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Aberdeen India manager: latest changes to our equity portfolio

Adrian Lim gave reasons for why the portfolio has underperformed the benchmark in the third quarter.  

Indian equities

Given the relatively steady reforms led by the Modi government, investors have seen new opportunities emerging in Indian equities in the last quarter.

In this gallery, Adrian Lim, senior investment manager at Aberdeen Asset Management, has outlined the latest changes he has made to his portfolio.

Furthermore, Lim also commented on how his holdings have been performing lately amid the government’s commitment towards inflation-targeting and continuous monetary policy easing.

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Kotak Mahindra Bank

The firm trimmed ICICI Bank in the last quarter following price gains and used the proceeds to add to Kotak Mahindra Bank, according to Lim.

‘Kotak continues to benefit from cost synergies linked to its merger with Vysya Bank, while maintaining asset quality and loan growth.’

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Infosys

‘We topped up Infosys after investors were disappointed by its second-quarter earnings.

‘Over the long term, it remains globally competitive, with a robust balance sheet and good cash generation, supported by the trend towards digitisation.’

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Emami & Sun Pharmaceutical

‘We also added to Emami, given its diversified portfolio and high margins. We also sold Tata Power after a solid rally, as the company continues to face regulatory uncertainties and makes acquisitions despite retaining a weak balance sheet.

‘In September, we added to Sun Pharmaceutical on attractive valuations.’

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Lesson learnt

‘The portfolio has risen 3.7% in US dollar terms during the third quarter, but underperformed the benchmark MSCI India Index because sectors in which we are underweight did well.

‘Not holding consumer discretionary stocks such as Maruti Suzuki, Tata Motors and Eicher Motors hurt relative returns, as they were lifted by expectations of a pick-up in rural demand.

‘Our lack of exposure to the energy sector, specifically Reliance Industries, was another detractor.’

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