Big-10 funds and their portfolio stock moves in February 2023

14 Mar 2023 , 01:24 PM

One way to track mutual funds action is to evaluate the portfolio shifts of large fund houses based on equity AUM. We look at the top 10 AMCs by equity AUM and evaluate at 2 levels. Firstly, we look at the large cap stocks that they purchased and at the large cap holdings that they tweaked in February 2023. This virtually represents a microcosm of the Indian equity markets and gives a quick view of preferred stocks in that month. At the second level, we see the most preferred stocks from an alpha perspective for each fund house.

SBI Mutual Fund and the equity portfolio churn story in February 2023

Let us first look at the shares SBI Mutual Fund bought in the month of February 2023, across all market cap classes but predominantly large caps. In terms of MOM percentage increase, SBI MF added to its positions only in Kotak Mahindra Bank in the month of February 2023. That is a rather cautious approach for the largest equity fund house.

SBI Mutual Fund was neutral on stocks like ICICI Bank, Reliance Industries, HDFC Ltd, ITC Ltd and Larsen & Toubro. However, SBI MF cut stakes in State Bank of India, Bharti Airtel, HDFC Bank Ltd and Infosys Ltd. The fund’s top 5 stock picks for February 2023 in terms of percentage accretion in holdings include Zomato Ltd, Cognizant Technologies, Equitas SFB, Interglobe Aviation (Indigo Airlines) and City Union Bank.

How ICICI Prudential Mutual Fund churned its equity portfolio in February 2023

Let us look at the large cap shares that ICICI Prudential Mutual Fund bought in February 2023. In terms of MOM percentage increase, ICICI Prudential Mutual Fund added to its positions substantially in Reliance Industries, followed by Bharti Airtel, Sun Pharma, Larsen & Toubro and NTPC Ltd.

ICICI Pru MF remained neutral on Axis Bank and ONGC. There were several stocks in which ICICI Prudential MF cut positions. These included stocks like ICICI Bank, Infosys and HDFC Bank. The fund’s top 5 stock picks for February 2023 based on percentage increase in holdings include Equitas SFB, PVR Ltd, Coforge Ltd, Info Edge Ltd and Syngenta International.

HDFC Mutual Fund and the equity portfolio churn story in February 2023

Let us first focus on the shares that HDFC Mutual Fund bought in February 2023, predominant in the large cap space. In terms of MOM percentage increase, HDFC Mutual Fund added to its positions in large cap stocks like Axis Bank, HDFC Ltd, HDFC Bank, State Bank of India and NTPC Ltd.

HDFC Mutual Fund stayed neutral on Infosys but sharply cut positions in stocks like ITC Ltd, Larsen & Toubro and Reliance Industries Ltd. The fund’s top 5 stock picks for February 2023 based on the percentage increase in holdings included Dixon Technologies, Titan Ltd, Gland Pharma, Punjab National Bank and Birla Corporation.

How Nippon India Mutual Fund churned its equity portfolio in February 2023

Let us now turn to the stocks Nippon India MF bought in February 2023, across large caps. In terms of MOM percentage increase, Nippon India MF added to its positions in Reliance Industries in a big way, followed by Axis Bank, NTPC Ltd, SBI, Infosys Ltd and ONGC. Nippon India MF was neutral on HDFC Bank and ICICI Bank Ltd.

During February 2023, Nippon India MF cut its positions in L&T and Powergrid. The fund’s top 5 stock picks for the month of February 2023 based on the percentage increase in holdings included Syngene International, Kaynes Technology, Avenue Supermarts, Piramal Enterprises and 3M India.

UTI Mutual Fund and the equity portfolio churn story in February 2023

What are the shares that UTI Mutual Fund bought and sold in February 2023? In terms of MOM percentage increase, UTI MF added to its large cap positions in Axis Bank, Kotak Mahindra Bank, HDFC Ltd, HDFC Bank and ICICI Bank. UTI Bank was neutral in February 2023 on Infosys Ltd, Reliance Industries and Tata Consultancy Services (TCS).

The fund cut its positions in Bajaj Finance Ltd and ITC Ltd during February 2023. The fund’s top 5 stock picks for the month of February 2023 based on the percentage increase in holdings included Persistent Systems Ltd, IDFC First Bank, Muthoot Finance, Vedant Fashions Ltd and Interglobe Aviation (Indigo Airlines).

How Aditya Birla Sun Life (ABSL) Mutual Fund churned its portfolio in February 2023

Let us start with the shares that Aditya Birla Sun Life (ABSL) Mutual Fund bought in February 2023; predominantly in the large cap space. In terms of MOM percentage accretion, ABSL MF added to its positions in Axis Bank, HDFC Bank, State Bank of India, Reliance Industries, Sun Pharma, HDFC Ltd, Larsen & Toubro Ltd and Infosys Ltd.

ABSL Mutual Fund stayed neutral on Bharti Airtel but did not cut positions in any of the large cap frontline stocks. The fund’s top 5 stock picks for February 2023 based on percentage accretion in holdings included Syngene International, PVR Ltd, Coforge Ltd, Ambuja Cements Ltd and Asian Paints Ltd.

Axis Mutual Fund and the equity portfolio churn story in February 2023

Let us now turn to the shares that Axis Mutual Fund traded in February 2023, across market cap classes. In terms of MOM percentage increase, Axis Mutual Fund was not a meaningful buyer in any of the frontline counters. However, Axis Bank had chosen to be neutral on Pidilite Industries and Info Edge Ltd.

Axis Mutual Fund was a heavy seller in February 2023. During the month, Axis MF sold Bajaj Finance and ICICI Bank Ltd in large chunks. It was also a seller in TCS, Avenue Supermarts, HDFC Bank, Kotak Mahindra Bank, HDFC Ltd and Infosys Ltd. The fund’s top 5 stock picks for February 2023 based on the percentage accretion in holdings were Bajaj Auto, Chola Financial, Craftsman Automation, Carborundum Universal and M&M Financial Services.

How Kotak Mutual Fund churned its equity portfolio in February 2023

Here is a look at stocks that Kotak Mutual Fund bought in February 2023, across market cap classes. In terms of MOM percentage increase, Kotak Mahindra MF added Maruti Suzuki and Axis Bank Ltd. However, Kotak Mutual Fund opted to remain neutral on Ultratech Cements Ltd.

There was a slew of stocks in which Kotak Mutual Fund cut positions including Reliance Industries, ICICI Bank, SBI, HDFC Bank, Infosys, Larsen & Toubro Ltd and SRF Ltd. The fund’s top 5 stock picks for February 2023 based on percentage accretion in holdings included Sundaram Fasteners, Info Edge Ltd, Coforge Ltd, Havells (fresh additions) and ONGC Ltd.

How Mirae Mutual Fund tweaked its equity portfolio in February 2023

Among the frontline stocks that Mirae Mutual Fund bought in February 2023 were Reliance Industries, Larsen & Toubro, SBI, ICICI Bank, HDFC Ltd, Axis Bank and Bharti Airtel. However, the fund chose to remain neutral on HDFC Bank Ltd.

During the month of February, Mirae MF also sold Maruti Suzuki and Infosys Ltd. The fund’s top 5 stock picks for February 2023 based on percentage accretion in holdings included Indian Hotels, Ultratech Cements, Bajaj Finserv, Nestle India Ltd and One97 Communications (Paytm) Ltd.

How DSP Mutual Fund turned its equity portfolio in February 2023

DSP Mutual Fund bought a large chunk of Bajaj Finance and smaller quantities of Alkem Laboratories, ICICI Bank, Infosys Ltd and IPCA Laboratories. However, DSP Mutual Fund remained neutral on Emami Ltd for February 2023.

In terms of selling, DSP MF was a seller in Supreme Industries, Axis Bank Ltd, Maruti Suzuki and HDFC Bank. The fund’s top 5 stock picks for February 2023 based on percentage increase in holdings were PVR Ltd (fresh position), IDFC Ltd, Heritage Foods, HDFC Ltd and Engineers India Ltd.