Sapphire Equity Long-Short: construction and changes at 31 Jul 2026
Key takeaway
Listed equity: 97.21% of NAV, the largest disclosed asset allocation.
Cash equity97.21%(increased by 0.77 pp)
Top-ten cash equity30.35%(increased by 1.71 pp)
Cash-equity rows113Prior: 110
AI Brief
What changed
Compared with the preceding compatible disclosure, using its actual dates.
Why it matters
Equity selection is central to this portfolio. Read its sector and company concentrations alongside derivative positioning; the equity weight alone does not measure net market exposure.
What to watch
At the next comparable disclosure, check whether equity weight changes persist and whether overall long and short derivative usage changes on the same measurement basis.
What remains uncertain
Changes in holdings do not establish executed trades or the manager's intent. Derivative percentages cannot be added to asset weights. Missing figures are not zero.
Generated by Codex-authored research rules from this article and its evidence · 8 Oct 2026
OUR READING
SIFprime View
Listed equity leads at 97.21%
Equity selection is central to this portfolio. Read its sector and company concentrations alongside derivative positioning; the equity weight alone does not measure net market exposure.
Explore the evidencePORTFOLIO ALLOCATION
Latest allocation & changes
Compared with 29 May 2026 · pp = percentage points
- Listed equity
- 97.21%
Only quantified categories are shown. Missing figures are not zero; changes appear only when both disclosures are comparable.
Equity activity
131 companiesLargest weight changes in each group · % of NAV
| Activity | Company | Previous | Latest |
|---|---|---|---|
| Increased34 companies | ICICI Bank Ltd ^ ~~ | 4.02% | 5.27% |
| Axis Bank Ltd | 1.96% | 2.77% | |
| Reduced58 companies | Indus Towers Ltd | 1.12% | 0.29% |
| State Bank of India | 1.81% | 1.16% | |
| Entries21 companies | Interglobe Aviation Ltd | — | 1.24% |
| Eternal Ltd | — | 1.19% | |
Explore the disclosed holdings
Sapphire Equity Long-Short · 31 Jul 2026
Portfolio sleeves
Listed equitylong
113 disclosed lines
Equity movements vs 29 May 2026 · Scroll inside the table to inspect all rows. The page layout stays fixed.
| # | Security / ISIN | Sector / bucket | Weight (% NAV) | Exposure (% NAV) |
|---|---|---|---|---|
| 01 | ICICI Bank Ltd ^ ~~INE090A01021 · long Increased: 4.02% → 5.27% of NAV | Banks | 5.27% | 5.27% |
| 02 | HDFC Bank Ltd # ~~INE040A01034 · long Reduced: 5.40% → 5.10% of NAV | Banks | 5.10% | 5.10% |
| 03 | Reliance Industries Ltd $ ~~INE002A01018 · long Reduced: 3.83% → 3.47% of NAV | Petroleum Products | 3.47% | 3.47% |
| 04 | Larsen & Toubro Ltd $$ ~~INE018A01030 · long Reduced: 3.22% → 3.07% of NAV | Construction | 3.07% | 3.07% |
| 05 | Infosys LtdINE009A01021 · long Increased: 2.28% → 2.97% of NAV | IT - Software | 2.97% | 2.97% |
| 06 | Axis Bank LtdINE238A01034 · long Increased: 1.96% → 2.77% of NAV | Banks | 2.77% | 2.77% |
| 07 | Bharti Airtel Ltd ! ~~INE397D01024 · long Increased: 2.00% → 2.48% of NAV | Telecom - Services | 2.48% | 2.48% |
| 08 | Mahindra & Mahindra LtdINE101A01026 · long Reduced: 2.01% → 1.99% of NAV | Automobiles | 1.99% | 1.99% |
| 09 | Tata Consultancy Services LtdINE467B01029 · long Increased: 1.48% → 1.62% of NAV | IT - Software | 1.62% | 1.62% |
| 10 | ITC LtdINE154A01025 · long Reduced: 2.11% → 1.61% of NAV | Diversified FMCG | 1.61% | 1.61% |
| 11 | BSE LtdINE118H01025 · long Reduced: 1.61% → 1.60% of NAV | Capital Markets | 1.60% | 1.60% |
| 12 | Nestle India LtdINE239A01024 · long Increased: 1.27% → 1.54% of NAV | Food Products | 1.54% | 1.54% |
| 13 | Titan Co LtdINE280A01028 · long Reduced: 1.56% → 1.49% of NAV | Consumer Durables | 1.49% | 1.49% |
| 14 | Hindalco Industries LtdINE038A01020 · long Increased: 1.05% → 1.38% of NAV | Non - Ferrous Metals | 1.38% | 1.38% |
| 15 | Laurus Labs LtdINE947Q01028 · long Increased: 1.19% → 1.36% of NAV | Pharmaceuticals & Biotechnology | 1.36% | 1.36% |
| 16 | Samvardhana Motherson International LtdINE775A01035 · long Increased: 1.20% → 1.31% of NAV | Auto Components | 1.31% | 1.31% |
| 17 | Ultratech Cement LtdINE481G01011 · long Reduced: 1.41% → 1.26% of NAV | Cement & Cement Products | 1.26% | 1.26% |
| 18 | Interglobe Aviation LtdINE646L01027 · long Entries: Newly disclosed compared with the previous portfolio | Transport Services | 1.24% | 1.24% |
| 19 | Eternal LtdINE758T01015 · long Entries: Newly disclosed compared with the previous portfolio | Retailing | 1.19% | 1.19% |
| 20 | Bajaj Auto LtdINE917I01010 · long Reduced: 1.40% → 1.19% of NAV | Automobiles | 1.19% | 1.19% |
| 21 | Tata Motors LtdINE1TAE01010 · long Increased: 1.01% → 1.19% of NAV | Agricultural, Commercial & Construction Vehicles | 1.19% | 1.19% |
| 22 | Adani Power LtdINE814H01029 · long Increased: 1.09% → 1.17% of NAV | Power | 1.17% | 1.17% |
| 23 | Hero MotoCorp LtdINE158A01026 · long Increased: 0.91% → 1.16% of NAV | Automobiles | 1.16% | 1.16% |
| 24 | State Bank of IndiaINE062A01020 · long Reduced: 1.81% → 1.16% of NAV | Banks | 1.16% | 1.16% |
| 25 | Tata Motors Passenger Vehicles LtdINE155A01022 · long Reduced: 1.17% → 1.12% of NAV | Automobiles | 1.12% | 1.12% |
| 26 | Muthoot Finance LtdINE414G01012 · long Increased: 1.08% → 1.09% of NAV | Finance | 1.09% | 1.09% |
| 27 | Indian Hotels Co LtdINE053A01029 · long Entries: Newly disclosed compared with the previous portfolio | Leisure Services | 1.08% | 1.08% |
| 28 | Oracle Financial Services Software LtdINE881D01027 · long Increased: 0.31% → 1.07% of NAV | IT - Software | 1.07% | 1.07% |
| 29 | Hindustan Aeronautics LtdINE066F01020 · long Entries: Newly disclosed compared with the previous portfolio | Aerospace & Defense | 1.06% | 1.06% |
| 30 | Tata Steel LtdINE081A01020 · long Reduced: 1.52% → 1.06% of NAV | Ferrous Metals | 1.06% | 1.06% |
| 31 | Power Finance Corporation LtdINE134E01011 · long Increased: 1.04% → 1.05% of NAV | Finance | 1.05% | 1.05% |
| 32 | Coal India LtdINE522F01014 · long Entries: Newly disclosed compared with the previous portfolio | Consumable Fuels | 0.93% | 0.93% |
| 33 | Lupin LtdINE326A01037 · long Reduced: 1.02% → 0.93% of NAV | Pharmaceuticals & Biotechnology | 0.93% | 0.93% |
| 34 | Apar Industries LtdINE372A01015 · long Increased: 0.89% → 0.92% of NAV | Electrical Equipment | 0.92% | 0.92% |
| 35 | Cummins India LtdINE298A01020 · long Reduced: 1.25% → 0.89% of NAV | Industrial Products | 0.89% | 0.89% |
| 36 | HDFC Asset Management Co LtdINE127D01025 · long Increased: 0.48% → 0.88% of NAV | Capital Markets | 0.88% | 0.88% |
| 37 | Trent LtdINE849A01020 · long Increased: 0.48% → 0.86% of NAV | Retailing | 0.86% | 0.86% |
| 38 | Aurobindo Pharma LtdINE406A01037 · long Reduced: 0.96% → 0.85% of NAV | Pharmaceuticals & Biotechnology | 0.85% | 0.85% |
| 39 | Bajaj Holdings & Investment LtdINE118A01012 · long Reduced: 0.97% → 0.85% of NAV | Finance | 0.85% | 0.85% |
| 40 | Lodha Developers LtdINE670K01029 · long Entries: Newly disclosed compared with the previous portfolio | Realty | 0.84% | 0.84% |
| 41 | Bharat Electronics LtdINE263A01024 · long Reduced: 1.11% → 0.83% of NAV | Aerospace & Defense | 0.83% | 0.83% |
| 42 | Bharat Forge LtdINE465A01025 · long Increased: 0.27% → 0.81% of NAV | Auto Components | 0.81% | 0.81% |
| 43 | Karur Vysya Bank LtdINE036D01028 · long Reduced: 0.87% → 0.81% of NAV | Banks | 0.81% | 0.81% |
| 44 | Redington LtdINE891D01026 · long Increased: 0.60% → 0.79% of NAV | Commercial Services & Supplies | 0.79% | 0.79% |
| 45 | Kalpataru Projects International LtdINE220B01022 · long Entries: Newly disclosed compared with the previous portfolio | Construction | 0.78% | 0.78% |
| 46 | Fortis Healthcare LtdINE061F01013 · long Reduced: 0.89% → 0.77% of NAV | Healthcare Services | 0.77% | 0.77% |
| 47 | Bandhan Bank LtdINE545U01014 · long Entries: Newly disclosed compared with the previous portfolio | Banks | 0.76% | 0.76% |
| 48 | Union Bank Of IndiaINE692A01016 · long Reduced: 0.88% → 0.72% of NAV | Banks | 0.72% | 0.72% |
| 49 | Bank of BarodaINE028A01039 · long Reduced: 0.99% → 0.71% of NAV | Banks | 0.71% | 0.71% |
| 50 | Bank Of MaharashtraINE457A01014 · long Reduced: 0.84% → 0.71% of NAV | Banks | 0.71% | 0.71% |
| 51 | Delhivery LtdINE148O01028 · long Increased: 0.49% → 0.71% of NAV | Transport Services | 0.71% | 0.71% |
| 52 | Bharat Petroleum Corporation LtdINE029A01011 · long Increased: 0.67% → 0.71% of NAV | Petroleum Products | 0.71% | 0.71% |
| 53 | Glenmark Pharmaceuticals LtdINE935A01035 · long Reduced: 0.90% → 0.69% of NAV | Pharmaceuticals & Biotechnology | 0.69% | 0.69% |
| 54 | REC LtdINE020B01018 · long Reduced: 0.78% → 0.69% of NAV | Finance | 0.69% | 0.69% |
| 55 | Colgate Palmolive (India) LtdINE259A01022 · long Reduced: 0.84% → 0.68% of NAV | Personal Products | 0.68% | 0.68% |
| 56 | Polycab India LtdINE455K01017 · long Reduced: 0.92% → 0.66% of NAV | Industrial Products | 0.66% | 0.66% |
| 57 | Dabur India LtdINE016A01026 · long Reduced: 0.86% → 0.66% of NAV | Personal Products | 0.66% | 0.66% |
| 58 | Hitachi Energy India LtdINE07Y701011 · long Reduced: 1.01% → 0.65% of NAV | Electrical Equipment | 0.65% | 0.65% |
| 59 | LIC Housing Finance LtdINE115A01026 · long Reduced: 0.82% → 0.64% of NAV | Finance | 0.64% | 0.64% |
| 60 | Tata Capital LtdINE976I01016 · long Reduced: 0.63% → 0.61% of NAV | Finance | 0.61% | 0.61% |
| 61 | Oil & Natural Gas Corporation LtdINE213A01029 · long Reduced: 1.16% → 0.61% of NAV | Oil | 0.61% | 0.61% |
| 62 | NMDC LtdINE584A01023 · long Entries: Newly disclosed compared with the previous portfolio | Minerals & Mining | 0.61% | 0.61% |
| 63 | Canara BankINE476A01022 · long Reduced: 0.93% → 0.60% of NAV | Banks | 0.60% | 0.60% |
| 64 | Kotak Mahindra Bank LtdINE237A01036 · long Reduced: 1.25% → 0.60% of NAV | Banks | 0.60% | 0.60% |
| 65 | Creditaccess Grameen LtdINE741K01010 · long Entries: Newly disclosed compared with the previous portfolio | Finance | 0.59% | 0.59% |
| 66 | Multi Commodity Exchange Of India LtdINE745G01043 · long Reduced: 0.76% → 0.58% of NAV | Capital Markets | 0.58% | 0.58% |
| 67 | General Insurance Corporation Of IndiaINE481Y01014 · long Reduced: 0.74% → 0.55% of NAV | Insurance | 0.55% | 0.55% |
| 68 | Great Eastern Shipping Co LtdINE017A01032 · long Reduced: 0.71% → 0.54% of NAV | Transport Services | 0.54% | 0.54% |
| 69 | Elgi Equipments LtdINE285A01027 · long Reduced: 0.53% → 0.52% of NAV | Industrial Products | 0.52% | 0.52% |
| 70 | ITC Hotels LtdINE379A01028 · long Reduced: 0.54% → 0.52% of NAV | Leisure Services | 0.52% | 0.52% |
| 71 | Hindustan Zinc LtdINE267A01025 · long Increased: 0.39% → 0.49% of NAV | Non - Ferrous Metals | 0.49% | 0.49% |
| 72 | Indegene LtdINE065X01017 · long Increased: 0.27% → 0.49% of NAV | Healthcare Services | 0.49% | 0.49% |
| 73 | Vedanta Aluminium Metal LtdINE1CDF01017 · long Increased: 0.11% → 0.48% of NAV | Non - Ferrous Metals | 0.48% | 0.48% |
| 74 | LG Electronics India LtdINE324D01010 · long Reduced: 0.60% → 0.47% of NAV | Consumer Durables | 0.47% | 0.47% |
| 75 | Bajaj Finance LtdINE296A01032 · long Increased: 0.28% → 0.45% of NAV | Finance | 0.45% | 0.45% |
| 76 | Atul LtdINE100A01010 · long Reduced: 0.57% → 0.45% of NAV | Chemicals & Petrochemicals | 0.45% | 0.45% |
| 77 | Indraprastha Gas LtdINE203G01027 · long Reduced: 0.58% → 0.44% of NAV | Gas | 0.44% | 0.44% |
| 78 | Granules India LtdINE101D01020 · long Entries: Newly disclosed compared with the previous portfolio | Pharmaceuticals & Biotechnology | 0.43% | 0.43% |
| 79 | Godrej Properties LtdINE484J01027 · long Reduced: 0.47% → 0.42% of NAV | Realty | 0.42% | 0.42% |
| 80 | NLC India LtdINE589A01014 · long Entries: Newly disclosed compared with the previous portfolio | Power | 0.39% | 0.39% |
| 81 | Vedanta LtdINE205A01025 · long Reduced: 0.57% → 0.39% of NAV | Diversified Metals | 0.39% | 0.39% |
| 82 | Castrol India LtdINE172A01027 · long Reduced: 0.46% → 0.37% of NAV | Petroleum Products | 0.37% | 0.37% |
| 83 | Bosch LtdINE323A01026 · long Increased: 0.33% → 0.34% of NAV | Auto Components | 0.34% | 0.34% |
| 84 | Natco Pharma LtdINE987B01026 · long Reduced: 0.47% → 0.34% of NAV | Pharmaceuticals & Biotechnology | 0.34% | 0.34% |
| 85 | The Jammu & Kashmir Bank LtdINE168A01041 · long Entries: Newly disclosed compared with the previous portfolio | Banks | 0.32% | 0.32% |
| 86 | Vodafone Idea LtdINE669E01016 · long Entries: Newly disclosed compared with the previous portfolio | Telecom - Services | 0.31% | 0.31% |
| 87 | Anand Rathi Wealth LtdINE463V01026 · long Reduced: 0.32% → 0.31% of NAV | Capital Markets | 0.31% | 0.31% |
| 88 | Godfrey Phillips India LtdINE260B01028 · long Reduced: 0.35% → 0.30% of NAV | Cigarettes & Tobacco Products | 0.30% | 0.30% |
| 89 | HDB Financial Services LtdINE756I01012 · long Reduced: 0.34% → 0.30% of NAV | Finance | 0.30% | 0.30% |
| 90 | R R Kabel LtdINE777K01022 · long Reduced: 0.30% → 0.30% of NAV | Industrial Products | 0.30% | 0.30% |
| 91 | Birlasoft LtdINE836A01035 · long Increased: 0.25% → 0.30% of NAV | IT - Software | 0.30% | 0.30% |
| 92 | Indus Towers LtdINE121J01017 · long Reduced: 1.12% → 0.29% of NAV | Telecom - Services | 0.29% | 0.29% |
| 93 | Indian Oil Corporation LtdINE242A01010 · long Reduced: 0.29% → 0.28% of NAV | Petroleum Products | 0.28% | 0.28% |
| 94 | Mahanagar Gas LtdINE002S01010 · long Reduced: 0.39% → 0.28% of NAV | Gas | 0.28% | 0.28% |
| 95 | Torrent Power LtdINE813H01021 · long Reduced: 0.53% → 0.27% of NAV | Power | 0.27% | 0.27% |
| 96 | Anant Raj LtdINE242C01024 · long Increased: 0.21% → 0.26% of NAV | Realty | 0.26% | 0.26% |
| 97 | Life Insurance Corporation Of IndiaINE0J1Y01017 · long Entries: Newly disclosed compared with the previous portfolio | Insurance | 0.25% | 0.25% |
| 98 | Honasa Consumer LtdINE0J5401028 · long Reduced: 0.28% → 0.25% of NAV | Personal Products | 0.25% | 0.25% |
| 99 | Gujarat Energy LtdINE844O01030 · long Reduced: 0.37% → 0.24% of NAV | Gas | 0.24% | 0.24% |
| 100 | Radico Khaitan LtdINE944F01028 · long Increased: 0.19% → 0.24% of NAV | Beverages | 0.24% | 0.24% |
| 101 | Lenskart Solutions LtdINE956O01016 · long Reduced: 0.28% → 0.24% of NAV | Retailing | 0.24% | 0.24% |
| 102 | Sun Pharmaceutical Industries LtdINE044A01036 · long Entries: Newly disclosed compared with the previous portfolio | Pharmaceuticals & Biotechnology | 0.24% | 0.24% |
| 103 | Hindustan Unilever LtdINE030A01027 · long Increased: 0.18% → 0.23% of NAV | Diversified FMCG | 0.23% | 0.23% |
| 104 | JM Financial LtdINE780C01023 · long Entries: Newly disclosed compared with the previous portfolio | Finance | 0.22% | 0.22% |
| 105 | Tenneco Clean Air India LtdINE19RI01016 · long Reduced: 0.23% → 0.22% of NAV | Auto Components | 0.22% | 0.22% |
| 106 | Jio Financial Services LtdINE758E01017 · long Increased: 0.19% → 0.21% of NAV | Finance | 0.21% | 0.21% |
| 107 | Anthem Biosciences LtdINE0CZ201020 · long Increased: 0.21% → 0.21% of NAV | Pharmaceuticals & Biotechnology | 0.21% | 0.21% |
| 108 | eClerx Services LtdINE738I01010 · long Reduced: 0.26% → 0.20% of NAV | Commercial Services & Supplies | 0.20% | 0.20% |
| 109 | Adani Energy Solutions LtdINE931S01010 · long Entries: Newly disclosed compared with the previous portfolio | Power | 0.20% | 0.20% |
| 110 | Asian Paints LtdINE021A01026 · long Entries: Newly disclosed compared with the previous portfolio | Consumer Durables | 0.20% | 0.20% |
| 111 | Nippon Life India Asset Management LtdINE298J01013 · long Entries: Newly disclosed compared with the previous portfolio | Capital Markets | 0.20% | 0.20% |
| 112 | Punjab National BankINE160A01022 · long Increased: 0.03% → 0.19% of NAV | Banks | 0.19% | 0.19% |
| 113 | GSPL Transmission Ltd @@INE1TUG01013 · long Entries: Newly disclosed compared with the previous portfolio | Gas | 0.03% | 0.03% |
Exited holdings 18
Present in the previous disclosure, absent from the latest. Excluded from current holdings and sector weights.
| Company | Movement | Previous % NAV |
|---|---|---|
| Solar Industries India LtdINE343H01029 | Exits: 1.12% in the previous disclosure | 1.12% |
| Ge Vernova T&D India LtdINE200A01026 | Exits: 1.04% in the previous disclosure | 1.04% |
| Britannia Industries LtdINE216A01030 | Exits: 0.92% in the previous disclosure | 0.92% |
| J.B. Chemicals & Pharmaceuticals LtdINE572A01036 | Exits: 0.88% in the previous disclosure | 0.88% |
| Bank of IndiaINE084A01016 | Exits: 0.79% in the previous disclosure | 0.79% |
| National Aluminium Co LtdINE139A01034 | Exits: 0.74% in the previous disclosure | 0.74% |
| FSN E-Commerce Ventures LtdINE388Y01029 | Exits: 0.59% in the previous disclosure | 0.59% |
| ICICI Prudential Life Insurance Co LtdINE726G01019 | Exits: 0.42% in the previous disclosure | 0.42% |
| EID Parry India LtdINE126A01031 | Exits: 0.36% in the previous disclosure | 0.36% |
| Steel Authority of India LtdINE114A01011 | Exits: 0.33% in the previous disclosure | 0.33% |
| Malco Energy Ltd @INE704J01044 | Exits: 0.32% in the previous disclosure | 0.32% |
| Jubilant Foodworks LtdINE797F01020 | Exits: 0.31% in the previous disclosure | 0.31% |
| PVR Inox LtdINE191H01014 | Exits: 0.27% in the previous disclosure | 0.27% |
| HCL Technologies LtdINE860A01027 | Exits: 0.24% in the previous disclosure | 0.24% |
| Adani Ports and Special Economic Zone LtdINE742F01042 | Exits: 0.23% in the previous disclosure | 0.23% |
| Divi's Laboratories LtdINE361B01024 | Exits: 0.21% in the previous disclosure | 0.21% |
| Talwandi Sabo Power Ltd @INE694L01019 | Exits: 0.18% in the previous disclosure | 0.18% |
| Vedanta Iron And Steel Ltd @INE1CLE01013 | Exits: 0.10% in the previous disclosure | 0.10% |
Weight and exposure are separate source fields. Source signs are retained; missing values are unavailable, not zero. Derivative weights do not establish total or unhedged exposure.
The construction in context
- Listed equity: 97.21% of NAV, the largest disclosed asset allocation.
- ICICI Bank Ltd ^ ~~ (5.27% of NAV); HDFC Bank Ltd # ~~ (5.10% of NAV); Reliance Industries Ltd $ ~~ (3.47% of NAV).
- Banks represents 19.71% of NAV among the disclosed cash-equity lines. Unclassified sectors are excluded.
Movement between the actual disclosure dates
- Compared with the preceding compatible disclosure, using its actual dates.
- 21 equity entries. Largest disclosed weights: Interglobe Aviation Ltd, Eternal Ltd, Indian Hotels Co Ltd.
- 18 equity exits. Largest previous weights: Solar Industries India Ltd, Ge Vernova T&D India Ltd, Britannia Industries Ltd.
- ICICI Bank Ltd ^ ~~: 4.02% to 5.27% of NAV (increased by 1.25 percentage points).
- Indus Towers Ltd: 1.12% to 0.29% of NAV (reduced by 0.82 percentage points).
- Axis Bank Ltd: 1.96% to 2.77% of NAV (increased by 0.81 percentage points).
- Oracle Financial Services Software Ltd: 0.31% to 1.07% of NAV (increased by 0.75 percentage points).
- Company changes cover cash equities only. Derivatives and shorts are compared by aggregate percentage on the same measurement basis. The detailed equity table contains every company change.
Reading the strategy
- Equity selection is central to this portfolio. Read its sector and company concentrations alongside derivative positioning; the equity weight alone does not measure net market exposure.
What the evidence can support
- Changes compare disclosed snapshots; they do not identify actual purchases, sales, turnover or returns.
- Derivative percentages are shown separately from asset weights. No combined gross, net-market or delta-adjusted exposure is inferred.
- A strategy interpretation describes what the holdings may imply; only an AMC statement can establish the manager's intent.
- Compared with the preceding compatible disclosure, using its actual dates.
Sources & methodology
Previous disclosureFranklin Templeton Mutual Fund
franklintempletonindia.com
Portfolio date
AMC websiteHow to read this research
- Analysis uses the captured disclosure. Portfolio dates and the report preparation date are shown separately.
- Cash-equity concentration uses long cash-equity weights. Derivatives are measured separately and are not added to allocation weights.
- Changes compare disclosed snapshots; they do not establish trade timing or manager intent. Interpretation is separate from the disclosed facts.