Jefferies has decided to introduce property developer Macrotech Developers (Lodha) and financial services firm Computer Age Management Services (CAMS) to its India Long Only portfolio, according to Christopher Wood, Global Head of Equity Strategy at Jefferies.
It will remove Tata group giant Tata Steel from the portfolio, the veteran fund manager said.
Macrotech will now have a weightage of four percent in the portfolio and CAMS of three percent.
Chris Wood, as he is widely known, also said that the changes increase the weightage of financial services in the equity portfolio by three percent and that of real estate by one percent.
Wood also said the investment in Godrej Properties will be reduced by three percentage points to five percent.
The most important issue for the markets in 2022 remains whether and when the Fed will adjust its language, which would in turn be a sign of a change in policy "just as the dropping of the word 'transitory' was in late November 2021", Wood wrote in his "GREED & fear" report — his weekly notes to investors.
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"Such a development will happen at some point this year, with the timing dictated as much by market action as by the data. Still if GREED & fear had to guess at the timing it would be late third quarter given the growing proximity of the mid-term elections by then," he added.
Here's what the brokerage's India long only portfolio looks like:
| Stock | Weightage (%) |
| ICICI Bank | 7 |
| Housing Development Finance Corp (HDFC) | 7 |
| State Bank of India (SBI) | 4 |
| Bajaj Finance | 7 |
| ICICI Prudential Life Insurance | 7 |
| ICICI Lombard General | 8 |
| CAMS | 3 |
| Reliance Industries | 10 |
| Oil & Natural Gas Corp (ONGC) | 10 |
| Godrej Properties | 5 |
| Century Textiles | 5 |
| DLF | 4 |
| Macrotech Developers | 4 |
| Maruti Suzuki | 5 |
| Larsen & Toubro (L&T) | 5 |
| Jubilant FoodWorks | 5 |
| Container Corporation of India (Concor) | 4 |
Chris Wood has made some changes to Jefferies' India long-only portfolio. @nimeshscnbc brings us the details pic.twitter.com/CrO2WNmHb9
— CNBC-TV18 (@CNBCTV18News) May 20, 2022
(Edited by : Sandeep Singh)
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