Equity AUM up 11% in FY19 YTD, as against

Nifty’s rise of 7%
Equity Incl. Arbi & ELSS AUM (INRb) Nifty Index

AUM up 4.3x
(Nifty: +1.6x) over 10,793
10,114
Equity AUM stable in Feb’19 last five years 9,174
(-0.1% MoM)
INR8.3t 8,292
7,738 7,498
8,491
5,435
6,704
3,864
INR192b Gross inflows in equities 3,451
lowest in last two years 1,911

FY14 FY15 FY16 FY17 FY18 FY19YTD

Deven Mistry – Research Analyst (Deven@MotilalOswal.com); +91 22 6129 1575
Investors are advised to refer to important disclosures made at the last page of the Research Report March 2019
SUMMARY: Equity AUM stable, gross inflows lowest in two years
Key observations
 Indian benchmark indices ended flat (-0.4% MoM) for the third consecutive month in Feb’19, as the street exercised caution amid a flurry of unsupportive
domestic and global cues. Nevertheless, mutual fund investors appeared to be undeterred by market volatility, with the contribution of systematic
investment plans (SIPs) hitting at a new high of INR81b in the month (+26% YoY and 2x in two years).
 After falling by 1.6% in the previous month, equity AUM of domestic MFs declined marginally by 0.1% MoM to INR8.3t in Feb’19 owing to bleak market
sentiment. Redemptions declined by 8.1% MoM to INR145b, but an even higher fall in equity scheme sales (-8.2% MoM to INR192b – lowest in two years)
led to a decline in net inflows from INR51b in Jan’19 to INR46b in Feb’19.
 Total AUM of the MF industry declined 0.9% MoM to INR23.2t in Feb’19, primarily led by a decrease in AUM of liquid funds (by INR212b), balanced fund
(by INR28b), income funds (by INR17b) and equity funds (by INR10b).
 Equity AUM, as a percentage of India’s market capitalization, increased by 60bp YoY to 5.9% in Feb’19.
Some interesting facts
 The month saw a notable change in sector and stock allocation of funds. On an MoM basis, the weight of Oil & Gas, Private Banks, Consumer, Cement,
Capital Goods and Utilities increased, while that of PSU Banks, Healthcare, NBFCs, Metals and Chemicals moderated.
 Oil & Gas weight increased for the fourth successive month to reach a new high of 7.8% (+20bp MoM and +120bp YoY). The sector is now at the fifth
position in sector allocation of mutual funds – it was at the seventh position 12 months ago.
 Consumer’s weight climbed to a new high of 8.1% (+20bp MoM and +140bp YoY).
 Of the top-10 stocks in terms of value increase MoM, five were from
Private Banks and Oil & Gas.
MFs saw lowest monthly gross inflows in two years
 Axis Bank was one of the preferred stocks among MFs in the month, 500 472
Gross Inflows in Equity Incl. Arbi & ELSS (INR b)
with net buying by 19 funds. Value increased by INR21b, despite the
stock correcting by 1.9% in the month. 375
 Kotak Mahindra Bank was another preferred stock in the month, with
net buying by 15 funds. Value increased by INR20.4b, despite the stock 250
correcting by 3.3% in the month. 192

176
 Reliance Industries saw a value increase of INR19.2b in Feb’19, despite
125
stock being flat (+0.4% MoM). Notably, the stock saw net buying by 17 of
the top-20 funds.
 SBI saw net selling by five funds and net buying by 13 funds in Feb'19. 0
May-14

May-15

May-16

May-17

May-18
Aug-14

Aug-15

Aug-16

Aug-17

Aug-18
Nov-14

Nov-15

Nov-16

Nov-17

Nov-18
Feb-14

Feb-15

Feb-16

Feb-17

Feb-18

Feb-19
Notably, its value decreased by INR14.8b, as the stock was down 8% in
the month.

Fund Folio: Indian Mutual Fund Tracker | March 2019 2

 Feb-17 40.5 Feb-17 6.7
Mar-17 43.4 Mar-17 6.8
Apr-17 6.9

Oil & Gas

Apr-17 42.7
May-17 45.8 May-17 6.4
Key charts

June-17 47.4 June-17 6.0

July-17 49.5 July-17 6.1
Aug-17 52.1 Aug-17 6.7

SIP contribution (INRb)

Sep-17 55.2 Sep-17 6.7
Oct-17 56.2 Oct-17 7.0
Nov-17 58.9 Nov-17 6.9
Dec-17 62.2 Dec-17 6.7
Jan-18 66.4 Jan-18 6.7
Feb-18 64.3 Feb-18 6.6
of 7.8% (+20bp MoM and +120bp YoY)

Mar-18 71.2 Mar-18 6.5

Apr-18 66.9 Apr-18 6.3
May-18 73.0 May-18 6.5
June-18 75.5 June-18 6.6
July-18 75.5 July-18 7.0

Fund Folio: Indian Mutual Fund Tracker | March 2019

Aug-18 76.6 Aug-18 6.8
Sep-18 77.3 Sep-18 7.5
Oct-18 79.9 SIP contribution has increased by 26% in the past one year Oct-18 7.0
Nov-18 79.9 Nov-18 7.1
Dec-18 80.2 Dec-18 7.5
Jan-19 80.6 Jan-19 7.6
Feb-19 81.0 Feb-19 7.8
Oil & Gas weight rose for fourth consecutive month to reach a new high

3
Feb-17 6.3
Mar-17 6.6

Liquid
1,274

Apr-17 6.4
Consumer
+140bp YoY)

May-17 6.7
June-17 6.8
1,002

July-17 6.3
Aug-17 6.4
328

Incl ELSS ETFs

Sep-17 6.3
Oct-17 6.4
SUMMARY: Equity AUM stable, gross inflows lowest in two years

Nov-17 6.5
100

Dec-17 6.5
Equity Other Balanced

Jan-18 6.5
2

Feb-18 6.7
FOF

Mar-18 6.9
Apr-18 7.1
2

Infra
Debt

May-18 7.3
Fund

June-18 7.6
July-18 7.7
-4

ETF
Gold

Aug-18 7.8
Sep-18 7.8
Oct-18 7.7
-35

GILT

Nov-18 7.9
Total MF inflows at INR1.3t in FY19YTD; equity contributes INR1t
Total net inflows of INR 1,321b in FY19YTD

Dec-18 7.8
Consumer’s weight climbed to a new high of 8.1% (+20bp MoM and

Jan-19 7.9
Income
-1,350

Feb-19 8.1
Contents
 AUM: Equity AUM stable at INR8.3t (down 0.1% MoM in February) About the product
 Flows: Gross inflows in equities lowest in two years Fund Folio is a handbook on the
 Top-20 funds: Equity value up 0.9% MoM holdings of the top-20 domestic mutual
funds in India. This monthly report will
 Sector-wise weightage: MoM increase seen in Oil , Pvt Banks, Consumer and Cement cover:
 Sectoral allocation of funds: Capital Goods, Healthcare and Cement over-owned
 Trend in AUMs and flows
 Nifty-50 snapshot: MFs net buyers in 54% of the stocks  Sector allocation by funds
 Top schemes and NAV change: 84% of top-25 schemes close lower MoM  Stock-wise holding change
 Value surprise: Maximum MoM change in Axis Bank, Kotak Mah. Bk and Reliance Inds  Top schemes and NAV change

 Funds snapshot: Overview  Fund-wise snapshot on top holdings

 Aditya Birla Sun Life  Kotak Mahindra

Notes:
 Axis  L&T  This report covers only the top-20 mutual
 BNP Paribas  Mirae Asset funds by exposure to equity
 All aggregates pertain only to the funds
 Canara Robeco  Motilal Oswal
listed in this report
 DSP  Principal  Sectors are as defined by MOSL Research
 Franklin Templeton  Reliance Source: AMFI, NAVIndia
 HDFC  SBI
 ICICI Prudential  Sundaram
 IDFC  Tata
 Invesco  UTI

Fund Folio: Indian Mutual Fund Tracker | March 2019 4

AUM: Equity AUM stable at INR8.3t (-0.1% MoM in Feb’18)
 After falling by 1.6% in the previous month, equity AUM of domestic MFs declined marginally by 0.1% MoM to INR8.3t in Feb’19 owing to bleak
market sentiment. Redemptions declined by 8.1% MoM to INR145b, but an even higher fall in equity scheme sales (-8.2% MoM to INR192b) led to a
decline in net inflows from INR51b in Jan’19 to INR46b in Feb’19.
 Total AUM of the MF industry declined by 0.9% MoM to INR23.2t in Feb’19, primarily led by a decrease in AUM of liquid funds (by INR212b),
balanced fund (by INR28b), income funds (by INR17b) and equity funds (by INR10b).
 Equity AUM, as a percentage of India’s market capitalization, increased by 60bp YoY to 5.9% in Feb’19.
Trend in total AUM and equity AUM (as % of total) Trend in equity AUM (in absolute terms and as % of market cap)
Total AUM (INR t) Equity as % to total AUM - RHS Equity AUM Incl. Arbi & ELSS (INR t) % to Mktcap - RHS
9.0 8.0 8.3 6.1
30 43
7.1

25.2

23.2
22.8

23.3
6.3

21.4
7.0 5.2

20.6
24 36

19.3
17.4 5.2
15.2
14.2

16.3

18 29 5.0 4.0 4.3

3.1
13.2
12.0
10.1

11.8

3.0 3.4
9.0

12 22

6 15 1.0 2.5

Feb-19
May-16

Dec-16
Mar-15
Jan-14

Aug-14

Oct-15

Jul-17

Feb-18

Sep-18
Feb-19
May-16

Dec-16
Jan-14

Aug-14

Mar-15

Oct-15

Jul-17

Feb-18

Sep-18
What drove total AUM in Feb’19 (INR b) What drove equity AUM in Feb’19 (INR b)
60 1 0 192
-0 -1 -10 -17 -28 -145
-212 -56
23,164 8,292
23,371
8,301

Jan-19 Other FOF Gold Infra GILT Equity Income Balanced Liquid Feb-19
ETFs ETF Debt Fund Incl Arbi Jan-19 Sales Redemption Capital Feb-19
& ELSS Depreciation

Fund Folio: Indian Mutual Fund Tracker | March 2019 5

Flows: Gross inflows in equities lowest in two years
 Mutual funds’ gross inflows declined 8.2% MoM to INR192b in Feb’19. Redemptions declined 8.1% MoM to INR145b. Thus, net inflows declined
8.7% to INR46b in the month from INR51b in Jan’19.

Monthly trend of sales, redemptions and net amount raised by mutual funds (towards equity)
750
Inflows in Equity Incl. Arbi & ELSS (INR b)
Redemptions in Equity Incl. Arbi & ELSS (INR b)
500
Net Inflow/Outflow in Equity Incl. Arbi & ELSS (INR b)

192

176
250 Redemptions fell
8.1% MoM to
46
0 INR145b in
Feb’19
-250 -145

-500
Dec-14

Dec-15

Dec-16

Dec-17

Dec-18
Apr-14

Apr-15

Apr-16

Apr-17

Apr-18
Jun-14
Aug-14

Jun-15

Jun-16

Jun-17
Oct-14

Aug-15
Oct-15

Aug-16
Oct-16

Aug-17

Jun-18
Oct-17

Aug-18
Oct-18
Feb-14

Feb-15

Feb-16

Feb-17

Feb-18

Feb-19
Yearly trend of net inflows by mutual funds (towards equity) Yearly trend of sales and redemptions by mutual funds (towards equity)
Net Inflow/Outflow in Equity Incl. Arbi & ELSS (INR b) Sale in Equity Incl. Arbi & ELSS (INR b) 4,005
1711
Redemptions in Equity Incl. Arbi & ELSS (INR b)
2,723
2,196
1,002 1,482 1,653
710 740 704 647 666 506 434 461
328

40 21 1 -288 -505
-626 -797 -580 -554 -771 -913
-131 -93 -1,492 -1,721
-146 -2,294

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
YTD YTD

Fund Folio: Indian Mutual Fund Tracker | March 2019 6

Top-20 funds: Equity value up 0.9% MoM
 Total equity value of the top-20 AMCs increased 0.9% MoM (+12.9% YoY) in Feb’19, as against the Nifty’s flat performance MoM (+2.9% YoY).
 Among the top-10 funds, the highest MoM increase was seen in Axis Mutual Fund (+6.1%), ICICI Prudential Mutual Fund (+5.1%), Kotak Mahindra
Mutual Fund (+3.4%), SBI Mutual Fund (+1.7%) and UTI Mutual Fund (+0.7%).

Trend of top-20 mutual funds by equity value

Value (INR b) MoM Change (%) 12M Chg Cash
Feb-19 Feb-18 Mar-18 Apr-18 May-18 Jun-18 July-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 (INRb) (%) Holding (%)
SBI Mutual Fund 1,398 -3.3 1.5 9.8 1.1 0.6 7.2 5.0 -5.7 -0.4 6.1 2.9 0.6 1.7 353 33.8 6.7
HDFC Mutual Fund 1,347 -3.8 -3.0 6.8 -2.3 -3.3 6.1 4.6 -8.3 1.8 2.0 2.4 -0.8 -1.4 46 3.5 4.6
ICICI Prudential Mutual Fund 1,263 -2.7 -2.7 3.6 -2.0 4.8 -1.1 2.1 -6.1 3.5 -0.9 3.1 -1.3 5.1 90 7.7 11.0
Reliance Mutual Fund 946 -2.8 -3.3 8.6 -1.3 -2.7 6.1 5.7 -8.7 1.3 3.0 12.5 -5.3 -3.0 97 11.4 2.7
Aditya Birla Sun Life Mutual Fund 794 -2.5 -1.3 8.7 -1.7 -1.5 5.3 3.0 -12.9 0.2 5.2 2.7 -2.5 0.2 29 3.8 4.5
UTI Mutual Fund 631 -1.5 -0.7 2.5 5.0 -0.2 6.4 3.6 -8.1 -1.8 4.5 1.4 0.2 0.7 74 13.3 3.0
Kotak Mahindra Mutual Fund 519 0.0 -2.2 7.1 2.1 -1.4 7.3 9.0 -8.5 -0.4 5.3 3.6 -0.2 3.4 109 26.6 4.8
Franklin Templeton Mutual Fund 478 -4.0 -2.6 5.4 -1.4 -3.0 2.9 2.7 -8.3 -1.1 2.3 1.4 -0.6 -1.2 -19 -3.9 6.0
AXIS Mutual Fund 407 -0.7 -0.4 8.8 3.0 0.7 9.3 6.4 -8.7 -1.0 6.8 4.8 -1.9 6.1 112 38.0 8.4
DSP Mutual Fund 351 -1.4 -1.9 7.1 -2.4 -4.5 5.0 2.1 -11.0 -3.1 4.5 0.3 -3.0 0.6 -28 -7.4 4.2
L&T Mutual Fund 342 2.9 -1.1 11.5 -1.1 -1.0 7.0 4.5 -8.6 0.0 4.5 0.5 -3.3 -1.5 32 10.4 6.0
Mirae Asset Mutual Fund 200 0.5 -1.8 10.8 1.7 -0.1 10.4 6.9 -3.8 3.0 5.2 3.1 2.3 1.8 63 46.3 2.7
Tata Mutual Fund 199 -2.5 -1.6 10.7 1.1 -0.1 11.0 7.9 -8.9 -3.9 11.8 6.1 -3.0 5.1 56 39.4 6.3
IDFC Mutual Fund 190 -2.0 -0.3 10.7 -1.6 0.3 5.3 2.8 -8.9 -0.4 3.9 2.0 -3.2 -0.1 17 9.7 5.9
Sundaram Mutual Fund 175 -1.3 -4.3 10.5 -2.8 -3.0 3.0 4.3 -11.2 -3.2 4.8 4.9 -1.7 0.1 -1 -0.4 5.6
Motilal Oswal Mutual Fund 172 0.1 2.0 7.4 0.2 -1.5 5.8 2.2 -7.9 -4.2 7.8 -0.5 -3.1 0.0 11 7.1 2.0
Canara Robeco Mutual Fund 81 -1.1 -0.9 8.6 0.5 -2.3 10.5 3.5 -8.2 0.3 6.8 0.5 2.2 2.1 16 24.6 4.9
Invesco Mutual Fund 77 3.0 1.9 12.8 7.4 5.7 14.9 7.6 -2.8 6.1 7.2 6.8 1.5 0.7 37 94.7 3.6
PRINCIPAL Mutual Fund 51 -1.6 -0.5 11.4 0.6 -2.1 7.0 5.2 -6.4 2.4 5.2 1.7 -2.1 0.1 10 23.4 4.0
BNP Paribas Mutual Fund 37 -3.1 -5.8 7.3 -3.6 -5.1 6.1 3.1 -10.5 4.6 6.6 -0.4 -5.7 -2.6 -3 -7.6 7.0
Total of above 9,656 -2.3 -1.7 7.3 -0.5 -0.7 5.4 4.3 -8.2 0.3 3.8 3.5 -1.5 0.9 1,101 12.9 5.2
Nifty 10,793 -4.9 -3.6 6.2 0.0 -0.2 6.0 2.9 -6.4 -5.0 4.7 -0.1 -0.3 -0.4 2.9
Note: Equity value represents equity exposure for all mutual fund schemes (including balanced and other schemes).
Cash is derived by deducting equity AUM from total AUM; Only equity growth schemes have been considered for cash.

Fund Folio: Indian Mutual Fund Tracker | March 2019 7

Sector-wise weight: MoM increase seen in Oil & Gas, Private Banks, Consumer and Cement
 In Feb’19, MFs showed interest in Oil & Gas, Private Banks, Consumer, Cement, Capital Goods and Utilities, with these sectors witnessing an MoM
increase in weight. PSU Banks, Healthcare, NBFCs, Metals and Chemicals saw an MoM decrease in weight.
 Private Banks (18.6%) was the top sector holding in Feb’19, followed by Technology (9.5%), NBFCs (8.4%) and Consumer (8.1%).
 PSU Banks, Chemicals, Metals, Infrastructure and Healthcare saw a maximum decrease in value on an MoM basis.

Sector allocation (%): Sector value change MoM (%): MFs v/s BSE-200 weight (%):
Oil & Gas, Private Banks see highest rise MoM PSU Banks and Metals see maximum decline MoM Consumer u/w and Capital Goods o/w
Feb Weight (%) MoM Chg (pp) BSE 200 Weight (%) MF Weight (%)
Cement 6.9
Banks Private 20.1
Banks Private 18.6 0.1 Telecom 4.1 18.6
Technology 12.2
Technology 9.5 - 9.5
Retail 3.7
Consumer 12.0
NBFC 8.4 8.1
Oil & Gas 3.1 11.6
Consumer 8.1 0.1 NBFC 8.4
Utilities 2.6 10.4
Oil & Gas 7.8 0.2 Oil & Gas 7.8
Consumer 2.5 7.4
Capital Goods 7.4 0.1
Auto 7.0
Media 2.4 4.8
Auto 7.0 - Healthcare 6.0
Capital Goods 2.4 4.1
Healthcare 6.0 Capital Goods 7.4
Banks Private 1.6 Metals 2.8
Banks Public 4.3 3.0
Textiles 1.6 Utilities 2.7
Utilities 3.9 0.1 3.9
Real Estate 1.4 Banks Public 2.4
Chemicals 3.0 4.3
Metals Technology 0.9 Cement 2.2
3.0 2.5
Cement Auto 0.7 Telecom 1.4
2.5 0.1 1.3
Retail NBFC -0.1 Chemicals 1.2
1.5 - 3.0
Telecom 1.3 Healthcare -0.6 Retail 1.2
- 1.5
Media 0.8 Infrastructure -1.5 Media 0.6
- 0.8
Textiles 0.7 - Infrastructure 0.5
Metals -2.0 0.7
Infrastructure 0.7 - Real Estate 0.3
Chemicals -3.8 0.4
Real Estate 0.4 - Textiles 0.3
Banks Public -5.1 0.7

Fund Folio: Indian Mutual Fund Tracker | March 2019 8

Sectoral allocation of funds: Capital Goods, Healthcare and Cement over-owned
 Top sectors where ownership of mutual funds vis-à-vis BSE-200 is at least 1% higher: Capital Goods (18 funds over-owned), Healthcare (11 funds
over-owned), Cement (9 funds over-owned), Private Banks (8 funds over-owned) and Autos (7 funds over-owned).
 Top sectors where ownership of mutual funds vis-à-vis BSE-200 is at least 1% lower: Oil & Gas (17 funds under-owned), NBFCs (17 funds under-
owned), Consumer (16 funds under-owned), Technology (15 funds under-owned) and Private Banks (10 funds under-owned).

Sector-wise allocation of funds v/s BSE-200 (%)

Aditya Franklin Kotak
BNP Canara ICICI Motilal Relianc Sundara
Sector BSE200 Birla Sun Axis DSP Templeto HDFC IDFC Invesco Mahindr L&T Mirae Principal SBI TATA UTI
Paribas Robeco Pru Oswal e m
Life n a
Auto 7.4 6.2 11.9 4.0 6.5 6.8 8.9 4.0 7.1 7.5 8.8 5.7 4.2 7.1 11.1 5.8 6.7 7.3 9.3 9.5 10.0
Banks Private 20.1 19.8 19.9 22.0 25.4 19.0 22.7 16.2 13.7 17.5 23.6 26.2 14.3 22.1 22.2 17.0 17.1 21.6 13.2 17.7 18.8
Banks Public 2.4 2.9 0.3 2.0 3.7 1.5 2.8 8.9 5.8 2.4 1.5 3.8 3.4 3.0 0.0 3.2 7.2 3.2 1.5 2.1 1.9
Capital Goods 4.1 6.9 3.9 6.6 9.7 8.3 5.9 10.0 5.2 9.1 5.8 6.4 10.6 6.7 6.7 6.6 11.2 5.9 10.4 7.3 4.9
Cement 2.2 3.3 0.8 2.8 3.9 4.8 5.4 0.7 1.3 3.4 0.7 4.9 6.8 0.9 0.2 4.5 2.1 2.2 5.0 2.7 2.3
Chemicals 1.2 3.7 5.3 2.8 3.6 5.4 3.8 4.9 1.3 3.5 1.0 2.2 4.3 1.6 0.3 5.2 2.0 2.2 4.8 2.0 2.7
Consumer 12.0 11.0 9.0 14.6 10.1 7.3 5.5 4.2 8.9 8.7 6.1 8.2 5.8 7.6 6.6 13.0 4.5 10.5 12.1 15.5 9.7
Healthcare 4.8 7.0 2.8 2.7 4.3 8.1 6.0 4.9 6.6 6.8 7.7 4.5 6.4 11.4 6.9 5.1 7.4 5.0 4.5 3.2 6.8
Infrastructure 0.5 0.8 0.0 1.0 0.3 1.0 0.7 1.2 0.7 1.8 0.6 0.4 0.7 0.8 1.0 0.4 2.0 1.0 0.5
Media 0.6 2.0 0.0 2.5 0.4 0.9 0.5 1.1 0.5 1.5 0.4 0.8 1.1 0.0 1.0 0.7 0.3 1.6 1.3 0.6
Metals 2.8 3.5 0.1 2.9 0.4 3.1 2.4 3.3 6.3 2.7 2.0 2.3 1.5 4.1 0.0 3.2 3.7 1.8 0.9 0.2 2.1
NBFC 11.6 10.1 20.2 12.1 3.7 8.7 2.9 6.4 6.5 6.5 10.5 8.8 5.8 5.9 16.9 5.9 6.6 10.6 8.3 10.3 8.9
Oil & Gas 10.4 5.5 1.6 6.6 7.8 5.3 7.7 8.8 9.6 4.7 11.6 11.3 6.2 8.8 7.5 6.0 9.0 8.9 2.9 6.7 6.5
Real Estate 0.3 0.0 0.0 0.3 0.3 1.4 1.5 0.3 0.2 0.5 0.1 0.3 1.7 0.0 0.4 0.6 0.2 0.3 0.1 0.4
Retail 1.2 1.3 5.4 3.5 1.8 1.4 1.4 0.6 1.0 4.8 2.7 0.9 3.9 2.9 2.2 0.4 1.5 0.5 3.6 2.4 1.4
Technology 12.2 8.5 13.4 9.1 10.5 5.9 8.5 11.6 8.4 6.9 11.3 6.9 10.1 9.7 12.6 10.4 5.4 10.8 8.1 10.0 14.0
Telecom 1.4 0.5 0.0 0.5 0.0 0.5 3.9 0.3 3.8 0.1 0.3 0.1 1.2 0.3 0.0 0.9 1.0 1.8 0.5 0.1 1.1
Textiles 0.3 0.5 0.6 1.0 0.6 3.3 1.0 0.3 0.1 1.3 1.3 1.9 2.1 0.5 1.9 0.7 0.5 0.8 0.2 0.8
Utilities 2.7 2.2 1.9 0.2 1.3 1.2 2.8 7.5 9.6 1.2 0.2 0.6 0.1 3.3 0.0 3.8 4.6 2.2 0.5 2.4 2.3

Note: Green box indicates over-ownership by +1% and orange box indicates under-ownership by -1% of a sector vis-a-vis BSE200 weight.

Fund Folio: Indian Mutual Fund Tracker | March 2019 9

Nifty-50 snapshot: MFs net buyers in 54% of the stocks
Highest net buying in Feb’19 on an MoM basis was witnessed in Kotak Mah Bank (+16.1%), Hero Moto (+15.9%), JSW Steel (+12.7%), Axis Bank (+10.1%) and HUL
(+7.9%).
Number of Funds Number of Funds
Value Feb- Value Chg Shares Feb- Shares Chg Value Feb- Value Chg Shares Feb- Shares Chg
Company Having Exposure Company Having Exposure
19 (INR B) MoM (%) 19 (M) MoM (%) 19 (INR B) MoM (%) 19 (M) MoM (%)
>2% <2% >2% <2%
Kotak Mah. Bank 188.0 12.2 155.0 16.1 10 10 Bajaj Finserv 38.7 4.7 6.0 -1.3 19
Hero MotoCorp 32.8 16.5 12.5 15.9 19 Sun Pharma 100.8 3.2 226.5 -1.8 1 18
JSW Steel 17.1 15.4 60.9 12.7 19 Tata Steel 82.1 3.0 164.0 -1.9 2 18
Axis Bank 281.3 8.1 396.4 10.1 15 5 Vedanta 69.9 -15.8 412.8 -1.9 1 19
HUL 73.3 6.1 42.3 7.9 1 19 Maruti Suzuki 111.7 0.6 16.4 -2.2 5 15
UltraTech Cement 30.3 6.2 7.9 -2.3 20
L&T 283.5 5.7 219.3 7.4 13 7
IndusInd Bank 63.9 -6.1 43.3 -4.1 3 15
GAIL 69.5 9.6 203.1 6.4 19
Tata Motors 41.3 -6.4 232.6 -4.4 18
NTPC 161.4 7.4 1,142.7 6.2 2 17
Cipla 45.0 2.5 81.1 -4.4 18
Reliance Inds. 334.4 6.1 271.6 5.8 15 5 Eicher Motors 28.2 -0.7 1.4 -5.0 1 17
TCS 181.5 3.7 91.5 5.3 11 9 HCL Tech. 63.0 -1.2 59.7 -5.7 18
SBI 324.1 -4.4 1,204.5 4.4 11 9 IOC 79.2 -0.7 547.8 -6.0 2 16
HPCL 43.9 -0.2 196.5 4.3 1 17 Wipro 26.0 -7.3 70.4 -7.2 18
Hindalco 57.8 -2.3 295.3 4.0 1 16 Tech Mahindra 65.5 5.0 79.0 -7.5 1 19
ITC 288.7 2.4 1,045.7 3.4 11 9 Zee Entertainmen 24.8 11.4 53.1 -9.2 18
Grasim Inds 36.5 10.0 46.9 2.1 19 Bharti Infratel 4.6 -9.1 15.7 -9.6 18
Infosys 417.7 -0.3 569.2 1.8 18 2 UPL 32.8 0.0 37.4 -10.4 20
Asian Paints 54.5 1.2 38.8 1.8 1 19 Bajaj Auto 23.5 -3.3 8.1 -14.8 1 17
Power Grid 68.1 -1.5 372.5 1.6 1 18 Adani Ports & SEZ 14.2 -29.6 43.7 -26.9 18
ICICI Bank 466.4 -2.6 1,332.0 1.4 19 1 Indiabulls Hsg Fin 4.1 -33.3 6.3 -32.3 17
Bharti Airtel 110.1 5.2 346.3 1.4 2 18 MFs’ weight in Nifty (%)
Yes Bank 47.9 20.5 207.1 1.2 18 OW/UW to Nifty(pp)
3.3 3.2 2.2 1.2 1.0 0.7 0.4
HDFC 244.8 -3.3 133.0 0.9 10 10
BPCL 63.6 -1.9 188.3 0.4 1 16 28.2 MFs Weight in Nifty (%)
Bajaj Finance 110.4 3.2 41.7 0.3 3 17 12.9 11.5
Coal India 72.5 1.9 317.5 0.2 18 7.2 6.8 5.6 5.4 5.2 4.9 3.9 3.3 2.0
HDFC Bank 596.5 0.1 287.1 0.2 20 1.1 0.9 0.6 0.4 0.2
ONGC 77.6 5.4 521.7 0.2 1 17
Consumer

Banks PSU

Metals

Cement

Retail

Agro-Chem

Media
Banks Pvt

Auto

Telecom
Technology

Utilities

Cap. Goods

Healthcare

Infra
Oil & Gas

NBFC
M&M 76.9 -5.2 119.0 -0.2 20
Dr Reddys Labs. 43.8 -4.1 16.6 -0.9 19
Titan Company 49.9 1.9 48.7 -1.0 1 19

Fund Folio: Indian Mutual Fund Tracker | March 2019 10

Top schemes and NAV change: 84% of top-25 schemes close lower MoM
 Among the top-25 schemes by AUM, those registering the rise were: Axis Focused 25 Fund (+2.2% MoM change in NAV), Axis Long Term Equity
Fund (+2.1% MoM change in NAV), UTI-Equity Fund (+0.7% MoM change in NAV) and Franklin India Bluechip Fund (+0.1% MoM change in NAV).
 Those registering the highest fall were: Reliance Tax Saver (ELSS) Fund (-2.6% MoM change in NAV), Franklin India Smaller Companies Fund (-2.3%
MoM change in NAV), HDFC Equity Fund (-2.2% MoM change in NAV), HDFC Top 100 Fund (-2.1% MoM change in NAV) and Reliance Small Cap Fund
(-1.9% MoM change in NAV).
Top schemes by AUM
Scheme Name Total AUM (INR B) Equity AUM (INR B) MoM NAV Chg (%) 12M NAV Chg (%)
Kotak Standard Multicap Fund (G) 217 205 -0.6 -0.2
Aditya Birla SL Frontline Equity Fund (G) 207 199 -0.7 -2.6
HDFC Mid-Cap Opportunities Fund (G) 205 189 -0.3 -10.7
HDFC Equity Fund - (G) 205 203 -2.2 -1.9
SBI BlueChip Fund (G) 204 190 -0.1 -4.3
ICICI Pru Bluechip Fund (G) 201 179 -0.1 -0.6
AXIS Long Term Equity Fund (G) 174 170 2.1 0.9
ICICI Pru Value Discovery Fund (G) 157 129 -0.9 -4.8
HDFC Top 100 Fund (G) 152 150 -2.1 1.1
Motilal Oswal Multicap 35 Fund (G) 127 125 -0.5 -8.7
Reliance Large Cap Fund (G) 117 117 -1.5 -0.2
Franklin India Equity Fund - (G) 112 108 -0.3 -3.5
Mirae Asset India Equity Fund (G) 106 101 -0.8 1.4
Aditya Birla SL Equity Fund (G) 100 95 -1.1 -4.5
Reliance Multi Cap Fund (G) 97 97 -1.7 -2.6
Reliance Tax Saver (ELSS) Fund - (G) 96 96 -2.6 -19.7
UTI-Equity Fund (G) 86 85 0.7 3.9
L&T India Value Fund (G) 77 75 -1.1 -12.0
Franklin India Bluechip Fund - (G) 76 70 0.1 -2.2
Aditya Birla SL Tax Relief '96 (G) 76 74 -0.8 -3.3
Franklin India Focused Equity Fund (G) 74 67 -1.4 -4.5
Reliance Small Cap Fund (G) 72 64 -1.9 -19.5
HDFC Tax Saver Fund (G) 68 65 -1.8 -8.0
Franklin India Smaller Companies Fund (G) 68 64 -2.3 -17.8
AXIS Focused 25 Fund (G) 68 65 2.2 0.4
Note: Equity growth schemes considered for this comparison
Fund Folio: Indian Mutual Fund Tracker | March 2019 11
Value surprise: Maximum MoM change in Axis Bank, Kotak Mah. Bank and Reliance Inds
 In Feb’19, five of the top-10 stocks that saw maximum change in value were from Private Banks and Oil & Gas. Axis Bank, Kotak Mahindra Bank,
Reliance Industries, L&T and NTPC saw the maximum value change on an MoM basis.
 Stocks that saw maximum decline in value were: SBI, Vedanta, ICICI Bank, HDFC and Tata Chemicals.

Top-10 stocks by change in value

Value Feb-19 Value Chg MoM Value Chg Shares Shares Chg Shares Chg Price Chg %
Company
(INR B) (INR B) MoM (%) Feb-19 (M) MoM (M) MoM (%) MoM (%) AUM
Axis Bank 281.3 21.0 8.1 396.4 36.3 10.1 -1.9 2.9
Kotak Mah. Bank 188.0 20.4 12.2 155.0 21.5 16.1 -3.3 1.9
Reliance Inds 334.4 19.2 6.1 271.6 14.8 5.8 0.4 3.5
L&T 283.5 15.2 5.7 219.3 15.1 7.4 -1.4 2.9
NTPC 161.4 11.1 7.4 1,142.7 66.8 6.2 1.2 1.7
Emami 23.1 9.6 70.8 59.0 26.1 79.2 -4.6 0.2
Yes Bank 47.9 8.2 20.5 207.1 2.5 1.2 19.0 0.5
ITC 288.7 6.7 2.4 1,045.7 34.0 3.4 -0.9 3.0
TCS 181.5 6.4 3.7 91.5 4.6 5.3 -1.5 1.9
GAIL 69.5 6.1 9.6 203.1 12.2 6.4 3.1 0.7
Bottom-10 stocks by change in value
Value Feb-19 Value Chg Value Chg Shares Shares Chg Shares Chg Price Chg %
Company
(INR B) MoM (INR B) MoM (%) Feb-19 (M) MoM (M) MoM (%) MoM (%) AUM
SBI 324.1 -14.8 -4.4 1,204.5 50.3 4.4 -8.0 3.4
Vedanta 69.9 -13.2 -15.8 412.8 -8.2 -1.9 -14.2 0.7
ICICI Bank 466.4 -12.2 -2.6 1,332.0 18.8 1.4 -4.2 4.8
HDFC 244.8 -8.5 -3.3 133.0 1.2 0.9 -4.3 2.5
Tata Chemicals 31.5 -7.7 -19.6 56.6 -1.5 -2.5 -17.5 0.3
Aurobindo Pharma 55.3 -6.3 -10.3 77.7 -0.6 -0.7 -9.4 0.6
Adani Ports 14.2 -6.0 -29.6 43.7 -16.1 -26.9 -4.3 0.1
M&M 76.9 -4.2 -5.2 119.0 -0.3 -0.2 -5.0 0.8
IndusInd Bank 63.9 -4.1 -6.1 43.3 -1.8 -4.1 -2.1 0.7
Concor 18.3 -3.7 -16.9 38.8 -3.4 -8.0 -9.8 0.2

Fund Folio: Indian Mutual Fund Tracker | March 2019 12

 SBI IN ORDER OF EQUITY AUM, CLICK ON THE FUND NAME FOR DETAILS
HDFC
ICICI Prudential
Reliance
Aditya Birla Sun Life
UTI
Kotak Mahindra
Franklin Templeton
Axis
DSP
FUNDS
L&T
Mirae Asset
SNAPSHOT
Tata
IDFC
Sundaram
Motilal Oswal
Canara Robeco
Invesco
Principal
BNP Paribas

Fund Folio: Indian Mutual Fund Tracker | March 2019 13

 Back to
SBI: Equity AUM INR1398b HDFC: Equity AUM INR1347b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 8.9 0.0 Banks Pvt 21.6 -0.2 ICICI Bank 7.0 -0.1 Banks Pvt 16.2 -0.1
RIL 6.1 0.1 10.8 0.1 6.9 0.0 11.6 0.0
Technology Infosys Technology
Infosys 5.2 -0.1 10.6 -0.1 SBI 5.8 -0.3 10.0 0.2
NBFC Cap Goods
ICICI Bank 4.5 -0.3 10.5 0.4 5.3 0.1 8.9 -0.5
Consumer L&T Banks PSU
4.4 0.0 8.9 0.0 4.6 0.0 8.8 0.1
ITC Oil & Gas HDFC Bank Oil & Gas
4.2 -0.2 7.3 0.4 4.6 0.1 7.5 0.2
HDFC Auto RIL Utilities
-0.1 0.2 3.1 0.0 0.4
Kotak M Bank 3.5 Cap Goods 5.9 ITC NBFC 6.4
-0.3 -0.2 0.2 -0.1
SBI 3.1 Healthcare 5.0 NTPC 3.0 4.9
0.0 Healthcare
0.0 3.2 -0.3 2.4 0.1
TCS 3.0 Banks PSU Axis Bank Auto 4.6
0.2 0.1 0.0 -0.2
Axis Bank 2.9 Cement 2.2 Power Grid 2.2 4.3
Chemicals

Top change by market value Top change in weight (%) Top change by market value Top change in weight (%)
Mkt Value Shares Chg Chg MoM Current Mkt Value Shares Chg Chg MoM Current
Company Company Company Company
Chg (INR b) ('000) (pp) Weight Chg (INR b) ('000) (pp) Weight
Emami 7.88 20,264 Emami 0.56 0.66 NTPC 2.41 14,062 NTPC 0.22 2.99
Axis Bank 3.45 5,838 Hero MotoCorp 0.21 0.91 PFC 2.05 3,646 PFC 0.17 1.62
RIL 3.09 2,295 Axis Bank 0.20 2.94 REC 1.88 4,105 REC 0.15 1.19
Hero MotoCorp 3.05 1,140 RIL 0.12 6.07 Coal India 1.36 4,794 Coal India 0.12 1.32
HDFC Bank 1.88 958 Yes Bank 0.11 0.60 Tata Steel 1.04 10 RIL 0.10 4.55
Bajaj Finance 1.70 431 Chalet Hotels 0.10 0.14 Yes Bank 1.00 489 Tata Steel 0.10 1.61
Yes Bank 1.67 1,703 Bajaj Finance 0.10 1.49 UPL 0.86 3 L&T 0.09 5.27
Divis Lab 1.67 -100 Divis Lab 0.10 1.45 Balkrishna Inds 0.76 -336 Yes Bank 0.08 0.42
Cummins 1.40 2,695 Cummins 0.09 0.41 Cholaman.Inv.&Fn 0.73 277 UPL 0.07 0.61
Chalet Hotels 1.40 5,086 Bajaj Auto 0.07 0.60 Chalet Hotels 0.72 2,608 Balkrishna Inds 0.07 0.90
Top scheme by NAV change Top scheme by NAV change
Total AUM Equity AUM MoM NAV Total AUM Equity AUM MoM NAV
Scheme Name Scheme Name
(INR B) (INR B) Chg (%) (INR B) (INR B) Chg (%)
SBI Focused Equity Fund (G) 35.8 31.3 1.2 HDFC Index Fund-Nifty 50 Plan 5.6 5.7 -0.3
SBI BlueChip Fund (G) 204.0 189.7 -0.1 HDFC Mid-Cap Opportunities Fund (G) 205.4 189.5 -0.3
SBI Magnum Midcap Fund (G) 34.4 33.3 -0.5 HDFC Infrastructure Fund (G) 7.8 7.5 -0.7
SBI Magnum Multicap Fund (G) 64.5 61.6 -0.6 HDFC Long Term Advantage Fund (G) 14.3 13.4 -0.8
SBI Contra Fund (G) 14.6 12.4 -0.7 HDFC Capital Builder Value Fund - (G) 41.6 39.9 -1.1

Fund Folio: Indian Mutual Fund Tracker | March 2019 14

 Back to
ICICI Prudential: Equity AUM INR1263b Reliance: Equity AUM INR946b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
ITC 5.6 0.5 13.7 0.0 HDFC Bank 5.9 0.2 Banks Pvt 17.1 0.7
Banks Pvt
NTPC 5.3 0.2 9.6 0.0 5.2 -0.4 Cap Goods 11.2 0.0
Utilities SBI
4.9 0.2 9.6 0.7 4.3 0.1 9.0 -0.3
SBI Oil & Gas ICICI Bank Oil & Gas
Infosys 4.1 -0.2 8.9 0.3 3.7 0.2 7.4 0.2
Consumer Axis Bank Healthcare
4.1 -0.4 8.4 -0.7 0.1 7.2 -0.5
ICICI Bank Technology Infosys 3.6 Banks PSU
3.6 0.6 -0.2 0.1 6.7 -0.2
Axis Bank Auto 7.1 L&T 2.4 Auto
0.0 -0.3 -0.4
Bharti Airtel 3.5 Healthcare 6.6 -0.4 2.4 NBFC 6.6
IOCL 0.3
3.5 1.1 6.5 -0.1 0.2 5.4
L&T NBFC RIL 2.3 Technology -0.3
3.4 0.2 6.3 -0.1 0.0 4.6
ONGC Metals ITC 2.3 Utilities
-0.4 0.2 0.0
HDFC Bank 3.3 Banks PSU 5.8 2.1 0.0 Consumer 4.5
Tata Steel

Top change by market value Top change in weight (%) Top change by market value Top change in weight (%)
Mkt Value Shares Chg Chg MoM Current Mkt Value Shares Chg Chg MoM Current
Company Company Company Company
Chg (INR b) ('000) (pp) Weight Chg (INR b) ('000) (pp) Weight
L&T 14.83 11,818 L&T 1.06 3.49 Chalet Hotels 2.46 8,927 Chalet Hotels 0.26 0.30
ITC 9.73 37,295 Axis Bank 0.62 3.62 TCS 2.11 1,089 Sun Pharma 0.25 1.66
Axis Bank 9.69 14,591 ITC 0.53 5.58 Sun Pharma 1.91 2,709 TCS 0.23 0.57
NTPC 6.19 39,042 NTPC 0.25 5.26 Cipla 1.09 1,523 HDFC Bank 0.22 5.86
SBI 5.07 36,333 Kotak M Bank 0.24 1.17 Bharti Airtel 1.08 2,549 Axis Bank 0.20 3.70
ONGC 3.91 12,538 Nalco 0.21 0.52 Kotak M Bank 1.01 1,047 RIL 0.16 2.28
Kotak M Bank 3.56 3,250 GAIL 0.18 1.01 HPCL 1.01 5,603 ICICI Bank 0.15 4.31
RIL 2.95 2,360 SBI 0.18 4.87 Axis Bank 0.93 2,180 Bharti Airtel 0.14 0.87
Nalco 2.89 68,223 RIL 0.17 1.47 Ashok Leyland 0.90 7,577 Kotak M Bank 0.13 0.90
GAIL 2.82 7,362 ONGC 0.15 3.41 RIL 0.88 664 Cipla 0.13 0.47
Top scheme by NAV change Top scheme by NAV change
Total AUM Equity AUM MoM NAV Total AUM Equity AUM MoM NAV
Scheme Name Scheme Name
(INR B) (INR B) Chg (%) (INR B) (INR B) Chg (%)
ICICI Pru P.H.D Fund (G) 14.6 12.7 0.5 Reliance Power & Infra Fund (G) 13.4 13.2 0.9
ICICI Pru Bharat Consumption Fund - Sr.1 (G) 9.1 8.1 0.2 Reliance Focused Equity Fund (G) 41.5 39.4 0.1
ICICI Pru Value Fund - Series 15 - Regular (G) 5.7 4.9 0.2 Reliance Retirement Fund-Wealth Creation (G) 13.8 12.9 -0.1
ICICI Pru Multicap Fund - (G) 31.7 29.7 0.1 Reliance Value Fund (G) 30.1 29.0 -0.4
ICICI Pru Bluechip Fund (G) 201.0 179.3 -0.1 Reliance Growth Fund - (G) 63.6 61.9 -0.4

Fund Folio: Indian Mutual Fund Tracker | March 2019 15

 Back to
Aditya Birla Sun Life: Equity AUM INR794b UTI: Equity AUM INR631b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 6.8 -0.1 Banks Pvt 19.8 0.7 HDFC Bank 6.1 0.1 Banks Pvt 18.8 0.1
ICICI Bank 5.6 -0.3 Consumer 11.0 -0.4 Infosys 5.4 -0.1 Technology 14.0 0.1
Infosys 3.7 -0.1 10.1 -0.1 ICICI Bank 4.4 -0.1 10.2 0.0
NBFC Auto
2.9 0.2 8.5 -0.1 3.8 0.0 9.7 -0.1
RIL Technology ITC Consumer
2.9 -0.3 7.0 -0.2 3.3 0.2 8.9 0.1
ITC Healthcare RIL NBFC
2.6 -0.2 6.9 0.0 3.3 0.0 6.8 -0.1
SBI Cap Goods HDFC Healthcare
-0.1 0.0 0.0 6.5 0.2
HDFC 2.5 Auto 6.2 TCS 3.1 Oil & Gas
0.5 0.1 0.0 4.9 -0.1
Kotak M Bank 2.1 Oil & Gas 5.5 Axis Bank 2.4 Cap Goods
0.2 -0.2 0.0 2.6 -0.1
Tech Mahindra 1.9 Chemicals 3.7 L&T 2.2 Chemicals
0.0 -0.2 0.1 2.3 0.0
L&T 1.7 Metals 3.5 Maruti Suzuki 2.1 Utilities

Top change by market value Top change in weight (%) Top change by market value Top change in weight (%)
Mkt Value Shares Chg Chg MoM Current Mkt Value Shares Chg Chg MoM Current
Company Company Company Company
Chg (INR b) ('000) (pp) Weight Chg (INR b) ('000) (pp) Weight
Kotak M Bank 4.28 3,872 Kotak M Bank 0.54 2.08 Yes Bank 1.41 528 Yes Bank 0.22 1.29
Axis Bank 3.42 5,045 Axis Bank 0.43 1.56 RIL 1.15 882 RIL 0.16 3.29
RIL 1.35 1,039 GRUH Finance 0.16 0.29 Tech Mahindra 0.92 86 Tech Mahindra 0.14 1.15
GRUH Finance 1.30 4,497 RIL 0.16 2.89 HDFC Bank 0.73 367 Motherson Sumi 0.10 0.57
Tech Mahindra 1.24 -722 Tech Mahindra 0.15 1.88 Motherson Sumi 0.63 1,046 Sun Pharma 0.08 1.33
NTPC 1.21 8,025 NTPC 0.15 1.07 Maruti Suzuki 0.54 27 Maruti Suzuki 0.07 2.08
Emami 1.06 2,920 Emami 0.13 0.36 Sun Pharma 0.53 298 HDFC Bank 0.07 6.09
Coal India 0.98 4,067 Coal India 0.12 0.50 Bajaj Auto 0.42 22 Bajaj Auto 0.06 0.48
Hero MotoCorp 0.95 358 Hero MotoCorp 0.12 0.38 Bajaj Finance 0.37 22 AB Capital 0.06 0.09
Zee Ent. 0.94 -818 Zee Ent. 0.12 0.85 AB Capital 0.36 3,690 Sun TV 0.05 0.40

Top scheme by NAV change Top scheme by NAV change

Total AUM Equity AUM MoM NAV Total AUM Equity AUM MoM NAV
Scheme Name Scheme Name
(INR B) (INR B) Chg (%) (INR B) (INR B) Chg (%)
Aditya Birla SL Infrastructure Fund - (G) 5.5 5.4 0.8 UTI-Equity Fund (G) 86.5 84.7 0.7
Aditya Birla SL Focused Equity Fund (G) 39.4 36.6 0.0 UTI-Master Equity Plan Unit Scheme 17.5 17.3 0.3
Aditya Birla SL MNC Fund - (G) 34.9 33.9 -0.4 UTI-Transportation & Logistics Fund (G) 13.8 13.0 0.1
Aditya Birla SL Equity Advantage Fund (G) 53.1 51.4 -0.4 UTI-Infrastructure Fund (G) 12.6 12.4 -0.1
Aditya Birla SL Dividend Yield Fund (G) 7.9 7.6 -0.4 UTI-Nifty Index Fund (G) 11.3 11.3 -0.2

Fund Folio: Indian Mutual Fund Tracker | March 2019 16

 Back to
Kotak Mahindra: Equity AUM INR519b Franklin: Equity AUM INR478b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 8.4 0.1 26.2 1.8 HDFC Bank 7.9 0.0
Banks Pvt Banks Pvt 22.7 -0.1
RIL 6.9 1.0 11.3 0.9 4.9 0.1 -0.4
Oil & Gas Axis Bank Auto 8.9
6.2 -0.2 8.8 -0.8 4.3 -0.1
ICICI Bank NBFC ICICI Bank Technology 8.5 0.1
4.1 0.2 0.1 3.9 -0.1 0.1
Axis Bank Consumer 8.2 Infosys Oil & Gas 7.7
3.4 -0.1 0.1 3.1 0.2 -0.4
Infosys Technology 6.9 Bharti Airtel Healthcare 6.0
3.1 1.6 -0.2 -0.1 0.3
Kotak M Bank Cap Goods 6.4 SBI 2.6 Cap Goods 5.9
3.0 -0.1 -0.5 -0.2 -0.1
SBI Auto 5.7 Kotak M Bank 2.3 Consumer 5.5
2.6 -0.1 0.3 0.0 0.5
L&T Cement 4.9 M&M 1.9 Cement 5.4
0.2 -0.4 -0.1 0.2
TCS 2.5 4.5 BPCL 1.9 Telecom 3.9
Healthcare
2.2 0.0 -0.3 1.8 0.1 3.8 0.0
HDFC Banks PSU 3.8 IOCL Chemicals

Top change by market value Top change in weight (%) Top change by market value Top change in weight (%)
Mkt Value Shares Chg Chg MoM Current Mkt Value Shares Chg Chg MoM Current
Company Company Company Company
Chg (INR b) ('000) (pp) Weight Chg (INR b) ('000) (pp) Weight
Kotak M Bank 8.40 7,138 Kotak M Bank 1.57 3.09 Yes Bank 1.20 0 Yes Bank 0.27 1.57
RIL 5.94 4,753 RIL 0.95 6.85 Grasim Inds 0.77 435 Grasim Inds 0.18 1.33
HDFC Bank 1.96 967 SRF 0.24 0.75 Nalco 0.65 13,406 Bharti Airtel 0.15 3.08
Axis Bank 1.60 2,762 GCPL 0.22 0.80 Tech Mahindra 0.56 -200 Nalco 0.14 0.18
SRF 1.35 430 Axis Bank 0.18 4.15 Bharti Airtel 0.56 57 Tech Mahindra 0.13 1.25
GCPL 1.25 2,077 Dr Reddys Lab 0.18 0.53 L&T 0.53 500 L&T 0.13 1.65
TCS 1.19 692 TCS 0.15 2.52 Ashok Leyland 0.51 5,519 Petronet LNG 0.11 1.30
Dr Reddys Lab 0.97 392 ACC 0.14 0.32 Apollo Hospitals 0.47 600 Ashok Leyland 0.11 0.22
Yes Bank 0.84 494 Yes Bank 0.14 0.89 Petronet LNG 0.46 2,500 Apollo Hospitals 0.10 0.41
JSPL 0.75 1,557 JSPL 0.12 0.75 UltraTech 0.41 0 UltraTech 0.10 1.08

Top scheme by NAV change Top scheme by NAV change

Total AUM Equity AUM MoM NAV Total AUM Equity AUM MoM NAV
Scheme Name Scheme Name
(INR B) (INR B) Chg (%) (INR B) (INR B) Chg (%)
Kotak Emerging Equity Fund (G) 35.4 34.6 0.8 Templeton India Value Fund - (G) 5.2 4.9 0.3
Kotak Infrastructure & Economic Reform-SP (G) 3.6 3.6 0.5 Franklin India Bluechip Fund - (G) 76.0 70.3 0.1
Kotak Bluechip Fund (G) 13.3 13.0 0.2 Franklin India Prima Fund - (G) 64.9 61.1 -0.2
Kotak Equity Opportunities (G) 23.1 22.9 -0.1 Franklin India Equity Fund - (G) 111.5 107.8 -0.3
Kotak Standard Multicap Fund (G) 216.8 204.7 -0.6 Franklin India Taxshield - (G) 36.7 34.9 -0.9

Fund Folio: Indian Mutual Fund Tracker | March 2019 17

 Back to
Axis: Equity AUM INR407b DSP: Equity AUM INR351b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 6.2 -0.1 19.0 0.3
TCS 7.8 -0.2 20.2 0.4 Banks Pvt
NBFC 5.3 0.0
7.7 -0.5 19.9 -1.0 ICICI Bank NBFC 8.7 -1.0
HDFC Bank Banks Pvt
L&T 2.7 -0.1 -0.2
Bajaj Finance 7.5 0.2 13.4 -0.4 Cap Goods 8.3
Technology 0.1
0.0 RIL 2.3 8.1 0.1
Kotak M Bank 6.7 0.2 Auto 11.9 Healthcare
2.3 -0.2 0.5
4.9 0.2 9.0 0.2 Bajaj Finance Consumer 7.3
Pidilite Consumer 0.2 0.1
4.9 -0.5 5.4 0.6 Axis Bank 2.3 Auto 6.8
HDFC Retail 0.2 0.2
4.7 0.0 5.3 0.2 Ipca Lab 2.0 Technology 5.9
Maruti Suzuki Chemicals 0.1
-0.2 -0.3
4.3 0.6 Cap Goods 3.9 Infosys 1.9 Chemicals 5.4
Avenue Super. 0.1 0.1 0.3
2.8 0.2 Healthcare 2.8 RBL Bank 1.5 Oil & Gas 5.3
Info Edge -0.2 0.3
1.9 0.1 1.5 4.8
GRUH Finance 2.5 0.3 Utilities Maruti Suzuki Cement

Top change by market value Top change in weight (%) Top change by market value Top change in weight (%)
Mkt Value Shares Chg Chg MoM Current Mkt Value Shares Chg Chg MoM Current
Company Company Company Company
Chg (INR b) ('000) (pp) Weight Chg (INR b) ('000) (pp) Weight
Avenue Super. 3.12 1,568 Avenue Super. 0.55 4.26 HUL 2.59 1,494 HUL 0.74 0.75
Bajaj Finance 2.46 623 Sundaram Finance 0.37 2.00 Kotak M Bank 1.51 1,339 Kotak M Bank 0.43 1.37
Kotak M Bank 2.32 2,613 GRUH Finance 0.30 2.55 Tata Steel 1.28 2,408 Tata Steel 0.36 0.82
Pidilite 2.01 1,552 Divis Lab 0.27 1.67 TCS 1.21 631 TCS 0.34 1.20
Sundaram Finance 1.88 513 Supreme Inds 0.25 1.12 Nestle 1.00 110 Nestle India 0.28 0.92
GRUH Finance 1.77 304 Pidilite 0.22 4.88 Balkrishna Inds 0.64 649 Balkrishna Inds 0.18 0.37
Divis Lab 1.42 537 Kotak M Bank 0.19 6.70 Bata India 0.59 458 Bata India 0.17 0.17
Info Edge 1.34 613 Bajaj Finance 0.18 7.52 Axis Bank 0.58 1,005 Axis Bank 0.15 2.25
Maruti Suzuki 1.25 110 WABCO India 0.18 1.41 Ipca Lab 0.57 285 Ipca Lab 0.15 2.02
Supreme Inds 1.21 624 Info Edge 0.18 2.78 Manappuram Fin 0.52 0 Manappuram Fin 0.15 0.81
Top scheme by NAV change Top scheme by NAV change
Total AUM Equity AUM MoM NAV Total AUM Equity AUM MoM NAV
Scheme Name Scheme Name
(INR B) (INR B) Chg (%) (INR B) (INR B) Chg (%)
AXIS Emerging Opportunities Fund - Sr.2 (G) 12.0 11.5 2.5 DSP Midcap Fund (G) 56.3 51.6 1.3
AXIS Emerging Opportunities Fund - Sr.1 (G) 5.5 5.3 2.5 DSP Equity Fund (G) 24.8 24.4 0.5
AXIS Midcap Fund (G) 18.9 15.3 2.4 DSP A.C.E. Fund - Series 1 (G) 5.4 5.3 0.4
AXIS Focused 25 Fund (G) 67.6 65.4 2.2 DSP Top 100 Equity Fund (G) 25.6 25.3 0.0
AXIS Long Term Equity Fund (G) 174.3 170.0 2.1 DSP Focus Fund (G) 20.3 20.3 -0.1

Fund Folio: Indian Mutual Fund Tracker | March 2019 18

 Back to
L&T: Equity AUM INR342b Mirae Asset: Equity AUM INR200b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
RIL 4.2 0.4 14.3 0.0 HDFC Bank 7.7 0.0 22.1 -0.4
Banks Pvt Banks Pvt
4.2 -0.1 10.6 -0.6 RIL 5.2 0.0 11.4 1.0
ICICI Bank Cap Goods Healthcare
3.7 0.2 10.1 0.8 ICICI Bank 5.0 -0.1 Technology 9.7 -0.3
HDFC Bank Technology
3.5 0.0 6.8 0.5 Axis Bank 4.9 -0.2 Oil & Gas 8.8 -0.3
L&T Cement
2.7 -0.2 6.4 0.1 3.0 -0.3 7.6 -0.1
HDFC Healthcare sBI Consumer
0.3 6.2 0.4 0.0 7.1 0.2
Infosys 2.6 Oil & Gas Infosys 2.9 Auto
0.1 -0.6 6.7 0.0
Axis Bank 2.6 NBFC 5.8 Tata Steel 2.7 0.1 Cap Goods
0.3 0.3 5.9 -0.2
Ramco Cem. 2.4 Consumer 5.8 2.7 -0.1 NBFC
0.0 -0.2 Kotak M Bank
4.4 4.1 -0.1
TCS 2.4 Auto 2.6 -0.1 Metals
0.1 TCS 0.9
Chemicals 4.1 -0.5 0.0 Utilities 3.3
Future Retail 2.2 ITC 2.3

Top change by market value Top change in weight (%) Top change by market value Top change in weight (%)
Mkt Value Shares Chg Chg MoM Current Mkt Value Shares Chg Chg MoM Current
Company Company Company Company
Chg (INR b) ('000) (pp) Weight Chg (INR b) ('000) (pp) Weight
RIL 1.20 941 RIL 0.41 4.20 NTPC 1.61 11,309 NTPC 0.79 1.52
Ramco Cem. 0.87 0 Ramco Cem. 0.29 2.44 Ajanta Pharma 1.53 1,567 Ajanta Pharma 0.76 0.82
Emami 0.80 2,303 Infosys 0.26 2.64 Balkrishna Inds 1.09 1,133 Balkrishna Inds 0.54 1.01
Infosys 0.78 1,290 Emami 0.24 0.89 Eicher Motors 0.60 30 Eicher Motors 0.30 0.30
Tech Mahindra 0.73 639 Tech Mahindra 0.22 0.64 Dr Reddys Lab 0.51 201 Dr Reddys Lab 0.25 0.53
Jubilant Food 0.56 442 Jubilant Food 0.16 0.16 Divis Lab 0.40 0 Divis Lab 0.16 2.22
Sun TV 0.47 268 HDFC Bank 0.16 3.73 Colgate 0.27 231 Colgate 0.13 0.65
Supreme Inds 0.41 0 Sun TV 0.15 0.75 Tata Steel 0.26 4 Ipca Lab 0.11 0.48
Bharti Airtel 0.38 778 Future Retail 0.13 2.18 Exide Inds 0.25 1,441 Exide Inds 0.11 1.17
Finolex Cables 0.37 1,004 Supreme Inds 0.13 0.93 Ipca Lab 0.24 250 Zee Ent. 0.10 1.07

Top scheme by NAV change Top scheme by NAV change

Total AUM Equity AUM MoM NAV Total AUM Equity AUM MoM NAV
Scheme Name Scheme Name
(INR B) (INR B) Chg (%) (INR B) (INR B) Chg (%)
L&T Infrastructure Fund (G) 17.9 16.6 0.3 Mirae Asset Emerging Bluechip Fund (G) 64.4 64.2 -0.7
L&T Focused Equity Fund (G) 5.3 4.7 -0.5 Mirae Asset Tax Saver Fund (G) 13.8 13.6 -0.8
L&T Equity Fund (G) 25.2 24.5 -0.9 Mirae Asset India Equity Fund (G) 105.6 101.2 -0.8
L&T India Value Fund (G) 77.3 75.5 -1.1 Mirae Asset Healthcare Fund - Regular (G) 3.3 3.2 -1.3
L&T Emerging Businesses Fund (G) 55.2 49.4 -1.2 Mirae Asset Great Consumer Fund (G) 6.5 6.2 -1.7

Fund Folio: Indian Mutual Fund Tracker | March 2019 19

 Back to
Tata: Equity AUM INR199b IDFC: Equity AUM INR190b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 6.9 -0.4 17.7 -0.7 ICICI Bank 4.5 0.0 17.5 0.3
Banks Pvt Banks Pvt
ITC 5.4 -0.2 15.5 -0.2 HDFC Bank 3.8 0.0 9.1 0.1
Consumer Cap Goods
4.8 -0.1 10.3 0.2 3.8 0.1 -0.5
ICICI Bank NBFC Infosys Consumer 8.7
4.3 -0.3 10.0 0.3 3.4 0.0 -0.4
HDFC Technology Axis Bank Auto 7.5
4.2 -0.1 9.5 0.1 3.0 0.2 0.2
RIL Auto RIL Technology 6.9
3.3 -0.1 7.3 -0.1 2.2 0.0 0.2
L&T Cap Goods RBL Bank Healthcare 6.8
0.2 6.7 0.0 0.3 -0.2
Infosys 3.2 Oil & Gas Aurobindo 1.9 NBFC 6.5
0.2 3.2 0.0 0.0 0.6
Bajaj Auto 3.0 Healthcare Future Retail 1.7 Retail 4.8
-0.1 2.7 0.7 0.2
Kotak M Bank 2.9 Cement Kotak M Bank 1.6 Oil & Gas 4.7 0.2
0.0 2.4 -0.1
TCS 2.7 Retail L&T 1.6 0.0 Chemicals 3.5 -0.3

Top change by market value Top change in weight (%) Top change by market value Top change in weight (%)
Mkt Value Shares Chg Chg MoM Current Mkt Value Shares Chg Chg MoM Current
Company Company Company Company
Chg (INR b) ('000) (pp) Weight Chg (INR b) ('000) (pp) Weight
ACC 1.52 1,068 ACC 0.76 0.80 Titan Co. 0.81 745 Titan Co. 0.43 1.19
Bajaj Auto 0.73 7 United Spirits 0.31 1.19 Birlasoft (India) 0.71 6,549 Birlasoft (India) 0.37 0.37
United Spirits 0.71 1,261 Zee Ent. 0.30 0.30 Aurobindo 0.60 1,253 Aurobindo 0.32 1.93
Infosys 0.70 1,114 Ipca Lab 0.28 0.56 JSW Steel 0.45 1,576 JSW Steel 0.24 0.45
Zee Ent. 0.60 1,286 Bajaj Auto 0.23 2.99 Kotak M Bank 0.38 388 Kotak M Bank 0.20 1.60
Ipca Lab 0.57 675 Infosys 0.21 3.19 RIL 0.34 263 RIL 0.18 2.97
Tech Mahindra 0.51 33 Voltas 0.19 1.03 Emami 0.34 913 Emami 0.18 0.37
Voltas 0.46 685 Tech Mahindra 0.17 2.08 JSPL 0.34 679 JSPL 0.18 0.94
Bata India 0.40 0 Bajaj Finserv 0.17 0.79 NCC 0.31 2,750 NCC 0.16 0.70
Bajaj Finserv 0.39 49 Sundaram Finance 0.16 0.87 3M India 0.28 1 3M India 0.15 1.19

Top scheme by NAV change Top scheme by NAV change

Total AUM Equity AUM MoM NAV Total AUM Equity AUM MoM NAV
Scheme Name Scheme Name
(INR B) (INR B) Chg (%) (INR B) (INR B) Chg (%)
Tata Value Fund - Series 1 - Regular (G) 7.1 6.8 1.0 IDFC Multi Cap Fund (G) 51.9 48.1 -0.3
Tata Equity P/E Fund - (G) 51.2 48.1 0.8 IDFC Tax Advantage (ELSS) Fund (G) 17.4 16.5 -0.4
Tata Mid Cap Growth Fund - (G) 6.1 5.7 0.8 IDFC Sterling Value Fund (G) 28.9 27.5 -0.4
Tata India Consumer Fund (G) 14.1 12.8 0.0 IDFC Equity Opportunity - Series 5 (G) 5.3 5.2 -0.5
Tata Multicap Fund - Regular (G) 14.2 12.8 -0.3 IDFC Core Equity Fund (G) 28.0 26.9 -1.0

Fund Folio: Indian Mutual Fund Tracker | March 2019 20

 Back to
Sundaram: Equity AUM INR175b Motilal Oswal : Equity AUM INR172b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 3.0 0.0 13.2 0.1 HDFC Bank 8.6 0.0 Banks Pvt 22.2 -0.1
Banks Pvt
ICICI Bank 2.8 -0.1 12.1 0.0 6.0 -0.3 NBFC 16.9 -0.2
Consumer HDFC
Ramco Cem. 2.3 0.2 10.4 -0.1 6.0 -0.2 Technology 12.6 -0.4
Cap Goods Infosys
ITC 1.8 0.0 9.3 -0.4 5.1 -0.1 Auto 11.4 0.2
Auto L&T
1.7 0.1 8.3 -0.2 4.6 0.7 7.5 -0.2
Axis Bank NBFC Axis Bank Oil & Gas
AB Fashion 1.7 0.1 Technology 8.1 0.2 4.4 0.1 Healthcare 6.9 0.3
Bajaj Finance
1.6 -0.1 Cement 5.0 0.4 4.3 0.0 6.7 0.0
Infosys Maruti Suzuki Cap Goods
1.5 0.4 4.8 -0.3 3.8 0.1 0.6
RIL Chemicals RBL Bank Consumer 6.6
1.5 0.2 4.5 -0.3 0.0 0.1
Quess Corp Healthcare Eicher Motors 3.7 Retail 2.2
1.4 -0.2 Retail 3.6 0.1 3.6 0.3 0.1
SBI United Spirits Textiles 0.5

Top change by market value Top change in weight (%) Top change by market value Top change in weight (%)
Mkt Value Shares Chg Chg MoM Current Mkt Value Shares Chg Chg MoM Current
Company Company Company Company
Chg (INR b) ('000) (pp) Weight Chg (INR b) ('000) (pp) Weight
RIL 0.73 585 RIL 0.41 1.50 Axis Bank 1.20 1,870 Axis Bank 0.70 4.64
GAIL 0.46 1,343 GAIL 0.26 0.30 United Spirits 0.52 826 United Spirits 0.30 3.64
Dr Reddys Lab 0.44 175 Dr Reddys Lab 0.25 0.56 Britannia 0.46 206 Britannia 0.27 2.43
Ramco Cem. 0.42 0 Ramco Cem. 0.24 2.31 Bata India 0.39 300 Bata India 0.23 0.23
Quess Corp 0.34 25 Quess Corp 0.19 1.49 Jubilant Life 0.37 39 Jubilant Life 0.22 1.96
Kotak M Bank 0.30 281 Kotak M Bank 0.17 0.94 Ashok Leyland 0.28 1,482 Ashok Leyland 0.16 1.53
Axis Bank 0.26 435 Tube Investments 0.15 0.15 Ipca Lab 0.26 300 Ipca Lab 0.15 0.33
Tube Investments 0.26 713 Axis Bank 0.15 1.75 Alkem Lab 0.25 187 Alkem Lab 0.14 0.76
Emami 0.24 705 Emami 0.13 0.63 Bajaj Finance 0.21 0 Bajaj Finance 0.12 4.45
ICICI Lombard 0.22 136 ICICI Lombard 0.12 1.02 Titan Co. 0.16 47 Quess Corp 0.09 0.73
Top scheme by NAV change Top scheme by NAV change
Total AUM Equity AUM MoM NAV Total AUM Equity AUM MoM NAV
Scheme Name Scheme Name
(INR B) (INR B) Chg (%) (INR B) (INR B) Chg (%)
Sundaram Services Fund - Regular (G) 10.8 7.5 0.0 Motilal Oswal Midcap 30 Fund (G) 12.8 12.6 1.3
Sundaram Infrastructure Advantage Fund (G) 5.6 5.5 0.0 Motilal Oswal Long Term Equity Fund (G) 11.7 11.3 0.6
Sundaram Diversified Equity (G) 25.5 25.2 -0.1 Motilal Oswal Multicap 35 Fund (G) 127.0 124.6 -0.5
Sundaram Rural and Consumption Fund (G) 23.3 22.2 -0.8 Motilal Oswal Focused 25 Fund (G) 10.3 10.2 -1.2
Sundaram Small Cap Fund (G) 10.4 10.0 -0.8 Motilal Oswal Securities Limited is the Sponsor of Motilal Oswal Mutual Fund. The Sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the Mutual Fund beyond the initial
contribution made by it of an amount of Rs. 1 Lac towards setting up of the Mutual Fund. Mutual fund investments are subject to market risks, read all scheme related documents carefully.

Fund Folio: Indian Mutual Fund Tracker | March 2019 21

 Back to
Canara Robeco: Equity AUM INR81b Invesco: Equity AUM INR77b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 7.3 -0.2 Banks Pvt 25.4 -0.4 HDFC Bank 8.3 0.0 23.6 -0.7
Banks Pvt
6.7 -0.4 Technology 10.5 -0.5 6.2 -0.2 11.6 -0.1
ICICI Bank ICICI Bank Oil & Gas
4.9 -0.1 Consumer 10.1 -0.7 6.0 0.0 11.3 0.5
RIL RIL Technology
4.6 -0.1 Cap Goods 9.7 0.5 3.9 0.2 10.5 -1.5
Axis Bank Axis Bank NBFC
7.8 -0.3 -0.2 0.5
Infosys 4.2 -0.2 Oil & Gas Infosys 3.9 Auto 8.8
0.4 6.9 0.7 0.1 0.0
Kotak M Bank 4.1 Auto L&T 3.3 Healthcare 7.7
-0.2 4.3 0.6 -0.3 6.1 0.5
L&T 3.8 Healthcare IndusInd Bank 2.2 Consumer
-0.4 0.5 0.2 0.2
3.7 Cement 3.9 Maruti Suzuki 2.2 Cap Goods 5.8
SBI
-0.3 -0.4 0.1 2.7 0.7
2.6 Banks PSU 3.7 Exide Inds 2.2 Retail
TCS
-0.1 3.7 0.1 1.9 -0.1 2.0 0.2
ITC 2.4 NBFC Apollo Hospitals Metals

Top change by market value Top change in weight (%) Top change by market value Top change in weight (%)
Mkt Value Shares Chg Chg MoM Current Mkt Value Shares Chg Chg MoM Current
Company Company Company Company
Chg (INR b) ('000) (pp) Weight Chg (INR b) ('000) (pp) Weight
AB Fashion 0.43 1,930 AB Fashion 0.54 0.54 AB Fashion 0.54 2,100 AB Fashion 0.70 1.89
Voltas 0.37 587 Voltas 0.44 1.51 Cholaman.Inv.&Fn 0.50 384 Cholaman.Inv.&Fn 0.64 1.28
Kotak M Bank 0.37 384 Kotak M Bank 0.38 4.08 Tech Mahindra 0.33 252 Tech Mahindra 0.42 1.60
Grasim Inds. 0.26 275 M&M 0.31 0.79 United Spirits 0.32 566 United Spirits 0.41 1.88
M&M 0.26 429 Grasim 0.31 1.06 ONGC 0.27 1,850 ONGC 0.36 0.36
Divis Lab 0.24 67 Divis Lab 0.26 1.95 M&M 0.26 456 M&M 0.34 1.19
Balkrishna Inds 0.22 144 Balkrishna Inds 0.24 1.46 Mphasis 0.26 214 Mphasis 0.33 1.54
Bharat Forge 0.20 354 Bharat Forge 0.23 0.72 United Breweries 0.24 222 United Breweries 0.31 1.55
Balrampur Chini 0.13 962 Balrampur Chini 0.16 0.16 GRUH Finance 0.21 577 GRUH Finance 0.27 0.73
Tech Mahindra 0.12 0 Tata Steel 0.14 0.41 Sun Pharma 0.19 305 Sun Pharma 0.24 1.75
Top scheme by NAV change Top scheme by NAV change
Total AUM Equity AUM MoM NAV Total AUM Equity AUM MoM NAV
Scheme Name Scheme Name
(INR B) (INR B) Chg (%) (INR B) (INR B) Chg (%)
Canara Robeco Emerging Equities (G) 41.9 41.0 0.2 Invesco India Growth Opportunities Fund (G) 11.1 10.6 0.1
Canara Robeco Equity Diversified Fund (G) 9.3 9.0 -0.5 Invesco India Contra Fund (G) 32.5 31.5 -0.5
Canara Robeco Bluechip Equity Fund (G) 1.6 1.5 -1.4 Invesco India Midcap Fund (G) 2.9 2.8 -0.7
Canara Robeco Equity Tax Saver Fund (G) 8.5 8.3 -1.7 Invesco India Tax Plan (G) 7.1 6.8 -1.2
Canara Robeco Consumer Trends Fund (G) 3.0 2.8 -1.9 Invesco India Multicap Fund (G) 7.3 7.0 -2.0

Fund Folio: Indian Mutual Fund Tracker | March 2019 22

 Back to
Principal: Equity AUM INR51b BNP Paribas: Equity AUM INR37b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Feb-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 5.2 0.1 Banks Pvt 17.0 0.7 HDFC Bank 7.2 0.0 Banks Pvt 22.0 -0.7
RIL 4.3 0.2 Consumer 13.0 -0.5 ICICI Bank 5.9 -0.2 Consumer 14.6 -0.8
ICICI Bank 4.1 -0.1 Technology 10.4 -0.3 Axis Bank 4.0 0.1 NBFC 12.1 0.9
TCS 3.1 0.0 6.6 0.1 3.9 0.1 9.1 1.0
Cap Goods RIL Technology
3.0 -0.1 6.2 0.2 3.8 0.3 6.6 0.2
Infosys Auto Infosys Oil & Gas
3.0 -0.1 6.0 0.2 2.9 0.1 6.6 0.6
ITC Oil & Gas TCS Cap Goods
2.7 0.1 5.9 0.0 2.8 -0.6 4.8 -0.3
Kotak M Bank NBFC Kotak M Bank Auto
2.2 -0.2 Healthcare 5.1 -0.3 Asian Paints 2.7 0.1 Retail 3.5 0.2
SBI
-0.1 4.8 -0.2 2.3 0.1 2.9 0.4
Britannia 2.0 Chemicals HDFC Metals
4.5 0.5 0.5 2.8
Axis Bank 1.8 0.0 Cement Muthoot Finance 2.2 Cement 0.0

Top change by market value Top change in weight (%) Top change by market value Top change in weight (%)
Mkt Value Shares Chg Chg MoM Current Mkt Value Shares Chg Chg MoM Current
Company Company Company Company
Chg (INR b) ('000) (pp) Weight Chg (INR b) ('000) (pp) Weight
SRF 0.39 152 SRF 0.76 1.31 Tech Mahindra 0.19 204 Tech Mahindra 0.52 0.90
Yes Bank 0.37 1,600 Yes Bank 0.73 0.74 Muthoot Finance 0.18 262 Muthoot Finance 0.52 2.21
Sundram Fasteners 0.20 378 Sundram Fasteners 0.38 0.38 JSW Steel 0.14 479 JSW Steel 0.37 0.44
Balrampur Chini 0.17 1,334 Balrampur Chini 0.34 0.34 GCPL 0.10 151 Infosys 0.30 3.82
Hindustan Zinc 0.12 396 Hindustan Zinc 0.23 0.93 PVR 0.08 67 GCPL 0.27 0.31
India Cements 0.10 1,107 India Cements 0.20 0.56 Siemens 0.08 85 PVR 0.24 1.03
RIL 0.10 79 RIL 0.20 4.29 Infosys 0.07 139 Siemens 0.22 0.49
L&T Technology 0.10 70 L&T Technology 0.19 0.91 Bharat Financial 0.07 80 Bharat Financial 0.20 0.26
Maruti Suzuki 0.07 7 Maruti Suzuki 0.14 1.74 Sun TV 0.07 76 Sun TV 0.19 0.57
Kotak M Bank 0.07 96 Kotak M Bank 0.14 2.74 Graphite India 0.06 227 MMFS 0.18 1.34
Top scheme by NAV change Top scheme by NAV change
Total AUM Equity AUM MoM NAV Total AUM Equity AUM MoM NAV
Scheme Name Scheme Name
(INR B) (INR B) Chg (%) (INR B) (INR B) Chg (%)
Principal Emerging Bluechip Fund (G) 20.1 19.2 -0.4 BNP Paribas India Consumption Fund - Reg (G) 3.2 3.0 -0.7
Principal Focused Multicap Fund (G) 3.0 2.9 -1.2 BNP Paribas Long Term Equity Fund (G) 4.4 4.0 -1.1
Principal Multi Cap Growth Fund - (G) 8.1 7.6 -1.8 BNP Paribas Mid Cap Fund (G) 7.0 6.7 -1.1
Principal Tax Savings Fund 3.7 3.6 -1.9 BNP Paribas Large Cap Fund (G) 7.4 6.7 -1.7
Principal Personal Tax saver Fund - (G) 2.6 2.5 -2.1 BNP Paribas Multi Cap Fund (G) 7.4 7.0 -2.1

Fund Folio: Indian Mutual Fund Tracker | March 2019 23

 Motilal Oswal Securities Limited
MEMBER OF BSE AND NSE
Motilal Oswal Tower, Sayani Road, Prabhadevi, Mumbai 400 025, INDIA
BOARD: +91 22 3982 5500 | WEBSITE: www.motilaloswal.com
Explanation of Investment Rating
Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10%
NEUTRAL > - 10 % to 15%
UNDER REVIEW Rating may undergo a change
NOT RATED We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst becomes inconsistent with the investment rating legend, the Research Analyst shall within 28 days of the inconsistency, take appropriate measures to make the recommendation consistent
with the investment rating legend.

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL)* is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services,
Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed public company, the details in respect of
which are available on www.motilaloswal.com. MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India Ltd. (NSE) and BSE Limited (BSE), Multi Commodity
Exchange of India (MCX) & National Commodity & Derivatives Exchange Ltd. (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) & National Securities Depository Limited (NSDL) and is
member of Association of Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf

MOSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have actual/beneficial ownership of 1% or more securities in the subject
company at the end of the month immediately preceding the date of publication of the Research Report. MOSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short
position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in
the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and
opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOSL even though
there might exist an inherent conflict of interest in some of the stocks mentioned in the research report. Research Analyst may have served as director/officer, etc. in the subject company in the last 12 month period. MOSL and/or its associates may
have received any compensation from the subject company in the past 12 months.

In the last 12 months period ending on the last day of the month immediately preceding the date of publication of this research report, MOSL or any of its associates may have:
a) managed or co-managed public offering of securities from subject company of this research report,
b) received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
c) received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
d) Subject Company may have been a client of MOSL or its associates during twelve months preceding the date of distribution of the research report.

MOSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. To enhance transparency, MOSL has incorporated a Disclosure of Interest Statement in this
document. This should, however, not be treated as endorsement of the views expressed in the report. MOSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the
recipients of this report should be aware that MOSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or
brokerage service transactions.

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Terms & Conditions:
This report has been prepared by MOSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to, copied or distributed, in part or
in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not
recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as
to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or
subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOSL will not treat recipients as customers by virtue of their
receiving this report.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific
recommendations and views expressed by research analyst(s) in this report.

Disclosure of Interest Statement Companies where there is interest

 Analyst ownership of the stock No
A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com. Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary trading desk of MOSL or its
associates maintains arm’s length distance with Research Team as all the activities are segregated from MOSL research activity and therefore it can have an independent view with regards to subject company for which Research Team have expressed
their views.

Regional Disclosures (outside India)

This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOSL &
its group companies to registration or licensing requirements within such jurisdictions.

For Hong Kong:

This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures Commission (SFC) pursuant to the Securities and
Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private
Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available
to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian
Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.

For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is not a registered investment
adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts,
any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by
Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or
investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities
Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a
chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.

The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to
NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.

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For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets services license and an exempt financial adviser in
Singapore,
as per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of
Singapore. Persons in Singapore should contact MOCMSPL in respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional
Investors”, of which some of whom may consist of "accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the SFA”). Accordingly, if a Singapore person is not or ceases
to be such an institutional investor, such Singapore Person must immediately discontinue any use of this Report and inform MOCMSPL.

Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or
reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for
securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The
securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient.
This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an
investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or
views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable for
all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this
document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to
make modifications and alternations to this statement as may be required from time to time without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account
transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any
company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the
basis of information that is already available in publicly accessible media or developed through analysis of MOSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed
therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This
report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be
contrary to law, regulation or which would subject MOSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of
investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any
damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to
exempt MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or employees responsible for any such misuse and further agrees to
hold MOSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.

Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd
Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id: na@motilaloswal.com, Contact No.:022-38281085.

Registration details of group entities: MOSL: SEBI Registration: INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser:
INA000007100.Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.:
INP000004409) offers wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products

*MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f. August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai Bench. The existing
registration no(s) of MOSL would be used until receipt of new MOFSL registration numbers.

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NOTES

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