HDFC Nifty LargeMidcap 250 Index Fund vs Mirae Asset Nifty LargeMidcap 250 Index Fund

Portfolio Overlap Analysis · HDFC vs Mirae

99.5%

High Overlap

250 common stocks · Rank #481 of 95,528 pairs

Fund A

HDFC Nifty LargeMidcap 250 Index Fund

HDFC · Large & Mid Cap

Fund B

Mirae Asset Nifty LargeMidcap 250 Index Fund

Mirae · Large & Mid Cap

Common Holdings (250)

Stock	Wt% in HDFC Nifty LargeMidcap 250 Ind	Wt% in Mirae Asset Nifty LargeMidcap	Overlap
HDFC Bank Ltd. Banks	4.88%	4.86%	4.86%
ICICI Bank Ltd. Banks	3.54%	3.52%	3.52%
Reliance Industries Ltd. Petroleum Products	3.38%	3.37%	3.37%
Bharti Airtel Ltd. Telecom - Services	1.88%	1.87%	1.87%
Larsen and Toubro Ltd. Construction	1.81%	1.80%	1.80%
State Bank of India Banks	1.79%	1.78%	1.78%
Infosys Limited IT - Software	1.64%	1.63%	1.63%
Bombay Stock Exchange Limited (BSE) Capital Markets	1.47%	1.46%	1.46%
Axis Bank Ltd. Banks	1.43%	1.42%	1.42%
Kotak Mahindra Bank Limited Banks	1.10%	1.09%	1.09%
Mahindra & Mahindra Ltd. Automobiles	1.09%	1.09%	1.09%
ITC LIMITED Diversified FMCG	1.09%	1.08%	1.08%
Hero MotoCorp Ltd. Automobiles	0.98%	0.98%	0.98%
The Federal Bank Ltd. Banks	0.98%	0.98%	0.98%
Tata Consultancy Services Ltd. IT - Software	0.97%	0.96%	0.96%
Bajaj Finance Ltd. Finance	0.95%	0.95%	0.95%
Cummins India Ltd. Industrial Products	0.88%	0.88%	0.88%
Indusind Bank Ltd. Banks	0.84%	0.83%	0.83%
Ashok Leyland Ltd Agricultural, Commercial & Construction Vehicles	0.80%	0.80%	0.80%
Indus Towers Limited Telecom - Services	0.78%	0.78%	0.78%
Hindustan Unilever Ltd. Diversified FMCG	0.75%	0.74%	0.74%
Lupin Ltd. Pharmaceuticals & Biotechnology	0.74%	0.74%	0.74%
HDFC Asset Management Company Ltd. Capital Markets	0.73%	0.73%	0.73%
Au Small Finance Bank Ltd. Banks	0.72%	0.72%	0.72%
Maruti Suzuki India Limited Automobiles	0.70%	0.70%	0.70%
Suzlon Energy Ltd Electrical Equipment	0.69%	0.68%	0.68%
Persistent Systems Limited IT - Software	0.68%	0.68%	0.68%
Bharat Forge Ltd. Auto Components	0.68%	0.67%	0.67%
PB Fintech Limited Financial Technology (Fintech)	0.67%	0.67%	0.67%
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Biotechnology	0.66%	0.66%	0.66%
Fortis Healthcare Limited Healthcare Services	0.65%	0.65%	0.65%
NTPC Limited Power	0.65%	0.65%	0.65%
IDFC First Bank Limited Banks	0.65%	0.64%	0.64%
Titan Company Ltd. Consumer Durables	0.64%	0.64%	0.64%
Eternal Limited Retailing	0.64%	0.63%	0.63%
Max Financial Services Ltd. Insurance	0.64%	0.63%	0.63%
GE T&D INDIA LIMITED Electrical Equipment	0.63%	0.63%	0.63%
Tata Steel Ltd. Ferrous Metals	0.63%	0.63%	0.63%
Polycab India Limited Industrial Products	0.60%	0.60%	0.60%
One 97 Communications Limited Financial Technology (Fintech)	0.59%	0.59%	0.59%
Dixon Technologies (India) Ltd. Consumer Durables	0.58%	0.57%	0.57%
Bharat Electronics Ltd. Aerospace & Defense	0.57%	0.57%	0.57%
Hindustan Petroleum Corp. Ltd. Petroleum Products	0.56%	0.56%	0.56%
Marico Ltd. Agricultural Food & Other Products	0.55%	0.55%	0.55%
APL Apollo Tubes Ltd. Industrial Products	0.54%	0.54%	0.54%
Shriram Finance Ltd. Finance	0.54%	0.54%	0.54%
UltraTech Cement Limited Cement & Cement Products	0.54%	0.54%	0.54%
Swiggy Limited Retailing	0.54%	0.53%	0.53%
Coforge Limited IT - Software	0.53%	0.53%	0.53%
HCL Technologies Ltd. IT - Software	0.53%	0.52%	0.52%
Union Bank of India Banks	0.52%	0.52%	0.52%
Bharat Heavy Electricals Ltd. Electrical Equipment	0.51%	0.51%	0.51%
Sundaram Finance Ltd. Finance	0.50%	0.50%	0.50%
SRF Ltd. Chemicals & Petrochemicals	0.49%	0.49%	0.49%
Power Grid Corporation of India Ltd. Power	0.49%	0.48%	0.48%
Fsn Ecommerce Ventures Limited (Nykaa) Retailing	0.48%	0.48%	0.48%
Hindalco Industries Ltd. Non - Ferrous Metals	0.48%	0.48%	0.48%
Muthoot Finance Ltd. Finance	0.48%	0.48%	0.48%
Yes Bank Ltd. Banks	0.48%	0.48%	0.48%
GMR Airports Limited Transport Infrastructure	0.48%	0.47%	0.47%
UPL Ltd. Fertilizers & Agrochemicals	0.47%	0.47%	0.47%
Voltas Ltd. Consumer Durables	0.47%	0.47%	0.47%
Indian Bank Banks	0.47%	0.46%	0.46%
Aurobindo Pharma Ltd. Pharmaceuticals & Biotechnology	0.45%	0.45%	0.45%
Alkem Laboratories Ltd. Pharmaceuticals & Biotechnology	0.44%	0.44%	0.44%
Vedanta Ltd. Diversified Metals	0.44%	0.44%	0.44%
Glenmark Pharmaceuticals Ltd. Pharmaceuticals & Biotechnology	0.43%	0.43%	0.43%
Hitachi Energy India Ltd. Electrical Equipment	0.43%	0.43%	0.43%
JSW Steel Ltd. Ferrous Metals	0.43%	0.43%	0.43%
National Aluminium Co. Ltd. Non - Ferrous Metals	0.42%	0.42%	0.42%
KEI Industries Ltd. Industrial Products	0.42%	0.41%	0.41%
Bajaj Finserv Ltd. Finance	0.41%	0.41%	0.41%
The Phoenix Mills Limited Realty	0.41%	0.41%	0.41%
Dabur India Ltd. Personal Products	0.41%	0.40%	0.40%
Adani Ports & Special Economic Zone Transport Infrastructure	0.40%	0.40%	0.40%
Bajaj Auto Limited Automobiles	0.40%	0.40%	0.40%
Eicher Motors Ltd. Automobiles	0.40%	0.39%	0.39%
Torrent Power Ltd. Power	0.40%	0.39%	0.39%
Colgate-Palmolive ( I ) Ltd. Personal Products	0.39%	0.39%	0.39%
InterGlobe Aviation Ltd. Transport Services	0.39%	0.39%	0.39%
Oil & Natural Gas Corporation Ltd. Oil	0.39%	0.39%	0.39%
Tube Investments of India Ltd. Auto Components	0.39%	0.39%	0.39%
VODAFONE IDEA LIMITED Telecom - Services	0.39%	0.39%	0.39%
Asian Paints Limited Consumer Durables	0.39%	0.38%	0.38%
Grasim Industries Ltd. Cement & Cement Products	0.38%	0.38%	0.38%
NMDC Limited Minerals & Mining	0.38%	0.37%	0.37%
360 ONE WAM LIMITED Capital Markets	0.37%	0.37%	0.37%
Biocon Ltd. Pharmaceuticals & Biotechnology	0.37%	0.37%	0.37%
MRF Ltd. Auto Components	0.38%	0.36%	0.36%
Aditya Birla Capital ltd. Finance	0.35%	0.35%	0.35%
Coal India Ltd. Consumable Fuels	0.35%	0.35%	0.35%
Coromandel International Limited Fertilizers & Agrochemicals	0.35%	0.35%	0.35%
MphasiS Limited. IT - Software	0.35%	0.35%	0.35%
Oil India Limited Oil	0.35%	0.35%	0.35%
Godrej Properties Ltd. Realty	0.34%	0.34%	0.34%
ICICI Prudential Life Insurance Company Ltd. Insurance	0.34%	0.34%	0.34%
MANKIND PHARMA LIMITED Pharmaceuticals & Biotechnology	0.34%	0.34%	0.34%
Supreme Industries Ltd. Industrial Products	0.34%	0.34%	0.34%
Waaree Energies Limited Electrical Equipment	0.34%	0.34%	0.34%
PI Industries Ltd. Fertilizers & Agrochemicals	0.34%	0.33%	0.33%
Blue Star Ltd. Consumer Durables	0.33%	0.33%	0.33%
Jindal Stainless Ltd. Ferrous Metals	0.33%	0.33%	0.33%
Mahindra & Mahindra Financial Services Ltd. Finance	0.33%	0.33%	0.33%
Nestle India Ltd. Food Products	0.33%	0.33%	0.33%
SBI Life Insurance Company Ltd. Insurance	0.33%	0.33%	0.33%
TVS Motor Company Ltd. Automobiles	0.33%	0.33%	0.33%
Vishal Mega Mart Limited Retailing	0.33%	0.33%	0.33%
NHPC Ltd. Power	0.32%	0.32%	0.32%
Petronet LNG Ltd. Gas	0.32%	0.32%	0.32%
Sona Blw Precision Forgings Auto Components	0.32%	0.32%	0.32%
Steel Authority Of India Ltd. Ferrous Metals	0.32%	0.32%	0.32%
JK Cement Limited Cement & Cement Products	0.31%	0.31%	0.31%
L&T Finance Ltd. Finance	0.31%	0.31%	0.31%
Prestige Estates Projects Ltd. Realty	0.31%	0.31%	0.31%
SBI CARDS AND PAYMENT SERVICES LIMITED Finance	0.31%	0.31%	0.31%
Tech Mahindra Ltd. IT - Software	0.31%	0.31%	0.31%
Trent Ltd. Retailing	0.31%	0.31%	0.31%
Jio Financial Services Limited Finance	0.30%	0.30%	0.30%
Apollo Hospitals Enterprise Ltd. Healthcare Services	0.29%	0.29%	0.29%
Divis Laboratories Ltd. Pharmaceuticals & Biotechnology	0.29%	0.29%	0.29%
Max Healthcare Institute Limited Healthcare Services	0.29%	0.29%	0.29%
Tata Motors Passenger Vehicles Limited Automobiles	0.29%	0.29%	0.29%
UNO Minda Limited Auto Components	0.29%	0.28%	0.28%
Bank of India Banks	0.28%	0.28%	0.28%
Dr Reddys Laboratories Ltd. Pharmaceuticals & Biotechnology	0.28%	0.28%	0.28%
HDFC Life Insurance Company Limited Insurance	0.28%	0.28%	0.28%
Ipca Laboratories Ltd. Pharmaceuticals & Biotechnology	0.28%	0.28%	0.28%
Astral Limited Industrial Products	0.27%	0.27%	0.27%
Bharat Petroleum Corporation Ltd. Petroleum Products	0.27%	0.27%	0.27%
Cipla Ltd. Pharmaceuticals & Biotechnology	0.27%	0.27%	0.27%
Hindustan Aeronautics Limited Aerospace & Defense	0.27%	0.27%	0.27%
Jubilant Foodworks Limited Leisure Services	0.27%	0.27%	0.27%
Page Industries Ltd Textiles & Apparels	0.27%	0.27%	0.27%
Tata Consumer Products Limited Agricultural Food & Other Products	0.27%	0.27%	0.27%
Cholamandalam Investment & Finance Co. Ltd. Finance	0.26%	0.26%	0.26%
Apar Industries Limited Electrical Equipment	0.25%	0.25%	0.25%
Balkrishna Industries Ltd. Auto Components	0.25%	0.25%	0.25%
Britannia Industries Ltd. Food Products	0.25%	0.25%	0.25%
Indian Oil Corporation Ltd. Petroleum Products	0.25%	0.25%	0.25%
Tata Communications Limited Telecom - Services	0.25%	0.25%	0.25%
Oberoi Realty Ltd. Realty	0.24%	0.24%	0.24%
Rail Vikas Nigam Ltd Construction	0.24%	0.24%	0.24%
Container Corporation of India Ltd. Transport Services	0.23%	0.23%	0.23%
Indian Railway Catering And Tourism Corp Ltd Leisure Services	0.23%	0.23%	0.23%
Patanjali Foods Limited Agricultural Food & Other Products	0.23%	0.23%	0.23%
Schaeffler India Ltd. Auto Components	0.23%	0.23%	0.23%
The Tata Power Company Ltd. Power	0.23%	0.23%	0.23%
ITC Hotels Limited Leisure Services	0.22%	0.22%	0.22%
Nippon Life India Asset Management Limited Capital Markets	0.22%	0.22%	0.22%
Oracle Financial Ser Software Ltd. IT - Software	0.22%	0.22%	0.22%
Power Finance Corporation Ltd. Finance	0.22%	0.22%	0.22%
Varun Beverages Ltd Beverages	0.22%	0.22%	0.22%
Bank of Baroda Banks	0.21%	0.21%	0.21%
Dalmia Bharat Ltd. Cement & Cement Products	0.21%	0.21%	0.21%
Indian Hotels Company Ltd. Leisure Services	0.21%	0.21%	0.21%
Kalyan Jewellers India Ltd Consumer Durables	0.21%	0.21%	0.21%
LIC Housing Finance Ltd. Finance	0.21%	0.21%	0.21%
Lloyds Metals & Energy Ltd. Minerals & Mining	0.21%	0.21%	0.21%
Samvardhana Motherson International Ltd. Auto Components	0.21%	0.21%	0.21%
Tata Elxsi Ltd. IT - Software	0.21%	0.21%	0.21%
Wipro Ltd. IT - Software	0.21%	0.21%	0.21%
ADANI ENTERPRISES LIMTIED Metals & Minerals Trading	0.20%	0.20%	0.20%
Adani Power (Mundra) Limited Power	0.20%	0.20%	0.20%
AIA Engineering Ltd. Industrial Products	0.20%	0.20%	0.20%
Avenue Supermarts Ltd. Retailing	0.20%	0.20%	0.20%
Bank of Maharashtra Banks	0.20%	0.20%	0.20%
Exide Industries Ltd. Auto Components	0.20%	0.20%	0.20%
Apollo Tyres Ltd. Auto Components	0.20%	0.19%	0.19%
GUJARAT FLUOROCHEMICALS LIMITED Chemicals & Petrochemicals	0.20%	0.19%	0.19%
ADANI TOTAL GAS LIMITED Gas	0.19%	0.19%	0.19%
Canara Bank Banks	0.19%	0.19%	0.19%
Linde India Ltd Chemicals & Petrochemicals	0.19%	0.19%	0.19%
Abbott India Ltd. Pharmaceuticals & Biotechnology	0.18%	0.18%	0.18%
CG Power and Industrial Solutions Ltd. Electrical Equipment	0.18%	0.18%	0.18%
Godrej Consumer Products Ltd. Personal Products	0.18%	0.18%	0.18%
Ajanta Pharma Limited Pharmaceuticals & Biotechnology	0.17%	0.17%	0.17%
Bajaj Holdings & Investment Ltd Finance	0.17%	0.17%	0.17%
Berger Paints (I) Ltd Consumer Durables	0.17%	0.17%	0.17%
Cochin Shipyard Ltd. Industrial Manufacturing	0.17%	0.17%	0.17%
Jindal Steel Limited. Ferrous Metals	0.17%	0.17%	0.17%
KPIT Technologies Ltd IT - Software	0.17%	0.17%	0.17%
Pidilite Industries Ltd. Chemicals & Petrochemicals	0.17%	0.17%	0.17%
ICICI Lombard General Insurance Co Insurance	0.17%	0.16%	0.16%
Bharti Hexacom Limited Telecom - Services	0.16%	0.16%	0.16%
GAIL (India) Ltd. Gas	0.16%	0.16%	0.16%
General Insurance Corporation of India Insurance	0.16%	0.16%	0.16%
Indraprastha Gas Ltd. Gas	0.16%	0.16%	0.16%
Punjab National Bank Banks	0.16%	0.16%	0.16%
REC Limited. Finance	0.16%	0.16%	0.16%
Thermax Ltd. Electrical Equipment	0.16%	0.16%	0.16%
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Biotechnology	0.16%	0.16%	0.16%
ESCORTS KUBOTA LIMITED Agricultural, Commercial & Construction Vehicles	0.16%	0.15%	0.15%
Bharat Dynamics Limited Aerospace & Defense	0.15%	0.15%	0.15%
LTIMindtree Limited IT - Software	0.15%	0.15%	0.15%
Motilal Oswal Financial Services Ltd. Capital Markets	0.15%	0.15%	0.15%
United Breweries Ltd. Beverages	0.15%	0.15%	0.15%
United Spirits Limited Beverages	0.15%	0.15%	0.15%
3M India Ltd. Diversified	0.14%	0.14%	0.14%
Crisil Limited Finance	0.14%	0.14%	0.14%
Deepak Nitrite Limited Chemicals & Petrochemicals	0.14%	0.14%	0.14%
DLF LIMITED Realty	0.14%	0.14%	0.14%
GlaxoSmithkline Pharmaceuticals Ltd Pharmaceuticals & Biotechnology	0.14%	0.14%	0.14%
INFO EDGE (INDIA) LIMITED Retailing	0.14%	0.14%	0.14%
K.P.R. MILL LIMITED Textiles & Apparels	0.14%	0.14%	0.14%
Procter & Gamble Hygiene & Healthca Personal Products	0.14%	0.14%	0.14%
ACC Ltd. Cement & Cement Products	0.13%	0.13%	0.13%
Adani Energy Solutions Limited Power	0.13%	0.13%	0.13%
Global Health Limited Healthcare Services	0.13%	0.13%	0.13%
Havells India Ltd. Consumer Durables	0.13%	0.13%	0.13%
Indian Renewable Energy Development Agency Limited Finance	0.13%	0.13%	0.13%
L&T Technology Services Ltd. IT - Services	0.13%	0.13%	0.13%
Shree Cement Ltd. Cement & Cement Products	0.13%	0.13%	0.13%
Tata Technologies Limited IT - Services	0.13%	0.13%	0.13%
AWL AGRI BUSINESS LIMITED Agricultural Food & Other Products	0.12%	0.12%	0.12%
Endurance Technologies Ltd. Auto Components	0.12%	0.12%	0.12%
Housing and Urban Development Corporation Ltd. Finance	0.12%	0.12%	0.12%
Solar Industries India Ltd. Chemicals & Petrochemicals	0.12%	0.12%	0.12%
ABB India Ltd. Electrical Equipment	0.11%	0.11%	0.11%
Ambuja Cements Ltd. Cement & Cement Products	0.11%	0.11%	0.11%
Bosch Limited Auto Components	0.11%	0.11%	0.11%
Godfrey Phillips India Ltd. Cigarettes & Tobacco Products	0.11%	0.11%	0.11%
Hyundai Motor India Limited Automobiles	0.11%	0.11%	0.11%
IRB Infrastructure Developers Ltd. Construction	0.11%	0.11%	0.11%
JSW Infrastructure Limited Transport Infrastructure	0.11%	0.11%	0.11%
NLC India Ltd. Power	0.11%	0.11%	0.11%
NTPC Green Energy Limited Power	0.11%	0.11%	0.11%
Premier Energies Limited Electrical Equipment	0.11%	0.11%	0.11%
Siemens Ltd. Electrical Equipment	0.11%	0.11%	0.11%
Syngene International Limited Healthcare Services	0.11%	0.11%	0.11%
Tata Investment Corp Ltd Finance	0.11%	0.11%	0.11%
Adani Green Energy Limited Power	0.10%	0.10%	0.10%
Lodha Developers Limited Realty	0.10%	0.10%	0.10%
Gujarat Gas Ltd. Gas	0.09%	0.09%	0.09%
Hexaware Technologies Ltd. IT - Software	0.09%	0.09%	0.09%
Hindustan Zinc Ltd. Non - Ferrous Metals	0.09%	0.09%	0.09%
Honeywell Automation India Limited Industrial Manufacturing	0.09%	0.09%	0.09%
IDBI Bank Limited Banks	0.09%	0.09%	0.09%
JSW Energy Ltd. Power	0.09%	0.09%	0.09%
Siemens Energy India Limited Electrical Equipment	0.09%	0.09%	0.09%
Zydus Lifesciences Limited Pharmaceuticals & Biotechnology	0.08%	0.08%	0.08%
Indian Overseas Bank Banks	0.07%	0.07%	0.07%
Indian Railways Finance Corp. Ltd. Finance	0.07%	0.07%	0.07%
Life Insurance Corporation of India Insurance	0.07%	0.07%	0.07%
SJVN Limited Power	0.07%	0.07%	0.07%
Fertilisers And Chemicals Travancore Limited Fertilizers & Agrochemicals	0.06%	0.06%	0.06%
Godrej Industries Ltd. Diversified	0.06%	0.06%	0.06%
Mazagon Dock Shipbuilders Ltd Industrial Manufacturing	0.06%	0.06%	0.06%
The New India Assurance Company Ltd Insurance	0.05%	0.05%	0.05%
UCO Bank Banks	0.04%	0.04%	0.04%
Bajaj Housing Finance Ltd. Finance	0.03%	0.03%	0.03%

Unique to HDFC Nifty LargeMidcap 250 Ind

All top holdings are shared with the other fund.

Unique to Mirae Asset Nifty LargeMidcap

All top holdings are shared with the other fund.

Sector Overlap Breakdown

Banks

18.5% (20)

Finance

6.1% (21)

IT - Software

6.0% (13)

Pharmaceuticals & Biotechnology

5.3% (16)

Petroleum Products

4.5% (4)

Automobiles

4.3% (8)

Electrical Equipment

3.6% (12)

Telecom - Services

3.5% (5)

Auto Components

3.3% (12)

Industrial Products

3.2% (7)

Capital Markets

2.9% (5)

Consumer Durables

2.9% (8)

Power

2.9% (12)

Retailing

2.6% (7)

Construction

2.1% (3)

Insurance

2.0% (8)

Ferrous Metals

1.9% (5)

Diversified FMCG

1.8% (2)

Cement & Cement Products

1.8% (7)

Realty

1.5% (6)

Healthcare Services

1.5% (5)

Chemicals & Petrochemicals

1.3% (6)

Financial Technology (Fintech)

1.3% (2)

Fertilizers & Agrochemicals

1.2% (4)

Agricultural Food & Other Products

1.2% (4)

Personal Products

1.1% (4)

Aerospace & Defense

1.0% (3)

Non - Ferrous Metals

1.0% (3)

Transport Infrastructure

1.0% (3)

Agricultural, Commercial & Construction Vehicles

0.9% (2)

Leisure Services

0.9% (4)

Gas

0.9% (5)

Oil

0.7% (2)

Transport Services

0.6% (2)

Minerals & Mining

0.6% (2)

Food Products

0.6% (2)

Beverages

0.5% (3)

Diversified Metals

0.4% (1)

Textiles & Apparels

0.4% (2)

Consumable Fuels

0.3% (1)

Industrial Manufacturing

0.3% (3)

IT - Services

0.3% (2)

Metals & Minerals Trading

0.2% (1)

Diversified

0.2% (2)

Cigarettes & Tobacco Products

0.1% (1)

More comparisons for HDFC Nifty LargeMidcap 250 Ind

vs ICICI Prudential Nifty LargeMi87.3% · 238 stocks
vs HDFC Nifty500 Multicap 50.25.275.0% · 250 stocks
vs Mirae Asset Nifty500 Multicap 74.9% · 250 stocks
vs Axis Nifty 500 Index69.0% · 250 stocks
vs SBI Nifty 500 Index69.0% · 250 stocks

More comparisons for Mirae Asset Nifty LargeMidcap

vs ICICI Prudential Nifty LargeMi87.0% · 238 stocks
vs HDFC Nifty500 Multicap 50.25.274.8% · 250 stocks
vs Mirae Asset Nifty500 Multicap 74.7% · 250 stocks
vs Axis Nifty 500 Index68.8% · 250 stocks
vs SBI Nifty 500 Index68.8% · 250 stocks

Overlap calculated on equity holdings only. Debt, government securities, and cash are excluded.