Portfolio Holdings

Top 20 holdings as at 28 February 2025

Holding	Sector	% of Portfolio
Federal Bank	Financials - Banks	6.1
Skipper	Industrials	4.9
Dixon Technologies	Consumer Discretionary	4.9
Neuland Laboratories	Health Care	4.5
Emami	Consumer Staples	4.0
Persistent Systems	Information Technology	3.8
Multi Commodity Exchange	Financial Services	3.9
Ramkrishna Forgings	Auto & Auto Ancillary	3.5
Affle India	Digital	3.3
IDFC Bank	Financials - Banks	3.2
RBL Bank	Financials - Banks	3.1
PI Industries	Chemicals	3.0
Sona BLW Precision Forgings	Auto & Auto Ancillary	2.9
PSP Projects	Industrials	2.6
CCL Products India	Consumer Staples	2.5
City Union Bank	Financials - Banks	2.5
JK Lakshmi Cement	Cement	2.5
Indusind Bank	Financial Banks	2.5
Cartrade Technologies	Digital	2.5
Balkrishna Industries	Auto & Auto Ancillary	2.4

Portfolio analysis by sector as at 28 February 2025

Sector	No. of Companies	% of Portfolio
Auto & Auto Ancilliary	4	9.9
Cement	2	4.3
Chemicals	2	5.1
Consumer Discretionary	5	11.4
Consumer Staples	4	9.8
Digital	2	5.8
Energy	0	0.0
Financials Banks	5	17.4
Financials - Non Banking Financial Companies	1	1.5
Financial Services	1	3.8
Health Care	2	6.3
Industrials	6	13.3
IT Services	2	5.0
Metals	0	0.0
Real Estate	0	0.0
Textiles	2	4.2
Utilities	0	0.0
Total Equity Investment	38	97.8
Net Cash	0	2.2
Total Portfolio	38	100.0

Portfolio analysis by Market Capitalisation* as at 28 February 2025

Market Capitalisation Size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$2bn)	28	67.6
Mid Cap (US$2bn < M/Cap < US$8bn)	9	28.7
Large Cap (M/Cap > US$8bn)	1	1.5
Total Equity Investment	38	97.8
Net Cash	0	2.2
Total Portfolio	38	100.0

*Further information on our Market Capitalisation Reclassification review can be found here

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