What the big 10 fund houses bought and sold in September 2025?

14 Oct 2025 , 10:56 AM

The major asset management companies (AMCs) by equity fund AUM, not only manage bulk of the equity AUM in India, but are also extremely influential. Their market actions are very closely tracked by the markets for sectoral and trend signals. Here are the top buys and top exits of the 10 biggest mutual fund AMCs in India; as measured by equity fund AUM. These are indicative of actual actions, and not necessarily any pointer.

SBI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2025

In terms of MOM change, SBI MF was essentially an aggressive seller in a plethora of stocks.  In fact, there were no significant position additions in the case of SBI MF. However, SBI MF was neutral on stocks like ICICI Bank, Reliance Industries, Bharti Airtel, State Bank of India (SBI), and Larsen & Toubro in September 2025.

SBI MF was a significant seller in Axis Bank and ITC Ltd in September 2025; but also sold smaller quantities in HDFC Bank, Infosys Ltd, and Kotak Mahindra Bank. The fund’s top 5 stock picks for September 2025 on percentage accretion in holdings include Adani Power, Asahi India Glass, Cohance Lifesciences, Hindustan Zinc, and Ambuja Cements. SBI MF did not take significant fresh positions in any stock in September 2025.

ICICI PRUDENTIAL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2025

Let us turn to ICICI Prudential Mutual Fund. In terms of MOM percentage increase, ICICI Prudential Mutual Fund added very aggressively to its positions in Infosys Ltd, Sun Pharma, and HDFC Bank. It also bought smaller quantities of ICICI Bank. ICICI Prudential Mutual Fund was neutral on Bharti Airtel in September 2025. However, it was also active on the sell side.

ICICI Prudential MF was an aggressive seller in Maruti Suzuki and Larsen & Toubro (L&T). It also sold modest quantities of NTPC, Axis Bank, and Reliance Industries. The fund’s top stock additions for the month included Adani Power and Rainbow Children’s Medicare. The AMC took fresh positions in Aditya Vision, Blue Jet Healthcare, IVALUE Infosolutions, Laxmi Dental Ltd, and Urban Company Ltd in September 2025.

HDFC MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2025

Let us look at HDFC Mutual Fund in September 2025. In terms of MOM percentage increase, HDFC Mutual Fund added to its positions aggressively in Kotak Mahindra Bank, ICICI Bank, and Reliance Industries. It also added modest positions in SBI, HDFC Bank, and L&T. The fund house was neutral on Axis Bank in September 2025.

HDFC mutual Fund did cut positions Maruti Suzuki, Infosys Ltd, and Bharti Airtel during September 2025. In terms of position enhancement, HDFC MF’s top picks in September 2025 were Cohance Lifesciences, Adani Power, Alkem Laboratories, Sammaan Capital, and Bikaji Foods International. It did not take fresh positions in any stock.

NIPPON INDIA MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2025

We now turn to Nippon India MF for September 2025. In terms of MOM percentage increase, Nippon India MF added aggressive positions in Infosys Ltd and smaller positions in HDFC Bank, Reliance Industries, and SBI. Nippon Mutual Fund was neutral on Larsen & Toubro in September 2025.

During September 2025, Nippon India MF cut positions aggressively in NTPC and Bharat Electronics; and modestly in Power Grid, Axis Bank, and ICICI Bank. The fund’s top 5 stock picks for September 2025 on percentage increase in holdings were Adani Power, Sammaan Capital, Healthcare Global, Kalyan Jewellers, and Mazagon Docks. In September 2025, the fund added fresh positions to Akzo Nobel India and Piramal Finance.

UTI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2025

UTI Mutual Fund added to its holdings aggressively in SBI and ITC Ltd. It also added smaller stakes in L&T, Kotak Bank, Bharti Airtel, and Reliance Industries in September 2025. The fund stayed neutral in HDFC Bank, ICICI Bank, and Infosys Ltd in the month of September 2025.

UTI MF was not an aggressive seller in any stock in September 2025; but it did sell modest quantities of Bajaj Finance Ltd. UTI’s top 5 stock picks for September 2025 on percentage increase in holdings were RBL Bank, Adani Power, SAIL, Siemens Energy, and Blue Star Ltd. The fund did not take any major fresh positions in September 2025.

ADITYA BIRLA SUN LIFE MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2025

Let us turn to Aditya Birla Sun Life (ABSL) Mutual Fund in September 2025. The fund added to its positions aggressively in Eternal Ltd (formerly Zomato) and SBI. It also added modest positions in Axis Bank, HDFC Bank, and Infosys Ltd. However, Aditya Birla Sun Life Mutual Fund stayed neutral on Mahindra & Mahindra (M&M) in September 2025.

On the sell side, the fund pared positions modestly in Larsen & Toubro, Bharti Airtel, and Reliance Industries. The fund’s top 5 stock picks for September 2025 based on percentage increase in holdings were Asahi India Glass, BSE Ltd, Cohance Lifesciences, Dalmia Bharat, and Polycab India. The fund did not take any fresh position in September 2025.

AXIS MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2025

How did Axis Mutual Fund churn in September 2025. In terms of MOM percentage increase, the aggressive position additions were in Larsen & Toubro and Eternal (Zomato). It also added smaller positions in Infosys, and M&M. The fund house was neutral on ICICI Bank, Bajaj Finance, and Bharti Airtel in September 2025.

Axis Mutual Fund sold smaller quantities of HDFC Bank, Reliance Industries and Interglobe Aviation (Indigo Airways) in September 2025. The fund’s top 5 stock picks for the month on percentage accretion in holdings were Eicher Motors, Sagility, Glenmark Pharma, Gujarat Fluoro, and Cohance Lifesciences. It took fresh position in Aditya Vision in September 2025.

KOTAK MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2025

How did Kotak Mutual Fund churn in September 2025. In terms of MOM percentage increase, the aggressive position additions were to Eternal (Zomato). It also added modest positions in ICICI Bank. The fund house was not neutral on any stock in September 2025.

Kotak Mutual Fund was an aggressive seller in September 2025 in Axis Bank, Infosys Ltd, Reliance Industries, and SBI; while being a modest seller in Bharat Electronics (BEL), Maruti Suzuki, HDFC Bank, and Bharti Airtel. The fund’s top 5 stock picks for September 2025 on percentage accretion in holdings were Aptus Value, UPL Ltd, IEX, Narayana Hrudayalaya, and Varun Beverages. The fund made fresh additions to Piramal Finance and NALCO.

MIRAE MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2025

Mirae continues to be a pure equity play on India. Among the frontline stocks that Mirae Mutual Fund bought aggressively in September 2025 were ICICI Bank, ITC Ltd, and Maruti Suzuki. Mirae Mutual Fund also added modestly to its positions in HDFC Bank. The fund house stayed neutral on Bharti Airtel and L&T in September 2025.

In September 2025, Mirae MF sold aggressively in Axis Bank and Reliance Industries and modest quantities of SBI and Infosys Ltd. The fund’s top 5 stock picks for September 2025 based on percentage accretion in holdings were Marico, Gujarat Fluoro, Siemens, CDSL, and Narayana Hrudayalaya. The fund took no major fresh position in September 2025.

DSP MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2025

Finally, let us look at DSP Mutual Fund in September 2025. The fund increased its holding aggressively in M&M, Kotak Mahindra Bank, and Infosys. It also bought smaller quantities in Bharti Airtel and Axis Bank. DSP Mutual Fund was neutral on SBI and IPCA Laboratories in September 2025.

DSP MF was a modest seller in HDFC Bank, ICICI Bank, and Cipla Ltd. The fund’s top 5 stock picks for September 2025 based on percentage increase in holdings were Sammaan Capital, Max Healthcare, MCX India, HDB Financial, and Hindustan Zinc. The fund did not take any fresh positions in September 2025.