Portfolio Holdings

Top 20 holdings as at 31 January 2025

Holding	Sector	% of Portfolio
Federal Bank	Financials - Banks	5.6
Neuland Laboratories	Health Care	5.3
Skipper	Industrials	5.5
Dixon Technologies	Consumer Discretionary	4.7
Persistent Systems	Information Technology	4.0
Multi Commodity Exchange	Financial Services	3.9
Emami	Consumer Staples	3.7
Ramkrishna Forgings	Auto & Auto Ancillary	3.7
Affle India	Digital	3.1
IDFC Bank	Financials - Banks	3.1
PI Industries	Chemicals	3.1
RBL Bank	Financials - Banks	2.9
JK Lakshmi Cement	Cement	2.7
City Union Bank	Financials - Banks	2.6
Sona BLW Precision Forgings	Auto & Auto Ancillary	2.8
CCL Products India	Consumer Staples	2.6
PSP Projects	Industrials	2.4
Cartrade Technologies	Digital	2.4
Gokaldas Exports	Textiles	2.3
Balkrishna Industries	Auto & Auto Ancillary	2.3

Portfolio analysis by sector as at 31 January 2025

Sector	No. of Companies	% of Portfolio
Auto & Auto Ancilliary	4	9.7
Cement	2	4.4
Chemicals	2	4.9
Consumer Discretionary	5	11.3
Consumer Staples	4	9.5
Digital	2	5.5
Energy	0	0.0
Financials Banks	5	16.4
Financials - Non Banking Financial Companies	1	1.2
Financial Services	1	3.9
Health Care	2	7.3
Industrials	6	13.1
IT Services	2	4.7
Metals	0	0.0
Real Estate	0	0.0
Textiles	2	4.6
Utilities	0	0.0
Total Equity Investment	38	96.6
Net Cash	0	3.4
Total Portfolio	36	100.0

Portfolio analysis by Market Capitalisation* as at 31 January 2025

Market Capitalisation Size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$2bn)	28	68
Mid Cap (US$2bn < M/Cap < US$8bn)	9	27.4
Large Cap (M/Cap > US$8bn)	1	1.2
Total Equity Investment	38	94.8
Net Cash	0	3.4
Total Portfolio	36	100.0

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

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