Portfolio Holdings

Top 20 holdings as at 30 November 2025

Holding	Sector	% of Portfolio
Federal Bank	Financials - Banks	5.4
RBL Bank	Financial Banks	5.0
Neuland Laboratories	Health Care	5.0
Multi Commodity Exchange	Financial Services	4.9
Skipper	Industrials	4.3
Dixon Technologies	Consumer Discretionary	4.1
Persistent Systems	IT services	3.8
City Union Bank	Financials - Banks	3.7
IDFC Bank	Financial Banks	3.6
CCL Products India	Consumer Staples	3.6
Cartrade Technologies	Digital	3.4
Emami	Consumer Staples	3.2
Affle	Digital	3.1
Sona BLW Precision Forgings	Auto & Auto Ancillary	2.4
JK Lakshmi Cement	Cement	2.3
Coforge	IT Services	2.1
Essel Propack	Consumer Staples	2.1
Gokaldas Exports	Textiles	2.1
Ramkrishna Forgings	Auto & Auto Ancillary	2.1
VIP industries	Consumer Discretionary	2.1

Portfolio analysis by sector as at 30 November 2025

Sector	No. of Companies	% of Portfolio
Auto & Auto Ancilliary	4	7.6
Cement	2	4.0
Chemicals	2	3.7
Consumer Discretionary	4	8.5
Consumer Staples	4	9.9
Digital	2	6.6
Energy	0	0.0
Financials Banks	4	17.7
Financials - Non Banking Financial Companies	1	1.5
Financial Services	2	6.6
Health Care	2	6.5
Industrials	7	13.0
IT Services	2	6.0
Metals	0	0.0
Real Estate	0	0.0
Textiles	2	4.0
Utilities	0	0.0
Total Equity Investment	38	95.8
Net Cash	0	4.2
Total Portfolio	38	100.0

Portfolio analysis by Market Capitalisation* as at 30 November 2025

Market Capitalisation Size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$3.5bn)	27	63.0
Mid Cap (US$3.5bn < M/Cap < US$10.5bn)	9	27.5
Large Cap (M/Cap > US$10.5bn)	2	5.3
Total Equity Investment	38	95.8
Net Cash	0	4.2
Total Portfolio	38	100.0

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

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