Portfolio Holdings

Top 20 holdings as at 31 March 2025

Holding	Sector	% of Portfolio
Federal Bank	Financials - Banks	5.3
Neuland Laboratories	Health Care	5.0
Skipper	Industrials	4.8
Dixon Technologies	Consumer Discretionary	4.5
Emami	Consumer Staples	4.2
Ramkrishna Forgings	Auto & Auto Ancillary	4.0
Persistent Systems	Information Technology	4.0
Multi Commodity Exchange	Financial Services	3.9
Affle India	Digital	3.3
RBL Bank	Financials - Banks	3.3
PI Industries	Chemicals	3.3
IDFC Bank	Financials - Banks	2.9
JK Lakshmi Cement	Cement	2.8
Sona BLW Precision Forgings	Auto & Auto Ancillary	2.6
City Union Bank	Financials - Banks	2.6
PSP Projects	Industrials	2.6
Cartrade Technologies	Digital	2.5
Welspun India	Textiles	2.4
CCL Products India	Consumer Staples	2.3
Balkrishna Industries	Auto & Auto Ancillary	2.3

Portfolio analysis by sector as at 31 March 2025

Sector	No. of Companies	% of Portfolio
Auto & Auto Ancilliary	4	9.8
Cement	2	4.4
Chemicals	2	5.3
Consumer Discretionary	5	9.8
Consumer Staples	4	9.7
Digital	2	6.2
Energy	0	0.0
Financials Banks	5	15.6
Financials - Non Banking Financial Companies	1	1.5
Financial Services	1	3.9
Health Care	2	6.8
Industrials	6	13.5
IT Services	2	5.0
Metals	0	0.0
Real Estate	0	0.0
Textiles	2	4.5
Utilities	0	0.0
Total Equity Investment	38	96.1
Net Cash	0	3.9
Total Portfolio	38	100.0

Portfolio analysis by Market Capitalisation* as at 31 March 2025

Market Capitalisation Size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$2bn)	28	68.2
Mid Cap (US$2bn < M/Cap < US$8bn)	9	26.
Large Cap (M/Cap > US$8bn)	1	1.5
Total Equity Investment	38	97.8
Net Cash	0	3.9
Total Portfolio	38	100.0

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

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