Commentary & Update

Investment Week – India under the microscope: A global investor ‘conundrum’ – 29/10/2019

Investment Week continues the Diwali celebrations by taking a closer look at India and what it can offer investors.

This is Money – Shine a light on India: Is it time to invest in the fast-growing nation as millions celebrate Diwali this weekend? – 25/10/2019

Against the festive backdrop of Diwali, This is Money puts the spotlight on India, speaking to David Cornell about the current opportunities there and where he is currently seeing value.

Fundeye – Ocean Dial hires Enam Group’s Tridib Pathak as co-head of equity – 22/10/2019

Fundeye reports on Ocean Dial’s appointment of Tridib Pathak as co-head of Equity.

InvestmentEurope – Ocean Dial appoints co-head of Equity – 18/10/2019

InvestmentEurope picks up on the news of Ocean Dial Asset Management, manager of ICGF, bolstering their management team with a new co-head of Equity.

Investment Week – Ocean Dial bolsters management team with India co-head of equity hire – 18/10/2019

The managers of ICGF announce that they will be strengthening their management team, reported here in Investment Week.

QuotedData – India Capital Growth management team strengthened – 17/10/2019

India Capital Growth Fund’s management team announces that it is strengthening its team, with the addition of Tridib Pathak who will join as co-Head of Equities alongside Gaurav Narain.

Shares Magazine – Why India could deliver better returns after big tax changes – 10/10/2019

Shares Magazine examines India’s recent corporate tax cuts, speaking to David Cornell about the implications this may have for investors’ faith in the country.

Rediff.com – Economy: ‘Modi’s the right man for the job’ – 10/10/2019

In this interview with Rediff.com, David Cornell offers his thoughts on Modi’s reputation as a ‘reformer’, why India is an attractive destination for investors, and where he is currently seeing value in the market.

Fundeye – India Capital Growth Fund manager remains bullish on the country despite the slowdown – 07/10/2019

Speaking to Fundeye, David Cornell discusses the investment process for the Trust and offers his outlook for India in light of the recent slowdown.

The Daily Mail – Trust Watch: India Capital Growth Fund – 05/10/2019

In The Daily Mail’s Trust Watch, Charles Armstrong, Portfolio Director at Cazenove Capital, offers his views on India Capital Growth Fund and the type of manager he looks for to tap into India’s growth story.

Shares Magazine – India-focused investment funds rally on economic stimulus plan – 26/09/2019

Following the announcement of corporate tax rate cuts in India, David Cornell offers his thoughts on the matter and how both the country and India Capital Growth Fund can benefit from this reduction.

Morningstar – India Managers Focus on Consumer Story – 19/09/2019

Whilst a slowdown in India has dampened investor enthusiasm for the country, value investors are looking for opportunities. David Cornell speaks to Morningstar regarding his top stock picks and what he will be avoiding.

Investor’s Champion – More than Money: Ocean Dial Asset Management – 16/09/2019

In this podcast, David Cornell speaks to Investor’s Champion to discuss the India investment case and explain the best way for investors to make money in this exciting market.

Investment Week – How important is India’s economy to global investors? – 20/08/2019

How important is India’s economy for global investors? Writing for Investment Week, David Cornell makes a case for the world’s fastest growing large economy.

Citywire – India Capital Growth: how trade wars help our cause – 15/08/2019

In this short video, Gaurav Narain, Fund Adviser for ICGF, talks to Citywire’s Investment Trust Insider, touching on the outlook for India in the midst of the US-China trade war, and the country’s key growth drivers.

International Adviser – Largest foreign investment in India ever to ‘boost confidence’ – 14/08/2019

On the back of Reliance Industries’ announcement that Saudi Aramco will be buying a 20% stake in its business, David Cornell, Fund Manager of ICGF, talks to International Adviser about India’s largest foreign investment and what this could mean for the economy.

Money Observer – What can investors expect from India’s Modi operandi – 07/08/2019

Speaking with Money Observer, David Cornell, Fund Manager of ICGF, looks at the prospects for investors in Modi’s India 2.0

Investor’s Champion – Why India is the new China – but better – 29/07/2019

Investor’s Champion examines the catch-up potential of India as it is poised for rapid growth, selecting India Capital Growth Fund as one of its ‘top three’ for gaining exposure.

FT Adviser – India rides the consumer wave – 10/07/2019

David Cornell, Fund Manager of India Capital Growth Fund, makes a case for India’s exciting growth story in his article for FT Adviser

TheWealthNet – The future of India under Modi – 04/07/2019

‘Day by day, little by little India is becoming a better organised economy’ – David Cornell, Fund Manager of India Capital Growth Fund, offers his thoughts on Modi’s India

FE Trustnet – One trust you really shouldn’t judge on long-term performance – 05/06/2019

Speaking with David Cornell, Fund Manager of India Capital Growth Fund, FE Trustnet explores the historical performance of ICGF and why its performance since launch may be misleading.

Private Banker International – What should HNWIs expect from another term of Modi? – 28/05/2019

Speaking with Private Banker International, David Cornell, Fund Manager of ICGF, offers his views on Modi’s re-election and what we can expect from his second term in office.

Daily Mail – Opportunity knocks in flourishing India; you can profit from the world’s biggest democracy – 25/05/0219

Following Modi’s landslide victory in the recent elections, Lucy White investigates the investment opportunities in India and speaks to David Cornell, Fund Manager of ICGF, about the key tasks that lie ahead for Modi if he is to ensure the country’s continued growth.

CityWire – India general elections: fund managers mull Modi’s chances – 22/05/2019

On the eve of the results announcement for the Indian elections, David Cornell, Fund Manager of ICGF, provides his thoughts on the nature of Modi’s campaign and whether he has done enough to secure his place as Prime Minister once again.

Reuters – Indian markets cheer Modi’s likely return to power – 20/05/2019

The result of the exit polls caused a rally in the Indian stock markets and boosted investor sentiment. However, in conversation with Reuters, David Cornell, Fund Manager of ICGF, cautions that Modi needs to do more if the economy is to continue on an upward trajectory.

Wall Street Journal – Indian markets rally on Modi exit poll lead – 20/05/2019

Speaking with Avantika Chilkoti from the Wall Street Journal, David Cornell offers his views on the outcome of the exit polls and how a second consecutive BJP victory might impact India.

Financial Times – Indian stocks see strongest rally for 3 years on BJP exit poll lead – 20/05/2019

With the exit polls suggesting a victory for the BJP and a second term in office for Narendra Modi, the Indian stock market has rallied. David Cornell, Fund Manager of ICGF, speaks to the Financial Times about what has already been done to boost economic growth in the country and what we need to see more of in the future.

FT Adviser – A shock in India would be good for investors – 17/05/2019

In his piece for the FT Adviser David Cornell, fund manager of India Capital Growth Fund, gives his view on the upcoming Indian elections and why a shock result could make for an exciting ‘buy’ opportunity.

International Adviser – ‘Markets are pricing in Modi’s victory’ – 15/05/2019

Speaking at a recent election briefing, David Cornell, Fund Manager of ICGF, suggests that there will be opportunities for foreign investors in India whatever the elections outcome.

Investment Week – Bull & Bear: David Cornell on Emerging Markets – 20/04/2019

Investment Week’s Bull & Bear section featured commentary from David Cornell, Fund Manager of India Capital Growth Fund, discussing the Indian election and why growth looks set to continue no matter what the outcome.

Investment Week – Market weakness based on ‘noise’ is expected as Indian elections continue – 26/04/2019

With voting in full swing and election results on 23rd May, India has the potential to offer up some exciting investment opportunities on the back of market volatility. David Cornell, CIO of India Capital Growth Fund, talks to Investment Week about the possible impact of the election result.

Citywire – India can thrive with or without Modi – 27/02/2019

Ahead of the May elections, David Cornell, CIO of India Capital Growth Fund, offers his thoughts on Modi’s momentum and the potential impact on the market should he suffer a defeat.

MoneyWeek – Tap into India’s growth story with mid-cap stocks – 08/02/2019

David Cornell, CIO of India Capital Growth Fund, talks to MoneyWeek about his top Indian stock picks and how to tap into them.

The Telegraph – India ready to emerge as China’s growth stalls – 29/01/2019

In the wake of a slowdown in economic growth in China, India is emerging as a crucial contributor to global growth. David Cornell, Fund Manager of India Capital Growth Fund, speaks to The Telegraph about its potential.

International Adviser – Consumerist Sector is India’s Investment Frontier – 18/12/2018

David Cornell, Fund Manager of India Capital Growth Fund, speaks to International Adviser about the appeal of the Indian market and small and mid-cap stocks.

Citywire – Investment Trust Insider – 18/12/2018

Following the shock resignation of Urjit Patel, former Governor of the Reserve Bank of India, Gaurav Narain, Fund Adviser for ICGF, discusses the possible factors that led to this event and what it means for the Fund.

Investment Week – The Big Question – 10/12/2018

Gaurav Narain, Fund Adviser for India Capital Growth Fund, reflects on his best and worst trades of 2018 in Investment Week ‘s ‘The Big Question’.

Citywire – India Capital Growth: oil price fall a relief but we’re not out of the woods – 06/12/2018

David Cornell, Fund Manager of India Capital Growth Fund, talks to Citywire’s Vicky Mckeever about India’s economy in light of the fall in oil price and touches on top buys for the fund.

Investors Chronicle – Personal Finance Show – 23/11/2018

In this podcast with the Investors Chronicle, David Cornell, CIO of ICGF, discusses India and the best growth opportunities in the Indian market.

MoneyWeek – One to Buy and One to Watch – 12/11/2018

Andrew van Sickle of MoneyWeek highlights India Capital Growth as its ‘one to watch’, its small and mid cap focus offering higher long-term returns than its large cap focused peers.

FE Trustnet Magazine – Article – 08/11/2018

Gaurav Narain, Fund Adviser for India Capital Growth, talks to FE Trustnet about the recent market volatility in India, highlighting the importance of a strong investment strategy when it comes to stock picking.

Investment Week – Article – 07/11/2018

Gaurav Narain, Fund Adviser for India Capital Growth Fund, discusses his top stock picks for Diwali with Investment Week.

Investment Week – Article – 15/10/2018

David Cornell, Chief Investment Officer at Ocean Dial Asset Management and manager of India Capital Growth Fund, discusses the performance of Indian equities ahead of the 2019 general election and in the context of other global factors in this article for Investment Week.

The Sunday Telegraph – Article – 06/10/2018

Helen Chandler-Wilde of the Telegraph discusses the impact of Trump’s tariffs with David Cornell, CIO of ICGF.

Financial Times – Article – 15/09/2018

Merryn Somerset Webb of the Financial Times discusses India’s growth potential and recommends India Capital Growth as the most interesting fund to gain access to the market at present.

This is Money: Financial Mail on Sunday – Article – 02/09/2018

Jeff Prestige, columnist at “This is Money” reviews India Capital Growth’s success record.

Nick Greenwood of Miton Global Opportunities discusses India Capital Growth  – 06/08/2018

Jeff Prestige, columnist at “This is Money” has been talking with Nick Greenwood, Fund Manager of Miton Global Opportunities, an investment trust listed on the London Stock Exchange. Greenwood has been topping up his second largest holding, India Capital Growth Fund and remarked, “At some stage, this market judgment will move from negative to positive, which will result in a rerating of the company’s shares… India Capital Growth is being judged on its indifferent long-term investment track record rather than that delivered by the current manager who has turned things around. He also goes on to say, “the company’s performance has been rejuvenated in recent years by new managers Ocean Dial Asset Management”. But the market, he says, “has yet to appreciate this resulting in its shares trading at a big 17 per cent discount.”

India Can Deliver “20% Share Price Growth a Year” – 31/07/2018

David Brenchly, reporter at Morningstar, writes about the opportunity for investors in India, “Albert Einstein is said to have called compound interest the eighth wonder of the world and Warren Buffett holds it as one of the biggest factors behind his incredible investment success. Compounding should certainly be a big consideration for any investor.” David Cornell, chief investment officer at Ocean Dial, which runs the India Capital Growth Trust (ICG), adds “Stocks in India can compound between 15-20% every year for donkey’s years.

Evening Standard – Fund Stars – 26/07/2018

Matthew Bow of the Evening Standard discusses recent activity in the India Capital Growth Fund with fund adviser, Gaurav Narain, Head of Equities at Ocean Dial Asset Management. Gaurav comments “Indian shares were overvalued three months ago…most stocks have come off by almost 25% to 30% over the last few months. The Sensex and the Nifty have gone up, but the small and mid-cap are down by 13-14% so really the top five stocks in India are driving the market up.”

Investment Trust Insider – Article – 20/07/2018

Ian Cowie refers to India Capital Growth (IGC) Fund as one of a handful of investment trusts he holds in high esteem, referring also to the Fund’s new marketing and distribution partner, Frostrow Capital. Ian is very complimentary of Frostrow Capital and their selection of high calibre clients in the closed-ended space.

India Capital Growth – A return to earnings – 26/06/2018 

Marten & Co provide an update on India Capital Growth Fund, highlighting the Portfolio’s uptick in earnings growth post the disruption of both demonetisation and GS. Gaurav Narain, investment adviser to IGC says “we could see companies in the portfolio reporting average earnings growth of at least 20% per annum for the 2019 and 2020 fiscal years.”

FE Trustnet – Why now could be the time to buy India – 13/06/2018

Jonathan Jones, reporter at Trustnet has been speaking with CIO of Ocean Dial, David Cornell, Fund Manager of the five FE Crown-rated India Capital Growth Fund. Cornell says investors should buy into India before the election next year to take advantage of opportunities, “because real interest rates are positive and because it is now hard to hide cash on which tax has not been paid and because bond yields are down there is a bucket load of money pouring into the equity market .”

FE Trustnet – Why now could be the time to buy India – 13/06/2018

Jonathan Jones, reported at Trustnet has been speaking with CIO of Ocean Dial, David Cornell, Fund Manager of the five FE Crown-rated India Capital Growth Fund. Cornell says investors should buy into India before the election next year to take advantage of opportunities, “because real interest rates are positive and because it is now hard to hide cash on which tax has not been paid and because bond yields are down there is a bucket load of money pouring into the equity market .”

Ocean Dial’s Cornell: “We do not want the old India or the country’s top 100 stocks” – 06/06/2018

Investment Week’s Jayna Rayna has been speaking with Ocean Dial’s CIO, David Cornell, manager of the India Capital Growth Fund. Cornell says “structural reform and technological revolution in India have led to a change in traditions and cultural behaviours, which in turn is having a positive impact on the country’s economic climate and outlook for equities…the traditional management culture of an Indian family would be for it to extract wealth from its business and not worry about what multiple the stock is trading on,” he said. “These days that has changed, particularly in the small and mid-cap market”, an area of focus for the India Capital Growth Fund.

Three ways to share in India’s success story – 19/03/2018

David Cornell, Chief Investment Officer at Ocean Dial Asset Management and manager of India Capital Growth Fund, discusses the opportunity for investors in India. Cornell emphasises the importance of having a team “on the ground” who understand the local market, “They certainly should not miss India, which is the world’s sixth-largest economy with a population of 1.3 billion, second only to China. The economy is growing at around 7% a year (the UK is managing 1.8%) and the Indian stockmarket boasts more than 5,000 listed companies compared with the 2,600 in the UK.

The five FE Crown-rated investment trusts trading on double-digit discounts – 14/03/2018

Maitane Sardon, a reporter at FE Trustnet, highlights that India Capital Growth Fund is now trading on a double digit discount despite having delivered the best returns over three years, according to research by FE Trustnet. India Capital Growth Fund holds the maximum number of FE Crowns that can be awarded.