Portfolio Holdings

Top 20 holdings as at 31 October 2025

Holding	Sector	% of Portfolio
RBL Bank	Financial Banks	5.2
Federal Bank	Financials - Banks	4.9
Neuland Laboratories	Health Care	4.9
Skipper	Industrials	4.8
Multi Commodity Exchange	Financial Services	4.5
Dixon Technologies	Consumer Discretionary	4.4
Affle India	Digital	3.7
IDFC Bank	Financial Banks	3.6
Persistent Systems	IT services	3.6
Cartrade Technologies	Digital	3.3
Emami	Consumer Staples	3.3
City Union Bank	Financials - Banks	3.2
CCL Products India	Consumer Staples	3.0
JK Lakshmi Cement	Cement	2.6
VIP Industries	Consumer Discretionary	2.2
Sona BLW Precision Forgings	Auto & Auto Ancillary	2.2
Kajaria Ceramics	Consumer Discretionary	2.1
Ramkrishna Forgings	Auto & Auto Ancillary	2.1
Kajaria Ceramics	Consumer Discretionary	2.1
Essel Propack	Consumer Staples	2.1

Portfolio analysis by sector as at 31 October 2025

Sector	No. of Companies	% of Portfolio
Auto & Auto Ancilliary	4	7.4
Cement	2	4.4
Chemicals	2	3.5
Consumer Discretionary	4	9.7
Consumer Staples	4	9.5
Digital	2	7.0
Energy	0	0.0
Financials Banks	5	17.0
Financials - Non Banking Financial Companies	1	1.4
Financial Services	2	6.1
Health Care	2	6.5
Industrials	7	14.3
IT Services	2	5.6
Metals	0	0.0
Real Estate	0	0.0
Textiles	2	3.8
Utilities	0	0.0
Total Equity Investment	38	96.2
Net Cash	0	3.8
Total Portfolio	38	100.0

Portfolio analysis by Market Capitalisation* as at 31 October 2025

Market Capitalisation Size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$3.5bn)	28	66.6
Mid Cap (US$3.5bn < M/Cap < US$10.5bn)	8	23.7
Large Cap (M/Cap > US$10.5bn)	2	5.8
Total Equity Investment	38	96.2
Net Cash	0	3.8
Total Portfolio	38	100.0

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

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