Fidelity India Active ETF Discloses May 2026 Holdings: ICICI Bank Leads, Healthcare and Financials Prominent

ICICI Bank Holds Dominant 9.8% Position in FIIN Portfolio via Domestic Shares and ADR

The most significant aspect of the Fidelity India Active ETF’s May 2026 portfolio is its concentrated exposure to ICICI Bank, represented in two forms. Domestic dematerialised shares constitute a 5.1% weighting, the largest single position, while the sponsored American Depositary Receipt (ADR) adds 4.7%. Combined, these provide an effective ICICI Bank exposure of about 9.8%, reflecting a strong conviction in one of India’s leading private sector banks.

This dual-holding approach—owning both domestic shares and ADRs—is common among active managers seeking varied market access, liquidity, settlement, or currency management advantages. ICICI Bank has been viewed by emerging market investors as a proxy for India’s broader credit growth, supported by expanding retail and SME lending alongside rising domestic consumption. The fund manager did not comment on the specific rationale behind this positioning in the update.

Healthcare Sector Features Strongly with Three Top-Ten Holdings

The May 2026 portfolio notably emphasizes healthcare, with Fortis Healthcare Limited at 3.9% (fourth-largest holding), Sun Pharmaceutical Industries at 3.4%, and Apollo Hospitals Enterprise Limited at 3.2%. Together, these three represent approximately 10.5% of the total portfolio, signaling significant sector conviction.

India’s healthcare sector has attracted growing investor interest due to rising insurance coverage, an expanding middle class demanding quality private healthcare, and a robust pharmaceutical export industry. Fortis and Apollo Hospitals cover private hospital services, while Sun Pharma provides exposure to generics and specialty pharmaceutical manufacturing. Their material weights in a relatively concentrated active portfolio suggest the fund manager considers healthcare a structural growth theme rather than a short-term trade. No specific return attribution was disclosed for these holdings.

Private Banking Exposure Extends to Kotak Mahindra, HDFC Bank, and Axis Bank

Beyond ICICI Bank, the Fidelity India Active ETF holds substantial banking positions. Kotak Mahindra Bank accounts for 4.1%, the third-largest holding, while HDFC Bank’s domestic shares and ADR combine for about 5.8% (2.9% each). Axis Bank holds 1.9%.

The fund also invests in related financial services: Bajaj Finance at 3.1%, ICICI Lombard General Insurance at 2.0%, Cholamandalam Investment and Finance at 1.7%, Five Star Business Finance at 1.7%, HDFC Life Insurance at 1.8%, Home First Finance at 1.3%, and Go Digit General Insurance at 0.7%. Collectively, financials—including banks, insurers, and non-bank lenders—represent a significant portion of the portfolio, reflecting confidence in India’s ongoing financial deepening and credit penetration.

Technology Allocation Includes Indian IT Leaders and US-Listed Cognizant

The technology segment blends large Indian IT exporters and US-listed firms with Indian operations. Cognizant Technology Solutions (Class A) is held at 2.9%, representing notable Nasdaq-listed exposure within this India-focused fund. Infosys Limited is held both domestically (2.5%) and via ADR (0.5%) for a total of approximately 3.0%. Coforge Limited, a mid-cap IT services firm, holds 0.9%.

Including Cognizant—incorporated in the US but with substantial Indian revenue and workforce—demonstrates the fund’s active mandate, allowing holdings of India-linked companies listed abroad when deemed suitable. Indegene Limited (healthcare technology) at 0.9% and Inventurus Knowledge Solutions at 0.8% further diversify the technology and digital services exposure.

Consumer and Retail Stocks Reflect Domestic Demand Trends

Consumer-facing companies form a meaningful portfolio segment, covering FMCG, food service, footwear, and retail. Marico Limited holds 1.9%, Godrej Consumer Products 1.7%, Titan Company (jewellery and watches) 1.4%, and Campus Activewear (footwear brand) 1.0%. Vishal Mega Mart, a value retail chain, also holds 1.0%.

Food and beverage exposure includes Sapphire Foods India (0.9%), operator of KFC and Pizza Hut franchises, and Devyani International (0.4%), a major quick service restaurant franchisee. Swiggy, the food delivery platform, holds 0.7%, indicating confidence in platform economy growth alongside traditional consumer brands. MedPlus Health Services, a pharmacy retail chain, at 0.9% bridges healthcare and consumer sectors.

Industrial and Capital Goods Exposure Through Key Companies

The industrial allocation reflects India’s infrastructure and capital investment cycle. Thermax Limited, an energy and environment engineering firm, holds 2.4%. ABB India, the Swiss group’s local subsidiary, is at 1.5%. Polycab India, a leading wire and cable manufacturer, and Blue Star Limited, an air conditioning and refrigeration products maker, each hold 1.9%.

Additional industrial and auto-component holdings include KEI Industries Limited (1.6%), Craftsman Automation (1.1%), Havells India (0.8%), Pricol Limited (0.5%), and UNO Minda (0.8%). Tenneco Clean Air India Limited at 1.4% provides exposure to automotive emission control components. These positions suggest the manager is positioning the fund to benefit from India’s manufacturing growth and government infrastructure spending initiatives.

Real Estate Exposure via Embassy Office Parks REIT and Lodha Developers

The portfolio holds two real estate-related investments: Embassy Office Parks REIT at 1.0%, offering commercial office property income exposure in major Indian cities, and Lodha Developers (Macrotech Developers) at 0.5%, a residential property developer.

The combination of a REIT and a developer reflects different risk-return profiles within Indian real estate. Embassy Office Parks REIT provides yield-oriented exposure linked to office rentals, while Lodha offers leverage to residential property demand. Real estate remains a modest allocation compared to dominant financials and healthcare sectors, indicating a supplementary thematic role.

Automobile Sector Coverage Includes Maruti Suzuki, Tata Motors, and Eicher Motors

India’s automobile industry is represented by Maruti Suzuki India Limited at 2.0%, the leading passenger car manufacturer; Tata Motors at 1.7%, covering passenger cars, commercial vehicles, and Jaguar Land Rover; and Eicher Motors at 1.9%, maker of Royal Enfield motorcycles.

These holdings capture various facets of India’s vehicle ownership growth—from entry-level cars to premium two-wheelers and commercial vehicles. The fund holds no pure-play electric vehicle manufacturers. No geographic revenue breakdown or specific return attribution was disclosed for these automobile holdings.

1.3% Cash Position and Smaller Holdings Reflect Active Management

The portfolio maintains 1.3% uninvested cash as of 31 May 2026, consistent with active ETF management practices to retain liquidity for redemptions, rebalancing, or opportunistic investments. This low cash level indicates the fund is largely fully invested per its mandate.

Notable smaller positions include Lenskart Solutions Limited at 1.6%, an eyewear retail and technology company likely held via pre-IPO or unlisted structures; Amagi Media Labs (0.6%) and BillionBrains Garage Ventures (0.3%), reflecting selective exposure to India’s tech startup ecosystem. Brigade Enterprises (0.6%), Rubicon Research (1.2%), and SAI Life Sciences (1.0%) add further sector diversification. These smaller stakes highlight the fund manager’s ability to identify opportunities across market capitalizations and corporate maturity stages, distinguishing the fund from passive India index products.