ASK Emerging Opportunities Portfolio

Fund Snapshot

Investment Objective

To build a concentrated portfolio of businesses across a range of market capitalization (predominantly into mid- and small-cap stocks), representing quality and superior long-term compounding potential.

Systematic Transfer Plan (STP)

Investments will be made in a staggered manner as per the instructions provided by the client Fees as per the respective strategy (ASK Liquid/ASK Equity) will be charged for the invested amount.

Achieve long-term success through AltPort’s structured and strategic wealth solutions.

Portfolio Update

Overweight Sectors

Financial Services

• Positive on the overall banking sector and the insurance space.
• The RBI’s front-loading of rate cuts and easing of liquidity could spur credit growth
• Expect a pickup in growth over the next few years with the improvement in domestic macroeconomic conditions.
• For the banking sector, we expect margins to normalize from FY27 onwards and benefits of operating leverage to flow through as growth accelerates and return ratios improve.
• Positive on select PSU banks, as the worst of asset quality is behind, the liability franchise remains strong, and valuations are attractive.

Automobile and Auto Components

• Positive on the growth outlook for automobile and auto ancillary players.
• Increase in content per vehicle, diversified revenue streams and expanding their customer base could drive growth.

Capital Goods

• Increasing infrastructure and manufacturing activity offers medium-to-long-term visibility.
• The government’s Make-in-India push and PLI scheme are helping domestic companies to compete with global players and build durable scale.
• The entire ecosystem, including capital goods, EMS, consumables and logistics, is expected to be a significantly bigger opportunity.
• This space is undergoing a favorable business cycle

Underweight Sectors

Healthcare

• Prefer domestic-focused pharmaceutical companies over their export-oriented peers
• Domestic players benefit from expanding healthcare penetration and consistent volume-led growth.
• Weak dollar and US generic pricing pressure are expected to adversely impact export-oriented pharma companies

Consumer services

• Expect lower volume growth versus market expectations.
• Not comfortable with valuations in the space.

Stock Actions

New Entrants

• Increased exposure to Financial Services to the portfolio by introducing BSE, CDSL, Federal Bank and HDFC AMC, and the Indian Energy Exchange. Entered into realty space through Oberoi Realty. Other entrants include Abbott India, Gland Pharma, Gujarat Gas, ITC Hotels, Jindal Stainless, JK Cement, KPR Mill, and Motherson Sumi Wiring India.  

Exits

• Exited the FMCG space by offloading Patanjali Foods and Varun Beverages. Reduced exposure to the healthcare sector by exiting Mankind Pharma and Poly Medicure. Other exits during the month include Acutaas Chemicals, Bharti Airtel PP, Gravita India, Jupiter Wagons, Kaynes Technology, Kirloskar Oil Engines and P I Industries.

Market Cap Classification

Portfolio Metrics

Top Holdings

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