To understand how mutual funds bought and sold stocks in the month of November, it is essential to look at gross churn. The AUM of mutual funds as of November 2025 stands at ₹80.8 trillion. However, out of that, active equity funds have an AUM of ₹35.7 trillion. However, there are also equities held by hybrid funds and by index funds and index ETFs. If these are added, then total equity exposure of Indian mutual funds rises to ₹50.9 trillion. However, the overall AUM still does not explain the churn. 

That is explained by the gross flows and the gross redemptions, the difference of which is the net flows. For instance, the net inflows into active equity fund in November 2025 stood at ₹29,911 crore. This comprises of gross flows of ₹64,479 crore redemptions of ₹34,568 crore.  It is this gross figure of ₹99,047 crore that determines the equity churn. Of course, the actual churn would be based on overall equity exposure, active equity does give us an approximate idea. We now look at churn by MFs across large cap, mid-cap and small caps. 

As per the SEBI definition, large caps refer to the 50 biggest listed stocks by market cap. Let us start with large cap stocks where mutual funds added significant positions in November 2025. The mutual funds added 1,490 Lakh shares of Eternal Ltd (Zomato), 814 Lakh Shares of ITC Ltd, 182 Lakh shares of Jio Financial, 155 Lakh shares of Hindalco, 139 Lakh shares of Varun Beverages, 132 Lakh shares of Shriram Finance, 120 Lakh shares of Tech Mahindra, 94 lakh shares of Godrej Consumer Products, and 72 lakh shares of DLF Ltd. In addition, mutual funds also picked small quantities of Mankind Pharma. On the buy side, the focus was more on using the excess cash to accumulate high growth stocks. 

What about mutual fund selling in large caps in November 2025? The selling was largely focused on lucrative energy stories. There was heavy selling of 263 Lakh shares in Indian Oil Corporation (IOCL), 195 Lakh shares of Bharat Petroleum (BPCL), 132 lakh shares of Tata Power, 56 Lakh shares of Tata Consumer Products (TCPL), 49 lakh shares each of Lupin Ltd, 41 Lakh shares of Adani Enterprises, 31 Lakh shares of Siemens Energy India, and 19 Lakh shares of Lodha Developers. In addition, mutual funds sold smaller quantities in Bajaj Housing Finance and Eicher Motors. Most of these stocks sold gave stellar returns in last few years. 

Mid-caps are defined by SEBI as those companies ranked 101st to 250th on the market cap scale. Let us first look at mid-cap buying in November 2025. Overall, mutual funds added 3,540 Lakh shares of Vodafone Idea, 215 Lakh shares of Container Corp (CONCOR), 134 Lakh shares of AWL Agri Business, 125 Lakh shares of Mphasis Ltd, 97 Lakh shares of Bank of Maharashtra, 71 lakh shares of BSE Ltd, 49 Lakh shares of HUDCO, 33 Lakh shares of GIC Reinsurance. Mutual funds also bought smaller quantities of Narayana Hrudayalaya and Tata Elxsi in November 2025. 

How about major mid-cap selling candidates in November 2025? Mutual Funds sold 928 Lakh shares of Canara Bank, 609 Lakh shares of GMR Airports, 194 Lakh shares of Bank of India, 51 Lakh shares of Laurus Labs, 46 Lakh shares of ITC Hotels, and 35lakh shares of SJVN Ltd. In addition, November 2025 also saw smaller quantities of selling in IRCTC Ltd, ACC Ltd, Kaynes Technology India and Authum Investments. The sell side was more of a stock-specific bottom-up story. 

Let us finally look at small caps in November 2025, which are companies ranked beyond 250 in the market cap rankings. For November 2025, mutual funds added 261 Lakh shares of Sagility Ltd, 140 Lakh shares of Welspun Living, 80 Lakh shares of ASK Automotive, 56 Lakh shares of Elgi Equipment, 37 Lakh shares of Tega Industries, 27 Lakh shares of Emcure Pharma, and 13 Lakh shares of EPACK Durable. In addition, MFs purchased smaller quantities of GMDC, Cemindia Projects, and Venus Pipes & Tubes during the month of November 2025.  

What about MF selling in small caps in November 2025? Mutual funds sold 40 Lakh shares of Transformers & Rectifiers, 37 Lakh shares of Yatra Online, 30 Lakh shares of Fineotex Chemicals, 24 Lakh shares TV Today Network, and 12 Lakh shares of Chennai Petroleum. In addition, November 2025 also saw mutual funds selling smaller quantities in Natco Pharma, Kross Ltd, Universal Cables,  Anupam Rasayan, and Interarch Building Solutions. 

The broad theme is that Indian mutual funds have made a strong attempt in November 2025 to reduce their cash holding levels and offset that with growing companies in the portfolio.