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- Mar 13, 2023 - Top 5 Stocks Mutual Funds Bought and Sold in February 2023
Top 5 Stocks Mutual Funds Bought and Sold in February 2023
In today's modern financial landscape, equity mutual funds have garnered immense popularity owing to their potential to generate high returns over the long term.
This is evidenced by the consistent inflow of systematic investment plan (SIP) investments, which highlights the rising inclination of investors towards this asset class.
The growing interest in equity mutual funds can be attributed to the opportunities they provide for diversification and growth.
Despite recent volatility in Indian stock markets, February 2023 saw the highest net infusion of funds in the past nine months with equity mutual funds attracting a whopping Rs 156.9 billion (bn).
This comes as February 2023 saw robust collections by new fund offerings (NFO) and higher inflows across sub-categories. Around 27 NFOs mobilised total funds of Rs 71.8 bn in February 2023.
In the past few months, mutual funds have stepped up their investments during a market correction. The recent volatility has once again prompted them to invest more money.
However, one trend changed in February 2023...in a rare development, SIP contribution fell to Rs 136.9 bn versus Rs 138.6 bn in January 2023. Number of SIP accounts though, increased to 62.8 million (m) as compared to 62.1 m.
Inflows through systematic investment plans (SIP) were on a record high for months.
SIP inflows have remained above Rs 100 bn mark since September 2021, allowing fund managers to deploy money in equity markets.
The debt fund category saw outflows of Rs 138.2 bn in February 2023, as against an outflow of Rs 103.2 bn in January 2023.
Meanwhile, the 12-month cumulative rolling inflows in index based mutual funds rose to Rs 807.6 bn. This is the highest ever figure for passive as well as active funds, data from the Association of Mutual Fund of India (AMFI) showed.
Index funds garnered more inflows than exchange traded funds (ETFs) for a second month.
Gold ETFs, after witnessing withdrawal in the last three months, attracted Rs 1.7 bn in February 2023, mainly due to a slight correction in gold prices.
Let's take a look at the stocks that mutual funds traded the most during this period...
Top Stocks Sold by Mutual Funds in February 2023
Largecaps: Indian mutual funds trimmed their positions in largecap stocks such as Adani Ports, Vedanta, and Colgate Palmolive.
Ambuja Cements also saw some selling by fund managers in the month gone by.
Midcaps: From the midcap space, mutual funds offloaded NALCO, Glenmark Pharma, and RBL Bank.
Route Mobile also witnessed selling by mutual funds, marking the second straight month of selling.
Smallcaps: Rain Industries and India Cements saw maximum selling by MFs from the smallcap space in February 2023.
Top Stocks Bought by Mutual Funds in February 2023
Largecaps: Coming to buying, Dixon Technologies, Info Edge, Astral, and Avenue Supermarts witnessed massive inflows.
Midcaps: From the midcap space, mutual funds bought shares of PVR, Equitas Small Finance Bank, and Metropolis Healthcare.
The recently listed NMDC Steel also witnessed massive buying.
Smallcaps: Firstsource Solutions and Mahanagar Gas were the top smallcap buys.
Top Equity Mutual Funds in February 2023
Here is the list of top 10 mutual fund houses as per their equity asset under management (AUM) as of February 2023.
Top 10 Equity Mutual Funds as per AUM
| Top Fund Houses | Equity AUM (Rs bn) |
|---|---|
| SBI Mutual Fund | 4,506.3 |
| ICICI Prudential Mutual Fund | 2,402.5 |
| HDFC Mutual Fund | 2,154.6 |
| Nippon India Mutual Fund | 1,624.0 |
| UTI Mutual Fund | 1,601.1 |
| Kotak Mutual Fund | 1,360.0 |
| Axis Mutual Fund | 1,296.3 |
| Aditya Birla SL Mutual Fund | 1,095.7 |
| Mirae Asset Mutual Fund | 1,003.6 |
| DSP Mutual Fund | 650.6 |
What India's Top Mutual Funds Bought and Sold in February 2023
SBI Mutual Fund
India's largest equity fund held Rs 4,506 bn in equities as of February 2023. The January 2023 figure was Rs 4,582 bn.
The top equity holdings of the fund include HDFC Bank, ICICI Bank, and Reliance Industries.
Here's what SBI Mutual Fund bought and sold in February 2023.
ICICI Prudential Mutual Fund
ICICI Prudential Mutual Fund was the second largest equity fund house with Rs 2,402 bn in equities as of February 2023. The same figure in the month of January 2023 was Rs 2,411 bn.
The top three equity holdings of ICICI Prudential Mutual Fund include ICICI Bank, Infosys, and HDFC Bank.
Here's what the fund bought and sold in February 2023.
HDFC Mutual Fund
Following ICICI Prudential Mutual Fund we have HDFC Mutual Fund with Rs 2,155 bn in equities as of February 2023. The January 2023 figure was Rs 2,174 bn.
The top five equity holdings of the fund include ICICI Bank, HDFC Bank, State Bank of India, Infosys, and HDFC.
Here's what HDFC Mutual Fund bought and sold in February 2023.
| New Buys | Value as on 28 February 2023 (Rs m) |
|---|---|
| NMDC Steel Ltd. | 456.50 |
| Piramal Pharma Ltd. | 8.40 |
| Complete Sell | Value as on 31 January 2023 (Rs m) |
| Equitas Holdings Ltd. - (Amalgamated) | 1,885.00 |
| Inox Leisure Ltd. - (Amalgamated) | 6.00 |
| Top Increase / Decrease in Stakes | Change in No. of Shares |
| Coforge Ltd. | 35,624 |
| Indiabulls Housing Finance Ltd. | 1,181,123 |
| Dalmia Bharat Ltd. | 135,618 |
| eClerx Services Ltd. | -72,736 |
| Cholamandalam Financial Holdings Ltd. | -151,920 |
| Polycab India Ltd. | -18,539 |
| New Buys | Value as on 28 February 2023 (Rs m) |
|---|---|
| NMDC Steel Ltd. | 531.00 |
| Piramal Pharma Ltd. | 3.40 |
| Complete Sell | Value as on 31 January 2023 (Rs m) |
| Inox Leisure Ltd. - (Amalgamated) | 5,598.80 |
| Equitas Holdings Ltd. - (Amalgamated) | 1,963.20 |
| Kaynes Technology India Ltd. | 137.60 |
| Bikaji Foods International Ltd. | 113.60 |
| Top Increase / Decrease in Stakes | Change in No. of Shares |
| BASF India Ltd. | 18,602 |
| RHI Magnesita India Ltd. | 123,938 |
| Equitas Small Finance Bank Ltd. | 37,264,131 |
| PB Fintech Ltd. | -1,006,796 |
| Metropolis Healthcare Ltd. | -28,848 |
| Apollo Tyres Ltd. | -2,864,497 |
| New Buys | Value as on 28 February 2023 (Rs m) |
|---|---|
| PVR Ltd. | 2,669.30 |
| Narayana Hrudayalaya Ltd. | 748.90 |
| Safari Industries (India) Ltd. | 546.90 |
| Manappuram Finance Ltd. | 8.90 |
| Abbott India Ltd. | 8.40 |
| Complete Sell | Value as on 31 January 2023 (Rs m) |
| Inox Leisure Ltd. - (Amalgamated) | 2,959.70 |
| Equitas Holdings Ltd. - (Amalgamated) | 337.90 |
| Top Increase / Decrease in Stakes | Change in No. of Shares |
| Zydus Lifesciences Ltd. | 15,095 |
| NMDC Ltd. | 1,084,500 |
| Biocon Ltd. | 1,117,177 |
| National Aluminium Company Ltd. | -2,074,999 |
| Indiamart Intermesh Ltd. | -18,381 |
| Birlasoft Ltd. | -115,206 |
Final words...
Overall, the recent trend in equity mutual fund inflows highlights the growing appetite for this asset class among investors, despite short-term market volatility.
In the month of February 2023, fund managers turned bullish on Indian IT stocks. Good quality midcap IT companies also saw some buying. With high interest rates, the Indian rupee is expected to fall against the dollar which will benefit IT stocks.
Most IT stocks have fallen a lot from their peaks in 2022 and the recession impact in the US is mostly priced in to Indian IT stocks.
How the mutual fund buying and selling trend pans out in the month of March 2023 remains to be seen. We will keep you updated on all the developments from this space.
Stay tuned.
As you're interested in what mutual funds are buying and selling, check out Equitymaster's Indian Stock Screener.
This tool tracks the stocks recently bought by mutual funds along with the stocks recently sold by them.
Happy investing!
PS: The above piece relies on data from PersonalFN. PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.
Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...
Yash Vora is a financial writer with the Microcap Millionaires team at Equitymaster. He has followed the stock markets right from his early college days. So, Yash has a keen eye for the big market movers. His clear and crisp writeups offer sharp insights on market moving stocks, fund flows, economic data and IPOs. When not looking at stocks, Yash loves a game of table tennis or chess.
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