BCCL
With nearly a third of his portfolio — 31% to be specific — Christopher Wood, global head of equities at Jefferies, must be enjoying his call in August to increase the weight of India investments.
The decision came at a time when the world at large was worried about rising inflation in the US, which may lead to a rise in interest rates and lead to an outflow of funds from emerging markets like India. The breakneck rally since March 2020 could have made anyone nervous.
However, Wood was looking at something else. “A new property cycle has commenced, a broader capital spending cycle should be coming sooner or later while the best companies have profited from deleveraging triggered consolidation in sectors like residential property and housing finance and indeed consumer finance in general. Meanwhile, the central government remains firmly pro-growth,” Wood reportedly said.
Some of the top stocks in his portfolio are ICICI Bank, Godrej Properties, ICICI Lombard General Insurance, ICICI Prudential Life Insurance, HDFC and Reliance Industries, according to an ET report.