AUS
NZ
UK
CA
USA
IND
FIL Responsible Entity (Australia) Limited has published the monthly portfolio holdings for the Fidelity India Active ETF (ASX:FIIN) for the period ending 31 May 2026, offering investors clear insight into the fund’s current allocation across Indian equities. The portfolio includes over 60 named securities covering sectors such as banking, healthcare, technology, consumer goods, and infrastructure. ICICI Bank commands the largest combined allocation, with its domestic dematerialised shares and sponsored ADR together accounting for about 9.8% of the fund. This update provides ASX investors with a detailed view of how Fidelity’s active management team is deploying capital across one of the world’s fastest-growing major economies.<\/p> <\/div>
Key Points<\/h3>
- Fund: Fidelity India Active ETF, ASX ticker: FIIN, managed by FIL Responsible Entity (Australia) Limited<\/li>
- Monthly portfolio holdings disclosed for May 2026<\/li>
- ICICI Bank Ltd largest combined holding at approximately 9.8% (5.1% domestic shares plus 4.7% sponsored ADR)<\/li>
- Portfolio spans sectors including banking, healthcare, technology, consumer, industrials, real estate, and materials<\/li>
- Uninvested cash represents 1.3% of the portfolio<\/li>
- Investors should monitor June 2026 disclosure for sector or top-10 weighting changes<\/li>
<\/ul>
<\/div>
ICICI Bank Leads FIIN Portfolio with Nearly 10% Combined Weighting<\/h2>
The standout feature of FIIN’s May 2026 portfolio is its significant exposure to ICICI Bank Ltd, which appears twice in the holdings. The domestic dematerialised shares hold a 5.1% weighting, the largest single line item, while the sponsored ADR adds 4.7%, totaling approximately 9.8% of the fund’s assets.<\/p>
This dual listing strategy—holding both local shares and ADRs—is sometimes employed by active managers to manage liquidity across trading sessions or exploit price differences between the two. For FIIN investors, this results in a concentrated exposure to one of India’s largest private sector banks. The disclosure does not specify whether this combined position has shifted compared to previous months, as no historical data was provided.<\/p>
Kotak Mahindra Bank and HDFC Bank Strengthen FIIN’s Private Banking Focus<\/h2>
Beyond ICICI Bank, the portfolio shows a strong overweight to India’s private banking sector. Kotak Mahindra Bank Ltd is the third-largest holding at 4.1%, while HDFC Bank Ltd appears as domestic shares (2.9%) and sponsored ADR (2.9%), combining for roughly 5.8%. Axis Bank Ltd adds 1.9% to the banking exposure.<\/p>
Collectively, these banking holdings form a significant portion of the portfolio, reflecting a common view among India-focused managers that private banks will benefit from rising consumer credit penetration, formalisation of the economy, and robust net interest margins. The fund also includes Cholamandalam Investment and Finance Company Ltd (1.7%) and Five Star Business Finance Ltd (1.7%), broadening exposure into the non-banking financial company (NBFC) sector.<\/p>
Healthcare and Pharmaceuticals Feature Prominently in May Portfolio<\/h2>
FIIN demonstrates strong conviction in the healthcare and pharmaceutical sectors, with holdings spanning hospitals, pharmaceutical manufacturing, and life sciences services. Fortis Healthcare Ltd is the fourth-largest holding at 3.9%, ahead of several blue-chip Indian companies. Sun Pharmaceutical Industries Ltd, a major generic drug exporter, holds 3.4%, and Apollo Hospitals Enterprise Ltd accounts for 3.2%.<\/p>
Additional healthcare positions include Rubicon Research Limited (1.2%), Sai Life Sciences Ltd (1.0%), Indegene Ltd (0.9%), and Medplus Health Services Limited (0.9%). The diversity of healthcare holdings suggests Fidelity’s active team views India’s expanding healthcare consumption—driven by rising incomes, ageing demographics, and increased health insurance penetration—as a key structural theme.<\/p>
Technology Holdings Include Domestic IT Leaders and Cognizant’s Indian Operations<\/h2>
The technology allocation is anchored by Infosys Ltd, with 2.5% in domestic shares and 0.5% in sponsored ADRs, totaling about 3.0%. Cognizant Technology Solutions Class A shares, listed on Nasdaq, hold 2.9%, illustrating FIIN’s ability to access Indian technology exposure via multiple listings.<\/p>
Other technology names include Coforge Ltd (0.9%), Inventurus Knowledge Solutions Ltd (0.8%), Amagi Media Labs Ltd (0.6%), and BillionBrains Garage Ventures Ltd (0.3%). This mix of large-cap IT services and smaller growth-oriented companies reflects an active approach beyond benchmark heavyweights.<\/p>
Consumer Discretionary and FMCG Holdings Reflect India’s Rising Consumption<\/h2>
A significant portion of the portfolio targets companies benefiting from India’s expanding middle class and consumer spending. Bajaj Finance Ltd, a leading consumer finance firm, holds 3.1%. Titan Company Ltd, a Tata Group jewellery and watches conglomerate, has 1.4%, and Godrej Consumer Products Ltd carries 1.7%.<\/p>
Marico Limited, a fast-moving consumer goods company, is weighted at 1.9%, while Eicher Motors Ltd, maker of Royal Enfield motorcycles, also holds 1.9%. Campus Activewear Ltd (1.0%), Vishal Mega Mart Ltd (1.0%), and Sapphire Foods India Ltd (0.9%)—an operator of KFC and Pizza Hut franchises—add breadth across premium and value consumer segments. Devyani International Ltd, another quick-service restaurant operator, holds 0.4%.<\/p>
Industrials, Electricals, and Infrastructure Positions Signal Confidence in Capex Cycle<\/h2>
The portfolio includes several holdings aligned with India’s infrastructure investment and manufacturing growth. ABB India Ltd carries 1.5%, Polycab India Ltd 1.9%, and KEI Industries Ltd 1.6% in the electrical infrastructure space. Blue Star Ltd, an air conditioning and refrigeration manufacturer, holds 1.9%.<\/p>
Thermax Limited, providing energy and environment solutions, is a notable mid-to-large-cap industrial with 2.4%. Craftsman Automation Ltd (1.1%) and Pricol Ltd (0.5%) add precision engineering and automotive components exposure. Uno Minda Ltd (0.8%) and Tata Steel Ltd (1.0%) complete the industrial and materials segment. These positions indicate the fund’s managers are betting on sustained government-led infrastructure and private sector capacity expansion.<\/p>
Real Estate Exposure Adds a Real Assets Component to FIIN<\/h2>
FIIN includes real estate exposure through Embassy Office Parks REIT, one of India’s largest commercial REITs, with a 1.0% weighting. This provides income-generating exposure to premium office markets attracting multinational tenants.<\/p>
Property developers Brigade Enterprises Ltd (0.6%) and Lodha Developers Ltd (0.5%) offer selective residential and commercial real estate exposure. Though small in size, these positions reflect a strategic allocation amid urbanisation and improving mortgage affordability supporting residential demand.<\/p>
New Economy Companies Lenskart, Swiggy, and Go Digit Highlight Digital Economy Focus<\/h2>
The portfolio features companies linked to India’s digital economy and consumer internet sector. Lenskart Solutions Ltd, a rapidly growing eyewear brand, holds 1.6%. Swiggy Ltd, a food delivery and quick commerce platform that recently IPO’d, has 0.7%.<\/p>
Go Digit General Insurance Ltd, a digital-native insurer, carries 0.7%, while HDFC Life Insurance Co Ltd adds 1.8%, providing a more established insurance presence. These holdings, though individually modest, collectively demonstrate Fidelity’s integration of both traditional corporate India and emerging digital economy firms. The fund’s 1.3% cash position offers flexibility to seize new opportunities.<\/p>
Automotive Sector Represented by Maruti Suzuki and Tata Motors<\/h2>
FIIN’s automotive exposure includes Maruti Suzuki India Ltd, India’s largest passenger car manufacturer, with a 2.0% weighting, and Tata Motors Ltd, covering passenger, commercial, electric, and luxury vehicles, at 1.7%.<\/p>
Together, these positions represent about 3.7% of the portfolio, reflecting a measured investment in India’s long-term vehicle ownership growth, which remains below developed market levels on a per-capita basis.<\/p>
What Investors Should Watch in Upcoming Monthly Reports<\/h2>
The May 2026 portfolio disclosure offers a snapshot of FIIN’s holdings at a point in time. As an actively managed fund, portfolio composition and weightings may shift significantly month to month based on market conditions, earnings results, currency fluctuations between the Indian rupee and Australian dollar, and macroeconomic policy changes in India. Investors should compare monthly disclosures to track sector shifts or changes in top holdings.<\/p>
The June 2026 portfolio report will be a key reference point to assess any changes in sector exposures or top-10 weightings. Investors may also look for commentary from Fidelity on the Indian market outlook, Reserve Bank of India interest rate decisions, and corporate earnings trends among major holdings, especially private banks and healthcare companies. This routine regulatory update did not appear to have an immediate impact on FIIN’s share price.<\/p>
ICICI Bank Leads FIIN Portfolio with Nearly 10% Combined Weighting<\/h2>
The standout feature of FIIN’s May 2026 portfolio is its significant exposure to ICICI Bank Ltd, which appears twice in the holdings. The domestic dematerialised shares hold a 5.1% weighting, the largest single line item, while the sponsored ADR adds 4.7%, totaling approximately 9.8% of the fund’s assets.<\/p>
This dual listing strategy—holding both local shares and ADRs—is sometimes employed by active managers to manage liquidity across trading sessions or exploit price differences between the two. For FIIN investors, this results in a concentrated exposure to one of India’s largest private sector banks. The disclosure does not specify whether this combined position has shifted compared to previous months, as no historical data was provided.<\/p>
Kotak Mahindra Bank and HDFC Bank Strengthen FIIN’s Private Banking Focus<\/h2>
Beyond ICICI Bank, the portfolio shows a strong overweight to India’s private banking sector. Kotak Mahindra Bank Ltd is the third-largest holding at 4.1%, while HDFC Bank Ltd appears as domestic shares (2.9%) and sponsored ADR (2.9%), combining for roughly 5.8%. Axis Bank Ltd adds 1.9% to the banking exposure.<\/p>
Collectively, these banking holdings form a significant portion of the portfolio, reflecting a common view among India-focused managers that private banks will benefit from rising consumer credit penetration, formalisation of the economy, and robust net interest margins. The fund also includes Cholamandalam Investment and Finance Company Ltd (1.7%) and Five Star Business Finance Ltd (1.7%), broadening exposure into the non-banking financial company (NBFC) sector.<\/p>
Healthcare and Pharmaceuticals Feature Prominently in May Portfolio<\/h2>
FIIN demonstrates strong conviction in the healthcare and pharmaceutical sectors, with holdings spanning hospitals, pharmaceutical manufacturing, and life sciences services. Fortis Healthcare Ltd is the fourth-largest holding at 3.9%, ahead of several blue-chip Indian companies. Sun Pharmaceutical Industries Ltd, a major generic drug exporter, holds 3.4%, and Apollo Hospitals Enterprise Ltd accounts for 3.2%.<\/p>
Additional healthcare positions include Rubicon Research Limited (1.2%), Sai Life Sciences Ltd (1.0%), Indegene Ltd (0.9%), and Medplus Health Services Limited (0.9%). The diversity of healthcare holdings suggests Fidelity’s active team views India’s expanding healthcare consumption—driven by rising incomes, ageing demographics, and increased health insurance penetration—as a key structural theme.<\/p>
Technology Holdings Include Domestic IT Leaders and Cognizant’s Indian Operations<\/h2>
The technology allocation is anchored by Infosys Ltd, with 2.5% in domestic shares and 0.5% in sponsored ADRs, totaling about 3.0%. Cognizant Technology Solutions Class A shares, listed on Nasdaq, hold 2.9%, illustrating FIIN’s ability to access Indian technology exposure via multiple listings.<\/p>
Other technology names include Coforge Ltd (0.9%), Inventurus Knowledge Solutions Ltd (0.8%), Amagi Media Labs Ltd (0.6%), and BillionBrains Garage Ventures Ltd (0.3%). This mix of large-cap IT services and smaller growth-oriented companies reflects an active approach beyond benchmark heavyweights.<\/p>
Consumer Discretionary and FMCG Holdings Reflect India’s Rising Consumption<\/h2>
A significant portion of the portfolio targets companies benefiting from India’s expanding middle class and consumer spending. Bajaj Finance Ltd, a leading consumer finance firm, holds 3.1%. Titan Company Ltd, a Tata Group jewellery and watches conglomerate, has 1.4%, and Godrej Consumer Products Ltd carries 1.7%.<\/p>
Marico Limited, a fast-moving consumer goods company, is weighted at 1.9%, while Eicher Motors Ltd, maker of Royal Enfield motorcycles, also holds 1.9%. Campus Activewear Ltd (1.0%), Vishal Mega Mart Ltd (1.0%), and Sapphire Foods India Ltd (0.9%)—an operator of KFC and Pizza Hut franchises—add breadth across premium and value consumer segments. Devyani International Ltd, another quick-service restaurant operator, holds 0.4%.<\/p>
Industrials, Electricals, and Infrastructure Positions Signal Confidence in Capex Cycle<\/h2>
The portfolio includes several holdings aligned with India’s infrastructure investment and manufacturing growth. ABB India Ltd carries 1.5%, Polycab India Ltd 1.9%, and KEI Industries Ltd 1.6% in the electrical infrastructure space. Blue Star Ltd, an air conditioning and refrigeration manufacturer, holds 1.9%.<\/p>
Thermax Limited, providing energy and environment solutions, is a notable mid-to-large-cap industrial with 2.4%. Craftsman Automation Ltd (1.1%) and Pricol Ltd (0.5%) add precision engineering and automotive components exposure. Uno Minda Ltd (0.8%) and Tata Steel Ltd (1.0%) complete the industrial and materials segment. These positions indicate the fund’s managers are betting on sustained government-led infrastructure and private sector capacity expansion.<\/p>
Real Estate Exposure Adds a Real Assets Component to FIIN<\/h2>
FIIN includes real estate exposure through Embassy Office Parks REIT, one of India’s largest commercial REITs, with a 1.0% weighting. This provides income-generating exposure to premium office markets attracting multinational tenants.<\/p>
Property developers Brigade Enterprises Ltd (0.6%) and Lodha Developers Ltd (0.5%) offer selective residential and commercial real estate exposure. Though small in size, these positions reflect a strategic allocation amid urbanisation and improving mortgage affordability supporting residential demand.<\/p>
New Economy Companies Lenskart, Swiggy, and Go Digit Highlight Digital Economy Focus<\/h2>
The portfolio features companies linked to India’s digital economy and consumer internet sector. Lenskart Solutions Ltd, a rapidly growing eyewear brand, holds 1.6%. Swiggy Ltd, a food delivery and quick commerce platform that recently IPO’d, has 0.7%.<\/p>
Go Digit General Insurance Ltd, a digital-native insurer, carries 0.7%, while HDFC Life Insurance Co Ltd adds 1.8%, providing a more established insurance presence. These holdings, though individually modest, collectively demonstrate Fidelity’s integration of both traditional corporate India and emerging digital economy firms. The fund’s 1.3% cash position offers flexibility to seize new opportunities.<\/p>
Automotive Sector Represented by Maruti Suzuki and Tata Motors<\/h2>
FIIN’s automotive exposure includes Maruti Suzuki India Ltd, India’s largest passenger car manufacturer, with a 2.0% weighting, and Tata Motors Ltd, covering passenger, commercial, electric, and luxury vehicles, at 1.7%.<\/p>
Together, these positions represent about 3.7% of the portfolio, reflecting a measured investment in India’s long-term vehicle ownership growth, which remains below developed market levels on a per-capita basis.<\/p>
What Investors Should Watch in Upcoming Monthly Reports<\/h2>
The May 2026 portfolio disclosure offers a snapshot of FIIN’s holdings at a point in time. As an actively managed fund, portfolio composition and weightings may shift significantly month to month based on market conditions, earnings results, currency fluctuations between the Indian rupee and Australian dollar, and macroeconomic policy changes in India. Investors should compare monthly disclosures to track sector shifts or changes in top holdings.<\/p>
The June 2026 portfolio report will be a key reference point to assess any changes in sector exposures or top-10 weightings. Investors may also look for commentary from Fidelity on the Indian market outlook, Reserve Bank of India interest rate decisions, and corporate earnings trends among major holdings, especially private banks and healthcare companies. This routine regulatory update did not appear to have an immediate impact on FIIN’s share price.<\/p>
