The fund’s largest active positions included Ather Energy, Bharat Heavy Electricals (BHEL), Phoenix Mills, Ashok Leyland, Power Mech Projects, Solar Industries India, Federal Bank, L&T Finance, Billionbrains Garage Ventures and Max Healthcare Institute. Ather Energy had the highest active share contribution at 1.06%, followed by BHEL at 0.85%.
The portfolio was estimated to comprise 50% large-cap, 36% mid-cap and 14% small-cap stocks. The fund said the large-cap exposure provides stability and earnings resilience, while mid-caps offer higher growth potential. Select small-cap holdings are used to gain exposure to differentiated themes and opportunities less represented in broader indices.
| Portfolio metric | Details |
|---|---|
| Total stocks | 88 |
| Top 10 stocks | 23.34% |
| Active share | 57.91% |
| Large-cap allocation | 50% |
| Mid-cap allocation | 36% |
| Small-cap allocation | 14% |
| Cash & cash equivalents | 1.57% |
| Top sector overweight | Capital goods |
| Other key overweights | Autos, consumer durables |
| Key underweights | Metals, oil & gas, FMCG |
Data as of July 31, 2026.
Betting on capital goods, autos and consumer durables
The fund is currently overweight on capital goods, autos and consumer durables, while maintaining underweight positions in metals, oil & gas and FMCG.
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The positioning comes against a backdrop that the fund manager describes as favourable for Indian equities. According to the fund commentary, credit growth, auto volumes, property sales, power demand and the June 2026 earnings season have been showing positive trends.
The fund also pointed to healthy corporate balance sheets, declining leverage and capacity utilisation rising to the mid-70% range as factors supporting its medium- to long-term constructive view on Indian equities.
Stock selection remains central
Rather than following a strict value or growth style, the fund uses its FAIR investment framework — Forensics, Acceptable Price, Investment Style Agnostic and Robustness.
The framework assesses accounting quality, board governance and ownership background, while seeking reasonably priced businesses with medium-term earnings power. It also focuses on well-managed companies with scalable opportunities and superior return on capital employed.
The strategy has translated into a long-term performance record. The fund’s Direct Growth plan delivered a 14.61% CAGR over five years and 15.68% over 10 years, compared with 14.48% and 15.23%, respectively, for the Nifty Large Midcap 250 TRI. Since inception, the Direct plan has generated a 16.03% CAGR, against 13.33% for the benchmark.
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Disclaimer: Business Today provides market and personal news for informational purposes only and should not be construed as investment advice. All mutual fund investments are subject to market risks. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.