Can you tell me about the recent all-India portfolio that Chris Wood of Jefferies has created and what are the stocks included in that portfolio?

Chris Wood, formerly of CLSA, has been an India expert for more than 2 decades now. At Jefferies, Chris Wood has just launched an India only portfolio with 16 stocks. The portfolio includes some very top-quality blue chips like ICICI Bank, HDFC, Bajaj Finance, Reliance Industries, ONGC, Maruti, Tata Steel and Jubilant Foods. That almost reads like a who’s who of the Indian capital markets, but these are the stocks that Chris Wood is betting on.

This move comes despite Indian equities scaling all-time highs. While there is nothing surprising about a 40% exposure to financials, what is surprising is the 17% exposure to real estate. Wood expects a new housing cycle to start in India after a 7-year downturn. In terms of thematic representation, the portfolio is domestic demand focused despite having a fairly large exposure to energy stocks. That is to hedge higher oil prices.