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| Fund managers are actively churning their portfolios across sectors, a study of the portfolios of the six largest equity mutual fund schemes says. |
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| Fund managers of most schemes (except the HSBC equity plan) have drastically reduced their exposure to the technology sector. |
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| At the same time, their buying interest in bank stocks continues to be selective. |
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| ITC, State Bank of India, Bharat Petroleum and Grasim have been in the top 10 of these schemes for quite some time now. |
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| Also, state-run petroleum and oil companies continue to remain the top favourites. |
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| Interestingly, funds are hedging their positions in the cash market with calls in the futures and options segment. |
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| In August, the Hindalco share has also come into the top-10 list of most schemes. Their exposure to Reliance Industries and mid-cap pharma scrips has also increased. |
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| The exposure to banking has declined but the sector continues to account for a significant size of the existing corpus. |
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| The most important pattern observed in the last two months is that the scrip and sector selection among various schemes is gradually becoming more unique. |
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| This is unlike in the past when scrip and sector selection across the mutual fund industry was more or less stereotype. The current portfolio of the six largest equity schemes throws up a few surprises. |
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| In August, Franklin India Bluechip Fund added 14,32,086 shares of Hindustan Petroleum and 20,00,190 shares of Tata Steel. |
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| Bharat Petroleum, Grasim and Infosys Technology account for the top holdings of the scheme. Meanwhile, the scheme has exited from HCL Technologies. |
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| But Franklin India Prima Fund added Eicher Motors (7,31,811 shares) and Oriental Bank of Commerce (700,049 share) while it exited Moser Baer (675806 shares). |
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| The Franklin India Prima Plus increased its exposure in ICICI Bank and HDFC Bank and exited the Gujarat Ambuja and Gas Authority counters. |
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| Meanwhile, the Birla Advantage Fund has increased its exposure in Oil and Natural Gas Corporation (2,39,219 shares) in August. The scheme also added Hindalco and United Phosphorous, while it exited Canara Bank and Bharat Electronics. |
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| HDFC Mutual fund reduced its exposure in Indian Oil Corporation, Ranbaxy, i-flex, Infosys Technologies and Grasim. |
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| HDFC Top 200 Scheme added Container Corporation (255,327 shares) and Steel Authority (2213888 shares), but exited Bharat Electronics and Infosys Technologies. |
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| Pru ICICI Growth Scheme has added Associated Cement Companies (900,625 shares), Punjab National Bank (1099,748 shares) and Grasim (300,279 shares), but has exited ABB, Larsen & Toubro and Ranbaxy. |
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| Pru ICICI Power has entered into Bhel (560,102 shares), Hindustan Petroleum (320041 shares), Maruti (569,522 shares) and ABB (259,416 shares) in August. But it has exited Mahindra & Mahindra, Tata Steel, IBP and Bank of Baroda. |
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