HOW BIG-10 FUND HOUSES CHURNED STOCKS IN SEPTEMBER 2026
HOW BIG-10 FUND HOUSES CHURNED STOCKS IN SEPTEMBER 2026 While India has more than 55 AMCs today, it is the top-10 AMCs by equity AUM that actually serve as the bellwethers. Their actions are not only closely tracked; but also influence…
HOW BIG-10 FUND HOUSES CHURNED STOCKS IN SEPTEMBER 2026
While India has more than 55 AMCs today, it is the top-10 AMCs by equity AUM that actually serve as the bellwethers. Their actions are not only closely tracked; but also influence the market direction significantly. Here, the focus is on what the top 10 fund houses (by equity AUM) bought and sold in September 2026. The focus will be on the key large cap shifts of these funds, and their alpha picks for September 2026. Here equity buying / selling refers to overall stock buying across equity funds, passive funds, and hybrid funds. Here is the narrative.
SBI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2026
The table below captures the stock churn of SBI Mutual Fund in September 2026.
| Large Cap Stocks Added | Large Cap Stocks Reduced | Bottom-up Alpha Additions |
|---|---|---|
| -NIL- | Axis Bank | Adani Power |
| ITC Ltd | Asahi India Glass | |
| Neutral on: ICICI Bank, | HDFC Bank | Cohance Lifesciences |
| Reliance, Bharti Airtel, | Infosys Ltd | Hindustan Zinc |
| SBI, Larsen & Toubro | Kotak Mahindra Bank | Ambuja Cements |
SBI MF was not a big buyer in any major stock, but did wind down positions in a number of large caps. The number of neutral stocks that the fund was on wait-and-watch mode. The fund did pick some commodity players for its alpha bets for the month.
ICICI PRUDENTIAL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2026
The table below captures the stock churn of ICICI Pru Mutual Fund in September 2026.
| Large Cap Stocks Added | Large Cap Stocks Reduced | Bottom-up Alpha Additions |
|---|---|---|
| Infosys Ltd | Maruti Suzuki | Aditya Vision |
| HDFC Bank | Larsen & Toubro (L&T) | Blue Jet Healthcare |
| Sun Pharma | Axis Bank | IVALUE Infosolutions |
| ICICI Bank | NTPC Ltd | Jack Henry & Associates |
| Neutral on: Bharti Airtel | Reliance Industries | Laxmi Dental Ltd |
ICICI Prudential MF also used the month to pare some of its key positions in Maruti and L&T. Buying was subdued but private banks were preferred. Its alpha picks included a wide array of small cap stocks, which the fund house took exposure for the first time.
HDFC MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2026
The table below captures the stock churn of HDFC Mutual Fund in September 2026.
| Large Cap Stocks Added | Large Cap Stocks Reduced | Bottom-up Alpha Additions |
|---|---|---|
| Kotak Mahindra Bank | Maruti Suzuki | Cohance Lifesciences |
| ICICI Bank | Infosys Ltd | Adani Power |
| Reliance Industries | Bharti Airtel | Alkem Laboratories |
| State Bank of India (SBI) | Sammaan Capital | |
| Larsen & Toubro (L&T) | Neutral on: Axis Bank | Bikaji Foods International |
HDFC MF still remained biased on the buy side, with banks still being its preferred mandates. The fund was selling in Maruti and Infosys. Alpha picks saw some preference for healthcare stocks in the mid-cap and small cap space; more from a CDMO opportunity perspective.
NIPPON MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2026
The table below captures the stock churn of Nippon Mutual Fund in September 2026.
| Large Cap Stocks Added | Large Cap Stocks Reduced | Bottom-up Alpha Additions |
|---|---|---|
| Infosys Ltd | NTPC Ltd | Akzo Nobel |
| HDFC Bank | Bharat Electronics (BEL) | Piramal Finance |
| State Bank of India (SBI) | Power Grid | Adani Power |
| Reliance Industries | Axis Bank | Sammaan Capital |
| Neutral on: L&T | ICICI Bank | Healthcare Global |
Nippon MF was a buyer and seller in banks in September 2026. The fund eased positions in some of the PSU stocks like Power Grid, NTPC, and BEL. On the alpha front, Adani Power and Sammaan Capital were again popular; while Piramal Finance saw some buying.
UTI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2026
The table below captures the stock churn of UTI Mutual Fund in September 2026.
| Large Cap Stocks Added | Large Cap Stocks Reduced | Bottom-up Alpha Additions |
|---|---|---|
| State Bank of India (SBI) | Bajaj Finance Ltd | RBL Bank |
| ITC Ltd | Adani Power | |
| Larsen & Toubro (L&T) | SAIL | |
| Reliance Industries | Neutral on: HDFC Bank, | Siemens Energy India |
| Bharti Airtel | ICICI Bank, Infosys Ltd | Blue Star Ltd |
UTI MF was a buyer in several frontline stocks at lower prices, but selling was subdued. It stayed neutral in several stocks, with a wait-and-watch approach. Alpha buying saw some surprising buying in RBL Bank, SAIL, and Blue Star.
ABSL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2026
The table below captures the stock churn of ABSL Mutual Fund in September 2026.
| Large Cap Stocks Added | Large Cap Stocks Reduced | Bottom-up Alpha Additions |
|---|---|---|
| Eternal Ltd | Reliance Industries | Asahi India Glass |
| State Bank of India (SBI) | Bharti Airtel | BSE Ltd |
| HDFC Bank | Larsen & Toubro (L&T) | Cohance Lifesciences |
| Infosys Ltd | Neutral on: ICICI Bank, | Dalmia Bharat |
| Axis Bank Ltd | Mahindra & Mahindra (M&M) | Polycab India |
Aditya Birla Sun Life (ABSL) MF again remained biased on the buy side; in Eternal and banking counters. While selling was seen in industrials, it was neutral on ICICI and M&M. The alpha hunting stocks were focused on auto, healthcare, and commodities space.
AXIS MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2026
The table below captures the stock churn of AXIS Mutual Fund in September 2026.
| Large Cap Stocks Added | Large Cap Stocks Reduced | Bottom-up Alpha Additions |
|---|---|---|
| Larsen & Toubro (L&T) | HDFC Bank | Aditya Vision |
| Eternal Ltd | Reliance Industries | Eicher Motors |
| Infosys Ltd | Interglobe Aviation | Sagility Ltd |
| Mahindra & Mahindra | Neutral on: Bajaj Finance, | Glenmark Pharmaceuticals |
| ICICI Bank, Bharti Airtel | Gujarat Fluorochemicals |
Axis Mutual Fund, like most other funds, has been long on Eternal and L&T in September 2026. M&M buying may be a surprise amid rural slowdown. In terms of its preferred picks in the alpha choices, healthcare was a strong theme as were automobile plays.
KOTAK MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2026
The table below captures the stock churn of Kotak Mutual Fund in September 2026.
| Large Cap Stocks Added | Large Cap Stocks Reduced | Bottom-up Alpha Additions |
|---|---|---|
| Eternal | Axis Bank | Piramal Finance |
| ICICI Bank | Infosys Ltd | NALCO Ltd |
| Reliance Industries | Aptus Value Housing | |
| Neutral on: Nil Stocks | State Bank of India (SBI) | UPL Ltd |
| Bharat Electronics (BEL) | Indian Energy Exchange (IEX) |
Kotak Mutual Fund was cautious on the buy side, but sold aggressively on stocks like Axis, Infosys, and RIL. Selling dominated during the month amid global risk factors. In alpha picks, some of the popular names were Piramal Finance and ONGC; a play on rising crude prices.
MIRAE MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2026
The table below captures the stock churn of Mirae Mutual Fund in September 2026.
| Large Cap Stocks Added | Large Cap Stocks Reduced | Bottom-up Alpha Additions |
|---|---|---|
| ICICI Bank | Axis Bank | Marico Ltd |
| ITC Ltd | Reliance Industries | Gujarat Fluorochemicals |
| Maruti Suzuki | State Bank of India (SBI) | Siemens Ltd |
| HDFC Bank | Infosys Ltd | CDSL Ltd |
| Neutral on: Bharti, L&T | Narayana Hrudayalaya |
Mirae Mutual Fund played it both ways on banks and industrials during the month of September 2026. The alpha hunting list had an interesting mix of stocks like Marico and CDSL, which have been under pressure due to rural demand and CAS introduction.
DSP MUTUAL FUND: EQUITY PORTFOLIO CHURN IN SEPTEMBER 2026
The table below captures the stock churn of DSP Mutual Fund in September 2026.
| Large Cap Stocks Added | Large Cap Stocks Reduced | Bottom-up Alpha Additions |
|---|---|---|
| Mahindra & Mahindra (M&M) | HDFC Bank | Sammaan Capital |
| Kotak Mahindra Bank | ICICI Bank | Max Healthcare |
| Infosys Ltd | Cipla Ltd | MCX Ltd |
| Bharti Airtel | HDB Financial | |
| Axis Bank | Neutral: IPCA Labs, SBI | Hindustan Zinc |
DSP MF had a strong buying bias with aggressive buying in M&M, Kotak Bank, and Infosys. The selling was relatively subdued and it was neutral on two stocks. The alpha hunting list had some expected names like Sammaan Capital and HZL. HDB Financial, part of the HDFC Bank group, was a surprise addition amid rising cost risks for financial services companies.
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