Writing Room
Market Capital Reclassifications
Market Capital Reclassifications
As investment managers, we must remain as dynamic as the markets in which we invest. With the growth of the Indian economy, the domestic equity markets have also evolved, with businesses scaling up and new listings emerging. Over the past decade, the BSE Midcap Index has grown fourfold, and the Indian equity market has crossed USD 5 trillion* in market capitalization. The investment team periodically reviews the portfolio and market capitalization to best reflect its positioning in the mid and small-cap segments of the market. In its review exercise carried out in January 2025, the market capitalization definitions of large, mid, and small-cap companies have been reclassified.
Make In India: India’s Production Linked Incentive Scheme
India’s manufacturing sector, contributing approximately 17% to GDP, remains low relative to its vast population and economic potential. Despite being home to the world’s youngest workforce, with a median age of 28 years, India remains heavily dependent on imports in critical sectors like electronics, machinery, and energy. To bridge this gap and harness its demographic dividend, the government has implemented the Production Linked Incentive (PLI) Scheme, aimed at revitalizing domestic manufacturing.
ICGF – Revised Sector Representation
In our ongoing commitment to provide shareholders with a clear understanding of our investment strategies, we have updated our sector classification approach.