“The fund has underperformed in the recent past. The Directors have therefore reviewed options for the future of the company. The choice is between winding up the company at a time when Indian midcap and smallcap shares are trading close to their 15-year lows; or taking strong measures to improve performance and giving shareholders a way to sell their shares, if they wish, at a set date in the future. The Board is recommending the latter, as well as a cut in the fee the company pays to the investment manager, Ocean Dial. If shareholders wish the company to continue, they should vote in favour of these proposals at the EGM on 12 June, with proxy votes lodged by 10 June.”
– Elisabeth Scott, Chairman of India Capital Growth Fund
The Company’s investment objective is to provide long term capital appreciation by investing directly, or indirectly, in companies based in India
As Manager of ICGF, Ocean Dial 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 domestic economy, combined with the highest quality of management, best able to exploit this opportunity. Ocean Dial uses a consistent and disciplined bottom up stock picking process to select investments for ICGF, unconstrained by its benchmark (BSE Midcap Index), which is used for performance monitoring purposes only.