Kotak Infrastructure and Economic Reform Fund - Growth

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Portfolio Turnover Ratio : 20.75%. Category average turnover ratio is 153.01%. Fund manager updated portfolio less frequently than peers in last 1 year. (I.e. fund manager held stocks/bonds in the portfolio for longer duration than peers)

Equity Holding : 99.97% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 99.97%

No of Stocks : 56 (Category Avg - 44.44) | Large Cap Investments : 38.27%| Mid Cap Investments : 13.72% | Small Cap Investments : 28.15% | Other : 19.83%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	56	43.41
Top 5 Stock Weight	24.88%	32.46%
Top 10 Stock Weight	39.85%	49.59%
Top 3 Sector Weight	32.11%	43.5%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	84041.29	72450.77
Holdings in large cap stocks	38.27%	37.14%
Holdings in mid cap stocks	13.72%	14.47%
Holdings in small cap stocks	28.15%	13.1%

Category - Sectoral/Thematic

Top 10 Stocks holding in Portfolio (as on 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	1643.6	6.78%	-0.20%	7.93% (Apr 2025)	5.29% (Dec 2024)	8.00 L	-0.70 L
Larsen & Toubro Ltd.	Civil construction	1306	5.39%	1.11%	5.39% (Oct 2025)	3.15% (Dec 2024)	3.24 L	50.00 k
Reliance Industries Ltd.	Refineries & marketing	1284.3	5.30%	0.27%	5.51% (Jun 2025)	0% (Nov 2024)	8.64 L	0.00
Shree Cement Ltd.	Cement & cement products	990.9	4.09%	-0.29%	5.05% (Feb 2025)	3.7% (Dec 2024)	35.00 k	0.00
Kalpataru Power Transmission Ltd.	Civil construction	804	3.32%	-0.11%	3.46% (Aug 2025)	2.63% (Nov 2024)	6.40 L	0.00
VST Tillers Tractors Ltd.	Tractors	782.6	3.23%	0.41%	3.23% (Oct 2025)	1.96% (Jun 2025)	1.31 L	0.00
Solar Industries India Ltd.	Explosives	749.4	3.09%	0.02%	5.17% (Jun 2025)	2.9% (Dec 2024)	54.00 k	0.00
Ultratech Cement Ltd.	Cement & cement products	716.8	2.96%	-0.17%	3.78% (Mar 2025)	2.8% (May 2025)	60.00 k	0.00
Cummins India Ltd.	Compressors, pumps & diesel engines	695.1	2.87%	0.19%	2.87% (Oct 2025)	2.07% (Jan 2025)	1.60 L	0.00
Mahindra Logistics Ltd.	Logistics solution provider	685	2.82%	-0.10%	2.92% (Sep 2025)	1.77% (Mar 2025)	19.34 L	-0.49 L

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 31st Oct,2025)

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M-Cap

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	6.78	1643.6	6.78%	-0.20%	7.93% (Apr 2025)	5.29% (Dec 2024)	8.00 L	-0.70 L	Large Cap	38.27
Larsen & Toubro Ltd.	Civil construction	16.57	1306	5.39%	1.11%	5.39% (Oct 2025)	3.15% (Dec 2024)	3.24 L	50.00 k	Large Cap	38.27
Reliance Industries Ltd.	Refineries & marketing	7.35	1284.3	5.30%	0.27%	5.51% (Jun 2025)	0% (Nov 2024)	8.64 L	0.00	Large Cap	38.27
Shree Cement Ltd.	Cement & cement products	7.05	990.9	4.09%	-0.29%	5.05% (Feb 2025)	3.7% (Dec 2024)	35.00 k	0.00	Large Cap	38.27
Kalpataru Power Transmission Ltd.	Civil construction	16.57	804	3.32%	-0.11%	3.46% (Aug 2025)	2.63% (Nov 2024)	6.40 L	0.00	Small Cap	28.15
VST Tillers Tractors Ltd.	Tractors	3.23	782.6	3.23%	0.41%	3.23% (Oct 2025)	1.96% (Jun 2025)	1.31 L	0.00	Small Cap	28.15
Solar Industries India Ltd.	Explosives	3.09	749.4	3.09%	0.02%	5.17% (Jun 2025)	2.9% (Dec 2024)	54.00 k	0.00	Small Cap	28.15
Ultratech Cement Ltd.	Cement & cement products	7.05	716.8	2.96%	-0.17%	3.78% (Mar 2025)	2.8% (May 2025)	60.00 k	0.00	Large Cap	38.27
Cummins India Ltd.	Compressors, pumps & diesel engines	3.68	695.1	2.87%	0.19%	2.87% (Oct 2025)	2.07% (Jan 2025)	1.60 L	0.00	Mid Cap	13.72
Mahindra Logistics Ltd.	Logistics solution provider	4.34	685	2.82%	-0.10%	2.92% (Sep 2025)	1.77% (Mar 2025)	19.34 L	-0.49 L	Small Cap	28.15
Bosch Ltd.	Auto components & equipments	8.19	651.8	2.69%	-0.16%	3.02% (Aug 2025)	2.23% (Jan 2025)	17.50 k	0.00	Large Cap	38.27
Kajaria Ceramics Ltd.	Ceramics	2.5	607.4	2.50%	-0.04%	3.02% (Nov 2024)	2.21% (Apr 2025)	5.03 L	-7.03 k	Small Cap	28.15
Greenpanel Industries Ltd.	Plywood boards/ laminates	2.32	563.6	2.32%	0.04%	3.08% (Dec 2024)	2.1% (May 2025)	19.78 L	0.00	Other	19.83
Bharti Hexacom Ltd.	Telecom - equipment & accessories	2.15	522.3	2.15%	0.16%	2.24% (Jun 2025)	1.61% (Nov 2024)	2.81 L	0.00	Other	19.83
Ashoka Buildcon Ltd.	Civil construction	16.57	499.8	2.06%	0.09%	3.2% (Dec 2024)	1.87% (Aug 2025)	24.30 L	-0.70 L	Small Cap	28.15
Indian Oil Corporation Ltd.	Refineries & marketing	7.35	497.7	2.05%	0.13%	2.05% (Oct 2025)	1.68% (Dec 2024)	30.00 L	0.00	Large Cap	38.27
InterGlobe Aviation Ltd.	Airline	1.88	455.6	1.88%	-0.06%	3.29% (Jun 2025)	1.88% (Oct 2025)	81.00 k	0.00	Large Cap	38.27
Bharat Electronics Ltd.	Aerospace & defense	4.82	426.1	1.76%	0.03%	1.76% (Oct 2025)	1.21% (Dec 2024)	10.00 L	0.00	Mid Cap	13.72
Ashok Leyland Ltd.	Commercial vehicles	1.75	424.6	1.75%	-0.08%	1.83% (Sep 2025)	1.36% (Dec 2024)	30.00 L	0.00	Mid Cap	13.72
G R Infraprojects Ltd.	Civil construction	16.57	420.9	1.74%	-0.14%	2.46% (Nov 2024)	1.72% (Apr 2025)	3.61 L	0.00	Other	19.83
NTPC Green Energy Ltd.	Power generation	2.33	412.5	1.70%	-0.22%	2.42% (Dec 2024)	1.7% (Oct 2025)	40.00 L	-6.30 L	Other	19.83
Apollo Tyres Limited	Tyres & rubber products	1.68	406.2	1.68%	0.04%	1.76% (Dec 2024)	1.48% (Jun 2025)	8.10 L	0.00	Mid Cap	13.72
Motherson Sumi Systems Ltd.	Auto components & equipments	8.19	369.9	1.53%	-0.05%	1.7% (Nov 2024)	1.41% (Aug 2025)	35.10 L	0.00	Large Cap	38.27
- Container Corporation Of India Ltd.	Logistics solution provider	4.34	368	1.52%	0.00%	2.35% (May 2025)	1.52% (Oct 2025)	6.75 L	0.00	Large Cap	38.27
Engineers India Ltd.	Civil construction	16.57	363.9	1.50%	0.02%	1.77% (Jun 2025)	0% (Nov 2024)	18.00 L	0.00	Small Cap	28.15
Power Finance Corporation Ltd.	Financial institution	1.5	362.9	1.50%	-0.25%	2.58% (Nov 2024)	1.5% (Oct 2025)	9.00 L	-1.00 L	Mid Cap	13.72
Ratnamani Metals & Tubes Ltd.	Iron & steel products	1.44	349.2	1.44%	-0.10%	2.15% (Nov 2024)	1.44% (Oct 2025)	1.44 L	-6.00 k	Small Cap	28.15
Schaeffler India Ltd.	Auto components & equipments	8.19	341.8	1.41%	-0.12%	1.53% (Sep 2025)	1.19% (Dec 2024)	85.00 k	0.00	Other	19.83
Mahindra Lifespace Developers Ltd.	Residential, commercial projects	2.09	328.9	1.36%	0.07%	1.36% (Oct 2025)	0.87% (Mar 2025)	8.53 L	0.00	Small Cap	28.15
Indus Towers Ltd.	Telecom - infrastructure	1.35	327.2	1.35%	0.03%	1.37% (Jul 2025)	0% (Nov 2024)	9.00 L	0.00	Large Cap	38.27
V-Guard Industries Ltd.	Household appliances	1.34	326	1.34%	-0.10%	1.57% (Nov 2024)	1.34% (Oct 2025)	9.00 L	0.00	Small Cap	28.15
Carborundum Universal Ltd.	Abrasives & bearings	1.34	324.2	1.34%	-0.08%	1.42% (Aug 2025)	0.51% (Jun 2025)	3.60 L	0.00	Small Cap	28.15
AIA Engineering Ltd.	Castings & forgings	2.31	321.7	1.33%	-0.16%	1.89% (Feb 2025)	1.33% (Oct 2025)	99.00 k	-0.15 L	Mid Cap	13.72
Jyoti CNC Automation Ltd.	Industrial products	2.81	316.6	1.31%	-0.02%	2.5% (Dec 2024)	1.31% (Oct 2025)	3.66 L	0.00	Other	19.83
Astra Microwave Products Ltd.	Aerospace & defense	4.82	312.7	1.29%	0.03%	1.37% (May 2025)	0.95% (Dec 2024)	3.00 L	0.00	Small Cap	28.15
# Shriram Finance Ltd.	Non banking financial company (nbfc)	1.27	307.1	1.27%	1.27%	1.27% (Oct 2025)	0% (Nov 2024)	4.10 L	4.10 L	Other	19.83
Sansera Engineering Ltd.	Auto components & equipments	8.19	291.8	1.20%	0.07%	1.28% (Nov 2024)	0.96% (Apr 2025)	1.93 L	0.00	Other	19.83
Tega Industries Ltd.	Industrial products	2.81	286	1.18%	-0.01%	1.24% (Nov 2024)	0.91% (Apr 2025)	1.48 L	0.00	Other	19.83
ABB India Ltd.	Heavy electrical equipment	2.18	263.6	1.09%	-0.03%	1.56% (Nov 2024)	1.09% (Oct 2025)	50.50 k	0.00	Large Cap	38.27
Atlanta Electricals Ltd	Heavy electrical equipment	2.18	263.4	1.09%	0.18%	1.09% (Oct 2025)	0% (Nov 2024)	2.67 L	0.00	Other	19.83
Coal India Ltd.	Coal	1.01	244.9	1.01%	-0.34%	1.35% (Sep 2025)	0% (Nov 2024)	6.30 L	-1.80 L	Large Cap	38.27
Azad Engineering Ltd.	Aerospace & defense	4.82	244.3	1.01%	0.05%	2.49% (Mar 2025)	0.95% (Aug 2025)	1.44 L	0.00	Other	19.83
M&B Engineering Ltd.	Civil construction	16.57	240.9	0.99%	0.15%	0.99% (Oct 2025)	0% (Nov 2024)	5.30 L	14.72 k	Other	19.83
Bharat Forge Ltd.	Castings & forgings	2.31	238.5	0.98%	0.05%	1.24% (Nov 2024)	0.86% (Aug 2025)	1.80 L	0.00	Mid Cap	13.72
Exide Industries Ltd.	Auto components & equipments	8.19	225.3	0.93%	-0.05%	1.8% (Nov 2024)	0.93% (Oct 2025)	5.90 L	0.00	Mid Cap	13.72
Gujarat State Petronet Ltd.	Gas transmission/marketing	0.92	223	0.92%	-0.27%	1.54% (Jan 2025)	0.92% (Oct 2025)	7.20 L	-1.80 L	Mid Cap	13.72
WPIL Ltd.	Compressors, pumps & diesel engines	3.68	196.4	0.81%	-0.03%	1.31% (Dec 2024)	0.75% (Jun 2025)	4.36 L	0.00	Other	19.83
Zen Technologies Ltd.	Aerospace & defense	4.82	183.2	0.76%	-0.34%	3.47% (Dec 2024)	0.76% (Oct 2025)	1.35 L	-0.45 L	Small Cap	28.15
HG Infra Engineering Ltd.	Civil construction	16.57	182.2	0.75%	-0.03%	1.23% (Dec 2024)	0.75% (Oct 2025)	1.98 L	0.00	Small Cap	28.15
Brigade Enterprises Ltd.	Residential, commercial projects	2.09	178	0.73%	0.07%	0.89% (Jan 2025)	0.66% (Sep 2025)	1.72 L	0.00	Small Cap	28.15
Concord Enviro Systems Ltd.	Waste management	0.7	170.8	0.70%	-0.06%	1.02% (Dec 2024)	0% (Nov 2024)	3.52 L	0.00	Other	19.83
National Thermal Power Corporation Ltd.	Power generation	2.33	151.6	0.63%	-0.02%	0.75% (Mar 2025)	0.62% (Jun 2025)	4.50 L	0.00	Large Cap	38.27
PNC Infratech Ltd.	Civil construction	16.57	151.4	0.62%	-0.06%	0.77% (Jan 2025)	0.62% (Oct 2025)	5.40 L	0.00	Small Cap	28.15
Rolex Rings Private Ltd.	Auto components & equipments	8.19	103.7	0.43%	-0.04%	0.72% (Nov 2024)	0.43% (Oct 2025)	8.50 L	8.50 L	Other	19.83
JNK India Ltd.	Industrial products	2.81	76.5	0.32%	0.01%	0.71% (Dec 2024)	0.31% (Sep 2025)	2.62 L	0.00	Other	19.83
Ceigall India Ltd.	Civil construction	16.57	48.7	0.20%	-0.20%	1.18% (Nov 2024)	0.2% (Oct 2025)	1.94 L	-1.66 L	Other	19.83

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Shriram Finance Ltd.	Non banking financial company (nbfc)	307.1	1.27%	1.27%	1.27% (Oct 2025)	0% (Nov 2024)	4.10 L	410000

Stocks removed from Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
No complete exits in the portfolio in the last month.

Trend in stock holdings (Top 15 Holding)

Stock	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024
Bharti Airtel Ltd.	6.78%	6.98%	7.10%	7.43%	7.60%	7.16%	7.93%	7.53%	6.73%	5.85%	5.29%	6.11%	6.13%
Larsen & Toubro Ltd.	5.39%	4.28%	4.27%	4.72%	4.64%	4.74%	4.75%	5.08%	5.19%	4.91%	3.15%	3.30%	3.24%
Shree Cement Ltd.	4.09%	4.38%	4.43%	4.52%	4.43%	4.31%	4.77%	5.01%	5.05%	4.32%	3.70%	3.81%	3.71%
Reliance Industries Ltd.	5.30%	5.03%	5.07%	5.24%	5.51%	2.66%	4.06%	1.79%	-	-	-	-	-
Solar Industries India Ltd.	3.09%	3.07%	3.22%	3.22%	5.17%	4.83%	4.35%	3.80%	3.32%	3.26%	2.90%	3.21%	3.11%
Ultratech Cement Ltd.	2.96%	3.13%	3.28%	3.08%	2.96%	2.80%	3.74%	3.78%	3.75%	3.57%	3.29%	3.27%	3.27%
Kalpataru Power Transmission Ltd.	3.32%	3.43%	3.46%	3.08%	3.21%	3.03%	2.85%	2.92%	2.97%	3.01%	3.42%	2.63%	2.97%
Kajaria Ceramics Ltd.	2.50%	2.54%	2.67%	2.51%	2.65%	2.60%	2.21%	2.42%	2.70%	2.64%	2.86%	3.02%	3.04%
Bosch Ltd.	2.69%	2.85%	3.02%	2.96%	2.33%	2.29%	2.36%	2.33%	2.46%	2.23%	2.46%	2.55%	2.60%
VST Tillers Tractors Ltd.	3.23%	2.82%	2.99%	2.50%	1.96%	2.09%	2.14%	2.38%	2.35%	2.69%	2.83%	2.62%	2.46%
Greenpanel Industries Ltd.	2.32%	2.28%	2.31%	2.43%	2.17%	2.10%	2.11%	2.10%	2.81%	3.06%	3.08%	2.87%	3.09%
InterGlobe Aviation Ltd.	1.88%	1.94%	2.20%	2.45%	3.29%	3.00%	2.17%	2.76%	2.72%	2.21%	2.15%	2.10%	1.97%
Cummins India Ltd.	2.87%	2.68%	2.65%	2.38%	2.22%	2.18%	2.12%	2.29%	2.30%	2.07%	2.16%	2.33%	2.37%
Ashoka Buildcon Ltd.	2.06%	1.97%	1.87%	2.11%	2.17%	2.29%	2.11%	2.26%	2.28%	2.86%	3.20%	2.60%	2.53%
Mahindra Logistics Ltd.	2.82%	2.92%	2.72%	2.03%	1.98%	1.92%	2.00%	1.77%	1.89%	2.37%	2.26%	2.31%	2.50%