Large & Mid Cap Funds – September 2022

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% portfolio allocation to Large Cap (top 100 by market cap size) stocks and 35% allocation to Mid Cap (101-250 by market cap size) stocks. Remaining 30% is as per fund management.

Benchmark: Nifty LargeMid Cap 250 TRI with a change of -2.69% in September 2022 and a one-year return of 1.39%.

All data as on: 30th September, 2022

Summary

large-mid-cap-funds-summary-sep-2022

In terms of ranking, HDFC has inched up ahead of DSP Equity Opportunities to settle at sixth spot.

HDFC has reduced it’s expense ratio by 4 bps yet maintaining the tag of most expensive fund with a 1.19% cost.

Canara Robeco has trimmed it’s portfolio by 5 stocks to go down to a 54-holding portfolio.

When it comes to performance, it’s a fairly decent report card with only Mirae and Axis having underperformed the benchmark in September. That record is overturned when it comes to the 1-year performance with a more than half of six reds.

Market Cap Allocation

large-mid-cap-funds-market-cap-sep-2022

SBI has increased it’s Mid Cap allocation by about 2.35%, which also shows in the total equity exposure going up.

None of the other funds have a substantial enough shift worth mentioning.

Top 5 Sectors

large-mid-cap-funds-sectors-sep-2022
sector-ranking-colour-code
Sector Ranking Colour Code

In Canara Robeco, an exit from Tata Motors (0.49%) has meant that Auto gets edged out by Consumer Durables in the top 5 sectors.

Kotak sees an organic swap between Construction and Software, with the latter featuring in the Top 5 Sectors this month.

SBI has gone turbo on Pharmaceuticals. From a barely there allocation, it is now the fourth highest sector with 6.76% thanks to three new additions – Abbott India (1.58%), Cipla (1.53%) and Alkem (1.29%).

Consumer Non Durables has organically swapped out Petroleum products in HDFC.

Top 10 Stocks & Movement

large-mid-cap-funds-stocks-sep-2022
stock-ranking-colour-code
Stock Ranking Colour Code

Mirae has three new additions – Prestige Estates (0.26%), Bharat Electronics (0.36%) and Indraprastha Gas (0.48%).

Canara Robeco has taken a new 0.47% position in Trent while exiting from a string of names – Tata Motors (0.49%), Tata Communications (0.28%), LIC Housing Finance (0.23%) and Tata Steel (0.04%).

Kotak has a pretty minor change with an exit from Dalmia Bharat (0.20%).

Axis has three new additions – Zomato (0.78%), Eicher Motors (0.71%) and Sundaram Fasteners (0.08%). The fund has also exited it’s 0.36% position in Tata Power.

In SBI, apart from the three big new additions to Pharma, the fund has also added Britannia (0.29%) and Hatsun Agro Product (0.26%). There are two exits as well – Tata Steel (1.16%) and Persistent Systems (0.49%).

HDFC has added three new positions – Axis Bank (0.41%), Tech Mahindra (0.87%) and Bank of Baroda (0.94%).

DSP has a minor change with the addition of G R Infraprojects (0.51%).

ICICI has hacked off 1.26% from ACC leaving it to a mere 0.43%. Beyond this also the fund is happy to be a change maker with a long list of new entrants and exits. The new kids on this portfolio’s block include – Indiamart Intermesh (0.10%), Gland Pharma (0.26%), MphasiS (0.26%), Suprajit Engineering (0.30%), HDFC AMC (0.30%) and Avanti Feeds (0.34%). The stocks that have been shown the door include – Colgate Palmolive (0.15%), Grasim Industries (0.24%), City Union Bank (0.30%), SKF India (0.31%), Indian Hotels (0.34%) and Aditya Birla Sun Life AMC (0.72%).

Aditya Birla has trimmed substantially from Infosys (by 1.25%) and Reliance (by 0.93%). The fund has exited Mphasis (0.36%), while adding on Avenue Supermart (0.98%) and Bharat Electronics (0.96%).

Sundaram has added on BEML Land Assets (0.22%) while exiting from NATCO Pharma (0.34%) and LIC (0.28%).

Check out the other categories and what the funds there were up to:

Large Cap Funds – September 2022

Flexi Cap Funds – September 2022

Multi Cap Funds – September 2022

Mid Cap Funds – September 2022

Small Cap Funds – September 2022

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