HOW BIG-10 FUND HOUSES CHURNED STOCKS IN MAY 2026

HOW BIG-10 FUND HOUSES CHURNED STOCKS IN MAY 2026

When we look at mutual fund buying and selling; more than the macro view, it is also the actions of the biggest fund houses that matter. Here is a look at what the top 10 fund houses (ranked by equity AUM) bought and sold in May 2026. We look at the large cap stock shifts and also what these fund houses bought for alpha. Here equity buying / selling refers to overall buying across equity funds, passive funds, and hybrid funds. Here is the story for May 2026.

SBI MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MAY 2026

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

SBI MF has exited several banking stocks, although it continues to accumulate ICICI Bank. In the non-BFSI space, the fund has turned aggressive buyer in Reliance Industries. The alpha hunting has focused heavily on digital bias.

ICICI PRUDENTIAL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MAY 2026

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

ICICI Pru MF made has remained long on banks, but has been selling on industrials. It has also trimmed Sun Pharma after its mega US acquisition. ICICI Pru MF also has been aggressive in buying RIL, ahead of the AGM. Central Bank was the interesting alpha play for the fund.

HDFC MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MAY 2026

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

The fund has aggressively added positions in L&T, ICICI Bank, and Eternal, and has generally preferred industrials. There were no major sell candidates in May. Its alpha picks had a predominance of energy stocks, especially Gujarat Energy post the amalgamation.

NIPPON MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MAY 2026

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

While the fund was an aggressive buyer in Bharti, Reliance and Banks, it remained a net seller in NTPC Ltd due to broad PSU concerns. Alpha stories appear to be biased towards consumer plays, with 3 out of the 5 being consumer plays in the Indian market.

KOTAK MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MAY 2026

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

Kotak MF has been aggressive accumulating Reliance and ICICI Bank, while buying smaller quantities of other stocks. However, it also sold aggressively in Bharti Airtel and L&T. The alpha stocks were a mix with a bias towards energy and a bet on dark horse Tata Technologies.

ABSL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MAY 2026

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

Aditya Birla Sun Life (ABSL) MF was again cautious on the buy side, even as it pared positions aggressively in L&T, Kotak Bank and RIL. The alpha picks had a strong Adani group predominance, but this seems to be another fund positive on the Groww story.

AXIS MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MAY 2026

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

Axis MF made a big bet on Axis Bank, and smaller bets on other stocks. However, it sold aggressively in SBI and Bharti Airtel. Alpha buys were more of bottom-up buys with Groww once again appearing in the fund’s alpha hunting list.

DSP MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MAY 2026

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

DSP MF was aggressive on private banking space once again, and was a seller in pharma stocks. On the alpha hunting front, DSP Mutual Fund was an aggressive buyer in Info Edge, which is an investor several listed digital properties. Hero Moto was a surprising addition.

MIRAE MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MAY 2026

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

Mirae Mutual Fund was an aggressive buyer in Bharti and SBI, but an aggressive seller in L&T; due to its deep Middle East franchise. On the alpha front, most stocks were common, but Mirae MF also bought into BSE and Sapphire Foods.

MOTILAL OSWAL MUTUAL FUND: EQUITY PORTFOLIO CHURN IN MAY 2026

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

For the third month in a row, MOSL MF continued to be positive on Shriram Finance and Eternal. However, it sharply pared positions in Coforge and CG Power. On the alpha front, the fund appears to be betting big on positive performance by the Anil Agarwal group.