What Big 10 fund houses bought and sold in July 2024?

JULY 2024 – DEBT IN FOCUS, BUT SIPS AND NFOS BOOST EQUITY FLOWS

The last 3 months have been extremely robust for net flows into equity funds. July 2024 was dominated by debt funds with net inflows of ₹1.20 Trillion during the month. However, a combination of robust SIP flows and aggressive NFO flows ensured that equities still managed to put up a good show in July. 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. In the latest month of July 2024, net flows into equity funds stood at ₹37,113 Crore. In the last 3 months, the average flows into equity funds have been to the tune of ₹37,473 Crore. This is sharply higher than the equity flows in the preceding months.

For instance, flows into equity funds were merely ₹18,917 Crore in April, ₹22,633 Crore in March, and ₹26,703 Crore in February 2024. If June was the trailblazer month for equity fund flows at ₹40,608 Crore, the relatively tougher month of July 2024 also came out with a sterling performance on equity fund flows at ₹37,113 Crore. July 2024 was the real thriller with ₹40,608 Crore of net inflows. Within the equity fund category, bulk of the buying came into sectoral / thematic funds, where were largely driven by NFOs; followed by multi-cap / flexi cap funds. For the month of July 2024, the NFO flows at ₹15,565 Crore was slightly better than the June NFO collection figure of ₹15,227 Crore.

HOW TO INTERPRET MUTUAL FUND CHURN?

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 July 2024, mutual funds were net buyers in Indian equities to the tune of ₹25,089 Crore; as compared to ₹28,226 Crore in July 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 ₹37,113 Crore. Instead, the participation in stock markets is determined by the gross 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 ₹81,158 Crore in July 2024 while ₹44,045 Crore of redemptions were seen. It is this gross figure of ₹1,25,203 Crore that determines the equity churn by mutual funds in the month of July 2024. In India there are 45 AMCs; so, we cannot practically look at the buying and selling of all these AMCs. We will restrict to 10 most powerful AMCs in terms of equity market AUM and clout.

SBI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN JULY 2024

As of the close of July 31, 2024, SBI Mutual Funds had total equity AUM of ₹7,73,434 Crore, and total AUM of ₹10,91,721 Crore; making it the largest fund by AUM by a margin. Over the last 1 month the equity fund AUM has grown by 4.7% while the yoy growth in equity fund AUM stands at an impressive 41.7%. SBI MF holds a total of 586 stocks across all its equity schemes. Here are portfolio highlights of SBI mutual funds for July 2024.

• Its major stock additions in July 2024 included Pitti Engineering (10.95 Lakh shares), Akums Drugs & Pharma (15.46 Lakhs shares), Bansal Wire Industries (11.16 Lakh shares), and Emcure Pharmaceuticals (2.98 Lakh shares). Three of the above additions where through the IPO route.
• The SBI Mutual Fund had two major exits in the month of July 2024; selling 4.34 Lakh shares of Harsha Engineers, and 0.17 Lakh shares of Mangalam Cements.
• The top 5 equity holdings of SBI Mutual fund included HDFC Bank, Reliance Industries, ICICI Bank, Infosys, and SBI. Its maximum sectoral exposure was to BFSI, IT Services, Automobiles, Oil & Gas, Auto, and FMCG.

For July 2024, SBI Mutual Fund bought a total of 5 stocks and sold 2 stocks.

ICICI PRUDENTIAL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN JULY 2024

As of the close of July 31, 2024, ICICI Prudential Mutual Fund has total equity AUM of ₹4,94,634 Crore and overall, AUM of ₹8,66,713 Crore; making it the second largest fund by AUM. Over the last 1 month the equity fund AUM has grown by 6.8% while the yoy growth in equity fund AUM stands at an impressive 68.2%. ICICI Prudential Mutual Fund holds a total of 647 stocks across all its equity schemes. Here are portfolio highlights of ICICI Prudential Mutual Fund in July 2024.

• Its major stock additions in July 2024 included Tata Motors DVR (35.00 Lakh shares), Techno Electric & Engineering (10.42 Lakhs shares), PDS Ltd (10.00 Lakh shares), Pearl Global Industries (4.10 Lakh shares), and Sarda Energy & Minerals (3.03 Lakh shares). The fund also added smaller quantities of Emcure Pharmaceuticals, Thangamayil Jewellery, Newgen Software, and Amrutanjan Healthcare.
• The fund’s major exits in July 2024 included Himatsingka Seide (-9.01 Lakh shares) and smaller quantities of other stocks like Va Tech Wabag, Kennametal India, and Prudent Corporate Advisory.
• The top 5 equity holdings of ICICI Prudential Mutual Fund included HDFC Bank, ICICI Bank, Infosys, Reliance Industries, and Larsen & Toubro. The fund has an exposure to 31 sectors and Its maximum sectoral exposure was to BFSI, Automobiles, IT Services, Oil & Gas, and Pharmaceuticals.

For July 2024, ICICI Prudential Mutual Fund bought a total of 12 stocks and sold 4 stocks.

HDFC MUTUAL FUND: EQUITY PORTFOLIO CHURN IN JULY 2024

As of the close of July 31, 2024, HDFC Mutual Fund has total equity AUM of ₹4,47,246 Crore and overall, AUM of ₹7,59,283 Crore making it the third largest fund by AUM. Over the last 1 month the equity fund AUM has grown by 5.4% while the yoy growth in equity fund AUM stands at an impressive 67.94%. HDFC Mutual Fund holds a total of 666 stocks across all its equity schemes spread across 31 sectors. Here are portfolio highlights of HDFC Mutual Fund in July 2024.

• Its major stock additions in July 2024 included Pearl Global Industries (20.02 Lakh shares), OCCL Ltd (42.91 Lakh shares), Bansal Wire Industries (11.37 Lakh shares), Kolte Patil Developers (6.02 Lakh shares), and Emcure Pharmaceutical (4.03 Lakh shares).
• The fund’s had no major exits in July 2024 but exited some of the very insignificant holdings it had in smaller stocks which it fully exited during the month of July. Otherwise, there were no major exits by the fund.
• 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 July 2024, HDFC Mutual Fund bought a total of 6 stocks and sold Nil stocks.

NIPPON INDIA MUTUAL FUND: EQUITY PORTFOLIO CHURN IN JULY 2024

As of the close of July 31, 2024, Nippon India Mutual Fund has total equity AUM of ₹3,73,346 Crore and total AUM of ₹5,49,998 Crore; making it the fourth largest fund by equity AUM. Over the last 1 month the equity fund AUM has grown by 6.8% while the yoy growth in equity fund AUM stands at an impressive 83.8%. Nippon India Mutual Fund holds a total of 618 stocks across all its equity schemes spread across a total of 31 sectors. Here are portfolio highlights of Nippon India Mutual Fund in July 2024.

• Its major stock additions in July 2024 included Emcure Pharmaceuticals (14.98 Lakh shares), and Raymond Lifestyle Ltd (10.14 Lakh shares).
• The fund’s major exits in July 2024 included Inox India Ltd (-3.35 Lakh shares) and Jupiter Lifeline Hospitals (-2.00 Lakh shares).
• The top 5 equity holdings of Nippon India Mutual Fund included HDFC Bank, NTPC, ICICI Bank, Reliance Industries, and Power Grid Corporation. Out of the 31 sectors exposed to, maximum sectoral exposure was to BFSI, Power Pharmaceuticals, capital goods, and IT Services.

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

KOTAK MUTUAL FUND: EQUITY PORTFOLIO CHURN IN JULY 2024

As of the close of July 31, 2024 , Kotak Mutual Fund has total equity AUM of ₹2,73,666 Crore and total AUM of ₹4,68,073 Crore; making it the fifth largest fund by equity AUM. Over the last 1 month the equity fund AUM has grown by 5.6% while the yoy growth in equity fund AUM stands at an impressive 66.2%. Kotak Mutual Fund holds a total of 401 stocks across 29 sectors all its equity schemes. Here are portfolio highlights of Kotak Mutual Fund in July 2024.

• Its major stock additions in July 2024 included Bansal Wire Industries (40.91 Lakh shares), Orient Cement (22.00 Lakhs shares), Kesoram Industries (13.78 Lakh shares), Greenpanel Industries (12.00 Lakh shares), and Aster DM Healthcare (9.19 Lakh shares). It also added other stocks like Cello World, Sapphire Foods, and UTI AMC to its portfolio.
• The fund’s only major exit in July 2024 Dr Lal Pathlabs (-1.09 Lakh shares).
• The top 5 equity holdings of Kotak Mutual Fund included HDFC Bank, ICICI Bank, State Bank of India, Reliance Industries, and Bharat Electronics Ltd (BEL). Out of 29 sectors exposed, maximum sectoral exposure was to BFSI, automobiles, Automobiles, IT Services, oil & gas, and pharmaceuticals.

For July 2024, Kotak Mutual Fund bought a total of 27 stocks and sold 1 stock.

UTI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN JULY 2024

As of the close of July 31, 2024, UTI Mutual Fund has total equity AUM of ₹2,57,506 Crore and total AUM of ₹3,41,353 Crore; making it the sixth largest fund by equity AUM. Over the last 1 month the equity fund AUM has grown by 4.5% while the yoy growth in equity fund AUM stands at an impressive 38.7%. UTI Mutual Fund holds a total of 443 stocks across all its equity schemes spread across 31 sectors. Here are portfolio highlights of UTI Mutual Fund in July 2024.

• Its major stock additions in July 2024 included Paradeep Phosphates(29.62 Lakh shares), Tips Industries (17.85 Lakh shares), Raymond Lifestyle (10.50 Lakh shares), India Cements (3.13 Lakh shares), and Heritage Foods (2.81 Lakh shares). The fund also added smaller quantities of Pitti Engineering and Emcure Pharmaceuticals.
• The fund’s major exits in July 2024 included Chalet Hotels (-3.73 Lakh shares) and Balrampur Chini Mills (-3.38 Lakh shares).
• The top 5 equity holdings of UTI Mutual Fund included HDFC Bank, ICICI Bank, Reliance Industries, Infosys, and Bharti Airtel Ltd. Out of 31 sectors, its maximum sectoral exposure was to BFSI, IT Services, automobiles, oil & gas, and FMCG.

For July 2024, UTI Mutual Fund bought a total of 7 stocks and sold 2 stocks.

AXIS MUTUAL FUND: EQUITY PORTFOLIO CHURN IN JULY 2024

As of the close of July 31, 2024, Axis Mutual Fund has total equity AUM of ₹1,96,940 Crore and total AUM of ͅ₹3,08,272 Crore making it the seventh 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 30.4%. Axis Mutual Fund holds a total of 551 stocks spread over 31 sectors across all its equity schemes. Here are portfolio highlights of Axis Mutual Fund in July 2024.

• Its major stock additions in July 2024 included Techno Electric & Engineering (4.99 Lakh shares), Emcure Pharmaceuticals (3.01 Lakhs shares), Sobha Ltd (2.28 Lakh shares), GNFC Ltd (2.03 Lakh shares), and Strides Pharma (0.99 Lakh shares). It also added smaller quantities of TTK Prestige, Tata Chemicals, Blue Dart, and Raymond Lifestyle.
• There were no major exits by the fund in the month and the only exits were part of restructuring of very small holdings.
• The top 5 equity holdings of Axis Mutual Fund included HDFC Bank, ICICI Bank, Bajaj Finance, Tata Consultancy Services (TCS), and Reliance Industries. Out of the 31 sectors exposed to, its maximum sectoral exposure was to BFSI, automobiles, IT Services, pharmaceuticals, and Capital Goods.

For July 2024, Axis Mutual Fund bought a total of 155 stocks, substantially increasing its total stocks in the portfolio to 551 stocks during the month. There were no stocks with significant exits in the month.

ABSL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN JULY 2024

As of the close of July 31, 2024, ABSL Mutual Fund (Aditya Birla Sun Life) has total equity AUM of ₹1,74,731 Crore and total AUM of ₹3,81,554 Crore; making it the eighth largest fund by equity AUM. Over the last 1 month the equity fund AUM has grown by 6.0%, while the yoy growth in equity fund AUM stands at an impressive 39.4%. ABSL Mutual Fund holds a total of 459 stocks spread over 30 sectors across all its equity schemes. Here are portfolio highlights of ABSL Mutual Fund in July 2024.

• Its major stock additions in July 2024 included Emcure Pharmaceuticals (9.87 Lakh shares), NBCC India Ltd (7.50 Lakh shares), Akums Drugs & Pharma (6.63 Lakh shares), Aptus Value Housing (2.18 Lakh shares), and KEC International (2.16 Lakhs shares). It also added smaller quantities of Bectors Foods, Marathon Nextgen, and Techno Electric.
• The major exits of the fund in July 2024 included Exicom Tele-Systems (-4.08 Lakh shares), Medplus Health Services (-0.57 Lakh shares), Netweb Technologies (-0.50 Lakh shares), and Inox Wind Energy (-0.35 Lakhs shares).
• The top 5 equity holdings of ABSL Mutual Fund included ICICI Bank, HDFC Bank, Infosys, Reliance Industries, and Larsen & Toubro. Out of 30 sectors, its maximum sectoral exposure was to BFSI, IT Services, Automobiles, pharmaceuticals, and oil & gas.

For July 2024, ABSL Mutual Fund bought a total of 13 stocks and sold 6 stocks.

MIRAE MUTUAL FUND: EQUITY PORTFOLIO CHURN IN JULY 2024

As of the close of July 31, 2024, Mirae Mutual Fund has total equity AUM of ₹1,65,946 Crore and total AUM of ₹1,94,566 Crore; making it the ninth largest fund by equity AUM. Over the last 1 month the equity fund AUM has grown by 5.2% while the yoy growth in equity fund AUM stands at an impressive 42.2%. Mirae Mutual Fund holds a total of 423 stocks spread over 30 sectors across all its equity schemes. Here are portfolio highlights of Mirae Mutual Fund in July 2024.

• Its major stock additions in July 2024 included Emcure Pharmaceuticals (1.96 Lakh shares), Strides Pharma (1.77 Lakhs shares), Aditya Birla Sun Life AMC (1.76 Lakh shares), Bharat Bijlee (0.85 Lakh shares), and Raymond Lifestyle(0.65 Lakh shares). It also added smaller quantities of Minda Corp and Varroc Engineering.
• The fund’s major exits in July 2024 included Ujjivan Small Finance Bank (-18.15 Lakh shares), Yatra Online (-13.42 Lakh shares), Bharti Hexacom (3.95 Lakh shares), and Sansera Engineering (-1.67 Lakh shares). It also sold smaller quantities of Data Patterns, Raymond Ltd, and Repco Homes.
• The top 5 equity holdings of Mirae Mutual Fund included HDFC Bank, ICICI Bank, Infosys Ltd, Axis Bank, and Reliance Industries. Out of 30 sectors held, its maximum sectoral exposure was to BFSI, IT Services, Pharmaceuticals, automobiles, and oil & gas.

For July 2024, Mirae Mutual Fund bought a total of 8 stocks and sold 7 stocks.

DSP MUTUAL FUND: EQUITY PORTFOLIO CHURN IN JULY 2024

As of July 31, 2024, DSP Mutual Fund has total equity AUM of ₹1,16,663 Crore and total AUM of ₹1,78,624 Crore; making it the tenth largest in India by equity AUM. Over last 1 month the equity fund AUM grew by 6.0% while the yoy growth in equity fund AUM stood at 53.3. 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 July 2024.

• Its major stock additions in July 2024 included PNB Housing Finance (19.96 Lakh shares), Bansal Wire Industries (15.75 Lakhs shares), Fortis Healthcare (8.46 Lakh shares), and Carysil Ltd (8.21 Lakh shares). Durin the month, the fund also bought smaller quantities of Emcure Pharmaceuticals and Thyrocare Technologies.
• The fund’s major exits in July 2024 included DCB Bank (-11.47 Lakh shares), Bata India Ltd (-2.28 Lakh shares), Borosil Scientific (1.20 Lakh shares), and Siyaram Silk Mills (-0.47 Lakh shares).
• The top 5 equity holdings of DSP Mutual Fund included HDFC Bank, ICICI Bank, Infosys Ltd, Axis Bank, and IPCA Laboratories. Out of the 30 sectors in its portfolio mix, its maximum sectoral exposure was to BFSI, Automobiles, pharmaceuticals, IT Services and Chemicals & Fertilizers.

For July 2024, DSP Mutual Fund bought a total of 7 stocks and sold 6 stocks.

The gist of the mutual fund churn in July 2024 has been that the focus has been more on IPOs on the buy side, while mutual funds were also active in secondary markets.