India’s stock market may have seen its ups and downs recently, but one global investor is betting big on its future, Chris Wood, the Global Head of Equity Strategy at Jefferies. In a bold reshuffle of his Asia (excluding Japan) long-only portfolio, Wood has increased his exposure to some of India’s biggest and most promising names – DLF, Reliance Industries, Zomato, and MakeMyTrip.
Strategic Rejig: Cutting the Old, Backing the New
In his latest Greed & Fear investor note, Wood announced a fresh wave of optimism for Indian equities. He has wholly exited his position in Godrej Properties, redirecting that investment to Macrotech Developers (Lodha), boosting its weightage to 4%.
Meanwhile, MakeMyTrip has made a strong comeback in his portfolio. Wood allocated a 4% weight to the travel-tech company, replacing his earlier investment in Axis Bank. DLF, one of India’s largest real estate developers, also finds a spot with a 3% portfolio weight. And Zomato? The food delivery giant saw its weightage rise by 1%, with some reduction in TSMC (Taiwan Semiconductor Manufacturing Co.) to accommodate it.
Reliance Rides High
India’s mega-conglomerate Reliance Industries Limited (RIL) is now even more central to Wood’s India bets. He increased RIL’s portfolio weight by 2%, trimming stakes in HDFC Bank and State Bank of India by 1% each to make room.
Why This Matters
Chris Wood’s decisions don’t just move capital, they send signals. For a global strategist of his stature to turn bullish on Indian consumption-driven and real estate-focused companies is a strong vote of confidence.
His rejig reflects a growing trend among global fund managers who are now tilting away from expensive American stocks toward emerging markets like India.
US Equities: “Take Profits and Reallocate”
Wood’s larger message is clear: he believes U.S. markets are overpriced, especially given the recent decline in corporate earnings growth. Instead, he suggests investors start allocating more capital toward Europe, China, and emerging markets – including India. With new auto tariffs (25%) from April 2 set to further shake up U.S. markets, he sees downside risks, especially for countries like Japan that are heavily export-driven.
Indian Market’s Resilience
The timing of this move also coincides with India’s stock market showing strong resilience. The Nifty 50 index has jumped 6.6% from recent lows, and sectors like public sector enterprises (measured by the CPSE Index) have soared over 14% in March alone. Infrastructure, energy, PSU banks, and metals contributed to this recovery.
Global Fund Managers Following Suit
Wood isn’t alone in his outlook. A recent BofA Securities survey from March 2025 revealed that global fund managers have reduced their U.S. equity allocations to the lowest levels since June 2023. In contrast, exposure to Eurozone equities jumped 27% month-on-month, while emerging market (EM) equities—like those in India—saw a 20% bump.
The survey, which questioned 205 institutional investors who collectively manage $477 billion, verifies that the smart money is no longer merely sitting in cash but actually diversifying out of the U.S., looking for growth stories elsewhere, including in India.
Just A Reflection Of A Long Term Trend
For Indian investors, Chris Wood’s portfolio shifts provide more than global confirmation, they’re a reflection of long-term trends. The big boys see India’s potential and are investing where the growth is. If you’re a retail investor or merely market-savvy, you may want to pay closer attention to his supported companies. After all, when the world’s top strategists change gears, it’s worth tuning in.
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