Portfolio Holdings

Top 20 holdings as at 31 May 2025

Holding	Sector	% of Portfolio
Skipper	Industrials	4.9
Federal Bank	Financials - Banks	4.6
Dixon Technologies	Consumer Discretionary	4.5
Multi Commodity Exchange	Financial Services	4.4
Neuland Laboratories	Health Care	4.1
Emami	Consumer Staples	3.85
RBL Bank	Financial - Bank	3.7
Persistent Systems	Information Technology	3.7
Affle India	Digital	3.5
CCL Products India	Consumer Staples	3.4
PI Industries	Chemicals	3.3
IDFC Bank	Financials - Banks	2.9
City Union Bank	Financials - Banks	2.9
Sona BLW Precision Forgings	Auto & Auto Ancillary	2.8
JK Lakshmi Cement	Cement	2.8
Ramkrishna Forgings	Auto & Auto Ancillary	2.5
Gokaldas Exports	Textiles	2.4
PSP Projects	Industrials	2.35
Cartrade Technologies	Digital	2.2
Elecon Engineering	Industrials	2.2

Portfolio analysis by sector as at 31 May 2025

Sector	No. of Companies	% of Portfolio
Auto & Auto Ancilliary	4	8.4
Cement	2	4.8
Chemicals	2	4.9
Consumer Discretionary	4	9.9
Consumer Staples	4	10.5
Digital	2	5.7
Energy	0	0.0
Financials Banks	5	15.4
Financials - Non Banking Financial Companies	1	1.5
Financial Services	1	4.4
Health Care	2	5.9
Industrials	6	14.4
IT Services	2	5.2
Metals	0	0.0
Real Estate	0	0.0
Textiles	2	4.5
Utilities	0	0.0
Total Equity Investment	37	95.4
Net Cash	0	4.5
Total Portfolio	37	100.0

Portfolio analysis by Market Capitalisation* as at 31 May 2025

Market Capitalisation Size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$4bn)	27	68.5
Mid Cap (US$4bn < M/Cap < US$12bn)	9	25.6
Large Cap (M/Cap > US$12bn)	1	1.5
Total Equity Investment	37	95.5
Net Cash	0	4.5
Total Portfolio	37	100.0

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

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