Portfolio Holdings

Top 20 holdings as at 30 September 2025

Holding	Sector	% of Portfolio
Skipper	Industrials	5.1
Dixon Technologies	Consumer Discretionary	5.0
Neuland Laboratories	Health Care	4.9
RBL Bank	Financial Banks	4.7
Multi Commodity Exchange	Financial Services	4.7
Federal Bank	Financials - Banks	4.3
Affle India	Digital	3.9
Emami	Consumer Staples	3.5
IDFC Bank	Financial Banks	3.3
CCL Products India	Consumer Staples	3.2
City Union Bank	Financials - Banks	3.2
Persistent Systems	IT services	3.1
Cartrade Technologies	Digital	2.9
JK Lakshmi Cement	Cement	2.8
VIP Industries	Consumer Discretionary	2.5
Ramkrishna Forgings	Auto & Auto Ancillary	2.2
Kajaria Ceramics	Consumer Discretionary	2.2
PI Industries	Chemicals	2.1
Sona BLW Precision Forgings	Auto & Auto Ancillary	2.1
Essel Propack	Consumer Staples	2.1

Portfolio analysis by sector as at 30 September 2025

Sector	No. of Companies	% of Portfolio
Auto & Auto Ancilliary	4	7.3
Cement	2	4.8
Chemicals	2	3.7
Consumer Discretionary	4	10.6
Consumer Staples	4	10.0
Digital	2	6.8
Energy	0	0.0
Financials Banks	5	16.4
Financials - Non Banking Financial Companies	1	1.5
Financial Services	2	6.3
Health Care	2	6.6
Industrials	7	14.3
IT Services	2	5.0
Metals	0	0.0
Real Estate	0	0.0
Textiles	2	3.6
Utilities	0	0.0
Total Equity Investment	39	97.0
Net Cash	0	3.0
Total Portfolio	39	100.0

Portfolio analysis by Market Capitalisation* as at 30 Sept 2025

Market Capitalisation Size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$3.5bn)	28	67.0
Mid Cap (US$3.5bn < M/Cap < US$10.5bn)	9	23.6
Large Cap (M/Cap > US$10.5bn)	2	6.4
Total Equity Investment	39	97.0
Net Cash	0	3.0
Total Portfolio	39	100.0

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

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