Portfolio Holdings

Top 20 holdings as at 31 August 2025

Holding	Sector	% of Portfolio
Dixon Technologies	Consumer Discretionary	5.1
Skipper	Industrials	5.0
Neuland Laboratories	Health Care	4.8
Multi Commodity Exchange	Financial Services	4.4
Federal Bank	Financials - Banks	4.3
Affle India	Digital	3.9
Emami	Consumer Staples	3.7
Persistent Systems	Information Technology	3.4
CCL Products India	Consumer Staples	3.3
IDFC Bank	Financial Banks	3.2
JK Lakshmi Cement	Cement	3.0
City Union Bank	Financials - Banks	2.9
Cartrade Technologies	Digital	2.8
VIP Industries	Consumer Discretionary	2.5
Ramkrishna Forgings	Auto & Auto Ancillary	2.3
Kajaria Ceramics	Consumer Discretionary	2.3
Sona BLW Precision Forgings	Auto & Auto Ancillary	2.2
PI Industries	Chemicals	2.2
Sagar Cements	Cement	2.1

Portfolio analysis by sector as at 31 August 2025

Sector	No. of Companies	% of Portfolio
Auto & Auto Ancilliary	4	7.6
Cement	2	5.1
Chemicals	2	3.8
Consumer Discretionary	4	10.9
Consumer Staples	4	10.4
Digital	2	6.7
Energy	0	0.0
Financials Banks	5	15.7
Financials - Non Banking Financial Companies	1	1.3
Financial Services	2	5.8
Health Care	2	6.5
Industrials	6	12.6
IT Services	2	5.5
Metals	0	0.0
Real Estate	0	0.0
Textiles	2	3.3
Utilities	0	0.0
Total Equity Investment	38	95.2
Net Cash	0	4.8
Total Portfolio	38	100.0

Portfolio analysis by Market Capitalisation* as at 31 Aug 2025

Market Capitalisation Size	No. of Companies	% of Portfolio
Small Cap (M/Cap < US$3.5bn)	27	65.0
Mid Cap (US$3.5bn < M/Cap < US$10.5bn)	9	23.8
Large Cap (M/Cap > US$10.5bn)	2	6.4
Total Equity Investment	38	94.8
Net Cash	0	4.8
Total Portfolio	38	100.0

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

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