Chris Wooden has rotated his bets inside the actual property house whereas reduce his funding in a QSR main.

Chris Wooden of Jefferies made adjustments to the India publicity in his Asia ex-Japan and India long-only portfolios this week.

Inside his Asia ex-Japan long-only portfolio, Wooden has determined to rotate his bets inside the actual property house. The funding in Godrej properties will likely be eliminated and will likely be changed by Macrotech Builders (Lodha).

Macrotech will command a 6 % weightage within the portfolio.

Shares of Godrej Properties have declined 30 % this yr whereas these of Macrotech are down 20 %. Each the shares have underperformed the Nifty Realty index, which is down 6.5 % this yr.

One other change to the Asia ex-Japan portfolio pertains to Bajaj Finance, which will likely be decreased by one proportion level. Shares of the non-bank lender might have declined 7 % to this point this yr, however have recovered practically 30 % from their 52-week low in Could this yr.

Inside the India long-only portfolio, Chris Wooden has determined to chop down on the place in Bajaj Finance by two proportion factors. These two proportion factors will likely be given to India’s largest lender – State Bank of India, which has seen consensus upgrades and value goal revisions from brokerages submit its September quarter outcomes.

Godrej Properties may even see a reduce inside the India portfolio by one proportion level. Macrotech additionally finds place within the India portfolio with weightage growing by two proportion factors.

One other actual property play that finds point out within the India long-only portfolio is DLF, the place funding will enhance by one proportion level. Shares of DLF haven’t executed a lot this yr, gaining solely 4 %, however have outperformed the realty index.

Wooden has additionally determined to chop down on the funding place in Century Textiles by one proportion level. Shares of the textile and paper manufacturing firm have declined near 13 % to this point year-to-date.

Amongst different adjustments to the India portfolio, the funding in Jubilant Foodworks will likely be utterly eliminated and changed by one in Adani Ports, which is able to command a 4 % weightage. Shares of Jubilant Foodworks are down over 25 % this yr. However, Adani Ports has gained 20 % to this point on a year-to-date foundation.

First Printed:  IST



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