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In its Greed & Fear note, Jefferies' Christopher Wood highlighted the tweaks he has made to his India's long-only portfolio, which was launched last year, and includes 17 Indian stocks in total. In the recent changes, investment in Tata Steel has been removed whereas introduced that in Macrotech (Lodha) and CAMS.

As for the India long-only portfolio, the investment in Tata Steel will be removed, while the investment in Godrej Properties will be reduced by three percentage points to 5%, the note stated.

"An investment in property developer Macrotech Developers will be introduced with a 4% weighting. While an investment in financial services company Computer Age Management Services (CAMS) will also be introduced with a 3% weighting," he added.

Under financials, the equity portfolio consists investments in stocks such as ICICI Bank, HDFC, SBI, Bajaj Finance, ICICI Prudential Life Insurance, ICICI Lombard General Insurance, and CAMS.

Jefferies' India long-only equity portfolio also has investments in real estate stocks like Godrej Properties, Century Textiles, DLF, Macrotech Developers, and other stocks include Maruti Suzuki, L&T, Jubilant FoodWorks and Container Corporation of India.

Chris Wood's India long-only portfolio

StockWeight (%)
ICICI Bank7
HDFC 7
State Bank of India4
Bajaj Finance7
ICICI Prudential Life Insurance7
ICICI Lombard General Insurance8
CAMS3
Reliance Industries10
ONGC 10
Godrej Properties5
Century Textiles5
DLF Limited4
Macrotech Developers4
Maruti Suzuki India5
Larsen & Toubro5
Jubilant FoodWorks5
Container Corp of India4

Last year, Wood had launched India's long-only equity portfolio that included 16 stocks such as HDFC, ICICI Bank, State Bank of India (SBI), Reliance Industries (RIL), Bajaj Finance, Tata Steel, Container Corporation of India, Maruti Suzuki among others.

In a note earlier this month, Chris Wood, Global Head of Equity Strategy at Jefferies, had said that Greed & fear continues to believe that this is a year where investors should accumulate their favourite Indian stocks on weakness in what remains Asia’s best long-term structural story in terms of equities.

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