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.
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.
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.Read PDF
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.Read PDF
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.Read PDF
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.Read PDF
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?Read PDF
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.Read PDF
Proactive Investors: As India overtakes China as most populous country, how can you invest and is it attractive?
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.Read PDF
Unruffled by worldly turmoil, India’s stock market continues to grow. Piyasi Mitra considers ETFs that offer access for European investors.Read PDF
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.Read PDF
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 2022Read PDF
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.Read PDF
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.Read PDF
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?
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.Read PDF
Since the acronym was coined, much has changed in some of the countries that make up the ‘BRICS’. Piyasi Mitra considers why India may be the standout.Read PDF
In this CityWire article, experienced investor David Kempton names India Capital Growth as a long-term investment of his and praises the ability of the fund’s mid-cap focus to reap the rewards of India’s domestic economy.Read PDF
Gloomy expectations of how the country would cope with Covid and it’s aftermath have proved unwarranted.Read PDF
Elliot Smither speaks with David Cornell and examines the attractiveness of India as an independent investment, as well as an alternative to China.Read PDF