What the big 10 fund houses bought and sold in November 2024

13 Dec 2024 , 02:53 PM

WHAT THE BIG MUTUAL FUND BOYS DID IN NOVEMBER 2024

One of the interesting ways to look at what the mutual funds are doing in the equity market is to look at the AUM leaders. If you take the top 10 AMCs in India by equity AUM (not overall AUM), then you are able to cover nearly 80% to 85% of the churn that happens in equity overall. Hence, these top 10 by equity AUM are fairly representative of what is happening in mutual funds overall. One interest trend is that nearly half of the top 10 mutual funds by AUM happen to be bancassurance plays. That is not too surprising considering that most banks have been extremely adept at using their banking networks to sell mutual fund products. For the bankers, the commission are also extremely lucrative and there is a captive base waiting to be tapped. Here is a quick look at what the top 10 funds by AUM traded in the equity markets in November 2024.

SBI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN NOVEMBER 2024

Let us first look at SBI Mutual Fund in November 2024. In terms of MOM percentage increase, SBI MF added to its positions in Reliance Industries, Bharti Airtel, and State Bank of India. Overall, the buying was quite muted by SBI MF in the month of November. SBI MF was neutral on several stocks in the month; including HDFC Bank, ICICI Bank, Larsen & Toubro, and ITC Ltd.

What about selling? SBI MF cut its stake quite sharply in TCS in November 2024. It also sold smaller quantities of Infosys and Kotak Mahindra Bank. The fund’s top 5 stock picks for November 2024 in terms of percentage accretion in holdings include additions to stocks like Dalmia Bharat, AU Small Finance Bank, Marico Ltd, Crompton Greaves Consumer, and Indraprastha Gas Ltd. It did not make any fresh additions in the month.

ICICI PRUDENTIAL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN NOVEMBER 2024

Let us turn to ICICI Prudential Mutual Fund. In terms of MOM percentage increase, ICICI Prudential Mutual Fund added substantially in Axis Bank, Bharti Airtel, Maruti Suzuki, and Reliance Industries. It also added to its positions ICICI Bank, NTPC Ltd, and Sun Pharma. ICICI Prudential Mutual Fund was not neutral on any of the stocks in November 2024.

What about fund selling. ICICI Prudential MF was a heavy seller in HDFC Bank Ltd and Infosys Ltd in November 2024, while it sold smaller quantities in Larsen & Toubro. The fund’s top 5 stock picks for November 2024 included additions to stocks like Chennai Petroleum, KEI Industries, Alembic Pharma, Sanofi Consumer Healthcare, and GR Infraprojects Ltd. The AMC took fresh positions in Teamlease Services Ltd in November 2024.

HDFC MUTUAL FUND: EQUITY PORTFOLIO CHURN IN NOVEMBER 2024

Let us look at HDFC Mutual Fund in November 2024. In terms of MOM percentage increase, HDFC Mutual Fund added to its positions aggressively in Reliance Industries Ltd and Infosys Ltd. It also added to positions in Axis Bank, Bharti Airtel, Kotak Mahindra Bank, and ITC Ltd. The fund house was neutral on Larsen & Toubro in the month of November 2024.

HDFC mutual Fund cut positions in HDFC Bank and SBI in November 2024. The fund’s top 5 stock picks for November 2024 on percentage increase in holdings included Wockhardt Ltd, Suzlon Energy, Adani Energy Solutions, JSW Steel Ltd, and Zomato Ltd. It also took a fresh position in Dodla Dairy in the month.

NIPPON INDIA MUTUAL FUND: EQUITY PORTFOLIO CHURN IN NOVEMBER 2024

We now turn to Nippon India MF for November 2024. In terms of MOM percentage increase, Nippon India MF added substantially in Reliance Industries and State Bank of India. In addition, it also added to its positions in ICICI Bank, Axis Bank, NTPC Ltd, Bharat Electronics Ltd (BEL), and Coal India Ltd. Nippon Fund was not neutral on any of the stocks in the month of November 2024.

What about the exits? During November 2024, Nippon India MF cut its positions aggressively in Power Grid Corporation and moderately in HDFC Bank Ltd. The fund’s top 5 stock picks for November 2024 based on percentage increase in holdings included Aditya Birla Capital, Avenue Supermarts Ltd, Jio Financial Services, Marico Ltd, and GE Vernova T&D Ltd. The fund did not add fresh positions in any of the stocks.

UTI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN NOVEMBER 2024

Let us turn to the shares that UTI Mutual Fund bought and sold in November 2024? In terms of MOM percentage increase, UTI MF added to its large cap positions in ICICI Bank and ITC Ltd in modest quantities. The fund was neutral on a large number of stocks, which included Reliance Industries, Infosys Ltd, Bharti Airtel, Larsen & Toubro, Kotak Mahindra Bank, and Axis Bank in November 2024.

On the exit side, UTI was a net seller in HDFC Bank and TCS in the month. The fund’s top 5 stock picks for November 2024 based on the percentage increase in holdings included CG Power & Industrial Solutions, Sapphire Foods, Colgate Palmolive India, Indraprastha Gas Ltd and PNB. The fund did not take any fresh positions in the month of November 2024.

ADITYA BIRLA SUN LIFE MUTUAL FUND: EQUITY PORTFOLIO CHURN IN NOVEMBER 2024

Let us look at Aditya Birla Sun Life (ABSL) Mutual Fund in November 2024. It added to its holdings aggressively in Reliance Industries and Axis Bank. In addition, it also added to its stakes in Infosys Ltd and Mahindra & Mahindra (M&M). However, ABSL Mutual Fund stayed neutral on Larsen & Toubro and Sun Pharma in November 2024.

Interestingly, ABSL MF was quite aggressive on the sell side. The fund cut positions quite aggressively in HDFC Bank and also reduced positions in Bharti Airtel and State Bank of India. The fund’s top 5 stock picks for November 2024 based on the percentage increase in holdings included Karus Vysya Bank, ZF Commercial Vehicle Control Systems, APL Apollo Tubes, Manappuram Finance, and Adani Ports & SEZ. The fund did not take any fresh positions in the month of November 2024.

AXIS MUTUAL FUND: EQUITY PORTFOLIO CHURN IN NOVEMBER 2024

How did Axis Mutual Fund churn in November 2024. In terms of MOM percentage increase, the big position additions were to Zomato Ltd, Trent Ltd, Infosys Ltd and TCS. In addition, Axis MF also added to its positions in ICICI Bank, Bharti Airtel, and M&M in a more modest fashion. The fund house was not neutral on any of the stocks among the frontliners.

The story was quite aggressive on the sell side. Axis Mutual Fund was an aggressive seller in November 2024 in Bajaj Finance Ltd. It also sold smaller quantities of HDFC Bank and Torrent Power Ltd in November 2024. The fund’s top 5 stock picks for November 2024 based on percentage accretion in holdings were Punjab National Bank, IndusInd Bank, HCL Technologies, Premier Technologies, and Devyani International. It was also a fresh buyer in Welspun Corp Ltd.

KOTAK MUTUAL FUND: EQUITY PORTFOLIO CHURN IN NOVEMBER 2024

Here is a quick look at stocks that Kotak Mutual Fund bought in November 2024. In terms of MOM percentage increase, Kotak Mahindra MF was extremely aggressive in buying Zomato Ltd, Axis Bank Ltd, ICICI Bank, Bharti Airtel, Bharat Electronics (BEL), and Reliance Industries. In addition, Kotak MF added smaller positions in Infosys Ltd, SBI, and Larsen & Toubro. However, Kotak Mutual Fund did not stay neutral on any stock in November 2024.

There was just one stock in which Kotak Mutual Fund cut positions substantially; HDFC Bank Ltd. The fund’s top 5 stock picks for November 2024 based on percentage accretion in holdings included enhancement in holdings in Mahanagar Gas, HUDCO, GE Vernova T&D Ltd, Piramal Enterprises, and CDSL Ltd. The fund also added fresh positions in Medplus Health Services and Dalmia Bharat Ltd in the month of November 2024.

MIRAE MUTUAL FUND: EQUITY PORTFOLIO CHURN IN NOVEMBER 2024

Mirae has been a pure equity driven story in India. Among the frontline stocks that Mirae Mutual Fund bought aggressively in November 2024 was TCS and Axis Bank, while it also bought smaller quantities of ICICI Bank and Infosys Ltd. The fund house stayed neutral on Bharti Airtel Ltd and Reliance Industries in November 2024.

In November 2024, Mirae MF sold in HDFC Bank, State Bank of India, Larsen & Toubro, and Kotak Mahindra Bank. The fund’s top 5 stock picks for November 2024 based on percentage accretion in holdings included enhancement to holdings in Adani Ports Sez, Suzlon Energy, KEI Industries, Oberoi Realty, and Bank of Baroda. The fund did not take any fresh positions in the month of November 2024.

DSP MUTUAL FUND: EQUITY PORTFOLIO CHURN IN NOVEMBER 2024

Finally, let us look at DSP Mutual Fund in November 2024. The fund increased its holding aggressively in Kotak Mahindra Bank, but was also a buyer in Axis Bank and Infosys Ltd. DSP Mutual Fund opted to remain neutral on ICICI Bank, IPCA Laboratories, and Bajaj Finance Ltd in November 2024.

In terms of selling, DSP MF was an aggressive seller in Colgate Palmolive India and SBI; and a more modest seller in HDFC Bank and Power Finance Corporation (PFC). The fund’s top 5 stock picks for November 2024 based on percentage increase in holdings were PNB, Laurus Labs, Archean Chemical Industries, Schaeffler India, and Narayana Hrudayalaya. The fund did not take any fresh positions in the month of November 2024.