Portfolio Holdings

Top 20 holdings as at 30 April 2025

Holding	Sector	% of Portfolio
Dixon Technologies	Consumer Discretionary	5.3
Skipper	Industrials	4.8
Federal Bank	Financials - Banks	4.7
Neuland Laboratories	Health Care	4.6
Emami	Consumer Staples	4.4
Multi Commodity Exchange	Financial Services	4.4
Persistent Systems	Information Technology	3.7
RBL Bank	Financial - Bank	3.7
Affle India	Digital	3.3
PI Industries	Chemicals	3.3
IDFC Bank	Financials - Banks	3.3
City Union Bank	Financials - Banks	2.8
JK Lakshmi Cement	Cement	2.7
Ramkrishna Forgings	Auto & Auto Ancillary	2.6
Sona BLW Precision Forgings	Auto & Auto Ancillary	2.6
Cartrade Technologies	Digital	2.5
PSP Projects	Industrials	2.5
CCL Products India	Consumer Staples	2.4
Balkrishna Industries	Auto & Auto Ancillary	2.3

Portfolio analysis by sector as at 30 April 2025

Sector	No. of Companies	% of Portfolio
Auto & Auto Ancilliary	4	8.5
Cement	2	4.6
Chemicals	2	5.2
Consumer Discretionary	5	10.2
Consumer Staples	4	9.9
Digital	2	6.0
Energy	0	0.0
Financials Banks	5	15.5
Financials - Non Banking Financial Companies	1	1.4
Financial Services	1	4.4
Health Care	2	6.4
Industrials	6	13.6
IT Services	2	4.6
Metals	0	0.0
Real Estate	0	0.0
Textiles	2	4.3
Utilities	0	0.0
Total Equity Investment	38	94.7
Net Cash	0	5.3
Total Portfolio	38	100.0

Portfolio analysis by Market Capitalisation* as at 30 April 2025

Market Capitalisation Size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$2bn)	28	67
Mid Cap (US$2bn < M/Cap < US$8bn)	9	26.2
Large Cap (M/Cap > US$8bn)	1	1.4
Total Equity Investment	38	94.7
Net Cash	0	5.3
Total Portfolio	38	100.0

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

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