Christopher Wood launches India-dedicated portfolio; ICICI Bank, RIL, other 16 stocks included

In his previous report, Wood said that he remains overweight on Indian markets and has further raised its weight by two percentage points to 14 percent in its portfolio. He also advised investors who missed the surge should take advantage of any significant pullback in private sector banks.

However, it noted that this is not the perfect time for such a portfolio since the Indian markets are trading near record-high levels.

"Still GREED & fear remains convinced that India is at the start of a new housing cycle after a seven-year downturn, after the mother of all consolidations in the developer industry, which is why there will be a 17 percent weight in the property sector,” Wood said.

The report further shared that this portfolio will be domestic demand focused, though it will have a decent energy weighting to hedge, in part at least, the obvious risk of a higher oil price on Indian financials and other interest rate-sensitive sectors.

Meanwhile, regarding the existing portfolio, Wood informed that the Asia ex-Japan long-only thematic portfolio has risen on a total-return basis by 3,266 percent in US-dollar terms since inception at the end of Q3-2002, compared with a 746 percent increase in the MSCI AC Asia ex-Japan Index and a 669 percent increase in the S&P500.