Portfolio Holdings

Top 20 holdings as at 31 December 2025

Holding	Sector	% of Portfolio
Multi Commodity Exchange	Financial Services	5.2
Federal Bank	Financials - Banks	5.1
Skipper	Industrials	5.1
RBL Bank	Financial Banks	5.0
IDFC Bank	Financial Banks	4.4
Affle	Digital	4.3
Neuland Laboratories	Health Care	4.3
City Union Bank	Financials - Banks	4.3
Persistent Systems	IT services	3.8
Emami	Consumer Staples	3.6
CCL Products India	Consumer Staples	3.4
Dixon Technologies	Consumer Discretionary	3.3
Cartrade Technologies	Digital	3.2
JK Lakshmi Cement	Cement	3.0
Sona BLW Precision Forgings	Auto & Auto Ancillary	2.9
Essel Propack	Consumer Staples	2.9
Kajaria Ceramics	Consumer Discretionary	2.5
Coforge	IT Services	2.4

Portfolio analysis by sector as at 31 December 2025

Sector	No. of Companies	% of Portfolio
Auto & Auto Ancilliary	3	6.8
Cement	2	5.1
Chemicals	2	4.5
Consumer Discretionary	4	8.2
Consumer Staples	4	10.7
Digital	2	7.5
Energy	0	0.0
Financials Banks	4	18.9
Financial Services	2	7.4
Health Care	2	6.2
Industrials	6	14.2
IT Services	2	6.2
Metals	0	0.0
Real Estate	0	0.0
Textiles	2	3.0
Utilities	0	0.0
Total Equity Investment	38	98.8
Net Cash	0	1.2
Total Portfolio	38	100.0

Portfolio analysis by Market Capitalisation* as at 31 December 2025

Market Capitalisation Size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$3.5bn)	27	72.2
Mid Cap (US$3.5bn < M/Cap < US$10.5bn)	6	22.8
Large Cap (M/Cap > US$10.5bn)	1	3.8
Total Equity Investment	38	99.8
Net Cash	0	1.2
Total Portfolio	34	100.0

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

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