Chris Wood’s Portfolio Tweak: Adding New Stocks Post-Reliance Exit
Chris Wood, the global head of equity strategy at Jefferies, has made significant changes to his India long-only equity portfolio. After selling his entire stake in Reliance Industries, he has added a diverse range of stocks across various sectors. Here's the full list of the new additions.
PortfolioStock MarketEquityJefferiesChris WoodReal EstateSep 20, 2025
Interestingly, Ambuja Cements, Le Travenues Technology (Ixigo), and Lemon Tree Hotels have been introduced with a 4% weighting each. This strategic reallocation aims to diversify the portfolio and capitalize on emerging opportunities in the market.
Financials
In the financial sector, the portfolio features significant holdings:
- ICICI Bank - The brokerage has a 4% weight in the portfolio. The private lender has risen almost 10% on a year-to-date basis.
- HDFC Bank - India’s largest private sector bank has also been assigned a 4% weight. The lender’s stock price has risen 8.5% this year.
- State Bank of India - The country’s leading state lender carries a 4% weight. The stock has risen over 8% on a year-to-date basis.
- SBI Life Insurance - The insurance major has the highest weight in this pack at 6%. SBI Life shares have risen 32% since the beginning of the year.
- REC Limited (Rural Electrification Corporation) - The power financier also has a 4% weight. The scrip is down over 20% since the beginning of the year.
- PolicyBazaar (PB Fintech) - The portfolio features a 5% allocation for the counter. PB Fintech share price has fallen 15% YTD.
- Manappuram Finance - The stock has been given a 4% weight in the portfolio. The stock is up 50% this year.
- Home First Finance - The last stock in the financials space also holds a 4% weight in the portfolio. The stock price has risen 22% on a YTD basis.
Real Estate, Infra & Cement
The real estate, infrastructure, and cement sectors have also seen significant changes:
- DLF - The real estate developer has been given a 5% weight. The stock is down 6% on a year-to-date basis.
- Macrotech Developers - The counter features with a 4% allocation. The share price is down 11% on a year-to-date basis.
- Adani Ports & Special Economic Zone - The Adani Group company has a 4% weight. The share price has risen over 17% since the beginning of the year.
- GMR Airports Infrastructure - The airports operator also carries a 4% weight. The stock is up 18% on a YTD basis.
- Ambuja Cements - The cement player owned by Adani Group rounds off this basket with a 4% weight. The stock is up 8.21% since the beginning of 2025.
Industrials & Energy
In the industrials and energy sectors:
- ABB India - The stock has been given a 4% weight in the portfolio. The stock is sharply lower on a YTD basis, down over 20%.
- JSW Energy - The scrip also features in the list with a 4% weight. JSW Energy shares are down 15% on a year-to-date basis.
Consumer & Telecom
The consumer and telecom sectors have also seen new additions:
- Zomato (Eternal) - The food delivery major has a 4% weight in the portfolio. The stock has been on a tear, up over 50% in the last 6 months.
- Bharti Airtel - The telecom major carries one of the higher allocations at 5%. Airtel shares have recorded 23% gains since the beginning of the year.
Travel & Hospitality
The travel and hospitality sectors are not left out:
- MakeMyTrip - The online travel and ticket booking platform has been given a 4% weight. Listed in the US, the stock price is down 15% on a YTD basis.
- Le Travenues Technology (Ixigo) - The scrip features a 4% allocation in the portfolio. The stock price has been on a roll, rallying 60% since the beginning of the year.
- Lemon Tree Hotels - The hotel chain has also been assigned a 4% weight. The share price has risen 27% in the last six months.
- InterGlobe Aviation (IndiGo) - India’s leading airline carries a 4% weight in the portfolio. IndiGo shares are up 23% in the last six months.
Automobiles
Finally, the automobile sector:
- TVS Motor Company - The two-wheeler major and manufacturer of iQube has been given a 4% weight. The stock has risen 26% in the last 1 year.
- Mahindra & Mahindra - The SUV major that manufacturers Thar also features with a 4% allocation. M&M share price has risen 30% in the last 6 months.
These strategic changes reflect Chris Wood’s and Jefferies’ outlook on the Indian market, aiming to balance risk and reward across various sectors. Investors should consider these moves as part of their own portfolio management strategies.
Frequently Asked Questions
Why did Chris Wood remove Reliance Industries from the portfolio?
Chris Wood removed Reliance Industries from the portfolio to reallocate funds to other sectors and stocks that he believes have better growth potential or are undervalued.
What is the highest weight given to any stock in the portfolio?
The highest weight given to any stock in the portfolio is 6% for SBI Life Insurance.
Which sectors have seen the most significant changes in the portfolio?
The real estate, infrastructure, cement, and travel & hospitality sectors have seen the most significant changes with the addition of new stocks and adjustments in weightings.
How has the performance of SBI Life Insurance been this year?
SBI Life Insurance shares have risen 32% since the beginning of the year, making it one of the best-performing stocks in the portfolio.
What is the rationale behind adding stocks like Zomato and MakeMyTrip to the portfolio?
The rationale behind adding stocks like Zomato and MakeMyTrip is to capitalize on the growing consumer and travel sectors, which are expected to see strong growth in the coming years.
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