What the big 6 fund houses bought and sold in December 2025

30 Jan 2026 , 01:13 PM

WHAT DOES MUTUAL FUND CHURN TELL US?

Here we look at the key large cap stocks churned by the largest Indian mutual funds by equity AUM. Equity AUM is not just of active equity funds, but also the equity holdings in hybrid funds and passive funds. The big fund houses act as bellwethers for the market and individual and institutional investors track their actions closely for signals.

What signals can individual investors pick up from this churn? Should they buy stocks that mutual funds are buying and vice versa? Not necessarily. Funds may have their own exposure considerations. Also, your risk appetite will not match with the fund’s risk appetite or its objective. However, clustered actions give some broad indications of wind direction.

• SBI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN DECEMBER 2025

The table below captures the stock churn of SBI Mutual Fund in December 2025.

Large Cap Stocks Added	Large Cap Stocks Reduced	Bottom-up Alpha Additions
Bharti Airtel	Infosys Ltd	Pearl Global
Kotak Mahindra Bank	HDFC Bank	Minda Corporation
Axis Bank	ICICI Bank	Supreme Energy
	Reliance Industries	JSW Energy
		Swiggy Ltd

For investors, SBI MF appears to be shifting from the large private banks to the next rung of private banks by size like Kotak Bank and Axis Bank. There was some caution in Infosys ahead of Results, but Bharti Airtel continued to the MF favourite in December 2025.

• ICICI PRUDENTIAL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN DECEMBER 2025

The table below captures the stock churn of ICICI Pru Mutual Fund in December 2025.

Large Cap Stocks Added	Large Cap Stocks Reduced	Bottom-up Alpha Additions
NTPC Ltd	Infosys Ltd	Aavas Financiers
HDFC Bank	Maruti Suzuki	Akums Drugs & Pharma
ICICI Bank	Reliance Industries	GE Vernova T&D
Axis Bank	Larsen & Toubro	Swiggy Ltd
		Bajaj Housing Finance

For investors, ICICI Pru MF is still broadly positive on banks, although it has been cutting stake in industrials. Among the smaller alpha generating stocks, Swiggy Ltd appears to be a hot favourite for its strong digital quick commerce franchise.

• HDFC MUTUAL FUND: EQUITY PORTFOLIO CHURN IN DECEMBER 2025

The table below captures the stock churn of HDFC Mutual Fund in December 2025.

Large Cap Stocks Added	Large Cap Stocks Reduced	Bottom-up Alpha Additions
Maruti Suzuki	NIL	Muthoot Finance
Reliance Industries		Tata Chemicals
Larsen & Toubro		Polycab India
HDFC Bank		Tube Investments
State Bank of India (SBI)		Kaynes Technology

For investors, HDFC MF is positive on the markets and has been neutral on some large cap stocks, but no selling. Among the smaller alpha generating stocks, Muthoot was preferred for its gold loan business and there was bottom fishing in Kaynes after the 40% correction.

• NIPPON LIFE MUTUAL FUND: EQUITY PORTFOLIO CHURN IN DECEMBER 2025

The table below captures the stock churn of Nippon Life Mutual Fund in December 2025.

Large Cap Stocks Added	Large Cap Stocks Reduced	Bottom-up Alpha Additions
ICICI Bank	Infosys Ltd	Hatsun Agro
NTPC Ltd	Bharat Electronics	ITC Hotels
HDFC Bank		Westlife (McDonald)
State Bank of India (SBI)		Patanjali Foods
Axis Bank		Lodha Developers

For investors, Nippon Life MF is betting big on large cap banks to play the domestic India growth story. It has been an aggressive seller in Infosys, probably ahead of the Q3 results. It has also pared positions in BEL, after the sharp run-up. Small stocks are largely food-based.

 

• UTI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN DECEMBER 2025

The table below captures the stock churn of UTI Mutual Fund in December 2025.

Large Cap Stocks Added	Large Cap Stocks Reduced	Bottom-up Alpha Additions
State Bank of India (SBI)	Kotak Mahindra Bank	L&T Finance
Bharti Airtel	Infosys Ltd	Ashok Leyland
Reliance Industries	HDFC Bank	GMR Airports
Larsen & Toubro	ICICI Bank	Tata Elxsi
ITC Ltd		Akzo Nobel India

For investors, UTI Mutual Fund seems to be on a pair trade; long on PSU banks and short on private banks. Apart from SBI, the UTI Fund is long on industrials. On the sell side, apart from the private banks, the fund was also a seller in Infosys ahead of results.

• ABSL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN DECEMBER 2025

The table below captures the stock churn of ABSL Mutual Fund in December 2025.

Large Cap Stocks Added	Large Cap Stocks Reduced	Bottom-up Alpha Additions
Reliance Industries	Infosys Ltd	Bajaj Housing Finance
	Larsen & Toubro	M&M Financial
	ICICI Bank	Bank of Maharashtra
	HDFC Bank	Kirloskar Brothers
	State Bank of India (SBI)	Swiggy Ltd

Aditya Birla Sun Life (ABSL) MF was only positive on Reliance Industries, while paring stakes in Infosys and the banks. The fund’s bottom-up additions are largely loaded with financials with a bias towards NBFC stocks.

LLM Summary For most of the large mutual funds, December has been a month of consolidation of gains. Banks continued to be the preferred sector, most funds have been wary of Infosys stock ahead of results. In the bottom-up space, the focus was on ecommerce and BFSI. What does this mean for investors? In an uncertain global environment, domestic consumption plays like banks could still be the best bet. Also, Q3 has been better than expected for Infosys, so it could be the surprise package for investors.