Kenneth Andrade-led Old Bridge Focused Fund exits Infosys, backs capex and healthcare in latest portfolio rejig

Many core holdings including Shriram Finance, Maruti Suzuki, Tata Steel, Axis Bank, Hindustan Zinc, UPL and Granules India remained unchanged in quantities between November and December.

• Old Bridge Fund added Redington, InterGlobe, Medi Assist; reduced cash holdings.
• Fund exited Infosys, increased stake in HCL Technologies to 7.41 percent of AUM
• Core holdings like Shriram Finance and Maruti Suzuki remained unchanged

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Veteran fund manager Kenneth Andrade’s Old Bridge Focused Fund made a series of portfolio moves in December 2025. As of December 31, the fund had around 6.7 percent in cash, down from 7.8 percent in November. The fund’s top five holdings by weight are Shriram Finance (8.68%), HCL Technologies (7.41%), Maruti Suzuki (5.43%), Redington (5.22%) and Aurobindo Pharma (4.97%).

Redington

Andrade has previously spoken about his preference for businesses linked to capital expenditure cycles and metals, which he views as poised for structural growth once utilisation improves. This outlook stems from his assessment that the broader market is in a “time correction” phase and that earnings growth is likely to strengthen only once capex translates into higher utilisation and demand, especially in metals, autos and related sectors.

Redington, a key play on technology distribution and enterprise capex, comes within this theme. During the month, the fund increased stake in Redington by 5.47 lakh shares to 4588000 shares, around 5.22% AUM.

Consumption & Aviation

The increase in InterGlobe Aviation reflects confidence in the domestic consumption rebound and structural travel demand, aligning with Andrade’s broader thematic focus on cyclicals with capacity to capture post-correction growth, as India’s economic activity normalises. The increase in stake was made despite the aviation major’s challenges in the month of December due to concerns related to flight delays last month, apart from uncertainty about its already high market-share, and pressure on margins. During the month, the fund added 55,000 shares of InterGlobe Aviation

Healthcare Services

During the month, the new stock addition came in the form of Medi Assist Healthcare Services. The fund added 6.67 lakh shares or 1.28 percent of AUM.

Legacy IT

The full exit from Infosys comes on the back of Andrade’s previously stated cautious stance on broad legacy IT services where he noted that only a select few players are likely to benefit meaningfully from automation and AI advancements, rather than the sector as a whole.

In a December interview with CNBC TV 18, Andrade said that while technology will continue to evolve, the benefits of emerging themes like artificial intelligence will accrue to only a handful of companies that can build or sustain competitive advantages.

The fund has added around 1 lakh shares to its holding of HCL Technologies, increasing the stake to around 7.41% of AUM.

Stable core, concentrated strategy

Many core holdings including Shriram Finance, Maruti Suzuki, Tata Steel, Axis Bank, Hindustan Zinc, UPL and Granules India remained unchanged in quantities between November and December.

At the time of the fund launch in 2024, Andrade had spoken about the house and his personal investing philosophy. He explained at the time, that it had always been about buying into enduring businesses with emphasis on limiting capital losses through a buy-and- hold approach. “It’s about buying at the right time and price, and then waiting,” says Andrade. This philosophy, he says, helps build a margin of safety “to protect our portfolios.”