Jefferies' Chris Wood Adjusts Portfolio: Full List of Stocks Added and Removed
Chris Wood, the global head of equity strategy at Jefferies, has made significant changes to his India long-only equity portfolio. He has added new stocks and adjusted weights, particularly after selling his entire stake in Reliance Industries and Axis Bank. Here's the full list of changes and the rationale behind them.
JefferiesChris WoodPortfolio AdjustmentsIndian StocksSector DiversificationReal EstateSep 20, 2025
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.
Frequently Asked Questions
Why did Chris Wood remove Reliance Industries from his portfolio?
Chris Wood removed Reliance Industries from his portfolio to reallocate funds to other stocks that he believes have better growth potential or are more aligned with his investment strategy.
What is the highest weight given to any stock in the portfolio?
The highest weight given to any stock in the portfolio is 6%, which is assigned to SBI Life Insurance.
Which sectors are represented in the adjusted portfolio?
The adjusted portfolio includes stocks from various sectors such as financials, real estate, infrastructure, cement, industrials, energy, consumer, telecom, travel, hospitality, and automobiles.
How has the stock performance been for the newly added stocks?
The newly added stocks have shown mixed performance. For example, Zomato and Ixigo have seen significant gains, while stocks like PolicyBazaar and REC have underperformed.
What is the rationale behind the reduction in investments in ICICI Bank, REC, and JSW Energy?
The reduction in investments in ICICI Bank, REC, and JSW Energy is likely due to a reallocation strategy to balance the portfolio and invest in other sectors with better growth prospects.
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