London Stock Exchange welcomes India Capital Growth Fund to the Main Market
India Capital Growth Fund ("the Fund"), an investment trust listed on the Main Market of the London Stock Exchange, is managed by Ocean Dial Asset Management, an FCA regulated boutique single country fund manager with over US$600m of assets under management. The Fund Adviser, Gaurav Narain along with the investment team, are located on the ground in Mumbai.
The permanent nature of the capital provides the optimal structure to achieve the Fund's investment objective, which is to provide long term capital appreciation from investing in listed small and mid-cap Indian securities, predominantly. The Fund follows a bottom up stock selection process, with an absolute return, or capital preservation mind-set. The Fund is unconstrained by its notional benchmark, the S&P BSE Midcap TR index. Strong management, sound financials, a competitive advantage and evidence of pricing power are all pre-requisites for investee companies which are held for five years, on average. The Portfolio is considered concentrated, typically consisting of 30-40 stocks.
Since the current investment team of Ocean Dial Asset Management took over the management in January 2010, there has been a structural improvement in the Fund's NAV performance which has led to an impressive five-year sterling track record of 188.4%, as at 31 December, 2017. This compares to the notional benchmark's performance of 175.8%.
David Cornell, CIO of Ocean Dial said:
"Ocean Dial are excited that India Capital Growth has commenced trading on the Main Market of the London Stock Exchange. Fund Adviser, Gaurav Narain and the investment team have done a sterling job stock picking in India's mid-cap space and as a result have achieved an enviable performance track record; our positive performance has brought about a significant narrowing of the discount, now ahead of its peers, as well as significantly improving liquidity of the Fund over time. Having our Investment Team on the ground in Mumbai affords Gaurav and the team key access to our investment universe in India and aids us in continuing to deliver alpha to our shareholders through our bottom up process. We are grateful for the ongoing support of our shareholders and continue to believe that India offers high and stable growth over the medium term, standing out as a credible investment story in its own right."