Jefferies’ Global Head of Equity Strategy Increases Investments in Macrotech, DLF, and MakeMyTrip
New Delhi, March 2025 – In a significant portfolio restructuring, Christopher Wood, Global Head of Equity Strategy at Jefferies, has reshuffled his Asia ex-Japan long-only portfolio, signaling increased confidence in India’s real estate and digital sectors.
Wood has exited his investment in Godrej Properties while raising his stake in Macrotech Developers by 1%, bringing his total investment in the company to 4%. Additionally, he has introduced a new 3% allocation in DLF Limited, further strengthening his bet on India’s booming real estate market.
In a move that highlights his confidence in India’s digital growth, Wood has also initiated a 4% investment in online travel giant MakeMyTrip, funded by a complete exit from Axis Bank. Meanwhile, his stake in Zomato has been increased by 1%, reducing exposure in Taiwan Semiconductor Manufacturing Company (TSMC) to accommodate the shift.
Key Changes in Wood’s India Portfolio
📌 Increased Investment:
- Macrotech Developers: Raised to 4% (+1%)
- DLF Limited: New 3% allocation
- MakeMyTrip: New 4% allocation
- Zomato: Increased by 1%
- Reliance Industries (RIL): Increased by 2%
📌 Reduced/Exited Investments:
- Godrej Properties: Fully exited
- Axis Bank: Fully exited
- HDFC Bank: Reduced by 1%
- State Bank of India (SBI): Reduced by 1%
- TSMC: Reduced to accommodate Zomato’s increase
Indian Stock Markets Show Strong Recovery
India’s stock markets have staged a sharp recovery from recent lows, with the Nifty 50 index climbing 6.6% to approximately 23,600 points.
🔹 Public sector stocks have made a strong comeback, driving the Nifty CPSE Index up by 14%.
🔹 Sectors such as energy, metals, PSU banks, infrastructure, and real estate have surged 8-12% in March, fueled by strong investor sentiment and policy support.
Christopher Wood’s Global Strategy: Shift Away from US Equities
As part of a broader investment strategy, Wood is advocating a gradual shift away from US stocks in favor of emerging markets, China, and Europe.
He wrote in his weekly GREED & fear investor note:
“US stocks remain relatively expensive, while corporate earnings growth continues to decline. In contrast, positive earnings momentum is emerging in Europe, China, and even Japan.”
Key Global Allocation Shifts:
✅ Reduce exposure to US equities due to high valuations and slowing corporate earnings.
✅ Increase focus on emerging markets (EM), European, and Chinese stocks.
✅ Warns of economic risks for Japan due to upcoming auto tariffs (25% from April 2).
Fund Managers Also Reducing US Stock Exposure
📉 Global fund managers are following a similar trend, reducing exposure to US stocks to the lowest levels since June 2023.
🔹 According to the latest BofA Securities Global Fund Manager Survey (March 2025):
- US stock allocation dropped 40% in March—the biggest monthly decline on record.
- Emerging market stocks saw a 20% increase in allocation.
📊 Survey Stats:
- 205 fund managers with a total AUM of $477 billion participated.
- 171 responded to the Global Fund Manager Survey (AUM: $426 billion).
- 107 participated in the Regional Fund Manager Survey (AUM: $193 billion).
Final Thoughts: Strong India Bet & Market Shift in 2025
Christopher Wood’s strategic portfolio shifts reflect a growing bullish stance on India’s real estate and digital economy while reducing exposure to US stocks amid slowing earnings growth. With Indian stock markets showing resilience and strong sectoral performances, global investors may continue to reallocate capital towards high-growth sectors in India.
Will India’s real estate and digital sector continue to drive market growth? Stay tuned for more updates!
