What Big 10 fund houses bought and sold in August 2024

16 Sep 2024 , 02:29 PM

AUGUST 2024 – EQUITY CHURN LOWER, BUT STILL ABOVE ₹1 TRILLION

The last 4 months have been extremely robust for net flows into equity funds, averaging more than ͅ₹37,000 Crore per month. August 2024 was again dominated by debt funds with net inflows of ₹45,169 Crore during the month, albeit lower than July 2024. However, robust SIP flows and aggressive equity fund NFO flows ensured that equity funds had the second best month of flows after June 2024. In May 2024, equity fund flows witnessed a sharp turnaround at ₹34,697 Crore. June was still better and set an all-time record at ₹40,608 Crore, while July 2024 net flows into equity funds were relatively subdued at ₹37,113 Crore. For August 2024, the ₹38,239 Crore. In the last 4 months, the average flows into equity funds stood at ₹37,664 Crore. That appears to be a quantum leap since May-24.

Just to understand this quantum leap in equity fund flows, equity funds saw net inflows of ₹18,917 Crore in April 2024, ₹22,633 Crore in March 2024, and ₹26,703 Crore in February 2024. Clearly, the month of May has shifted the net equity fund flows on to a higher plane and that means the participation and churn of these equity funds in the stock markets has also shifted higher. June 2024 was the big deal with net equity fund flows of ₹40,608 Crore, but July and August have been fairly close. Within the equity fund category, bulk of the buying came into sectoral / thematic funds, predominantly driven by the new fund offerings or NFOs. The sectoral & thematic funds were followed by multi-cap / flexi cap funds. For the month of August 2024, the NFO flows at ₹13,815 Crore was lower than July NFO collections, but that was more than made up by record SIP inflows of ₹23,547 Crore for the month.

WHY MUTUAL FUND CHURN MATTERS

If flows into equity funds have been robust and MFs have been consistent buyers in equities, the real question is what have mutual funds been buying and how have they churned these flows. Let us look at some key data points first. In August 2024, mutual funds were net buyers in Indian equities to the tune of ₹31,685 Crore; compared to ₹25,089 Crore in July 2024, ₹28,226 Crore in June 2024, and ₹48,099 Crore in May 2024. This robust investing by the mutual funds were largely driven by the steady mutual fund flows. However, it must be noted here that the MF churn is not determined only by the net equity fund inflows of ₹38,239 Crore. Instead, the participation in stock markets and the resultant churn in equities by mutual funds is determined by the gross fund flow churn.

Now what exactly do we mean by the gross churn? Simply put, it is the sum of purchases and redemptions. The gross flows into equity funds stood at ₹72,542 Crore in August 2024 while ₹34,303 Crore of redemptions were seen. It is this gross figure of ₹1,06,845 Crore that determined the equity churn by mutual funds in the month of August 2024. In India there are around 45 AMCs; so, we cannot practically look at the buying and selling of all these AMCs. We will restrict to 10 most influential AMCs in terms of equity market AUM.

SBI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN AUGUST 2024

As of the close of August 31, 2024, SBI Mutual Funds had total equity AUM of ₹7,90,280 Crore, and total AUM of ₹11,14,104 Crore; making it the largest fund by AUM by a margin. Over the last 1 month the equity fund AUM has grown by 2.2% while the yoy growth in equity fund AUM stands at an impressive 45.8%. SBI MF holds a total of 591 stocks across all its equity schemes, spread over 30 different sectors. Here are portfolio highlights of SBI mutual funds for August 2024.

• Its major stock additions in August 2024 included Ola Electric Mobility (428.61 Lakh shares), Brainbees Solutions (282.00 Lakhs shares), Electronics Mart India (208.45 Lakh shares), Unicommerce E-Solutions (13.50 Lakh shares), and Rolex Rings (2.80 Lakh shares). Three of the above five additions where through the IPO route.
• The SBI Mutual Fund did not have a single major exit in the month of August 2024 and some reductions in stake were purely for strategic reasons.
• The top 5 equity holdings of SBI Mutual fund included HDFC Bank, Reliance Industries, ICICI Bank, Infosys, and Bharti Airtel Ltd. Its maximum sectoral exposure was to BFSI, IT Services, Automobiles, Oil & Gas, and FMCG.

For August 2024, SBI Mutual Fund bought a total of 5 stocks and did not take full exit in any major stock.

ICICI PRUDENTIAL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN AUGUST 2024

As of the close of August 31, 2024, ICICI Prudential Mutual Fund has total equity AUM of ₹5,14,617 Crore and overall, AUM of ₹8,89,246 Crore; making it the second largest fund by AUM. Over the last 1 month the equity fund AUM has grown by 4.0% while the yoy growth in equity fund AUM stands at an impressive 70.7%. ICICI Prudential Mutual Fund holds a total of 654 stocks across all its equity schemes spread over 29 key sectors. Here are portfolio highlights of ICICI Prudential Mutual Fund in August 2024.

• Its major stock additions in August 2024 included Brainbees Solutions (34.90 Lakh shares), Unicommerce E-Solutions (12.96 Lakhs shares), Premier Energies (8.74 Lakh shares), Ceigall India Ltd (7.98 Lakh shares), ECOS India Mobility (4.29 Lakh shares), and Hikal Ltd (3.35 Lakh shares). The fund also added smaller quantities of Interarch Building Products, Nesco Ltd, ICRA Ltd, and Inox Wind Energy.
• The fund’s major exits in August 2024 included Tata Motors DVR (-35.00 Lakh shares) VRL Logistics (-7.57 Lakh shares), ASK Automotive (-5.13 Lakh shares), and Awfis Space Solutions (-2.35 Lakh shares).
• The top 5 equity holdings of ICICI Prudential Mutual Fund included HDFC Bank, ICICI Bank, Reliance Industries, Infosys Ltd, and Larsen & Toubro. The fund has an exposure to 29 sectors and Its maximum sectoral exposure was to BFSI, Automobiles, IT Services, Oil & Gas, and Pharmaceuticals; in that order.

For August 2024, ICICI Prudential Mutual Fund bought a total of 12 stocks and sold 5 stocks.

HDFC MUTUAL FUND: EQUITY PORTFOLIO CHURN IN AUGUST 2024

As of the close of August 31, 2024, HDFC Mutual Fund has total equity AUM of ₹4,54,179 Crore and overall, AUM of ₹7,74,648 Crore making it the third largest fund by AUM. Over the last 1 month the equity fund AUM has grown by 1.6% while the yoy growth in equity fund AUM stands at an impressive 67.90%. HDFC Mutual Fund holds a total of 675 stocks across all its equity schemes spread across 31 sectors. Here are portfolio highlights of HDFC Mutual Fund in August 2024.

• Its major stock additions in August 2024 included Ola Electric Mobility (413.77 Lakh shares), Brainbees Solutions (25.21 Lakh shares), Ceigall India Ltd (15.62 Lakh shares), Unicommerce E-Solutions (14.09 Lakh shares), Premier Energies (8.43 Lakh Shares), Bazaar Style Retail (5.14 Lakh shares), and FIEM Industries (4.78 Lakh shares). In addition, the fund also bought smaller quantities of TCNS Clothing and TCPL Packaging.
• The fund’s had no major exits in August 2024 but exited some of the very insignificant holdings it had in smaller stocks which it substantially exited during the month of August.
• The top 5 equity holdings of HDFC Mutual Fund included HDFC Bank, ICICI Bank, Axis Bank, Infosys, and Bharti Airtel. Out of 31 sectors exposed to, maximum sectoral exposure was to BFSI, Pharmaceuticals, Automobiles, IT Services, and oil & gas.

For August 2024, HDFC Mutual Fund bought a total of 9 stocks and sold Nil stocks.

NIPPON INDIA MUTUAL FUND: EQUITY PORTFOLIO CHURN IN AUGUST 2024

As of the close of August 31, 2024, Nippon India Mutual Fund has total equity AUM of ₹3,79,344 Crore and total AUM of ₹5,61,502 Crore; making it the fourth largest fund by equity AUM. Over the last 1 month the equity fund AUM has grown by 1.6% while the yoy growth in equity fund AUM stands at an impressive 81.2%. Nippon India Mutual Fund holds a total of 624 stocks across all its equity schemes spread across a total of 30 sectors. Here are portfolio highlights of Nippon India Mutual Fund in August 2024.

• Its major stock additions in August 2024 included Ola Electric Mobility (341.34 Lakh shares), Ceigall India Ltd (13.86 Lakh shares, TCNS Clothing (13.26 Lakh Shares), Unicommerce E-Solutions (12.96 Lakh shares),. and Premier Energies Ltd (10.68 Lakh shares). It bought smaller quantities of Wonderla Holidays, ECOS Mobility, and ICRA Ltd.
• The fund’s major exits in August 2024 included Indegene Ltd (-4.65 Lakh shares) and Ideaforge Technology Ltd (-1.24 Lakh shares).
• The top 5 equity holdings of Nippon India Mutual Fund included HDFC Bank, NTPC, ICICI Bank, Reliance Industries, and Infosys Ltd. Out of the 30 sectors exposed to, maximum sectoral exposure was to BFSI, Power Pharmaceuticals, IT Services, and capital goods.

For August 2024, Nippon India Mutual Fund bought a total of 8 stocks and sold 2 stocks.

KOTAK MUTUAL FUND: EQUITY PORTFOLIO CHURN IN AUGUST 2024

As of the close of August 31, 2024 , Kotak Mutual Fund has total equity AUM of ₹2,76,278 Crore and total AUM of ₹4,75,106 Crore; making it the fifth largest fund by equity AUM. Over the last 1 month the equity fund AUM has grown by 1.0% while the yoy growth in equity fund AUM stands at an impressive 66.0%. Kotak Mutual Fund holds a total of 407 stocks across 28 sectors all its equity schemes. Here are portfolio highlights of Kotak Mutual Fund in August 2024.

• Its major stock additions in August 2024 included Brainbees Solutions (44.83 Lakh shares), Zen Technologies (28.73 Lakhs shares), Motilal Oswal Financial Services (23.85 Lakh shares), Brigade Enterprises (21.62 Lakh shares), Poonawala Fincorp (16.20 Lakh shares), Unicommerce E-Solutions (12.96 Lakh shares), and Premier Energies (10.54 Lakh shares). It also added smaller quantities of TCNS Clothing, Ceigall India, and ISGEC Heavy Engineering Ltd.
• The fund’s major exits in August 2024 included Shyam Metallics & Energy (-22.13 Lakh shares), Motherson Sumi Wiring (-19.00 Lakh shares), India Cements (-18.10 Lakh shares), and Whirlpool of India (-8.04 Lakh shares). In addition, the fund also sold smaller quantities of Anand Rathi Wealth and Jana Small Finance Bank.
• The top 5 equity holdings of Kotak Mutual Fund included HDFC Bank, ICICI Bank, Infosys Ltd, Reliance Industries, and State Bank of India. Out of 28 sectors exposed to, maximum sectoral exposure was to BFSI, automobiles, Automobiles, IT Services, oil & gas, and pharmaceuticals.

For August 2024, Kotak Mutual Fund bought a total of 12 stocks and sold 6 stocks.
UTI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN AUGUST 2024

As of the close of August 31, 2024, UTI Mutual Fund has total equity AUM of ₹2,63,503 Crore and total AUM of ₹3,44,273 Crore; making it the sixth largest fund by equity AUM. Over the last 1 month the equity fund AUM has grown by 2.3% while the yoy growth in equity fund AUM stands at an impressive 42.0%. UTI Mutual Fund holds a total of 441 stocks across all its equity schemes spread across 30 sectors. Here are portfolio highlights of UTI Mutual Fund in August 2024.

• Its major stock additions in August 2024 included Ola Electric Mobility (49.90 Lakh shares), Premier Energies (4.86 Lakh shares), and Balrampur Chini Mills (0.77 Lakh shares).
  
• The fund’s major exits in August 2024 included India Cements (-3.13 Lakh shares) and Indoco Remedies (-1.10 Lakh shares). The fund also sold smaller quantities of Kothari Industrial Corporation, India Energy Exchange (IEX), and Granules India Ltd.
• The top 5 equity holdings of UTI Mutual Fund included HDFC Bank, ICICI Bank, Reliance Industries, Infosys, and Bharti Airtel Ltd. Out of 30 sectors, its maximum sectoral exposure was to BFSI, IT Services, automobiles, oil & gas, and FMCG.

For August 2024, UTI Mutual Fund bought a total of 3 stocks and sold 5 stocks.

AXIS MUTUAL FUND: EQUITY PORTFOLIO CHURN IN AUGUST 2024

As of the close of August 31, 2024, Axis Mutual Fund has total equity AUM of ₹1,99,078 Crore and total AUM of ͅ₹3,16,711 Crore making it the seventh largest fund by equity AUM. Over the last 1 month the equity fund AUM has grown by 1.1% while the yoy growth in equity fund AUM stands at an impressive 33.4%. Axis Mutual Fund holds a total of 553 stocks spread over 30 sectors across all its equity schemes. Here are portfolio highlights of Axis Mutual Fund in August 2024.

• Its major stock additions in August 2024 included Premier Energies (29.87 Lakh shares), PDS Ltd (13.99 Lakhs shares), and Ceigall Ltd (9.58 Lakh shares).
• There were no major exits by the fund in the month with Privi Specialty Chemicals being the only minor exit by the fund
• The top 5 equity holdings of Axis Mutual Fund included HDFC Bank, ICICI Bank, Tata Consultancy Services (TCS), Bajaj Finance, and Bharti Airtel. Out of the 30 sectors exposed to, its maximum sectoral exposure was to BFSI, automobiles, IT Services, pharmaceuticals, and Retail.

For August 2024, Axis Mutual Fund bought a total of 3 stocks, and sold 1 stock in the month.

ABSL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN AUGUST 2024

As of the close of August 31, 2024, ABSL Mutual Fund (Aditya Birla Sun Life) has total equity AUM of ₹1,76,990 Crore and total AUM of ₹3,88,078 Crore; making it the eighth largest fund by equity AUM. Over the last 1 month the equity fund AUM has grown by 1.3%, while the yoy growth in equity fund AUM stands at an impressive 39.7%. ABSL Mutual Fund holds a total of 471 stocks spread over 29 sectors across all its equity schemes. Here are portfolio highlights of ABSL Mutual Fund in August 2024.

• Its major stock additions in August 2024 included Eureka Forbes (13.65 Lakh shares), Brainbees Solutions (9.00 Lakh shares), Unicommerce E-Solutions (8.12 Lakh shares), Laxmi Organic Industries (6.20 Lakh shares), Premier Energies (4.85 Lakh shares), and ECOS India Mobility (4.29 Lakhs shares). It also added smaller quantities of Interarch Building Products, Astra Microwave, and Cochin Shipyards; among others.
• The major exits of the fund in August 2024 included India Cements (-5.34 Lakh shares), Sai Silks Kalamandir (-4.82 Lakh shares), Anupam Rasayan (-1.60 Lakh shares), and Gulshan Polyols (-1.00 Lakhs shares).
• The top 5 equity holdings of ABSL Mutual Fund included ICICI Bank, HDFC Bank, Infosys, Reliance Industries, and Larsen & Toubro. Out of 29 sectors, its maximum sectoral exposure was to BFSI, IT Services, Automobiles, pharmaceuticals, and oil & gas.

For August 2024, ABSL Mutual Fund bought a total of 17 stocks and sold 5 stocks.

DSP MUTUAL FUND: EQUITY PORTFOLIO CHURN IN AUGUST 2024

As of August 31, 2024, DSP Mutual Fund has total equity AUM of ₹1,18,793 Crore and total AUM of ₹1,86,676 Crore; making it the ninth largest in India by equity AUM. Over last 1 month the equity fund AUM grew by 1.8% while the yoy growth in equity fund AUM stood at 53.4. DSP Mutual Fund holds a total of 391 stocks spread over 30 sectors across all equity schemes. Here are portfolio highlights of DSP Mutual Fund in August 2024.

• Its major stock additions in August 2024 included Unicommerce E-Solutions (7.49 Lakh shares), Eris Lifesciences (6.68 Lakhs shares), Premier Energies (4.86 Lakh shares), and Mrs Bector Foods Specialities (3.91 Lakh shares). During the month, the fund also bought smaller quantities of Power Mech Projects, Shriram Pistons, and PVR Inox.
• The fund’s major exits in August 2024 included NHPC Ltd (-21.90 Lakh shares), Whirlpool of India (-13.92 Lakh shares), Eureka Forbes (-4.03 Lakh shares), Bharat Dynamics (1.51 Lakh shares), and India Cements (-0.93 Lakh shares).
• The top 5 equity holdings of DSP Mutual Fund included HDFC Bank, ICICI Bank, Infosys Ltd, Axis Bank, and Bajaj Finance. Out of the 30 sectors in its portfolio mix, its maximum sectoral exposure was to BFSI, Automobiles, pharmaceuticals, IT Services and Chemicals & Fertilizers.

For August 2024, DSP Mutual Fund bought a total of 8 stocks and sold 8 stocks.

CANARA ROBECO MUTUAL FUND: EQUITY PORTFOLIO CHURN IN AUGUST 2024

As of the close of August 31, 2024, Canara Robeco Mutual Fund has total equity AUM of ₹95,467 Crore and total AUM of ₹1,09,320 Crore; making it the tenth largest fund by equity AUM. Over the last 1 month the equity fund AUM has grown by 3.0% while the yoy growth in equity fund AUM stands at an impressive 51.8%. Canara Robeco Mutual Fund holds a total of 253 stocks spread over 29 sectors across all its equity schemes. Here are portfolio highlights of Canara Robeco Mutual Fund in August 2024.

• Its major stock additions in August 2024 included Zee Entertainment (35.00 Lakh shares), HDFC AMC (7.46 Lakhs shares), HPCL (7.25 Lakh shares), UTI AMC (6.50 Lakh shares), and Premier Energies (4.85 Lakh shares). It also added smaller quantities of Arvind Ltd, Dr Lal Pathlabs, PB Fintech, and Apollo Tyres.
• The fund’s major exits in August 2024 included Bank of Baroda (-13.39 Lakh shares), Zydus Lifesciences (-1.99 Lakh shares), and Alembic Pharma (-0.33 Lakh shares).
• The top 5 equity holdings of Canara Robeco Mutual Fund included ICICI Bank, HDFC Bank, Reliance Industries, Infosys Ltd, and Bharat Electronics Ltd (BEL). Out of 29 sectors held, its maximum sectoral exposure was to BFSI, Automobiles, Pharmaceuticals, IT Services, and Capital Goods.

For August 2024, Canara Robeco Mutual Fund bought a total of 9 stocks and sold 3 stocks.
The gist of the mutual fund churn in August 2024 has been that the focus has been more on IPOs on the buy side, while mutual funds were also active in secondary markets.