The Writing Room

We aim to keep our investors up to date with regular written pieces that discuss our portfolios and our views on the opportunity-set whilst using the exercise to clarify our thoughts.

Portfolio Adviser Magazine: India’s Growth Story

February 2024

 

Gaurav Narain, portfolio adviser of India Capital Growth Fund, says a domestic economy that’s firing on all cylinders points to India as an exciting destination for investors seeking long-term structural opportunities.

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Investors Chronicle: What India’s rise means for EM investors

Dave Baxter

February 2024

The fact that different markets can wax and wane in popularity has become especially apparent for those invested in Asian equities over recent years. India is on the rise and investing in China has proved complicated, to say the least. That’s clear enough from the numbers: the MSCI China index is down to the tune of nearly 45 per cent over three years in terms of sterling total return, with MSCI India up by almost 60 per cent.

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The Times: Retail investors look for growth in India-focused funds

January 2024

Private investors in Britain have been piling into Indian shares on the back of a strong market performance for the subcontinent.

Gaurav Narain, who runs the £165 million London-listed India Capital Growth Fund, speaks to The Times.

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Wealth Briefing: Playing India’s Growth Story

Tom Burroughes

November 2023

Coinciding with recent Diwali celebrations in the Indian Community in the UK, Tom Burroughes speaks to India Capital Growth’s Guarav Narain about how India is a promising country to invest in and about the investment philosophy of the fund.

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Sunday Times: You should think about investing in India this Diwali

Ian Cowie

November 2023

Sunday Times Columnist Ian Cowie writes about the opportunities to be gained by investing in India. He also speaks about how he diversified into the India Capital Growth fund and the gains that resulted.

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Interactive Investor: I’m glad these two trusts are no longer my problem

Ian Cowie

September 2023

Columnist Ian Cowie runs through his winners and losers in the third quarter, a period that saw him sell out of two investment trust holdings.

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Sunday Times: Good Morning Vietnam – My bet on this fast growing economy is paying off.

Ian Cowie

September 2023

In this article Ian Cowie discusses exposure in the Asian and Indian economies. He explains how a country by country approach can be less risky and more rewarding, using India’s combination of entrepreneurial dynamism and legally enforced property rights to explain his point.

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HOODnote: India: Beyond the headlines

September 2023

In the second note of this series, we look at what areas of transformation the Government is truly focused on. Since July, Prime Minister Modi has been criss-crossing the country, inaugurating over US$8bn worth of projects and with the election deadline looming in May 2024, it’s estimated further projects valued at more than US$60bn will be inaugurated. It is clear the focus of the Government in it’s election campaign will be on development and there is no slowing down in the pace of project completions and new project announcements.

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Citywire Investment Trust Insider: India and US ‘need each other more than ever’

Jamie Colvin

July 2023

Recent technology deals between the two countries are a turning point in relations, driven by the increasing threat of India’s bellicose neighbour, says top-performing fund manager Gaurav Narain.

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Portfolio Adviser: What are the drivers behind India’s ‘sizeable runway’ for growth?

Christian Mayes

April 2023

With the IMF predicting that India and China wil account for half of global economic growth in 2023, what are the main drivers behind India’s ever-increasing output? How are investors taking advantage of the opportunities that the nation presents?

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HOODnote: India: Beyond the headlines

May 2023

The Indian economy has been in the limelight as one of the few bright spots in an uncertain world. Some are even calling it ‘India’s decade’.

Reforms, digitalisation, improving infrastructure and the government’s Make-in-India initiatives are some reasons backing the above.

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Proactive Investors: As India overtakes China as most populous country, how can you invest and is it attractive?

Oliver Haill

April 2023

India is taking over from China as the most populous country in the world in the next few months, as confirmed by the UN Population Fund’s World Population Dashboard. As well as overtaking its neighbours over the Himalayas, the subcontinent has also improved as a place to invest. Oliver Hail investigates.

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Funds Global Asia: India ETFs – On a long-term elevated plane?

Piyasi Mitra

April 2023

Unruffled by worldly turmoil, India’s stock market continues to grow. Piyasi Mitra considers ETFs that offer access for European investors.

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HOODnote: Indian Banks – 3Rs- Resilient, Resolute and Regulated

April 2023

With the SVB crisis hitting the United States (US), questions have arisen on the possible effects it may have on the Indian banking sector and India Capital Growth Fund’s (ICGF) substantial 25% exposure to this sector. This short note highlights the team’s thoughts on the reasons for the crisis and how the Indian banks have already been through a clean-up process leading to a much sounder system today.

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The Times: How to invest like a prime minister

David Brenchley

March 2023

David Brenchley discusses how to invest like a prime minister. Retail Investors can look at firms like India Capital Growth which has “about 22 percent of it’s portfolio invested in small India companies”

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Portfolio Adviser: India Capital Growth benefits from financials overweight

Christian Mayes

March 2023

India Capital Growth’s overweight positioning to financials was a key driver of a positive year which saw it’s net asset value (NAV) increase 3.9% over the course of 2022

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Citywire Investment Trust Insider: India Stack – The secret of India’s tech-led growth

Gavin Lumsden

March 2023

India Capital Growth fund manager Gaurav Narain explains the startling impact of the digitisation of India’s economy which sees the country account for 40% of global payment transactions.

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QuotedData: India Capital Growth benefits from financials overweight

Matthew Read

March 2023

Matthew Read for Quoted Data discusses how ICG’s NAV outperformed the BSE Midcap TR Index, and how the NV of the portfolio rose by 4.3% outperforming emerging markets as a whole which fell 13% during the year.

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HOODnote: India is an investment, not a trade

February 2023

2022 was a great year for India in relative terms especially against other emerging markets. As we enter 2023, two questions dominate the thought process:

  • Will India be able to deliver on earnings expectations – running at 14-15% p.a. earnings growth for the market over the next two years?
  • Can the elevated valuations (both absolute and relative) be justified?
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CityWire Funds Insider: The big winners and even bigger losers from a shocking 2022

Gavin Lumsden

January 2023

Gavin Lumsden examines the 2022 markets, and with tables from Numis Securities, lists India Capital Growth as a “big riser” Equity Investment Company under the Energy and Commodity section.

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