Portfolio Holdings

Top 20 holdings as at 28 April 2023

Holding	Sector	% of Portfolio
Federal Bank	Financials - Banks	7.0
IDFC Bank	Financials - Banks	6.2
IndusInd Bank	Financials - Banks	5.0
Ramkrishna Forgings	Materials	4.2
Neuland Laboratories	Health Care	3.9
Persistent Systems	IT	3.7
PI Industries	Materials	3.5
City Union Bank	Financials - Banks	3.3
Emami	Consumer Staples	3.3
JK Lakshmi Cement	Materials	3.1
CCL Products India	Consumer Staples	3.1
Skipper	Industrials	2.9
Balkrishna Industries	Consumer Discretionary	2.8
Sona BLW Precision Forgings	Consumer Discretionary	2.8
Kajaria Ceramics	Industrials	2.7
Jyothy Laboratories	Consumer Staples	2.7
Welspun India	Consumer Discretionary	2.6
Uniparts India	Industrials	2.6
Dixon Technologies	Consumer Discretionary	2.5
Affle India	Communication Services	2.5

Portfolio analysis by sector as at 28 April 2023

Sector	No. of Companies	% of Portfolio
Financials	6	24.2
Materials	7	17.8
Consumer Discretionary	8	16.5
Industrials	6	14.5
Consumer Staples	3	9.1
IT	2	5.7
Health Care	1	3.9
Communication Services	1	2.5
Total Equity Investment	34	94.2
Net Cash		5.8
Total Portfolio	34	100.0

Portfolio analysis by market capitalisation size as at 28 April 2023

Market capitalisation size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$2bn)	17	44.4
Mid Cap (US$2bn < M/Cap < US$8bn)	14	41.6
Large Cap (M/Cap > US$8bn)	3	8.1
Total Equity Investment	34	94.2
Net Cash		5.8
Total Portfolio	34	100.0

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