Market veteran Chris Wood of Jefferies has made significant changes to his long-only portfolios, which involves a shuffle in a lot of Real Estate stocks, along with Nifty 50 heavyweight Reliance Industries Ltd.

Chris Wood wrote in his latest GREED & fear note that he will be increasing the investment in Reliance Industries in his India long-only portfolio by 2 percentage points. This will be funded by shaving off weightage in HDFC Bank and State Bank of India by one percentage point each.

For his Asia Ex-Japan long-only portfolio, Chris Wood will be removing his investment in Godrej Properties, while on the flip side, the investment in Macrotech will be increased to 4% from 1% earlier.

Wood will also be introducing an investment in realty major DLF in the Asia Ex-Japan long-only portfolio with a 3% weightage. Jefferies as a house has been bullish on the Indian Real Estate space for many years.

Additionally, Zomato, which has seen a significant correction from its record high and has also received brokerage downgrades, will see an increase in weightage by one percentage point.

Zomato shares will also begin trading as part of the Nifty 50 index on Friday, March 27.

Wood will also be introducing an investment in US-listed MakeMyTrip with a 4% weightage and that will be funded by completely removing the investment in Mumbai-based private lender Axis Bank Ltd. MakeMyTrip was also part of Goldman Sachs’ “10 buy ideas” list which the brokerage had released earlier this week.

Shares of DLF have declined 16% so far this year, while those of Godrej Properties are down 23%. Macrotech shares have seen a drop of 11% so far in 2025.