The Writing Room

Writing Room

ICGF Portfolio Commentary

Gaurav Narain

This has been a tough period for Indian equity markets, particularly in the small and mid cap space where the India Capital Growth Fund operates. The Indian equity market experienced its worst July in seventeen years. The BSE Mid Cap Index fell 7.6% in Rupee terms leaving the Index down 11.0% for this calendar year and the Fund’s NAV has commensurately fallen by 12.4%1. With August offering no respite it is timely to have an examination of the key drivers behind where we are and how we are positioning ourselves going forwards.

August 2019

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