT PHILOSOPHY The investment manager believes that in India, optimal returns will be generated over time by investing in companies that are well placed to benefit from the structural growth potential of the Indian economy, combined with the highest quality of management best able to exploit this opportunity. The fund uses a consistent and disciplined bottom up stock picking process to select investments from our best ideas, unconstrained by a benchmark. INVESTMENT OBJECTIVE To provide long term capital appreciation by investing predominantly in listed mid and small cap Indian companies. Investments may also be made in unquoted 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 exposure to the Indian Rupee. FUND MANAGER River Global Investors is authorised and regulated by the Financial Conduct Authority. +44 (0) 20 3327 5107 investment.companies@ river.global WEBSITE www.indiacapitalgrowth.com www.indiacapitalgrowth.com +44 20 3327 5107 investment.companies@river.global