Jefferies' Chris Wood Adjusts Portfolio: Full List of Stocks Added and Removed

Chris Wood, the global head of equity strategy at Jefferies, has recently made several adjustments to his India long-only equity portfolio. These changes come after a strategic decision to sell the entire stake in Reliance Industries (RIL) and Axis Bank. Additionally, Wood has reduced the investments in ICICI Bank, REC, and JSW Energy by one percentage point each. The portfolio now includes a variety of new stocks across different sectors, reflecting a balanced and diversified approach to investment.

Ambuja Cements, Le Travenues Technology (Ixigo), and Lemon Tree Hotels have been added to the portfolio with a 4% weighting each. These additions are part of a broader strategy to capitalize on emerging opportunities in the Indian market.

Financials

- ICICI Bank : The private lender has a 4% weight in the portfolio. The stock has risen nearly 10% on a year-to-date basis. - HDFC Bank : India’s largest private sector bank also holds a 4% weight. The lender’s stock price has increased by 8.5% this year. - State Bank of India (SBI) : The country’s leading state-owned bank has a 4% weight, and its stock has risen over 8% on a year-to-date basis. - SBI Life Insurance : The insurance major has the highest weight in this category at 6%. SBI Life shares have surged 32% since the beginning of the year. - REC Limited (Rural Electrification Corporation) : The power financier has a 4% weight, but its stock is down over 20% since the beginning of the year. - PolicyBazaar (PB Fintech) : The portfolio features a 5% allocation for this counter. PB Fintech’s share price has fallen 15% year-to-date. - Manappuram Finance : This stock has been given a 4% weight. The stock has risen 50% this year. - Home First Finance : The last stock in the financials space also holds a 4% weight. The stock price has increased 22% on a year-to-date basis.

Real Estate, Infrastructure, and Cement

- DLF : The real estate developer has been given a 5% weight. The stock is down 6% on a year-to-date basis. - Macrotech Developers : This counter features 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 year-to-date basis. - Ambuja Cements : The cement player, owned by the Adani Group, rounds off this basket with a 4% weight. The stock is up 8.21% since the beginning of 2025.

Industrials and Energy

- ABB India : The stock has been given a 4% weight in the portfolio. The stock is sharply lower on a year-to-date 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 and Telecom

- 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 six 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 and Hospitality

- 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 year-to-date basis. - Le Travenues Technology (Ixigo) : This stock 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

- 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 year. - Mahindra & Mahindra : The SUV major that manufactures the Thar also features with a 4% allocation. M&M share price has risen 30% in the last six months.

These strategic adjustments reflect Jefferies' commitment to aligning with the evolving market dynamics and capitalizing on growth opportunities in various sectors. Investors are advised to review these changes and consider their implications for their own portfolios.