Before I start off on any analysis in this segment, even at the cost of a repetitive bore I will put forth this disclaimer. All fund schemes are taken as direct. However, even if you are a direct investor, hire a financial advisor that you trust who can guide with investments. Pay for your advice.
Fund category definition: Funds with minimum 35{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} portfolio allocation to Large Cap (top 100 by market cap size) stocks and 35{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} allocation to Mid Cap (101-250 by market cap size) stocks. Remaining 30{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} is as per fund management.
Benchmark: Nifty LargeMid Cap 250 TRI with a change of -5.05{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} in June 2022 and a one-year return of 0.41{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}.
All data as on: 30th June, 2022
Summary
In terms of ranking, ICICI has come up a notch to displace Aditya Birla for the eighth spot.
HDFC has increased it’s margin with a 5 bps increase in expense ratio, sealing it’s place as the most expensive of the top 10 funds in the category at 1.26{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}.
Market Cap Allocation
Very little has changed in terms of market cap allocation this month.
One noteable change is that Axis has a more than 4{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} increase in Large Cap.
Also, with a slight further reduction, SBI is the only fund to be sitting on a sub-90{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} equity exposure.
Top 5 sectors
Sector ranking colour code
In Mirae, the fifth spot seems to be a in a perpetual roulette. This month, Insurance has been edged out by Consumer Durables.
In Canara Robeco, Auto makes it to the top Sectors while Finance which was at number 4 last month has been edged out.
Axis has taken a fairly big position of 1.04{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} in WABCO taking Auto Ancillaries to the fifth position with Industrial Products facing the heat and exiting top 5 sectors.
Aditya Birla has completely exited Biocon, leading to Pharma being knocked out of top 5 and replaced by Chemicals.
There is an organic swap between Petroleum and Finance in Sundaram, with former making it to the Top 5 this month.
Top 10 stocks
Mirae continues it’s love-hate relationship with HUL. In March it had increased the allocation from 0.25{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} in the previous month to 1.06{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} going up to 1.25{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} by May 2022. This month, the stock sees a major slash yet again to drop to a mere 0.11{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}. Cholamandalam Investment & Finance is another casualty with complete exit from the 0.09{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} position.
Kotak has taken a big new 1.54{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} position in Maruti Suzuki. Also, LIC has had just a short burst of life in the fund as it made an appearance of 0.27{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} in May and is completely exited out of, this month.
Thanks to the price shake-up in Bajaj Finance, there is a 0.85{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} reduction in it’s share in the Axis fund to drop to 8.22{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}. Mahindra & Mahindra’s allocation has almost doubled to reach 2.51{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}. There’s also a new 1.04{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} allocation to auto ancilliary company WABCO. There are other new additions to the portfolio as well. The foreign equity portfolio sees a 0.62{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} addition of semiconductor Advanced Micro Devices Inc. On the domestic side, Axis has added Reliance Industries (0.74{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), Nestle (0.31{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}) and Bata (0.28{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}). The fund also has two small exits – Sansera Engineering (0.49{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}) and PB Fintech (0.03{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}).
SBI has quite a few changes to it’s name. Infosys sees an increase of 1.21{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}, to go up to 3.34{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}. There are six new stocks in their armoury – Tube Investments (1.44{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), Ultratech Cement (1.36{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), United Breweries (1.03{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), Motherson Sumi Wiring (1.01{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), Muthoot Finance (0.04{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}) and Ramco Cement (0.03{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}). Of these, the fund had exited a 0.99{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} position in Muthoot in February, which now makes a reappearance. The new entrants are balanced out by two big exits – Cholamandlam Investment and Finance (2.10{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}) and Kotak Mahindra Bank (1.42{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}). The latter is out after a mere three months in the portfolio.
DSP has slashed Axis Bank by 1.24{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} bringing it down to 3.95{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}. There are two tiny changes beyond this – exit from 0.44{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} in Kansai Nerolac and new 0.69{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} position in HPCL.
HDFC has four new stocks – NHPC (0.79{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), IndusInd Bank (0.41{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), Chambal Fertilizers & Chemicals (0.37{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}) and Hindalco (0.29{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}).
ICICI is another fund with many changes to boot. NTPC has been more than doubled to 2.87{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} and LIC Housing Finance has gone up to more than 6x to reach 0.93{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}. On the other hand, HDFC Ltd. has been cut down by 0.92{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} to come down to 2.62{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} and SBI Life has come down by 0.89{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} to touch 2.04{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}. There are three exits – Dabur (0.38{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), Indian Bank after just two months (0.27{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}) and Cholamandlam Financial Holdings (0.18{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}). To make up for it, there is a whole host of new additions – Muthoot Finance (0.39{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), Oberoi Realty (0.35{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), Sun Pharma (0.25{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), Karur Vysya Bank (0.20{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), Interglobe Aviation (0.17{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), MphasiS (0.14{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}) and Coal India (0.10{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}).
After last month’s hyper activity ABSL is relatively quieter this month. Two exits from the portfolio – Biocon (0.83{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}) finds itself out after a mere two months while NATCO Pharma (0.03{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}) is completely out now after a massive cut-down last month. There are also three new entrants – Schaeffler (1.02{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}), Endurance Technologies (0.69{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}) and United Breweries (0.39{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886}).
A minor activity in Sundaram whereby they have exited from the 0.36{76b947d7ef5b3424fa3b69da76ad2c33c34408872c6cc7893e56cc055d3cd886} position in Apollo Hospitals.
Check out the other categories and what the funds there were up to:
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