Portfolio Holdings

Top 20 holdings as at 31 December 2021

Holding	Sector	% of Portfolio
Federal Bank	Finacials - Banks	5.7
Tech Mahindra	IT	5.5
Persistent Systems	IT	4.9
Emami	Consumer Staples	4.0
Welspun India	Consumer Discretionary	4.0
Ramkrishna Forgings	Materials	3.8
PI Industries	Materials	3.8
IndusInd Bank	Financials - Banks	3.7
IDFC Bank	Financials - Banks	3.4
Dixon Technologies	Consumer Discretionary	3.2
Kajaria Ceramics	Industrials	3.2
Aarti Industries	Materials	3.0
Sona BLW Precision Forgings	Consumer Discretionary	2.8
Balkrishna Industries	Consumer Discretionary	2.8
Sagar Cements	Materials	2.8
Divi's Laboratories	Health Care	2.8
Affle India	Communication Services	2.7
CCL Products India	Consumer Staples	2.6
Neuland Laboratories	Health Care	2.6
Bajaj Electricals	Consumer Discretionary	2.6

Portfolio analysis by sector as at 31 December 2021

Sector	No. of Companies	% of Portfolio
Materials	7	19.0
Consumer Discretionary	6	16.7
Financials - Banks	4	15.1
IT	2	10.4
Consumer Staples	3	9.0
Industrials	4	8.7
Health Care	2	5.4
Communication Services	1	2.7
Financials - Diversified	1	2.4
Utilities	1	2.4
Energy	1	1.9
Total Equity Investment	32	93.7
Net Cash		6.3
Total Portfolio	32	100.0

Portfolio analysis by market capitalisation size as at 31 December 2021

Market capitalisation size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$2bn)	15	36.6
Mid Cap (US$2bn < M/Cap < US$8bn)	14	45.1
Large Cap (M/Cap > US$8bn)	3	12.0
Total Equity Investment	32	93.7
Net Cash		6.3
Total Portfolio	32	100.0

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