HDFC Nifty LargeMidcap 250 Index Fund vs Mirae Asset Nifty500 Multicap 50:25:25 ETF

Portfolio Overlap Analysis · HDFC vs Mirae

74.9%

High Overlap

250 common stocks · Rank #1111 of 95,528 pairs

Fund A

HDFC Nifty LargeMidcap 250 Index Fund

HDFC · Large & Mid Cap

Fund B

Mirae Asset Nifty500 Multicap 50:25:25 ETF

Mirae · Multi Cap

Common Holdings (250)

Stock	Wt% in HDFC Nifty LargeMidcap 250 Ind	Wt% in Mirae Asset Nifty500 Multicap	Overlap
HDFC Bank Ltd. Banks	4.88%	4.92%	4.88%
ICICI Bank Ltd. Banks	3.54%	3.57%	3.54%
Reliance Industries Ltd. Petroleum Products	3.38%	3.41%	3.38%
Bharti Airtel Ltd. Telecom - Services	1.88%	1.90%	1.88%
Larsen and Toubro Ltd. Construction	1.81%	1.82%	1.81%
State Bank of India Banks	1.79%	1.81%	1.79%
Infosys Limited IT - Software	1.64%	1.65%	1.64%
Axis Bank Ltd. Banks	1.43%	1.44%	1.43%
Kotak Mahindra Bank Limited Banks	1.10%	1.11%	1.10%
ITC LIMITED Diversified FMCG	1.09%	1.09%	1.09%
Mahindra & Mahindra Ltd. Automobiles	1.09%	1.10%	1.09%
Tata Consultancy Services Ltd. IT - Software	0.97%	0.98%	0.97%
Bajaj Finance Ltd. Finance	0.95%	0.96%	0.95%
Hindustan Unilever Ltd. Diversified FMCG	0.75%	0.75%	0.75%
Bombay Stock Exchange Limited (BSE) Capital Markets	1.47%	0.74%	0.74%
Maruti Suzuki India Limited Automobiles	0.70%	0.71%	0.70%
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Biotechnology	0.66%	0.67%	0.66%
NTPC Limited Power	0.65%	0.66%	0.65%
Eternal Limited Retailing	0.64%	0.64%	0.64%
Titan Company Ltd. Consumer Durables	0.64%	0.65%	0.64%
Tata Steel Ltd. Ferrous Metals	0.63%	0.64%	0.63%
Bharat Electronics Ltd. Aerospace & Defense	0.57%	0.58%	0.57%
Shriram Finance Ltd. Finance	0.54%	0.55%	0.54%
UltraTech Cement Limited Cement & Cement Products	0.54%	0.54%	0.54%
HCL Technologies Ltd. IT - Software	0.53%	0.53%	0.53%
Hero MotoCorp Ltd. Automobiles	0.98%	0.50%	0.50%
The Federal Bank Ltd. Banks	0.98%	0.49%	0.49%
Power Grid Corporation of India Ltd. Power	0.49%	0.49%	0.49%
Hindalco Industries Ltd. Non - Ferrous Metals	0.48%	0.48%	0.48%
Cummins India Ltd. Industrial Products	0.88%	0.44%	0.44%
Vedanta Ltd. Diversified Metals	0.44%	0.44%	0.44%
JSW Steel Ltd. Ferrous Metals	0.43%	0.43%	0.43%
Indusind Bank Ltd. Banks	0.84%	0.42%	0.42%
Bajaj Finserv Ltd. Finance	0.41%	0.41%	0.41%
Ashok Leyland Ltd Agricultural, Commercial & Construction Vehicles	0.80%	0.40%	0.40%
Adani Ports & Special Economic Zone Transport Infrastructure	0.40%	0.41%	0.40%
Bajaj Auto Limited Automobiles	0.40%	0.40%	0.40%
Eicher Motors Ltd. Automobiles	0.40%	0.40%	0.40%
Indus Towers Limited Telecom - Services	0.78%	0.39%	0.39%
Asian Paints Limited Consumer Durables	0.39%	0.39%	0.39%
InterGlobe Aviation Ltd. Transport Services	0.39%	0.40%	0.39%
Oil & Natural Gas Corporation Ltd. Oil	0.39%	0.39%	0.39%
Grasim Industries Ltd. Cement & Cement Products	0.38%	0.39%	0.38%
Lupin Ltd. Pharmaceuticals & Biotechnology	0.74%	0.37%	0.37%
HDFC Asset Management Company Ltd. Capital Markets	0.73%	0.37%	0.37%
Au Small Finance Bank Ltd. Banks	0.72%	0.36%	0.36%
Suzlon Energy Ltd Electrical Equipment	0.69%	0.35%	0.35%
Coal India Ltd. Consumable Fuels	0.35%	0.35%	0.35%
Bharat Forge Ltd. Auto Components	0.68%	0.34%	0.34%
Persistent Systems Limited IT - Software	0.68%	0.34%	0.34%
PB Fintech Limited Financial Technology (Fintech)	0.67%	0.34%	0.34%
Fortis Healthcare Limited Healthcare Services	0.65%	0.33%	0.33%
IDFC First Bank Limited Banks	0.65%	0.33%	0.33%
Nestle India Ltd. Food Products	0.33%	0.34%	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%
Max Financial Services Ltd. Insurance	0.64%	0.32%	0.32%
GE T&D INDIA LIMITED Electrical Equipment	0.63%	0.32%	0.32%
Tech Mahindra Ltd. IT - Software	0.31%	0.31%	0.31%
Trent Ltd. Retailing	0.31%	0.31%	0.31%
Polycab India Limited Industrial Products	0.60%	0.30%	0.30%
One 97 Communications Limited Financial Technology (Fintech)	0.59%	0.30%	0.30%
Jio Financial Services Limited Finance	0.30%	0.30%	0.30%
Dixon Technologies (India) Ltd. Consumer Durables	0.58%	0.29%	0.29%
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%
Hindustan Petroleum Corp. Ltd. Petroleum Products	0.56%	0.28%	0.28%
Marico Ltd. Agricultural Food & Other Products	0.55%	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%
APL Apollo Tubes Ltd. Industrial Products	0.54%	0.27%	0.27%
Swiggy Limited Retailing	0.54%	0.27%	0.27%
Coforge Limited IT - Software	0.53%	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%
Tata Consumer Products Limited Agricultural Food & Other Products	0.27%	0.27%	0.27%
Union Bank of India Banks	0.52%	0.26%	0.26%
Bharat Heavy Electricals Ltd. Electrical Equipment	0.51%	0.26%	0.26%
Cholamandalam Investment & Finance Co. Ltd. Finance	0.26%	0.27%	0.26%
Sundaram Finance Ltd. Finance	0.50%	0.25%	0.25%
SRF Ltd. Chemicals & Petrochemicals	0.49%	0.25%	0.25%
Britannia Industries Ltd. Food Products	0.25%	0.26%	0.25%
Indian Oil Corporation Ltd. Petroleum Products	0.25%	0.25%	0.25%
Fsn Ecommerce Ventures Limited (Nykaa) Retailing	0.48%	0.24%	0.24%
GMR Airports Limited Transport Infrastructure	0.48%	0.24%	0.24%
Muthoot Finance Ltd. Finance	0.48%	0.24%	0.24%
Yes Bank Ltd. Banks	0.48%	0.24%	0.24%
UPL Ltd. Fertilizers & Agrochemicals	0.47%	0.24%	0.24%
Voltas Ltd. Consumer Durables	0.47%	0.24%	0.24%
Indian Bank Banks	0.47%	0.23%	0.23%
Aurobindo Pharma Ltd. Pharmaceuticals & Biotechnology	0.45%	0.23%	0.23%
The Tata Power Company Ltd. Power	0.23%	0.23%	0.23%
Alkem Laboratories Ltd. Pharmaceuticals & Biotechnology	0.44%	0.22%	0.22%
Glenmark Pharmaceuticals Ltd. Pharmaceuticals & Biotechnology	0.43%	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%
Hitachi Energy India Ltd. Electrical Equipment	0.43%	0.21%	0.21%
KEI Industries Ltd. Industrial Products	0.42%	0.21%	0.21%
National Aluminium Co. Ltd. Non - Ferrous Metals	0.42%	0.21%	0.21%
The Phoenix Mills Limited Realty	0.41%	0.21%	0.21%
Bank of Baroda Banks	0.21%	0.22%	0.21%
Indian Hotels Company Ltd. Leisure Services	0.21%	0.21%	0.21%
Samvardhana Motherson International Ltd. Auto Components	0.21%	0.21%	0.21%
Wipro Ltd. IT - Software	0.21%	0.21%	0.21%
Dabur India Ltd. Personal Products	0.41%	0.20%	0.20%
Torrent Power Ltd. Power	0.40%	0.20%	0.20%
Colgate-Palmolive ( I ) Ltd. Personal Products	0.39%	0.20%	0.20%
Tube Investments of India Ltd. Auto Components	0.39%	0.20%	0.20%
VODAFONE IDEA LIMITED Telecom - Services	0.39%	0.20%	0.20%
ADANI ENTERPRISES LIMTIED Metals & Minerals Trading	0.20%	0.20%	0.20%
Adani Power (Mundra) Limited Power	0.20%	0.20%	0.20%
Avenue Supermarts Ltd. Retailing	0.20%	0.20%	0.20%
NMDC Limited Minerals & Mining	0.38%	0.19%	0.19%
360 ONE WAM LIMITED Capital Markets	0.37%	0.19%	0.19%
Biocon Ltd. Pharmaceuticals & Biotechnology	0.37%	0.19%	0.19%
Canara Bank Banks	0.19%	0.19%	0.19%
Aditya Birla Capital ltd. Finance	0.35%	0.18%	0.18%
Coromandel International Limited Fertilizers & Agrochemicals	0.35%	0.18%	0.18%
MphasiS Limited. IT - Software	0.35%	0.18%	0.18%
Oil India Limited Oil	0.35%	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%
MRF Ltd. Auto Components	0.38%	0.17%	0.17%
Godrej Properties Ltd. Realty	0.34%	0.17%	0.17%
ICICI Prudential Life Insurance Company Ltd. Insurance	0.34%	0.17%	0.17%
MANKIND PHARMA LIMITED Pharmaceuticals & Biotechnology	0.34%	0.17%	0.17%
PI Industries Ltd. Fertilizers & Agrochemicals	0.34%	0.17%	0.17%
Supreme Industries Ltd. Industrial Products	0.34%	0.17%	0.17%
Waaree Energies Limited Electrical Equipment	0.34%	0.17%	0.17%
Blue Star Ltd. Consumer Durables	0.33%	0.17%	0.17%
Jindal Stainless Ltd. Ferrous Metals	0.33%	0.17%	0.17%
Mahindra & Mahindra Financial Services Ltd. Finance	0.33%	0.17%	0.17%
Vishal Mega Mart Limited Retailing	0.33%	0.17%	0.17%
Bajaj Holdings & Investment Ltd Finance	0.17%	0.17%	0.17%
ICICI Lombard General Insurance Co Insurance	0.17%	0.17%	0.17%
Jindal Steel Limited. Ferrous Metals	0.17%	0.17%	0.17%
Pidilite Industries Ltd. Chemicals & Petrochemicals	0.17%	0.17%	0.17%
NHPC Ltd. Power	0.32%	0.16%	0.16%
Petronet LNG Ltd. Gas	0.32%	0.16%	0.16%
Sona Blw Precision Forgings Auto Components	0.32%	0.16%	0.16%
Steel Authority Of India Ltd. Ferrous Metals	0.32%	0.16%	0.16%
JK Cement Limited Cement & Cement Products	0.31%	0.16%	0.16%
L&T Finance Ltd. Finance	0.31%	0.16%	0.16%
Prestige Estates Projects Ltd. Realty	0.31%	0.16%	0.16%
SBI CARDS AND PAYMENT SERVICES LIMITED Finance	0.31%	0.16%	0.16%
GAIL (India) Ltd. Gas	0.16%	0.17%	0.16%
Punjab National Bank Banks	0.16%	0.16%	0.16%
REC Limited. Finance	0.16%	0.16%	0.16%
Torrent Pharmaceuticals Ltd. Pharmaceuticals & Biotechnology	0.16%	0.16%	0.16%
LTIMindtree Limited IT - Software	0.15%	0.15%	0.15%
United Spirits Limited Beverages	0.15%	0.15%	0.15%
UNO Minda Limited Auto Components	0.29%	0.14%	0.14%
Bank of India Banks	0.28%	0.14%	0.14%
Ipca Laboratories Ltd. Pharmaceuticals & Biotechnology	0.28%	0.14%	0.14%
Astral Limited Industrial Products	0.27%	0.14%	0.14%
Jubilant Foodworks Limited Leisure Services	0.27%	0.14%	0.14%
DLF LIMITED Realty	0.14%	0.14%	0.14%
INFO EDGE (INDIA) LIMITED Retailing	0.14%	0.14%	0.14%
Page Industries Ltd Textiles & Apparels	0.27%	0.13%	0.13%
Apar Industries Limited Electrical Equipment	0.25%	0.13%	0.13%
Balkrishna Industries Ltd. Auto Components	0.25%	0.13%	0.13%
Tata Communications Limited Telecom - Services	0.25%	0.13%	0.13%
Adani Energy Solutions Limited Power	0.13%	0.13%	0.13%
Havells India Ltd. Consumer Durables	0.13%	0.13%	0.13%
Oberoi Realty Ltd. Realty	0.24%	0.12%	0.12%
Rail Vikas Nigam Ltd Construction	0.24%	0.12%	0.12%
Patanjali Foods Limited Agricultural Food & Other Products	0.23%	0.12%	0.12%
Schaeffler India Ltd. Auto Components	0.23%	0.12%	0.12%
Shree Cement Ltd. Cement & Cement Products	0.13%	0.12%	0.12%
Solar Industries India Ltd. Chemicals & Petrochemicals	0.12%	0.12%	0.12%
Container Corporation of India Ltd. Transport Services	0.23%	0.11%	0.11%
Indian Railway Catering And Tourism Corp Ltd Leisure Services	0.23%	0.11%	0.11%
ITC Hotels Limited Leisure Services	0.22%	0.11%	0.11%
Nippon Life India Asset Management Limited Capital Markets	0.22%	0.11%	0.11%
Oracle Financial Ser Software Ltd. IT - Software	0.22%	0.11%	0.11%
Dalmia Bharat Ltd. Cement & Cement Products	0.21%	0.11%	0.11%
Kalyan Jewellers India Ltd Consumer Durables	0.21%	0.11%	0.11%
LIC Housing Finance Ltd. Finance	0.21%	0.11%	0.11%
Lloyds Metals & Energy Ltd. Minerals & Mining	0.21%	0.11%	0.11%
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%
Hyundai Motor India Limited Automobiles	0.11%	0.11%	0.11%
Siemens Ltd. Electrical Equipment	0.11%	0.11%	0.11%
Tata Elxsi Ltd. IT - Software	0.21%	0.10%	0.10%
AIA Engineering Ltd. Industrial Products	0.20%	0.10%	0.10%
Apollo Tyres Ltd. Auto Components	0.20%	0.10%	0.10%
Bank of Maharashtra Banks	0.20%	0.10%	0.10%
Exide Industries Ltd. Auto Components	0.20%	0.10%	0.10%
GUJARAT FLUOROCHEMICALS LIMITED Chemicals & Petrochemicals	0.20%	0.10%	0.10%
ADANI TOTAL GAS LIMITED Gas	0.19%	0.10%	0.10%
Adani Green Energy Limited Power	0.10%	0.11%	0.10%
Lodha Developers Limited Realty	0.10%	0.10%	0.10%
Linde India Ltd Chemicals & Petrochemicals	0.19%	0.09%	0.09%
Abbott India Ltd. Pharmaceuticals & Biotechnology	0.18%	0.09%	0.09%
Berger Paints (I) Ltd Consumer Durables	0.17%	0.09%	0.09%
Hindustan Zinc Ltd. Non - Ferrous Metals	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%
Ajanta Pharma Limited Pharmaceuticals & Biotechnology	0.17%	0.08%	0.08%
Cochin Shipyard Ltd. Industrial Manufacturing	0.17%	0.08%	0.08%
KPIT Technologies Ltd IT - Software	0.17%	0.08%	0.08%
Bharti Hexacom Limited Telecom - Services	0.16%	0.08%	0.08%
ESCORTS KUBOTA LIMITED Agricultural, Commercial & Construction Vehicles	0.16%	0.08%	0.08%
General Insurance Corporation of India Insurance	0.16%	0.08%	0.08%
Indraprastha Gas Ltd. Gas	0.16%	0.08%	0.08%
Thermax Ltd. Electrical Equipment	0.16%	0.08%	0.08%
Bharat Dynamics Limited Aerospace & Defense	0.15%	0.08%	0.08%
Motilal Oswal Financial Services Ltd. Capital Markets	0.15%	0.08%	0.08%
United Breweries Ltd. Beverages	0.15%	0.08%	0.08%
Zydus Lifesciences Limited Pharmaceuticals & Biotechnology	0.08%	0.08%	0.08%
3M India Ltd. Diversified	0.14%	0.07%	0.07%
Crisil Limited Finance	0.14%	0.07%	0.07%
Deepak Nitrite Limited Chemicals & Petrochemicals	0.14%	0.07%	0.07%
GlaxoSmithkline Pharmaceuticals Ltd Pharmaceuticals & Biotechnology	0.14%	0.07%	0.07%
K.P.R. MILL LIMITED Textiles & Apparels	0.14%	0.07%	0.07%
Procter & Gamble Hygiene & Healthca Personal Products	0.14%	0.07%	0.07%
Indian Renewable Energy Development Agency Limited Finance	0.13%	0.07%	0.07%
Tata Technologies Limited IT - Services	0.13%	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%
ACC Ltd. Cement & Cement Products	0.13%	0.06%	0.06%
Global Health Limited Healthcare Services	0.13%	0.06%	0.06%
L&T Technology Services Ltd. IT - Services	0.13%	0.06%	0.06%
AWL AGRI BUSINESS LIMITED Agricultural Food & Other Products	0.12%	0.06%	0.06%
Endurance Technologies Ltd. Auto Components	0.12%	0.06%	0.06%
Housing and Urban Development Corporation Ltd. Finance	0.12%	0.06%	0.06%
Godfrey Phillips India Ltd. Cigarettes & Tobacco Products	0.11%	0.06%	0.06%
IRB Infrastructure Developers Ltd. Construction	0.11%	0.06%	0.06%
JSW Infrastructure Limited Transport Infrastructure	0.11%	0.06%	0.06%
NLC India Ltd. Power	0.11%	0.06%	0.06%
NTPC Green Energy Limited Power	0.11%	0.06%	0.06%
Premier Energies Limited Electrical Equipment	0.11%	0.06%	0.06%
Tata Investment Corp Ltd Finance	0.11%	0.06%	0.06%
Mazagon Dock Shipbuilders Ltd Industrial Manufacturing	0.06%	0.06%	0.06%
Syngene International Limited Healthcare Services	0.11%	0.05%	0.05%
Gujarat Gas Ltd. Gas	0.09%	0.05%	0.05%
Hexaware Technologies Ltd. IT - Software	0.09%	0.05%	0.05%
Honeywell Automation India Limited Industrial Manufacturing	0.09%	0.04%	0.04%
IDBI Bank Limited Banks	0.09%	0.04%	0.04%
Indian Overseas Bank Banks	0.07%	0.04%	0.04%
SJVN Limited Power	0.07%	0.03%	0.03%
Fertilisers And Chemicals Travancore Limited Fertilizers & Agrochemicals	0.06%	0.03%	0.03%
Godrej Industries Ltd. Diversified	0.06%	0.03%	0.03%
Bajaj Housing Finance Ltd. Finance	0.03%	0.03%	0.03%
The New India Assurance Company Ltd Insurance	0.05%	0.02%	0.02%
UCO Bank Banks	0.04%	0.02%	0.02%

Unique to HDFC Nifty LargeMidcap 250 Ind

All top holdings are shared with the other fund.

Unique to Mirae Asset Nifty500 Multicap

All top holdings are shared with the other fund.

Sector Overlap Breakdown

Banks

16.0% (20)

IT - Software

4.9% (13)

Finance

4.6% (21)

Petroleum Products

4.2% (4)

Automobiles

3.8% (8)

Pharmaceuticals & Biotechnology

3.5% (16)

Telecom - Services

2.7% (5)

Power

2.4% (12)

Electrical Equipment

2.1% (12)

Consumer Durables

2.1% (8)

Construction

2.0% (3)

Retailing

2.0% (7)

Diversified FMCG

1.8% (2)

Auto Components

1.8% (12)

Industrial Products

1.6% (7)

Ferrous Metals

1.6% (5)

Capital Markets

1.5% (5)

Cement & Cement Products

1.5% (7)

Insurance

1.4% (8)

Healthcare Services

1.0% (5)

Aerospace & Defense

0.9% (3)

Realty

0.9% (6)

Chemicals & Petrochemicals

0.8% (6)

Non - Ferrous Metals

0.8% (3)

Agricultural Food & Other Products

0.7% (4)

Transport Infrastructure

0.7% (3)

Personal Products

0.7% (4)

Financial Technology (Fintech)

0.6% (2)

Fertilizers & Agrochemicals

0.6% (4)

Food Products

0.6% (2)

Oil

0.6% (2)

Leisure Services

0.6% (4)

Gas

0.6% (5)

Transport Services

0.5% (2)

Agricultural, Commercial & Construction Vehicles

0.5% (2)

Beverages

0.5% (3)

Diversified Metals

0.4% (1)

Consumable Fuels

0.3% (1)

Minerals & Mining

0.3% (2)

Metals & Minerals Trading

0.2% (1)

Textiles & Apparels

0.2% (2)

Industrial Manufacturing

0.2% (3)

IT - Services

0.1% (2)

Diversified

0.1% (2)

Cigarettes & Tobacco Products

0.1% (1)

More comparisons for HDFC Nifty LargeMidcap 250 Ind

vs Mirae Asset Nifty LargeMidcap 99.5% · 250 stocks
vs ICICI Prudential Nifty LargeMi87.3% · 238 stocks
vs HDFC Nifty500 Multicap 50.25.275.0% · 250 stocks
vs Axis Nifty 500 Index69.0% · 250 stocks
vs SBI Nifty 500 Index69.0% · 250 stocks

More comparisons for Mirae Asset Nifty500 Multicap

vs HDFC Nifty500 Multicap 50.25.299.8% · 500 stocks
vs SBI Nifty 500 Index79.2% · 500 stocks
vs Motilal Oswal Nifty 500 Index79.1% · 500 stocks
vs Motilal Oswal Nifty 500 ETF79.1% · 500 stocks
vs Axis Nifty 500 Index79.0% · 500 stocks

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