The latest Greed and Fear note by Chris Wood, Global Head of Equity Strategy at Jefferies, shared details of the latest long-only portfolios reshuffling, with a significant focus on domestic real estate and internet stocks, coupled with blue-chip Reliance Industries.
In a note, Chris Woods shared that the weightage of Mukesh Ambani-led Reliance Industries shares in Jefferies' India long-only portfolio will be raised by two percent. The investment comes by trimming the weight of blue-chip lenders HDFC Bank and SBI by one percent each.
Shares of realty player Godrej Properties will be excluded from Asia ex-Japan's long-only portfolio, while the investment in Macrotech Developers, the promoters of the Lodha brand, will be hiked from one percent, to four percent. Further, DLF shares will be included into the portfolio, with a weightage of three percent.
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On the internet stocks front, Chris Wood decided to add travel aggregator MakeMyTrip shares, with a weightage of four percent. The introduction of NYSE-listed MMT shares comes at the expense of private lender Axis Bank's stock, while will be deleted from the portfolio.
Recently, Goldman Sachs also decided to add shares of MakeMyTrip to its 'top ten buy' ideas for domestic stocks. The brokerage had noted that it sees a robust forward outlook for the travel player, amid sustained strong underlying travel trends, aided by lower tax rates. A favorable industry structure should translate to margin upside for the firm.
Additionally, the Jefferies strategist also decided to hike the weightage of latest Nifty 50 entrant Zomato by one percent. Zomato shares have seen a sharp correction over the past six months, cracking over 25 percent as competition intensity and margin pressures weigh.
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