Portfolio Holdings

Top 20 holdings as at 31 July 2025

Holding	Sector	% of Portfolio
Dixon Technologies	Consumer Discretionary	5.0
Skipper	Industrials	4.6
Neuland Laboratories	Health Care	4.6
Multi Commodity Exchange	Financial Services	4.5
RBL Bank	Financial - Bank	4.4
Federal Bank	Financials - Banks	4.4
Affle India	Digital	3.5
Emami	Consumer Staples	3.8
Persistent Systems	Information Technology	3.2
IDFC Bank	Financial Banks	3.2
CCL Products India	Consumer Staples	3.1
City Union Bank	Financials - Banks	3.1
JK Lakshmi Cement	Cement	3.0
Cartrade Technologies	Digital	2.9
VIP Industries	Consumer Discretionary	2.6
PI Industries	Chemicals	2.5
Ramkrishna Forgings	Auto & Auto Ancillary	2.3
Sona BLW Precision Forgings	Auto & Auto Ancillary	2.2
Kajaria Ceramics	Consumer Discretionary	2.2
Balkrishna Industries	Auto & Auto Ancillary	2.1

Portfolio analysis by sector as at 31 July 2025

Sector	No. of Companies	% of Portfolio
Auto & Auto Ancilliary	4	7.6
Cement	2	5.0
Chemicals	2	4.1
Consumer Discretionary	4	10.8
Consumer Staples	4	9.9
Digital	2	6.8
Energy	0	0.0
Financials Banks	5	15.9
Financials - Non Banking Financial Companies	1	1.3
Financial Services	2	5.1
Health Care	2	6.5
Industrials	6	12.6
IT Services	2	5.3
Metals	0	0.0
Real Estate	0	0.0
Textiles	2	3.9
Utilities	0	0.0
Total Equity Investment	37	95.4
Net Cash	0	4.5
Total Portfolio	37	100.0

Portfolio analysis by Market Capitalisation* as at 31 July 2025

Market Capitalisation Size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$3.5bn)	27	64.3
Mid Cap (US$3.5bn < M/Cap < US$10.5bn)	9	24.2
Large Cap (M/Cap > US$10.5bn)	2	6.2
Total Equity Investment	37	94.8
Net Cash	0	5.2
Total Portfolio	37	100.0

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

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