Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point.
This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
“As for the India long-only portfolio, investments in power equipment maker Thermax and Axis Bank will be introduced with 5 per cent and 6 per cent weighting respectively. These will be paid for by removing the investments in ICICI Lombard General Insurance and Maruti Suzuki India and reducing the investment in HDFC Life by one percentage point,” Wood wrote in his recent weekly newsletter to investors, GREED & fear.
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