Chris Wood picks IndiGo, Adani Power in India portfolio reshuffle
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Top emerging markets investor Christopher Wood has added Adani Power and InterGlobe Aviation (IndiGo) to his India long-only portfolio while exiting Home First Finance and Le Travenues Technology (Ixigo), marking a notable reshuffle in Jefferies’ flagship GREED & fear India basket. Jefferies’ global head of equity strategy wrote in his latest GREED & fear note that the investment in Home First Finance will be removed and replaced by an investment in Adani Power. In the travel space, he added that the investment in Le Travenues Technology (Ixigo) will also be removed and replaced by an investment in InterGlobe Aviation (IndiGo), while the investment in Lemon Tree Hotels will be replaced by an investment in Indian Hotels. The rejig comes against the backdrop of a sharp relative underperformance of Indian equities versus emerging-market peers, even as the domestic market has largely moved sideways in local-currency terms. Wood pointe...