SPECIAL REPORT 064 – TOP 10 MF AMC BUY/SELL IN MAR-26

Here is a quick look at what the top 10 fund houses bought and sold in the month of March 2026. We will look at the key movements in large cap stocks and also what these funds bought for alpha generation. We have ranked the top 10 fund houses based on the equity AUM managed by them, hence they may not match with overall AUM rankings. Here equity buying / selling refers to all buying by a fund house across active equity, passive equity, and hybrid schemes. Here is a look at how the top-10 churned in March 2026.

SBI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MARCH 2026

The table below captures the stock churn of SBI Mutual Fund in March 2026.

SBI MF has shown some sharp value hunting in the month of March amidst the correction. It has specifically focused on lapping up banks and financials; apart from Bharti Airtel. Its alpha picks have been largely bottom-up.

ICICI PRUDENTIAL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MARCH 2026

The table below captures the stock churn of ICICI Pru Mutual Fund in March 2026.

ICICI Pru MF is broadly positive on the banking space and other industrials, while Bharti Airtel continues to be a favourite. It continues to sell Sun Pharma, possibly ahead of the Organon deal. The alpha additions are broadly on the energy front.

HDFC MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MARCH 2026

The table below captures the stock churn of HDFC Mutual Fund in March 2026.

The fund has aggressively added positions in Reliance, while L&T looks more like a bet on the Middle-East rebuilding. The fund also used the correction to buy stocks at lower levels. Its alpha picks had an energy bias, due to the current Middle East imbroglio.

NIPPON MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MARCH 2026

The table below captures the stock churn of Nippon Mutual Fund in March 2026.

While the fund was an aggressive buyer in front line stories, it also sold PSU stocks of NTPC and BEL quite aggressively. Infosys is being preferred by many funds due to expected vendor consolidation. Alpha stories were a bet on established realty brands.

KOTAK MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MARCH 2026

The table below captures the stock churn of Kotak Mutual Fund in March 2026.

While Kotak MF continues to be positive on SBI and L&T, the decision to sell Bharti Airtel is rather surprising, as the decision to sell Reliance Industries. The fund is seeing financial inclusion as an important theme in terms of capturing alpha in the market.

ABSL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MARCH 2026

The table below captures the stock churn of ABSL Mutual Fund in March 2026.

Aditya Birla Sun Life (ABSL) MF showed a lot more conviction in the large caps, compared to the previous month. The fund was seen bottom fishing in select stocks like Adani Enterprises, Anthem Biosciences L&T Finance etc.

AXIS MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MARCH 2026

The table below captures the stock churn of AXIS Mutual Fund in March 2026.

Axis MF was broadly negative on the standard large caps like L&T, Bharti Airtel, Infosys etc. However, they were negative on the big private banks and Reliance Industries. Also, the fund preferred some of the PSU names as alpha candidates.

DSP MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MARCH 2026

The table below captures the stock churn of DSP Mutual Fund in March 2026.

DSP MF was aggressive in buying up the private sector banks, although it remained cautious on the biggest PSU bank in India. In terms of alpha selection, it was a spread across financials and auto; with one digital play thrown in.

MIRAE MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MARCH 2026

The table below captures the stock churn of Mirae Mutual Fund in March 2026.

Apart from RIL and Bharti, the Mirae Fund was positive on the two big private banks. They were surprisingly cutting positions on L&T and Infosys. In terms of Alpha, the fund is seeing a lot of alpha potential in the large caps.

MOTILAL OSWAL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MARCH 2026

The table below captures the stock churn of Motilal Oswal Mutual Fund in March 2026.

This is the first time that Motilal Oswal is making an appearance in this list. The fund appears to be betting big on digital & financial inclusion with focus on Groww, MCX, and Paytm. Its alpha hunting picks are largely bottom-up plays.