Every month, mutual fund portfolio disclosures offer a peek into what fund managers have been doing behind the scenes.
The changes reveal where fund managers are spotting new opportunities, which sectors are gaining favour, and which stocks are gradually losing conviction.
The latest disclosures from some of India’s largest flexi cap funds show exactly that. In May, fund managers added exposure to companies across healthcare, financial services, manufacturing and consumption, while also trimming or exiting a handful of existing positions.
From HDFC Flexi Cap and ICICI Prudential Flexi Cap to SBI Flexi Cap, Kotak Flexi Cap and Aditya Birla Sun Life Flexi Cap, the broad portfolio strategy remains largely intact. What stands out are the selective additions and exits that offer clues about where these fund managers are placing their bets.
We looked at the latest portfolio disclosures of the largest flexi cap funds by assets under management (AUM) to see what changed during May.
Before reading further, please note that this is just for informational purposes only and not intended to recommend any of the schemes mentioned below. You should make an investment decision based on your personal financial goals and risk appetite.
HDFC Flexi Cap fund
The fund added positions in ABB India, Neuland Laboratories, Hexaware Technologies, TVS Motor Company, ICICI Prudential AMC, Nippon Life India AMC and Lenskart.
At the same time, it exited Tata Consultancy Services, Multi Commodity Exchange of India and Cohance Lifesciences.
ICICI Prudential Flexi Cap
The fund added Lenskart, PB Fintech and Sedemac Mechatronics during the month, while exiting Zydus Lifesciences.
The additions indicate exposure to themes such as organised retail, digital financial services and engineering-led manufacturing.
SBI Flexi Cap Fund
New additions included Apollo Hospitals, Bharti Airtel, Divi’s Laboratories, JSW Energy and Varun Beverages.
The fund, meanwhile, exited several stocks including JSW Steel, Bank of Baroda, Coal India, Persistent Systems, BSE, SBI Life Insurance, Fractal Analytics and Relaxo Footwears.
Aditya Birla Sun Life Flexi Cap
The fund added Astral while exiting Exide Industries and Aditya Birla Capital.
Kotak Flexi Cap Fund
Flexi Cap Fund portfolio adjustments
| Fund | Added Stocks | Exited Stocks | Theme |
|---|---|---|---|
| HDFC Flexi Cap | ABB India, Neuland Laboratories, Hexaware Technologies, TVS Motor Company, ICICI Prudential AMC, Nippon Life India AMC, Lenskart | Tata Consultancy Services, Multi Commodity Exchange of India, Cohance Lifesciences | Selective additions across industrials, pharma, IT, financial services |
| ICICI Prudential Flexi Cap | Lenskart, PB Fintech, Sedemac Mechatronics | Zydus Lifesciences | Tilt toward new-age consumption & digital platforms |
| SBI Flexi Cap | Apollo Hospitals, Bharti Airtel, Divi’s Laboratories, JSW Energy, Varun Beverages | JSW Steel, Bank of Baroda, Coal India, Persistent Systems, BSE, SBI Life Insurance, Fractal Analytics, Relaxo Footwears | Balanced approach: healthcare, telecom, FMCG, energy transition |
| Aditya Birla Sun Life Flexi Cap | Astral | Exide Industries, Aditya Birla Capital | Selective portfolio adjustments |
| Kotak Flexi Cap | — | — | Stable positioning, minimal churn |
( Source: ACE MF)
While fund managers made selective changes to their portfolios, the biggest positions across most flexi cap funds continue to look strikingly similar.
Names such as HDFC Bank, ICICI Bank, State Bank of India, Larsen & Toubro, Bharat Electronics, Infosys, TCS, HCL Technologies, Bharti Airtel, Titan and Maruti Suzuki continue to feature prominently across portfolios.
Flexi cap funds remain one of the most popular equity fund categories among retail investors. However, investor appetite moderated in May, with net inflows into the category falling 49% month-on-month to Rs 5,175 crore, according to AMFI data.
Disclaimer: The information contained in this article is for informational purposes only and does not represent investment advice from Upstox. Investment decisions should be made based on independent research or consultation with a registered financial advisor. Past performance is not indicative of future results.