With each passing quarter, GQG has been topping up its account with not just more and more of Adani stocks but is also diversifying across sectors like energy, banks, real estate, telecom, infrastructure and FMCG.The value of Florida-based GQG's Adani portfolio has now grown multi-fold to about $6.5 billion and includes six stocks - Adani Energy Solutions Adani Power and Ambuja Cements Even in the March quarter, GQG raised stake in all the six Adani stocks and is believed to have spent another around $1 billion on the conglomerate.
"We like private sector banks, IT and consumer staples.
But we feel infrastructure is the new story and still under-appreciated," the India-born emerging markets investor had said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.
These do not represent the views of The Economic Times)
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On a high after having spotted the lucrative opportunity in Adani stocks well ahead of peers, star NRI investor Rajiv Jain is prowling Dalal Street and has picked at least 8 non-Adani stocks in the last one year with the size of his portfolio surging to $11 billion.Jain made international headlines last year in March by splurging $2 billion on Adani stocks in the peak of the Hindenburg crisis when no one was willing to catch the falling knife. With each passing quarter, GQG has been topping up its account with not just more and more of Adani stocks but is also diversifying across sectors like energy, banks, real estate, telecom, infrastructure and FMCG.The value of Florida-based GQG's Adani portfolio has now grown multi-fold to about $6.5 billion and includes six stocks - Adani Energy Solutions Adani Power and Ambuja Cements Even in the March quarter, GQG raised stake in all the six Adani stocks and is believed to have spent another around $1 billion on the conglomerate. The value of his India portfolio has now surged to about $11 billion, according to calculations using shareholding data.At the end of the March quarter, GQG owned stakes in at least 14 Indian stocks while the 15th one - Vodafone Idea - was added later by investing around Rs 1,347 crore in the telecom operator’s FPO. Last month, the FII had picked up 0.8% stake in Bharti Airtel from Singapore Telecommunications (Singtel) for about Rs 5,900 crore.In the March quarter, GQG raised its stake in GMR Airports by 350 basis points to 5.13%, in IDFC First Bank by 190 bps to 2.98%, in JSW Energy by 150 bps to 2.91%. Macrotech Developers , which is one of the biggest beneficiaries of the real estate upcycle, was a new pick during the quarter with 1.3% stake.The only two places in which GQG reduced stakes are in ITC (4 bps) and Max Healthcare Institute (150 bps). ITC remains its single largest bet valued at around Rs 14,600 crore.GQG started taking bigger strides on Dalal Street beyond Adani in the September quarter last year when it picked stakes in JSW Energy, Patanjali Foods and IDFC First Bank while GMR was added to its portfolio in December last year.The fund manager had earlier owned small stakes in SBI HDFC Bank and Sun Pharma but the current ownership could not be verified independently as companies are not mandated to report names of investors with holding below 1%.Jain had last year said he expects his investment in Adani companies to deliver multibagger returns over a five-year period."We like private sector banks, IT and consumer staples. But we feel infrastructure is the new story and still under-appreciated," the India-born emerging markets investor had said.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
