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

19 Nov 2024 , 09:38 AM

WHAT THE BIG MUTUAL FUND BOYS DID IN OCTOBER 2024

The Indian mutual fund industry has gone through several iterations with UTI initiating the foray in the Indian markets, followed by the domestic financial institutions. Many global players entered the Indian mutual fund segment, but most of them, sold out to Indian entities due to the complexities of running a retail mutual fund franchise in India. If you look at the mutual fund segment today, the leadership in terms of AUM comes from the Bancassurance plays, where banks use their massive retail networks to sell mutual funds. Today, if you look at the top mutual funds by AUM (assets under management), 5 out of the top 10 are banking plays. Let us look at what the 10 largest funds by AUM; bought and sold in Indian equities in October 2024.

SBI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN OCTOBER 2024

Let us first look at SBI Mutual Fund in October 2024. In terms of MOM percentage increase, SBI MF added substantially to its positions in TCS, Larsen & Toubro (L&T), and Infosys. To a lesser extent, the SBI MF also added to its positions in ITC Ltd, Kotak Mahindra Bank, ICICI Bank, Reliance Industries, and Bharti Airtel Ltd. SBI MF was neutral on HDFC Bank, with no change in its holdings in October 2024.

SBI MF cut its stake only in State Bank of India (SBI) in October 2024. The fund’s top 5 stock picks for October 2024 in terms of percentage accretion in holdings include additions to stocks like Restaurant Brands Asia, Sansera Engineering, Granules India, Marico Ltd, Torrent Pharma, and HPCL. It made fresh additions to Pakka Ltd in the month.

ICICI PRUDENTIAL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN OCTOBER 2024

Let us turn to ICICI Prudential Mutual Fund. In terms of MOM percentage increase, ICICI Prudential Mutual Fund added substantially in Maruti Suzuki, Reliance Industries, and Larsen & Toubro. It also added to its positions Axis Bank, HDFC Bank, and NTPC Ltd. ICICI Prudential Mutual Fund was neutral in four stocks in October 2024 viz., ICICI Bank Ltd, Infosys Ltd, Sun Pharma, and Bharti Airtel.

ICICI Prudential MF did not cut positions in any of the major stocks in October 2024. The fund’s top 5 stock picks for October 2024 included additions to stocks like Honasa Consumer,  Crompton Greaves Consumer, Sona BLW precision, Granules India, and SAIL. The AMC took fresh positions in Sundaram Clayton and JB Chemicals in the month.

HDFC MUTUAL FUND: EQUITY PORTFOLIO CHURN IN OCTOBER 2024

Let us look at HDFC Mutual Fund in October 2024. In terms of MOM percentage increase, HDFC Mutual Fund added to its positions aggressively in Reliance Industries Ltd and Axis Bank Ltd. It also added to positions in Kotak Bank, SBI, Infosys, ICICI Bank, HDFC Bank, and L&T. The fund house was neutral on Bharti Airtel and NTPC Ltd.

HDFC mutual Fund did not cut positions in any stock in October 2024. The fund’s top 5 stock picks for October 2024 on percentage increase in holdings included fresh addition of Nuvoco Vistas and enhancement of stake in JK Lakshmi Cements, 360 WAM, Ramco Cements, PNB, and BHEL Ltd.

NIPPON INDIA MUTUAL FUND: EQUITY PORTFOLIO CHURN IN OCTOBER 2024

We now turn to Nippon India MF for October 2024. In terms of MOM percentage increase, Nippon India MF added substantially in Reliance Industries, Axis Bank, State Bank of India (SBI), and ICICI Bank. In addition, it also added to its positions in HDFC Bank and NTPC Ltd. Nippon Fund stayed neutral on 3 stocks in October 2024; Infosys, Powergrid Corporation, and Bharat Electronics Ltd (BEL).

What about the exits? During October 2024, Nippon India MF cut its positions aggressively in Coal India. The fund’s top 5 stock picks for October 2024 based on percentage increase in holdings included Bata India, Havells, Bank of Maharashtra, IDFC First Bank, and Torrent Pharmaceuticals Ltd.

UTI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN OCTOBER 2024

Let us turn to the shares that UTI Mutual Fund bought and sold in October 2024? In terms of MOM percentage increase, UTI MF added to its large cap positions in ITC Ltd, ICICI Bank, Reliance Industries, Infosys, Bharti Airtel, L&T, TCS, HDFC Bank, and Kotak Bank. The fund was neutral on Axis Bank in October 2024.

On the exit side, UTI was not a net seller in any stock in the month. The fund’s top 5 stock picks for October 2024 based on the percentage increase in holdings included fresh buying in Motilal Oswal Financial and enhancement of stake in Sapphire Foods, CG Power & Industrial, KEC International, Vodafone Idea, and Clean Science & Technology.

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

Let us look at Aditya Birla Sun Life (ABSL) Mutual Fund in October 2024. It added to its holdings aggressively in Mahindra & Mahindra and Reliance Industries Ltd. In addition, it also added to its stakes in ICICI Bank and Axis Bank. However, ABSL Mutual Fund stayed neutral on Sun Pharma October 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 Infosys, Bharti Airtel, L&T, and SBI. The fund’s top 5 stock picks for October 2024 based on the percentage increase in holdings included fresh buying in Bank of Maharashtra and enhancement of stake in Sansera Engineering, IPCA Labs, Grasim Industries, Avenue Supermarts, and Praj Industries.

AXIS MUTUAL FUND: EQUITY PORTFOLIO CHURN IN OCTOBER 2024

How did Axis Mutual Fund churn in October 2024. In terms of MOM percentage increase, the big position additions were to Mahindra & Mahindra, HDFC Bank Ltd and Zomato Ltd. In addition, Axis MF also added to its positions in ICICI Bank and Bharti Airtel. 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 October 2024 across Cholamandalam Investment & Finance Company, TCS, Torrent Power, and Bajaj Finance. It also sold smaller quantities of Infosys Ltd in October 2024. The fund’s top 5 stock picks for October 2024 based on percentage accretion in holdings were HDFC AMC, HCL Tech, GE Vernova T&D, Strides Pharma, and Premier Energies; apart from a fresh allocation to Eicher Motors in October 2024.

KOTAK MUTUAL FUND: EQUITY PORTFOLIO CHURN IN OCTOBER 2024

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

There was just one stock in which Kotak Mutual Fund cut positions; Infosys Ltd. The fund’s top 5 stock picks for October 2024 based on percentage accretion in holdings included enhancement in holdings in KEI Industries, Syngene International, Trend, IRCTC, L&T Finance, and Havells.

MIRAE MUTUAL FUND: EQUITY PORTFOLIO CHURN IN OCTOBER 2024

Mirae has been a pure equity driven story in India. Among the frontline stocks that Mirae Mutual Fund bought aggressively in October 2024 was TCS Ltd, while it also bought smaller quantities of Kotak Mahindra Bank and Larsen & Toubro (L&T). The fund house did not stay neutral on any stock in October 2024.

In October 2024, Mirae MF sold aggressively in ICICI Bank, Axis Bank, Infosys Ltd, State Bank of India, Bharti Airtel, HDFC Bank, and Reliance Industries. The fund’s top 5 stock picks for October 2024 based on percentage accretion in holdings included fresh buying in Varun Beverages and enhancement to holdings in Titagarh Rail, NMDC Ltd, Narayana Hrudayalaya, Oberoi Realty, and KPIT Technologies.

DSP MUTUAL FUND: EQUITY PORTFOLIO CHURN IN OCTOBER 2024

Finally, let us look at DSP Mutual Fund in October 2024. The fund increased its holding in State Bank of India, Axis Bank, ICICI Bank, and HDFC Bank. DSP Mutual Fund opted to remain neutral on Bajaj Finance in October 2024.

In terms of selling, DSP MF was an aggressive seller in Infosys Ltd and Suven Pharma. The fund house was also a net seller in IPCA Laboratories, Coforge Ltd, and Power Finance Corporation (PFC). The fund’s top 5 stock picks for October 2024 based on percentage increase in holdings were Laurus Labs, KPIT Technologies, IDFC First, Bank, PowerGrid, and UTI AMC. In addition, the fund house took fresh positions in Angel One and R Systems Ltd.