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We have made our portfolios more defensive, reduced allocation to mid & smallcaps to 50%: Abhay Agarwal
“In the largecap defensive universe, ITC is the most defensive stock. Pretty much all their businesses are firing and the FMCG business has actually surprised a lot of people on the growth and the margins that they have generated and they continue to do. We do not have a short-term call on ITC. We believe that with about a 4-5% allocation in the portfolio, we are happy to hold it.”