Listed Yield: REITs and InvITs
Holds India's listed real-estate and infrastructure trusts — Embassy, Mindspace, Brookfield, IndiGrid, IRB, PowerGrid InvIT and their peers — equally weighted with a quarterly rebalance and a liquidity floor. NSE listings only, to avoid holding each trust twice.
Why this is expected to work
REITs and InvITs are a genuinely distinct asset class that most Indian retail portfolios have no exposure to. They are required by SEBI regulation to distribute the large majority of their net distributable cash flow to unitholders, which makes their return profile closer to a bond with inflation participation than to an equity: most of the total return arrives as distributions rather than as capital appreciation. That also makes them behave differently from the rest of an equity book — they are rate-sensitive, because a higher discount rate compresses the value of a long stream of contracted rent or toll revenue, and they are correspondingly less driven by the earnings cycle. The universe is tiny, which is the honest limitation: roughly a dozen distinct trusts, with history only from 2018 for REITs and 2016 for InvITs. This is a diversification sleeve, not a standalone strategy, and equal weighting across so few names is a deliberate refusal to pretend a selection signal exists in a universe this small.
How the pipeline works
Liquid: traded > Rs 1 cr/day
Keeps rows where turnover > 10000000
turnover > 10000000 60-day average turnover
Computes avg_turnover_60 = @SMA(turnover, 60)
@SMA(turnover, 60) 10 most liquid trusts
Selects the top 10 by avg_turnover_60
What this template teaches
- REIT and InvIT security types
- Combining two security types in one universe
- Restricting to one exchange to avoid dual-listing duplication
- Equal weighting as an honest response to a tiny universe
REITs and InvITs: The Asset Class Most Indian Portfolios Skip
SEBI requires them to distribute most of their distributable cash flow. That makes their return profile closer to a bond with inflation participation than to an equity — and different from everything else you own.
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