We will focus on Mr.

Harsha Upadhyaya
of Kotak MF portfolio. 4 portfolio and his
latest market views are discussed
KOTAK FLEXICAP
FUND NAME Kotak Flexicap WEIGHT IN % AGE ACTION IN MAY
1 ICICI BANK 9.64 Trim
2 SRF 5.02 Trim
3 SBI 4.97 Trim
4 L&T 4.95 Trim
5 Ultratech 4.88
6 HDFC Bank 4.84
7 Axis bank 4.73
8 Infosys 4.71 Trim
9 Reliance 4.29 Trim
10 BEL 3.89
51.92
Early financial azadi

Total AUM is 38310 cr. Portfolio turnover ratio is

15.35%. Too less. This means that fund manager
is not churning the portfolio. He is holding on to
the stocks.
Added Hero moto: 0.59%
Apollo tyres: 0.54%
Shree cement: 0.53%
Some profit booking in top 10 seen. Auto, tyre,
cement( economy facing) stocks bought.
Further trim in AU small finance.

KOTAK EQUITY OPPORTUNITIES

FUND NAME Kotak Equity opp WEIGHT IN % AGE ACTION IN MAY
1 ICICI Bank 5.02
2 SBI 4.86
3 Axis bank 4.32
4 ITC 3.73
5 Maruti 3.5
6 L&T 3.19
7 Reliance 3.01
8 SRF 2.88
9 Bharat forge 2.83 Added
10 Cummins 2.82
36.16
Early financial azadi

Top 10 stocks have 36% weight. Total 68 stocks.

Further added Apollo tyres: 2.02%
Crisil: 1.39%
IGL: 1.03%
Petronet LNG: 0.84%
Positive on Auto/ Anc, Oil & gas theme.
Trim in Airtel, ABB, Aether
 KOTAK MULTICAP
FUND NAME Kotak Multicap WEIGHT IN % AGE ACTION IN MAY
1 Maruti 6.21 added
2 ITC 5.98
3 Reliance 3.44
4 Hero 3.41 added
5 Bank of baroda 3.01
6 PFC 2.98
7 Kalpataru project 2.73
8 Axis bank 2.67
9 NTPC 2.58
10 INDUS IND 2.45
35.46
Early financial azadi

AUM Of 4460 cr.

Further added Fortis healthcare:
1.87%
Zomato: 1.67%
Zee: 1.37%
Jubilant: 1.25%
Ashoka buildcon: 1.09%
New entry: HPCL: 1.53%
Bandhan bank: 1.08%
Looking for some turnaround
opportunity. Bandhan, Zomato & HPCL
can do that. Let see,

KOTAK Taxsaver

FUND NAME Kotak tax saver WEIGHT IN % AGE ACTION IN MAY

1 ICICI BANK 6.69
2 SBI 4.72
3 ITC 4.47
4 axis bank 4.47
5 Maruti 4.19
6 L&T 3.59
7 Reliance 3.35
8 HDFC Bank 2.9 trim
9 Infosys 2.86
10 Bosch 2.62 added
39.86
Early financial azadi

New addition HDFC : 1.43%

Exide: 1.20%
GSPL: 1.2%
Sundaram finance: 0.45%
Exit: orient electric.
Fund manager interview
- On flexicap. Focus on business which are
scalable, management & track record ,
competitive advantages, cash flow, capital
allocation policy.
- Valuation filter is focused with buy and hold
strategy over the cycles.
- Fund is Focused towards largecap. Most of
the time maintained 65 to 70 percent in large
cap.
Sectors where he is positive
- Banking & financial, Autos: Demand is
resilient. Earning expectation are strong.
Believe banking stocks have been re-rated so
it limits outperformance. But positive. Focus
on bottom ups
- Also overweight on cement & industrials.
About Markets now
 - Commodity price to cool off. It can increase
margin of manufacturing companies. Very
much priced in.
- Not very high valuation. Long term investor
can do staggered investment.
Mid & small cap
- Higher valuation
- Earning expectation is high. Delivery of
earnings is crucial to sustain high valuation.
- Volatility will be higher here. Lot depends on
earnings.

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information about fund portfolio. They are curated here. They are no recommendation.