INR58b Net inflows in equities

moderates

INR82.4b Amount garnered through

SIPs (+2.3% MoM)
AUM rises for second consecutive INR24.8t
month (+4.2% in Apr’19)

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 May 2019
SUMMARY: AUM up for second consecutive month; net inflows moderate
Key observations
 Post an impressive finish to FY19 (the Nifty rallied 7.7% in Mar’19) and after a gap of eight months, the market charted a new life-time high of
11,856 in April. However, it ended flattish with marginal gains of 1% in the month.
 Net inflows moderated in April as nervousness gripped markets owing to credit events, rating downgrades, global trade war tensions and
uncertainty over outcome of general elections.
 The mutual fund industry’s total AUM increased 4.2% MoM (INR1.0t) to INR24.8t in Apr’19, primarily led by inflows in income and debt oriented
schemes.
 Equity inflows (including ELSS and Arbitrage) saw slowdown with net inflows of INR58b in Apr’19 v/s INR78b recorded in Mar’19. However, April
flows cannot be compared to the previous month, as reported April data is in the new format prescribed by the SEBI with focus on regrouped and
reclassified schemes.
 Equity mutual funds attracted steady flows, largely due to investor participation through systematic investment plans (SIPs). Total amount garnered
through SIPs stood at INR82.4b in Apr’19 (+2.3% MoM and +23.1% YoY).
Some interesting facts
 The month saw notable change in sector and stock allocation of funds. On MoM basis, weight of Technology, Cement, Healthcare, Private Banks and
Capital Goods increased, while that of PSU Banks, Utilities, NBFCs, Oil & Gas, Autos, Chemicals and Infrastructure moderated.
 Private Banks — the top sector holding of MFs - saw its weightage SIP contribution up by 23% in last one year and 1.9x in last two years
increase for seven successive months to climb to a new high of 19.3% SIP contribution (INRb)
(+10bp MoM, +390bp YoY).
 Auto’s weightage reached a new low of 6.3% (-10bp MoM/-340bp YoY).
As a result, the sector is down to the seventh position in terms of mutual
fund allocation – it was at the second position 12 months ago.
 In Apr’19, of the top-5 stocks in terms of value increase MoM, three
were from Private Banks.
 TCS saw value increase of INR22.7b in Apr’19, as the stock was up

82.4
42.7
45.8
47.4
49.5
52.1
55.2
56.2
58.9
62.2
66.4
64.3
71.2
66.9
73.0
75.5
75.5
76.6
77.3
79.9
79.9
80.2
80.6
81.0
80.6
12.7%. Notably, the stock saw net buying by nine of the top-20 funds.
 HDFC Bank was one of the preferred stocks among MFs in the month,
May-17

Dec-17

May-18

Dec-18
Apr-17

Apr-18

Apr-19
July-17
Aug-17

Mar-18

July-18
Oct-17

Aug-18

Mar-19
Nov-17

Jan-18

Oct-18
Nov-18

Jan-19
June-17

Sep-17

Feb-18

June-18

Sep-18

Feb-19
with net buying by 16 funds. Value increased by INR8.6b, despite the
stock remaining unchanged MoM.

Fund Folio: Indian Mutual Fund Tracker | May 2019 2

 Apr-17 6.6 Apr-17 16.4
May-17 6.8 May-17 17.3
June-17 6.7 June-17 17.3
July-17 6.6 July-17 17.7
Key charts

Technology (%)
Aug-17 6.5 Aug-17 17.4

Banks Private (%)

Sep-17 6.6 Sep-17 17.4
Oct-17 6.3 Oct-17 16.7
Nov-17 6.4 Nov-17 16.2
Dec-17 6.3 Dec-17 15.9
Jan-18 6.8 Jan-18 16.5
Feb-18 7.1 Feb-18 15.7
Mar-18 7.5 Mar-18 15.7
Apr-18 7.7 Apr-18 15.4
May-18 8.0 May-18 16.4
high of 19.3% (+10bp MoM, +390bp YoY)

June-18 8.4 June-18 16.3

July-18 8.3 July-18 16.2
Aug-18 8.7 Aug-18 16.1

Fund Folio: Indian Mutual Fund Tracker | May 2019

Sep-18 9.5 Sep-18 16.1
Oct-18 9.3 Oct-18 16.8

Technology’s weightage increased +40bp MoM to 9.1%

Nov-18 8.9 Nov-18 17.4
Dec-18 8.6 Dec-18 17.5
Jan-19 9.5 Jan-19 18.5
Feb-19 9.5 Feb-19 18.6
Mar-19 8.7 Mar-19 19.2
Apr-19 9.1 Apr-19 19.3
Private Bank’s weightage climbed for seven successive months to a new

3
Banks Private
0.1

Apr-17 10.4
19.3

May-17 10.7 Technology

0.4

Auto (%)

June-17 10.2
NBFC
July-17 10.1
MoM Chg (pp)

Aug-17 9.7 Oil & Gas

-

Sep-17 9.7 Consumer

Oct-17 9.7
0.1

9.1 8.7 7.9 7.7 7.5

Capital Goods
Nov-17 9.6
Dec-17 9.7 Auto
Jan-18 9.4
0.1

6.3 5.8

Healthcare
Feb-18 9.5
Banks Public
Mar-18 9.5
Apr-18 9.7 Utilities
May-18 9.5
4.6 4.0 3.0

Chemicals
June-18 9.4
-

July-18 9.3 Metals

SUMMARY: AUM up for second consecutive month; net inflows moderates

Private Banks and Capital Goods see rise MoM

0.3

Aug-18 8.9 Cement

Sep-18 8.5
-

Retail
Oct-18 8.1
-

2.9 2.8 1.4 1.2

Nov-18 8.0 Telecom

-

Dec-18 7.7 Textiles

Jan-19 7.0
Infrastructure
Automobile’s weightage reached a new low of 6.3% (-340bp YoY)

Feb-19 7.0
-

Mar-19 6.4 Media

Sector allocation of domestic MFs – Technology, Cement, Healthcare,

Apr Weight (%)

-

Apr-19 6.3
0.8 0.8 0.7 0.5

Real Estate
Contents
 AUM: Up 4.2% to INR24.8t in April; equity inflows moderate About the product
 Top-20 funds: Equity value down 0.9% MoM and up 15.8% YoY Fund Folio is a handbook on the
 Sector-wise weightage: MoM increase seen in Technology, Cement and Healthcare holdings of the top-20 domestic mutual
funds in India. This monthly report will
 Sectoral allocation of funds: Cap Goods, Healthcare and Cement over-owned cover:
 Nifty-50 snapshot: MFs net buyers in 44% of the stocks
 Trend in AUMs and flows
 Top schemes and NAV change: 60% of top-25 schemes closed lower  Sector allocation by funds
 Value surprise: Maximum MoM change in TCS, ICICI Bank and Kotak Mah Bank  Stock-wise holding change
 Funds snapshot: Overview  Top schemes and NAV change
 Fund-wise snapshot on top holdings
 Aditya Birla Sun Life  Kotak Mahindra
 Axis  L&T
Notes:
 BNP Paribas  Mirae Asset  This report covers only the top-20 mutual
 Canara Robeco  Motilal Oswal funds by exposure to equity
 DSP  Principal  All aggregates pertain only to the funds
listed in this report
 Franklin Templeton  Reliance  Sectors are as defined by MOSL Research
 HDFC  SBI
Source: AMFI, NAVIndia
 ICICI Prudential  Sundaram
 IDFC  Tata
 Invesco  UTI

Fund Folio: Indian Mutual Fund Tracker | May 2019 4

AUM: Up 4.2% to INR24.8t in April; equity inflows moderate
 The MF industry’s total AUM increased 4.2% MoM (INR1.0t) to INR24.8t in Apr’19, primarily led by inflows in income and debt oriented schemes.
 Equity inflows (including ELSS and Arbitrage) saw slowdown with net inflows of INR58b in Apr’19 v/s INR78b recorded in Mar’19. However, April
flows cannot be compared to the previous month, as reported April data is in the new format prescribed by the SEBI with focus on regrouped and
reclassified schemes.
Trend in total AUM
29
Total AUM (INR t)
25.2 24.8
22.8 23.3
23 21.4
20.6
17.4 19.3
16.3
17 15.2
14.2
12.0 13.2
10.1 11.8
11 9.0

5
Apr-14

Apr-15

Apr-16

Apr-17

Apr-18

Apr-19
Jan-14

Oct-14

Jan-15

Oct-15

Jan-16

Oct-16

Jan-17

Oct-17

Jan-18

Oct-18

Jan-19
Jul-14

Jul-15

Jul-16

Jul-17

Jul-18
Monthly trend of sales, redemptions and net amount raised by mutual funds (towards equity)
600 Inflows in Equity Incl. Arbi & ELSS (INR b) Redemptions in Equity Incl. Arbi & ELSS (INR b) Net Inflow/Outflow in Equity Incl. Arbi & ELSS (INR b)

450
300 230
150
0
58
-150
-300 -173
-450
Apr-14

Apr-15

Apr-16

Apr-17

Apr-18

Apr-19
July-14

July-15

July-16

July-18
Jan-14

Oct-14

Jan-15

Oct-15

Jan-16

Oct-16

Jan-17

Oct-17

Jan-18

Oct-18

Jan-19
Jul-17
Fund Folio: Indian Mutual Fund Tracker | May 2019 5
Top-20 funds: Equity value down 0.9% MoM and up 15.8% YoY
 Total equity value of the top-20 AMCs decreased 0.9% MoM (+15.8% YoY) in Apr’19, as against the Nifty’s rise of 1.1% MoM (+9.4% YoY).
 Among the top-20 funds, the highest MoM increase was seen in Mirae Asset Mutual Fund (+3.9%), Canara Robeco Mutual Fund (+3.6%), AXIS Mutual
Fund (+3.1%), Invesco Mutual Fund (+1.4%) and SBI Mutual Fund (+1.1%).

Trend of top-20 mutual funds by equity value

Value (INR b) MoM Change (%) 12M Chg Cash
Apr-19 May-18 Jun-18 July-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 (INRb) (%) Holding (%)
SBI Mutual Fund 1,574 1.1 0.6 7.2 5.0 -5.7 -0.4 6.1 2.9 0.6 1.7 11.4 1.1 410 35.3 5.2
HDFC Mutual Fund 1,468 -2.3 -3.3 6.1 4.6 -8.3 1.8 2.0 2.4 -0.8 -1.4 10.4 -1.3 120 8.9 4.8
ICICI Prudential Mutual Fund 1,271 -2.0 4.8 -1.1 2.1 -6.1 3.5 -0.9 3.1 -1.3 5.0 2.1 -1.5 88 7.4 13.5
Reliance Mutual Fund 1,057 -1.3 -2.7 6.1 5.7 -8.7 1.3 3.0 12.5 -5.3 -3.0 17.5 -4.9 165 18.5 2.6
Aditya Birla Sun Life Mutual Fund 847 -1.7 -1.5 5.3 3.0 -12.9 0.2 5.2 2.7 -2.5 0.2 8.1 -1.3 26 3.2 4.2
UTI Mutual Fund 682 5.0 -0.2 6.4 3.6 -8.1 -1.8 4.5 1.4 0.2 0.7 8.5 -0.3 116 20.5 2.7
Kotak Mahindra Mutual Fund 558 2.1 -1.4 7.3 9.0 -8.5 -0.4 5.3 3.6 -0.2 3.4 8.2 -0.6 129 30.0 4.8
Franklin Templeton Mutual Fund 501 -1.4 -3.0 2.9 2.7 -8.3 -1.1 2.3 1.4 -0.6 -1.2 6.6 -1.7 -9 -1.8 7.9
AXIS Mutual Fund 447 3.0 0.7 9.3 6.4 -8.7 -1.0 6.8 4.8 -1.9 6.1 6.4 3.1 127 39.7 8.5
DSP Mutual Fund 374 -2.4 -4.5 5.0 2.1 -11.0 -3.1 4.5 0.3 -3.0 0.6 8.6 -1.6 -23 -5.9 4.1
L&T Mutual Fund 369 -1.1 -1.0 7.0 4.5 -8.6 0.0 4.5 0.5 -3.3 -1.5 9.0 -1.0 28 8.1 5.0
Mirae Asset Mutual Fund 233 1.7 -0.1 10.4 6.9 -3.8 3.0 5.2 3.1 2.3 1.8 12.2 3.9 84 56.7 3.0
Tata Mutual Fund 218 1.1 -0.1 11.0 7.9 -8.9 -3.9 11.8 6.1 -3.0 5.0 9.8 0.3 63 40.9 4.1
IDFC Mutual Fund 208 -1.6 0.3 5.3 2.8 -8.9 -0.4 3.9 2.0 -3.2 -0.1 8.6 0.5 16 8.5 4.7
Sundaram Mutual Fund 191 -2.8 -3.0 3.0 4.3 -11.2 -3.2 4.8 4.9 -1.7 0.1 10.9 -1.9 5 2.5 3.6
Motilal Oswal Mutual Fund 181 0.2 -1.5 5.8 2.2 -7.9 -4.2 7.8 -0.5 -3.1 0.0 6.3 -0.7 6 3.2 1.3
Canara Robeco Mutual Fund 93 0.5 -2.3 10.5 3.5 -8.2 0.3 6.8 0.5 2.2 2.1 10.9 3.6 23 33.1 3.3
Invesco Mutual Fund 88 7.4 5.7 14.9 7.6 -2.8 6.1 7.2 6.8 1.5 0.7 12.9 1.4 43 94.0 4.7
PRINCIPAL Mutual Fund 56 0.6 -2.1 7.0 5.2 -6.4 2.4 5.2 1.7 -2.1 0.1 9.7 -0.7 10 21.4 3.6
BNP Paribas Mutual Fund 39 -3.6 -5.1 6.1 3.1 -10.5 4.6 6.6 -0.4 -5.7 -2.6 7.9 -2.2 -1 -3.5 4.2
Total of above 10,454 -0.5 -0.7 5.4 4.3 -8.2 0.3 3.8 3.5 -1.5 0.9 9.2 -0.9 1,424 15.8 4.8
Nifty 11,748 0.0 -0.2 6.0 2.9 -6.4 -5.0 4.7 -0.1 -0.3 -0.4 7.7 1.1 9.4

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 | May 2019 6

Sector-wise weight: MoM increase seen in Technology, Cement, Healthcare and Private Banks
 In Apr’19, MFs showed interest in Technology, Cement, Healthcare, Private Banks and Capital Goods, with these sectors witnessing MoM increase in
weight. PSU Banks, Utilities, NBFCs, Oil & Gas, Autos, Chemicals and Infrastructure saw an MoM decrease in weight.
 Private Banks (19.3%) was the top sector holding in Apr’19, followed by Technology (9.1%), NBFCs (8.7%) and Oil & Gas (7.9%).
 Only Cement, Technology, Textiles, Healthcare, Metals, Telecom and Capital Goods saw an increase in value MoM.

Sector allocation (%): Sector value change MoM (%): MFs v/s BSE-200 weight (%):
Tech, Cement, Healthcare see highest rise MoM Infra, PSU Banks and Utilities saw decline MoM Consumer u/w and Capital Goods o/w
Apr Weight (%) MoM Chg (pp) BSE 200 Weight (%) MF Weight (%)
Cement 9.2
Banks Private 20.7
Banks Private 19.3 0.1 Technology 3.9 19.3
Technology 12.0
Technology 9.1 0.4 Textiles 9.1
1.8 11.7
NBFC 8.7 NBFC 8.7
Healthcare 1.7 10.9
Oil & Gas 7.9 Oil & Gas 7.9
Metals 0.8 11.5
Consumer 7.7 - Consumer 7.7
Telecom 0.5 4.0
Capital Goods 7.5 0.1
Capital Goods 7.5
Capital Goods 0.1 6.8
Auto 6.3 Auto 6.3
Banks Private -0.2 4.6
Healthcare 5.8 0.1 Healthcare 5.8
Consumer -1.3 Banks Public 2.6
Banks Public 4.6 4.6
Auto -2.1 Utilities 2.7
Utilities 4.0 4.0
Retail -2.2 Chemicals 1.2
Chemicals 3.0 3.0
Metals - Oil & Gas -2.3 Metals 2.8
2.9 2.9
Cement NBFC -2.4 Cement 2.3
2.8 0.3 2.8
Retail - Chemicals -2.9 Retail 1.2
1.4 1.4
Telecom 1.2 - Real Estate -3.6 Telecom 1.5
1.2
Textiles 0.8 Media Textiles 0.3
- -4.5 0.8
Infrastructure 0.8 Infrastructure 0.6
Utilities -6.1 0.8
Media 0.7 - Media 0.5
Banks Public -6.6 0.7
Real Estate 0.5 - Real Estate 0.4
Infrastructure -7.6 0.5

Fund Folio: Indian Mutual Fund Tracker | May 2019 7

Sectoral allocation of funds: Cap Goods, Healthcare, Cement and Pvt Banks over-owned
 Top sectors where ownership of mutual funds vis-à-vis BSE-200 is at least 1% higher: Capital Goods (17 funds over-owned), Healthcare (11 funds
over-owned), Cement (10 funds over-owned), Private Banks (9 funds over-owned) and Retail (8 funds over-owned).
 Top sectors where ownership of mutual funds vis-à-vis BSE-200 is at least 1% lower: Oil & Gas (19 funds under-owned), NBFCs (16 funds under-
owned), Consumer (15 funds under-owned), Technology (15 funds under-owned) and Telecom (9 funds under-owned).

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

Aditya
BNP Canara Franklin ICICI Kotak Motilal
Sector BSE200 Birla Axis DSP HDFC IDFC Invesco L&T Mirae Principal Reliance SBI Sundaram TATA UTI
Paribas Robeco Templeton Pru Mahindra Oswal
Sun Life
Auto 6.8 5.2 8.4 4.3 6.6 6.1 8.5 3.6 7.0 6.1 7.5 5.0 3.0 6.8 10.2 3.9 6.6 6.6 7.5 7.9 9.4
Banks PVT 20.7 20.8 22.5 23.0 23.5 20.0 22.3 16.7 13.2 18.6 24.6 26.7 16.5 22.4 24.0 17.7 16.9 22.5 13.3 19.8 19.3
Banks PSU 2.6 3.2 0.1 1.7 3.0 2.0 3.2 9.5 5.9 2.6 1.4 3.7 3.9 3.2 0.0 3.6 7.7 3.5 1.4 2.2 2.0
Cap. Goods 4.0 7.3 4.2 6.4 12.3 8.2 5.9 9.8 4.9 10.0 6.4 6.4 10.6 7.3 6.7 6.2 12.0 5.9 10.7 7.2 4.8
Cement 2.3 3.9 1.4 4.4 4.3 4.8 6.0 0.7 1.3 4.3 1.5 5.5 7.1 0.9 0.2 5.9 2.3 2.5 5.6 2.5 2.4
Chemicals 1.2 3.6 5.2 3.0 3.7 5.2 3.9 4.9 1.4 3.4 1.3 2.1 3.6 1.1 0.6 4.7 1.7 2.2 4.6 1.7 2.7
Consumer 11.5 10.8 7.9 11.9 8.6 7.3 5.2 4.2 8.5 8.4 6.0 7.3 5.6 7.8 6.7 12.3 4.5 10.0 11.9 14.7 9.7
Healthcare 4.6 6.9 2.7 1.8 5.0 8.6 5.8 4.7 6.6 6.6 7.8 4.3 6.4 10.4 6.5 5.4 6.7 4.6 4.4 3.9 6.7
Infra 0.6 0.9 0.9 0.4 0.8 0.7 1.3 0.7 1.9 1.2 0.4 0.8 1.0 1.0 0.3 2.1 1.1 0.5
Media 0.5 1.9 0.0 3.9 0.5 0.4 0.9 0.5 1.0 0.5 1.4 0.3 0.7 1.3 0.0 0.9 0.5 0.3 1.5 2.1 0.5
Metals 2.8 3.4 0.2 2.5 0.4 3.2 2.2 3.3 6.3 2.5 2.0 2.2 1.6 3.4 0.0 3.8 3.7 1.7 1.2 0.2 2.1
NBFC 11.7 10.1 21.7 11.1 3.7 7.9 3.3 6.6 6.5 6.5 9.2 9.1 5.4 8.2 17.2 7.0 6.3 11.1 8.7 10.3 9.5
Oil & Gas 10.9 5.9 1.8 6.8 7.0 5.3 7.7 8.9 9.2 5.0 9.2 11.7 6.4 8.4 6.8 6.5 9.8 9.1 2.8 7.4 6.7
Real Estate 0.4 0.2 0.2 0.0 0.4 1.5 1.5 0.3 0.3 0.5 0.1 0.3 2.2 0.0 0.4 0.6 0.2 0.3 0.4 0.4
Retail 1.2 1.3 5.1 2.8 1.6 1.3 1.3 0.6 1.0 4.3 2.7 0.6 3.9 2.3 2.4 0.3 1.3 0.5 4.2 2.1 1.4
Technology 12.0 7.4 13.1 7.1 9.1 5.1 8.3 11.0 9.8 6.1 11.3 6.9 9.4 9.2 12.4 9.6 4.2 10.5 6.3 9.0 13.6
Telecom 1.5 0.4 0.1 1.1 0.9 0.3 3.4 0.2 3.9 0.3 0.6 0.1 1.2 0.3 0.0 0.8 0.9 1.5 0.5 0.1 1.0
Textiles 0.3 0.6 0.5 0.8 0.6 3.9 1.1 0.3 0.1 1.3 0.0 1.7 1.9 2.0 0.6 1.5 0.8 0.6 0.9 0.2 0.9
Utilities 2.7 2.1 1.8 0.9 1.8 1.5 3.1 7.7 9.3 1.4 1.1 0.8 0.1 3.0 0.0 3.8 6.2 2.2 0.4 1.8 2.4

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 | May 2019 8

Nifty-50 snapshot: MFs net buyers in 44% of stocks
Highest net buying in Apr’19 on MoM basis was witnessed in Indiabulls Hsg. (+23.6%), Bharti Infra (+15.8%), Cipla (+12.0%), UltraTech (+10.8%) and JSW Steel (+4.7%).

Value Number of Funds Number of Funds

Value Chg Shares Shares Chg Value Apr- Value Chg Shares Shares Chg
Company Apr-19 Having Exposure Company Having Exposure
MoM (%) Apr-19 (M) MoM (%) 19 (INR B) MoM (%) Apr-19 (M) MoM (%)
(INR B) >2% <2% >2% <2%
Indiabulls Hsg Fin 7.3 0.1 10.5 23.6 18 Titan Company 50.8 0.1 43.9 -1.3 1 19
Bharti Infratel 4.6 -3.0 17.4 15.8 18 Bajaj Finance 121.3 0.6 39.2 -1.7 3 17
Cipla 51.6 19.7 91.3 12.0 18 SBI 370.0 -5.5 1,193.8 -2.2 12 8
UltraTech Cement 40.4 28.0 8.7 10.8 20 M&M 76.0 -6.4 117.7 -2.3 20
JSW Steel 14.3 10.2 46.4 4.7 19 HUL 74.0 0.4 42.1 -2.5 1 19
BPCL 67.9 -0.5 178.9 4.1 1 17 Tata Motors 48.5 19.4 226.3 -2.9 19
L&T 313.2 0.3 232.2 3.0 14 6 Power Grid 61.4 -8.8 329.3 -3.1 20
HCL Tech. 72.0 11.7 60.8 2.6 18 HDFC 255.5 -1.8 128.1 -3.2 10 10
Dr Reddys Labs. 42.3 1.7 14.4 -3.6 20
Grasim Inds 44.9 7.6 49.8 2.5 19
Bajaj Finserv 40.4 1.8 5.4 -4.7 18
Bharti Airtel 104.6 -5.2 338.9 2.3 2 18
Tech Mahindra 63.6 2.4 76.1 -5.0 20
Zee Entertainmen 26.5 -1.2 61.2 1.8 18
Britannia Inds 33.9 -11.7 11.7 -6.0 1 19
Bajaj Auto 19.6 4.2 6.6 1.6 1 17
Eicher Motors 21.5 -7.4 1.1 -6.6 1 16
Sun Pharma 103.1 -2.9 225.3 1.6 1 18 Maruti Suzuki 105.3 -7.3 15.8 -7.2 3 17
HDFC Bank 672.5 1.3 290.2 1.4 20 IOC 88.7 -11.7 561.1 -9.0 2 15
Kotak Mah. Bank 218.6 5.3 157.7 1.3 11 9 Wipro 24.4 2.9 81.6 -12.1 19
Tata Steel 90.9 8.0 163.2 1.0 1 19 Yes Bank 31.2 -46.6 185.9 -12.5 20
Asian Paints 57.1 -1.0 39.0 1.0 1 19 Adani Ports & SEZ 14.4 -9.3 36.7 -12.7 18
Axis Bank 298.1 -0.4 388.7 1.0 15 5 ONGC 85.3 -14.3 504.0 -19.1 2 15
Hindalco 61.2 1.0 297.1 0.7 1 16 Coal India 76.8 -16.3 304.5 -21.2 1 16
ICICI Bank 544.5 2.2 1,336.1 0.4 19 1 MFs’ weight in Nifty (%)
Hero MotoCorp 31.7 -1.4 12.6 0.3 19 OW/UW to Nifty(pp)
IndusInd Bank 69.2 -9.7 43.1 0.0 2 16 3.7 3.4 2.5 1.5 0.9 0.7 0.1
TCS 202.2 12.6 89.5 -0.3 11 9 29.2 MFs Weight in Nifty (%)
Vedanta 68.7 -9.9 411.5 -0.4 1 18 12.5 10.8
GAIL 69.3 1.9 194.6 -0.4 19 7.5 6.8 5.9 5.4 5.0 4.8 3.7 3.1 1.7 1.4 0.8 0.6 0.4 0.2
UPL 35.5 0.5 36.7 -0.6 19
Infosys 423.4 0.2 563.6 -0.8 17 3
Consumer

Banks PSU

Metals

Cement

Retail

Agro-Chem

Media
Banks Pvt

Auto

Telecom
Technology

Utilities

Cap. Goods

Healthcare

Infra
Oil & Gas

NBFC
NTPC 201.8 -1.4 1,505.8 -0.9 3 16
Reliance Inds. 369.4 1.1 265.2 -1.1 13 7
ITC 305.2 0.2 1,012.7 -1.2 10 10

Fund Folio: Indian Mutual Fund Tracker | May 2019 9

Top schemes and NAV change: 60% of top-25 schemes closed lower
 Among the top-25 schemes by AUM, those registering the highest rise were: AXIS Focused 25 Fund (+2.0% MoM change in NAV), AXIS Long Term
Equity Fund (+1.5% MoM change in NAV), ICICI Pru Bluechip Fund (+1.0% MoM change in NAV), Franklin India Focused Equity Fund (+0.8% MoM
change in NAV) and Mirae Asset Large Cap Fund (+0.6% MoM change in NAV).

Top schemes by AUM

Total AUM Equity AUM MoM NAV 12M NAV
Scheme Name
(INR B) (INR B) Chg (%) Chg (%)
Kotak Standard Multicap Fund (G) 243 230 0.4 7.0
HDFC Equity Fund - (G) 224 222 -1.0 8.1
HDFC Mid-Cap Opportunities Fund (G) 222 203 -3.2 -9.6
SBI BlueChip Fund (G) 222 212 0.6 0.2
Aditya Birla SL Frontline Equity Fund (G) 220 211 -0.2 2.6
ICICI Pru Bluechip Fund (G) 218 193 1.0 5.0
AXIS Long Term Equity Fund (G) 191 183 1.5 1.9
HDFC Top 100 Fund (G) 167 166 0.1 11.6
ICICI Pru Value Discovery Fund (G) 165 133 -0.1 0.2
Motilal Oswal Multicap 35 Fund (G) 132 132 -0.2 -5.7
Reliance Large Cap Fund (G) 128 127 0.1 8.2
Mirae Asset Large Cap Fund (G) 123 117 0.6 8.5
Franklin India Equity Fund - (G) 118 111 -0.6 1.0
Aditya Birla SL Equity Fund (G) 111 105 -0.1 -0.6
Reliance Tax Saver (ELSS) Fund - (G) 107 107 0.4 -7.9
Reliance Multi Cap Fund (G) 103 103 -1.2 4.2
UTI-Equity Fund (G) 94 92 -1.1 2.2
Aditya Birla SL Tax Relief '96 (G) 87 84 -0.6 -2.7
Franklin India Focused Equity Fund (G) 83 70 0.8 9.3
L&T India Value Fund (G) 82 81 -1.0 -6.7
Reliance Small Cap Fund (G) 81 75 -1.4 -15.2
Franklin India Bluechip Fund - (G) 78 71 -0.3 2.9
HDFC Small Cap Fund (G) 77 67 -3.5 -10.3
AXIS Focused 25 Fund (G) 76 70 2.0 0.0
HDFC Tax Saver Fund (G) 74 72 -0.1 1.9
Note: Equity growth schemes considered for this comparison

Fund Folio: Indian Mutual Fund Tracker | May 2019 10

Value surprise: Maximum MoM change in TCS, ICICI Bank, Kotak Mah Bank, UltraTech and HDFC Bank
 In Apr’19, three of the top-5 stocks that saw maximum change in value were from Private Banks. TCS, ICICI Bank, Kotak Mahindra Bank, UltraTech
and HDFC Bank saw the maximum value change MoM.
 Stocks that saw maximum decline in value were Yes Bank, SBI, Coal India, ONGC and IOCL.
Top-10 stocks by change in value
Value Apr-19 Value Chg Value Chg Shares Shares Chg Shares Chg Price Chg
Company % AUM
(INR B) MoM (INR B) MoM (%) Apr-19 (M) MoM (M) MoM (%) MoM (%)
TCS 202.2 22.7 12.6 89.5 -0.2 -0.3 12.7 1.9
ICICI Bank 544.5 11.6 2.2 1,336.1 5.4 0.4 2.2 5.2
Kotak Mah. Bank 218.6 11.0 5.3 157.7 2.1 1.3 3.8 2.1
UltraTech Cement 40.4 8.8 28.0 8.7 0.9 10.8 15.5 0.4
HDFC Bank 672.5 8.6 1.3 290.2 3.9 1.4 0.0 6.4
Cipla 51.6 8.5 19.7 91.3 9.8 12.0 6.6 0.5
Tata Motors 48.5 7.9 19.4 226.3 -6.7 -2.9 22.9 0.5
HCL Tech 72.0 7.5 11.7 60.8 1.5 2.6 8.8 0.7
Tata Steel 90.9 6.7 8.0 163.2 1.6 1.0 6.8 0.9
HPCL 56.8 4.6 8.7 195.2 11.0 6.0 2.4 0.5

Bottom-10 stocks by change in value

Value Apr-19 Value Chg Value Chg Shares Shares Chg Shares Chg Price Chg
Company % AUM
(INR B) MoM (INR B) MoM (%) Apr-19 (M) MoM (M) MoM (%) MoM (%)
Yes Bank 31.2 -27.2 -46.6 185.9 -26.6 -12.5 -38.9 0.3
SBI 370.0 -21.4 -5.5 1,193.8 -26.6 -2.2 -3.3 3.5
Coal India 76.8 -14.9 -16.3 304.5 -82.1 -21.2 6.4 0.7
ONGC 85.3 -14.2 -14.3 504.0 -119.1 -19.1 6.1 0.8
IOCL 88.7 -11.8 -11.7 561.1 -55.8 -9.0 -3.0 0.8
Maruti Suzuki 105.3 -8.2 -7.3 15.8 -1.2 -7.2 -0.2 1.0
Vedanta 68.7 -7.6 -9.9 411.5 -1.7 -0.4 -9.2 0.7
IndusInd Bank 69.2 -7.4 -9.7 43.1 0.0 0.0 -9.8 0.7
Power Grid 61.4 -5.9 -8.8 329.3 -10.6 -3.1 -6.0 0.6
Bharti Airtel 104.6 -5.8 -5.2 338.9 7.7 2.3 4.8 1.0

Fund Folio: Indian Mutual Fund Tracker | May 2019 11

 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 | May 2019 12

 Back to
SBI: Equity AUM INR1574b HDFC: Equity AUM INR1468b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 9.5 0.1 22.5 -0.1 ICICI Bank 7.4 0.2 16.7 0.1
Banks Pvt Banks Pvt
RIL 6.3 0.1 11.1 -0.1 Infosys 6.4 0.1 11.0 0.4
NBFC Technology
ICICI Bank 4.8 0.1 10.5 0.5 6.2 -0.1 9.8 -0.1
Technology SBI Cap Goods
Infosys 4.8 0.0 10.0 -0.2 L&T 5.1 -0.1 9.5 -0.5
Consumer Banks PSU
4.3 -0.1 9.1 0.1 4.7 0.1 0.1
ITC Oil & Gas HDFC Bank Oil & Gas 8.9
4.2 0.0 6.6 0.0 4.6 0.0 0.1
HDFC Auto RIL Utilities 7.7
3.7 0.1 5.9 -0.1 3.3 0.1 -0.2
Kotak M Bank Cap Goods NTPC NBFC 6.6
3.4 -0.2 4.6 0.0 3.1 0.1 0.1
SBI Healthcare ITC Healthcare 4.7
0.3 3.5 -0.2 2.4 0.0 0.0
TCS 3.1 Banks PSU Axis Bank Chemicals 4.4
0.0 0.2 0.1
Axis Bank 3.0 Cement 2.5 Aurobindo 2.0 4.2 0.1
Consumer

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
TCS 4.97 -291 TCS 0.29 3.09 Coal India 3.55 8,935 Coal India 0.26 1.65
HDFC Bank 3.46 1,530 HCL Tech 0.13 1.20 TCS 3.47 353 TCS 0.26 1.65
Kotak M Bank 2.60 327 Kotak M Bank 0.13 3.66 Tata Steel 2.48 1,619 Tata Steel 0.19 1.72
RIL 2.30 153 HDFC Bank 0.12 9.45 GAIL 1.81 3,605 ICICI Bank 0.18 7.37
HCL Tech 2.21 627 Tata Motors 0.10 0.48 Aurobindo 1.24 -3 GAIL 0.14 1.64
ICICI Bank 1.87 1,336 Interglobe Avi. 0.09 1.16 NTPC 1.17 10,393 NTPC 0.12 3.27
Tata Motors 1.64 1,246 Vodafone Idea 0.08 0.13 ICICI Bank 1.15 -1,758 Aurobindo 0.11 1.98
Interglobe Avi. 1.52 314 RIL 0.08 6.31 Bajaj Electricals 0.92 1,595 HDFC Bank 0.10 4.75
Vodafone Idea 1.32 92,142 UltraTech 0.07 0.55 Cipla 0.81 148 ITC 0.09 3.11
UltraTech 1.22 17 ICICI Bank 0.07 4.76 BHEL 0.67 10,020 Infosys 0.08 6.40

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 (%)
SBI Magnum Equity ESG Fund (G) 23.2 22.3 1.3 HDFC Top 100 Fund (G) 167.0 166.2 0.1
SBI Banking & Financial Services Fund (G) 7.8 7.4 0.8 HDFC Tax Saver Fund (G) 74.2 71.8 -0.1
SBI Focused Equity Fund (G) 42.3 37.0 0.8 HDFC Long Term Advantage Fund (G) 14.6 13.6 -0.4
SBI Magnum Multicap Fund (G) 72.3 68.5 0.8 HDFC Housing Opportunities Fund - Sr.1 (G) 32.2 26.8 -0.8
SBI BlueChip Fund (G) 222.2 212.0 0.6 HDFC EOF - Sr.II - 1126Days May 2017(1) (G) 12.2 11.8 -0.9

Fund Folio: Indian Mutual Fund Tracker | May 2019 13

 Back to
ICICI Prudential: Equity AUM INR1271b Reliance: Equity AUM INR1057b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
NTPC 6.2 0.4 13.2 0.0 HDFC Bank 5.7 0.2 Banks Pvt 16.9 0.7
Banks Pvt
5.2 0.9 1.3 5.4 0.1 12.0 0.9
Infosys Technology 9.8 SBI Cap Goods
5.1 0.0 9.3 -0.3 4.7 0.5 9.8 -1.4
ITC Utilities ICICI Bank Oil & Gas
SBI 4.9 -0.4 9.2 -0.2 3.4 0.1 7.7 0.0
Oil & Gas Axis Bank Banks PSU
4.6 0.1 8.5 0.0 0.3 6.7 0.6
ICICI Bank Consumer L&T 2.9 Healthcare
3.4 -0.1 0.3 -0.9 6.6 0.5
L&T Auto 7.0 IOCL 2.8 Auto
-0.9
Bharti Airtel 3.4 -0.2 Healthcare 6.6 0.1 2.7 -0.2 NBFC 6.3
Infosys -1.4
3.3 0.1 6.5 -0.3 -0.7 6.2
HDFC Bank NBFC NTPC 2.6 Utilities 0.3
3.1 -0.2 6.3 -0.2 -0.7 4.5
ONGC Metals Coal India 2.5 Consumer
-0.5 -0.2
2.9 -0.1 Banks PSU 5.9 -0.7 Technology 4.2
Sun Pharma ONGC 2.5

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
Infosys 10.32 12,985 Infosys 0.88 5.23 Cipla 3.18 4,969 ICICI Bank 0.47 4.74
Vodafone Idea 4.86 2,60,105 Vodafone Idea 0.39 0.56 Tata Motors 2.85 -5,351 Tata Motors 0.35 1.91
NTPC 3.57 29,643 NTPC 0.37 6.15 ICICI Bank 2.63 4,404 Cipla 0.33 0.81
SBI Life 2.18 955 SBI Life 0.19 1.45 L&T 2.05 2,080 L&T 0.33 2.87
TCS 2.10 408 Cipla 0.18 1.32 HPCL 1.79 5,364 ITC 0.26 2.41
Cipla 2.05 1,849 TCS 0.18 0.88 ITC 1.58 4,134 HPCL 0.21 1.00
TVS Motor 1.43 1,565 ICICI Bank 0.14 4.63 SAIL 1.54 25,507 HDFC Bank 0.21 5.66
United Breweries 1.10 767 TVS Motor 0.13 1.26 Ambuja Cements 1.27 5,927 Honeywell Autom. 0.17 1.46
Kotak M Bank 1.04 335 HDFC Bank 0.11 3.27 BHEL 1.25 19,409 Tata Steel 0.16 1.96
UltraTech 0.91 103 Kotak M Bank 0.10 1.25 Kotak M Bank 1.18 557 ABB India 0.16 1.21

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 Focused Equity Fund (G) 6.7 6.0 1.0 Reliance Vision Fund - (G) 30.0 29.7 1.8
ICICI Pru P.H.D Fund (G) 15.0 13.7 1.0 Reliance Pharma Fund (G) 27.1 27.0 1.4
ICICI Pru Bluechip Fund (G) 218.5 193.5 1.0 Reliance Focused Equity Fund (G) 44.6 42.8 0.6
ICICI Pru Long Term Equity Fund - (G) 62.7 56.6 0.8 Reliance Tax Saver (ELSS) Fund - (G) 107.2 106.8 0.4
ICICI Pru India Opportunities Fund (G) 16.6 14.9 0.5 Reliance Large Cap Fund (G) 127.7 127.3 0.1

Fund Folio: Indian Mutual Fund Tracker | May 2019 14

 Back to
Aditya Birla Sun Life: Equity AUM INR847b UTI: Equity AUM INR682b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 7.3 0.2 Banks Pvt 20.8 0.3 HDFC Bank 6.5 0.1 Banks Pvt 19.3 -0.7
ICICI Bank 6.0 0.1 Consumer 10.8 0.2 Infosys 5.1 0.0 Technology 13.6 0.6
RIL 3.4 0.4 NBFC 10.1 -0.5 ICICI Bank 4.7 0.1 Consumer 9.7 0.0
3.2 0.0 7.4 0.1 3.8 0.0 9.6 0.0
Infosys Technology ITC Auto
3.1 0.2 7.3 0.2 3.7 0.2 9.5 0.1
ITC Cap Goods HDFC NBFC
2.9 -0.2 6.9 0.2 3.6 0.1 6.7 0.1
SBI Healthcare RIL Oil & Gas
2.6 0.0 0.3 3.4 0.4 6.7 0.1
HDFc Oil & Gas 5.9 TCS Healthcare
0.1 -0.4 0.0 -0.1
Kotak M Bank 2.2 Auto 5.3 Axis Bank 2.5 Cap Goods 4.8
0.0 0.5 0.1 2.5 -0.1
L&T 1.8 Cement 3.9 Kotak M Bank 2.1 Chemicals
0.1 -0.1 -0.1 2.4 0.1
Axis Bank 1.5 Chemicals 3.6 L&T 2.1 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
RIL 3.13 1,843 RIL 0.41 3.42 TCS 2.84 116 TCS 0.43 3.35
DLF 1.46 8,688 HDFC Bank 0.19 7.26 HDFC 1.35 514 HDFC 0.21 3.67
Dalmia Bharat 1.44 677 ITC 0.18 3.08 Lupin 0.90 536 Lupin 0.13 0.49
Gillette India 1.41 18 Gillette India 0.18 1.22 Tata Motors 0.88 49 Tata Motors 0.13 0.68
Grasim 1.38 1,270 Dalmia Bharat 0.18 0.65 Tata Steel 0.73 1,043 Tata Steel 0.11 0.42
Metropolis Healthc 1.30 1,374 DLF 0.17 0.21 RIL 0.62 72 RIL 0.10 3.60
ITC 1.23 2,931 Grasim 0.17 0.71 Metropolis Healthc 0.59 626 Kotak M Bank 0.09 2.08
Info Edge 1.08 558 Metropolis Healthc 0.15 0.15 Kotak M Bank 0.56 17 Metropolis Healthc 0.09 0.09
CG Consumer Elect. 0.93 2,551 Info Edge 0.13 0.13 Shree Cement 0.44 2 Shree Cement 0.07 1.05
Honeywell Autom 0.91 4 Honeywell Autom 0.12 1.36 ICICI Bank 0.35 -529 HDFC Bank 0.07 6.47

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 (%)
Aditya Birla SL Digital India Fund (G) 4.9 4.7 2.3 UTI-Nifty Index Fund (G) 13.2 13.1 1.1
Aditya Birla SL Index Fund (G) 1.4 1.3 1.0 UTI-Mastershare (G) 60.0 58.6 0.1
Aditya Birla SL Focused Equity Fund (G) 42.8 38.9 0.7 UTI-Master Equity Plan Unit Scheme 18.4 18.3 -0.1
Aditya Birla SL Equity Advantage Fund (G) 54.2 52.7 0.1 UTI-Dividend Yield Fund (G) 25.3 24.9 -0.3
Aditya Birla SL Equity Fund (G) 111.0 105.0 -0.1 UTI-Value Opportunities Fund (G) 45.5 44.1 -0.3

Fund Folio: Indian Mutual Fund Tracker | May 2019 15

 Back to
Kotak Mahindra: Equity AUM INR558b Franklin: Equity AUM INR501b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 8.7 0.4 Banks Pvt 26.7 -0.3 HDFC Bank 7.5 -0.2 22.3 -0.7
Banks Pvt
RIL 7.0 0.3 11.7 0.5 Axis Bank 4.9 0.0 8.5 0.2
Oil & Gas Auto
ICICI Bank 6.2 0.2 9.1 0.3 ICICI Bank 4.8 0.1 8.3 0.3
NBFC Technology
4.5 -0.1 7.3 -0.6 3.8 0.1 7.7 0.1
Axis Bank Consumer Infosys Oil & Gas
3.3 -0.2 0.2 3.0 0.0 0.6
Infosys Technology 6.9 SBI Cement 6.0
0.0 -0.2 -0.1 0.1
Kotak M Bank 3.0 6.4 Bharti Airtel 2.9 Cap Goods 5.9
Cap Goods 0.0
2.8 -0.4 0.5 2.4 5.8 0.1
SBI Cement 5.5 Kotak M Bank Healthcare
0.3 -0.4 0.0 0.1
TCS 2.6 5.0 IOCL 1.9 Consumer 5.2
Auto 0.1
2.5 0.0 1.9 0.1 3.9 -0.1
L&T Healthcare 4.3 NTPC Chemicals
0.0 -0.5 0.0 3.4 -0.2
HDFC 2.1 3.7 M&M 1.8 Telecom
Banks PSU

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
TCS 1.84 86 HDFC Bank 0.36 8.71 Tata Motors 1.09 1 Tata Motors 0.23 1.16
UltraTech 1.77 227 TCS 0.34 2.61 Tata Motors-DVR 1.00 0 Tata Motors-DVR 0.22 1.21
HDFC Bank 1.77 776 UltraTech 0.32 1.16 Grasim 0.81 505 Grasim 0.19 1.56
RIL 1.23 292 RIL 0.26 7.01 UltraTech 0.80 0 UltraTech 0.18 1.20
Indiabulls Hsg Fin 0.94 1,609 Indiabulls Hsg Fin 0.17 0.34 SpiceJet 0.64 2,078 Lupin 0.14 0.82
NTPC 0.86 6,434 ICICI Bank 0.17 6.25 Lupin 0.63 0 SpiceJet 0.13 0.35
ICICI Bank 0.74 348 NTPC 0.15 0.24 HCL Tech 0.52 -13 HCL Tech 0.12 1.31
BPCL 0.66 2,065 BPCL 0.12 0.63 Torrent Power 0.50 1,962 ICICI Bank 0.11 4.77
Interglobe Avi. 0.65 311 Interglobe Avi. 0.12 0.62 Thermax 0.49 500 Thermax 0.10 0.39
Tube Investments 0.63 1,228 Ramco Cem 0.12 1.49 CCL Products 0.48 1,865 Torrent Power 0.10 0.10

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 Tax Saver (G) 9.0 8.9 1.2 Franklin India Focused Equity Fund (G) 82.6 70.1 0.8
Kotak India EQ Contra Fund (G) 8.1 6.8 1.0 Franklin India Taxshield - (G) 40.3 37.0 -0.1
Kotak Bluechip Fund (G) 14.1 13.9 0.7 Franklin India Bluechip Fund - (G) 77.9 70.9 -0.3
Kotak Standard Multicap Fund (G) 243.0 229.8 0.4 Franklin Build India Fund (G) 12.6 11.5 -0.4
Kotak Equity Opportunities (G) 25.4 24.9 0.1 Franklin India Equity Fund - (G) 117.7 110.7 -0.6

Fund Folio: Indian Mutual Fund Tracker | May 2019 16

 Back to
Axis: Equity AUM INR447b DSP: Equity AUM INR374b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
8.2 1.2 HDFC Bank 6.3 -0.2 20.0 0.4
TCS Banks Pvt 22.5 0.8 Banks Pvt
8.2 0.1 21.7 0.2 ICICI Bank 5.4 0.0 8.6 0.2
HDFC Bank NBFC Healthcare
7.9 1.0 Axis Bank 2.8 0.5 -0.2
Bajaj Finance 0.0 Technology 13.1 Cap Goods 8.2
-1.0 2.7 0.3 -0.2
Kotak M Bank 7.6 0.5 Auto 8.4 RIL NBFC 7.9
0.0 -1.1 2.6 0.3 0.3
HDFC 4.9 Consumer 7.9 Bajaj Finance Consumer 7.3
-0.3 -0.2 -0.4
Pidilite Inds. 4.6 -0.3 Chemicals 5.2 L&T 2.6 Auto 6.1
0.1 0.1
4.0 -0.3 Retail 5.1 -0.4 Ipca Lab 2.3 Oil & Gas 5.3
Avenue Super. 0.1
4.2 0.2 -0.1
GRUH Finance 3.8 0.4 Cap Goods SBI 1.8 Chemicals 5.2
0.0 0.1 0.0
3.7 -0.3 Healthcare 2.7 1.6 Technology 5.1
Maruti Suzuki Bharat Fin.
3.0 Utilities 1.8 0.0 0.2 4.8 0.3
ICICI Bank 0.1 Kotak M Bank 1.6 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
TCS 6.21 999 TCS 1.18 8.24 Axis Bank 1.82 2,529 Axis Bank 0.52 2.84
Kotak M Bank 3.16 1,410 Kotak M Bank 0.50 7.60 HCL Tech 1.13 742 RIL 0.32 2.71
GRUH Finance 2.37 483 GRUH Finance 0.43 3.79 RIL 1.05 613 HCL Tech 0.31 1.05
Bandhan Bank 1.77 720 Bandhan Bank 0.33 2.55 SBI Life 0.94 1,201 Bajaj Finance 0.26 2.62
HDFC Bank 1.68 732 Shree Cement 0.23 0.26 Kotak M Bank 0.85 473 SBI Life 0.26 0.71
Info Edge 1.32 392 Info Edge 0.22 2.83 Bajaj Finance 0.83 199 Kotak M Bank 0.25 1.57
Shree Cement 1.04 52 UltraTech 0.18 0.38 Shoppers Stop 0.76 1,651 Shoppers Stop 0.20 0.20
ICICI Bank 1.00 1,935 L&T 0.16 1.69 Varroc Engg. 0.73 1,359 Varroc Engg. 0.20 0.30
Bajaj Finance 0.94 41 DLF 0.14 0.15 Siemens 0.66 497 UltraTech 0.19 1.12
L&T 0.92 812 ICICI Bank 0.14 3.00 UltraTech 0.65 22 Siemens 0.19 0.74

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 Growth Opportunities Fund - Regular (G) 7.1 4.8 2.1 DSP Top 100 Equity Fund (G) 27.7 27.6 0.4
AXIS Capital Builder Fund - Series 1 (G) 4.5 3.8 2.0 DSP Equity Fund (G) 25.8 25.1 0.4
AXIS Focused 25 Fund (G) 75.8 70.1 2.0 DSP Focus Fund (G) 20.5 20.5 0.4
AXIS Equity Advantage Fund - Series 1 (G) 9.9 7.0 1.9 DSP Tax Saver Fund (G) 54.9 53.3 0.2
AXIS Bluechip Fund (G) 51.4 45.5 1.8 DSP Equity Opportunities Fund (G) 56.7 55.1 -1.2

Fund Folio: Indian Mutual Fund Tracker | May 2019 17

 Back to
L&T: Equity AUM INR369b Mirae Asset: Equity AUM INR233b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
ICICI Bank 4.9 0.2 16.5 0.3 HDFC Bank 7.9 -0.1 22.4 -0.2
Banks Pvt Banks Pvt
RIL 4.4 0.1 10.6 -0.2 ICICI Bank 5.7 0.3 10.4 -0.1
Cap Goods Healthcare
HDFC Bank 4.0 0.1 Technology 9.4 0.4 RIL 4.8 -0.3 Technology 9.2 0.2
3.4 0.0 Cement 7.1 0.3 Axis Bank 4.5 -0.2 Oil & Gas 8.4 -0.2
L&T
2.7 0.0 6.4 0.3 3.2 0.1 8.2 1.1
Axis Bank Healthcare Infosys NBFC
0.1 6.4 -0.1 7.8 0.2
Ramco Cem 2.6 Oil & Gas SBI 3.2 -0.2 Consumer
-0.1 5.6 -0.1 7.3 -0.1
Infosys 2.3 Consumer L&T 3.0 0.0 Cap Goods
0.3 5.4 -0.3 6.8 -0.2
TCS 2.3 NBFC Kotak M Bank 2.8 0.1 Auto
0.0 3.9 -0.1 3.4 -0.1
SBI 2.2 Banks PSU 2.6 0.2 Metals
Maruti Suzuki -0.2
2.0 -0.5 Retail 3.9 -0.1 3.2
HDFC TCS 2.6 0.2 Banks PSU

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
Polycab India 1.78 2,783 Polycab India 0.48 0.48 Indian Energy 1.73 10,886 Indian Energy 0.74 0.74
Lupin 0.94 647 Lupin 0.26 0.82 ICICI Bank 1.08 2,128 Zee Ent. 0.41 1.34
TCS 0.88 -38 TCS 0.26 2.27 Zee Ent. 1.04 2,542 HDFC 0.35 1.96
HCL Tech 0.81 219 HCL Tech 0.23 1.90 HDFC 0.97 460 HDFC Life 0.31 1.66
SBI Life 0.59 895 ICICI Bank 0.16 4.85 HDFC Life 0.84 1,571 ICICI Bank 0.26 5.69
Sunteck Realty 0.50 1,093 SBI Life 0.16 0.21 TCS 0.75 36 TCS 0.24 2.56
ICICI Bank 0.43 300 Sunteck Realty 0.14 0.14 Tata Global 0.68 2,800 Tata Global 0.23 1.85
Ramco Cem 0.32 -210 Ramco Cem 0.11 2.61 Maruti Suzuki 0.62 94 Maruti Suzuki 0.18 2.58
Shree Cement 0.31 11 RIL 0.10 4.38 HDFC Bank 0.56 247 HPCL 0.17 1.56
Tata Steel 0.30 520 Shree Cement 0.09 0.53 HPCL 0.53 1,532 GSPL 0.17 0.63

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 India Large Cap Fund (G) 4.7 4.6 1.4 Mirae Asset Healthcare Fund - Regular (G) 3.5 3.5 0.7
L&T Focused Equity Fund (G) 5.9 5.6 1.4 Mirae Asset Tax Saver Fund (G) 19.5 19.1 0.7
L&T Equity Fund (G) 27.1 26.2 -0.4 Mirae Asset Large Cap Fund (G) 123.1 117.2 0.6
L&T Tax Advantage Fund (G) 33.2 32.1 -0.6 Mirae Asset Emerging Bluechip Fund (G) 72.7 72.6 -0.3
L&T Large & Midcap Fund (G) 14.0 13.8 -0.7 Mirae Asset Great Consumer Fund (G) 7.4 7.2 -1.3

Fund Folio: Indian Mutual Fund Tracker | May 2019 18

 Back to
Tata: Equity AUM INR218b IDFC: Equity AUM INR208b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 7.4 0.1 19.8 0.7 ICICI Bank 4.9 0.2 18.6 0.7
Banks Pvt Banks Pvt
ICICI Bank 5.4 0.2 Consumer 14.7 -1.0 HDFC Bank 4.3 0.3 10.0 0.4
Cap Goods
5.3 0.0 10.3 3.9 0.4 0.1
ITC NBFC 0.0 Axis Bank Consumer 8.4
4.6 0.3 9.0 0.3 2.9 -0.2 -0.1
RIL Technology RIL Healthcare 6.6
4.4 0.2 7.9 -0.3 2.8 -0.6 0.0
HDFC Auto Infosys NBFC 6.5
3.2 0.0 7.4 0.7 2.3 0.6 -0.9
L&T Oil & Gas L&T Auto 6.1
3.0 0.0 7.2 0.1 2.2 0.0 -0.6
Infosys Cap Goods RBL Bank Technology 6.1
2.9 0.1 3.9 0.6 1.8 0.0 0.1
Kotak M Bank Healthcare SBI Oil & Gas 5.0
2.4 0.2 Cement 2.5 -0.1 1.8 0.1 4.3 -0.2
TCS Sun Pharma Retail
2.2 0.1 Banks PSU 2.2 0.0 -0.1
Bajaj Auto Future Retail 1.6 Cement 4.3 0.6

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 0.79 420 RIL 0.35 4.62 L&T 1.34 1,062 L&T 0.64 2.29
HPCL 0.64 2,198 HPCL 0.29 0.29 Axis Bank 0.86 1,249 Axis Bank 0.40 3.88
Lupin 0.58 650 Lupin 0.26 0.30 HDFC Bank 0.77 334 UltraTech 0.36 0.87
Ashok Leyland 0.57 6,500 Ashok Leyland 0.26 0.26 UltraTech 0.75 128 HDFC Bank 0.35 4.26
Zee Ent. 0.55 1,401 Zee Ent. 0.25 1.17 Ambuja Cements 0.56 2,907 Ambuja Cements 0.26 0.92
ICICI Bank 0.54 845 ICICI Bank 0.23 5.36 ICICI Bank 0.54 910 HDFC 0.26 0.99
HDFC 0.49 185 HDFC 0.21 4.44 HDFC 0.54 259 ICICI Bank 0.23 4.89
TCS 0.46 -71 TCS 0.21 2.42 NTPC 0.48 3,625 NTPC 0.23 0.61
IndusInd Bank 0.41 326 IndusInd Bank 0.19 0.73 GCPL 0.43 674 GCPL 0.21 0.29
HDFC Bank 0.35 155 HDFC Bank 0.14 7.43 Bharti Airtel 0.37 1,167 Bharti Airtel 0.18 0.19

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 Large & Mid Cap Fund - Regular (G) 13.8 13.1 0.8 IDFC Focused Equity Fund (G) 16.3 15.5 1.2
Tata Large Cap Fund - Regular (G) 7.9 7.8 0.6 IDFC Equity Opportunity - Series 5 (G) 5.6 5.5 -0.3
Tata Value Fund - Series 1 - Regular (G) 7.5 7.3 0.0 IDFC Tax Advantage (ELSS) Fund (G) 20.0 18.9 -0.7
Tata India Tax Savings Fund (G) 17.9 16.7 -0.3 IDFC Multi Cap Fund (G) 55.2 51.9 -1.0
Tata Multicap Fund - Regular (G) 15.5 15.1 -0.4 IDFC Core Equity Fund (G) 29.5 28.6 -1.6

Fund Folio: Indian Mutual Fund Tracker | May 2019 19

 Back to
Sundaram: Equity AUM INR191b Motilal Oswal: Equity AUM INR181b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 3.2 0.1 13.3 -0.1 HDFC Bank 9.1 0.1 Banks Pvt 24.0 0.2
Banks Pvt
ICICI Bank 3.0 0.1 11.9 0.3 5.8 0.1 NBFC 17.2 0.4
Consumer Infosys
Ramco Cem 2.5 0.2 10.7 1.0 5.7 -0.1 Technology 12.4 0.4
Cap Goods HDFC
ITC 1.9 0.1 8.7 -0.1 5.1 -0.1 Auto 10.5 -0.2
NBFC L&T
1.7 0.0 7.5 -0.4 5.1 0.0 6.8 -0.8
Axis Bank Auto Axis Bank Oil & Gas
1.7 0.1 6.3 -0.7 4.9 0.1 6.7 0.0
RIL Technology Bajaj Finance Cap Goods
1.7 0.3 4.6 -0.5 4.2 0.0 6.7 0.1
Varun Bev. Chemicals RBL Bank Consumer
AB Fashion 1.6 0.0 Cement 5.6 0.5 4.0 0.0 6.5 0.0
Maruti Suzuki Healthcare
Trent 1.5 0.1 Healthcare 4.4 -0.3 HDFC Life 3.9 0.3 2.4 0.1
Retail
1.4 -0.2 Retail 4.2 0.2 3.8 0.4 0.6 0.1
SBI TCS Textiles

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 1.33 1,005 L&T 0.71 1.27 AU Small Fin. 0.87 1,000 AU Small Fin. 0.49 2.00
Varun Bev. 0.62 673 Varun Bev. 0.35 1.65 TCS 0.76 -16 TCS 0.44 3.80
Lemon Tree 0.53 7,434 Lemon Tree 0.28 0.50 City Union Bank 0.70 3,500 City Union Bank 0.39 0.78
Polycab India 0.49 768 Polycab India 0.26 0.26 HDFC Life 0.47 65 HDFC Life 0.29 3.86
CG Consumer Elect. 0.38 1,353 Ramco Cem 0.22 2.52 Asian Paints 0.46 320 Asian Paints 0.26 0.42
Ramco Cem 0.34 143 CG Consumer Elect. 0.21 0.85 Dr Reddys Lab 0.32 110 Dr Reddys Lab 0.18 0.18
Arvind Fashions 0.32 336 Whirlpool 0.17 0.81 ICICI Lombard 0.24 -10 ICICI Lombard 0.15 2.49
Whirlpool 0.31 294 Arvind Fashions 0.17 0.33 Page Inds 0.23 13 Bajaj Finance 0.15 4.91
Metropolis Healthc 0.30 315 Metropolis Healthc 0.16 0.16 Bajaj Finance 0.20 0 Page Inds 0.13 0.62
Sanofi India 0.28 50 ITC 0.15 1.93 Infosys 0.10 0 Infosys 0.10 5.77

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 Select Focus - (G) 9.8 9.5 0.5 Motilal Oswal Focused 25 Fund (G) 11.1 11.0 1.3
Sundaram Diversified Equity (G) 27.1 25.7 -0.2 Motilal Oswal Multicap 35 Fund (G) 132.5 131.7 -0.2
Sundaram Services Fund - Regular (G) 11.7 10.6 -0.6 Motilal Oswal Midcap 30 Fund (G) 13.9 13.3 -0.7
Sundaram Infrastructure Advantage Fund (G) 6.0 5.9 -1.2 Motilal Oswal Long Term Equity Fund (G) 13.4 12.5 -1.2
Sundaram Rural and Consumption Fund (G) 23.8 23.2 -1.7 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 | May 2019 20

 Back to
Canara Robeco: Equity AUM INR93b Invesco: Equity AUM INR88b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 6.8 -0.2 Banks Pvt 23.5 -2.0 HDFC Bank 9.1 0.4 24.6 0.7
Banks Pvt
6.4 -0.1 Cap Goods 12.3 1.8 6.8 0.4
ICICI Bank ICICI Bank Technology 11.3 0.7
4.5 1.0 Technology 9.1 -0.1 4.0 0.7 9.2 -0.9
L&T L&T NBFC
4.4 -0.1 Consumer 8.6 -0.3 3.7 0.0 9.2 -2.8
RIL Axis Bank Oil & Gas
3.8 7.0 -0.3 3.3 -0.6 0.1
Axis Bank -0.5 Auto Infosys Healthcare 7.8
-0.1 7.0 0.4 -0.1 -0.5
Infosys 3.3 Oil & Gas IndusInd Bank 2.2 Auto 7.6
-0.8 5.0 0.2 0.9 6.4 0.6
SBI 3.0 Healthcare TCS 2.1 Cap Goods
-0.4 0.4 0.0
2.9 Cement 4.3 Exide Inds 2.0 -0.1 Consumer 6.0
Kotak M Bank
0.4 0.2 0.2 2.7 0.1
2.6 NBFC 3.7 HDFC 2.0 Retail
ITC
-0.2 3.3 -0.3 1.9 0.0 2.0 0.0
TCS 2.0 Chemicals 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
L&T 1.01 814 L&T 0.97 4.51 HCL Tech 0.79 665 HCL Tech 0.90 0.95
Bharti Airtel 0.81 2,517 Bharti Airtel 0.87 0.89 TCS 0.77 282 TCS 0.87 2.08
Siemens 0.58 484 Siemens 0.61 0.87 L&T 0.61 509 ONGC 0.69 1.18
Tech Mahindra 0.55 578 Tech Mahindra 0.56 1.55 ONGC 0.61 3,460 L&T 0.65 3.96
Gujarat Gas 0.47 2,873 Sun TV 0.50 0.50 Rail Vikas Nigam 0.51 22,947 Rail Vikas Nigam 0.58 0.58
Sun TV 0.47 812 Gujarat Gas 0.50 0.65 HDFC Bank 0.47 205 UltraTech 0.47 0.47
ITC 0.41 1,263 ITC 0.36 2.65 ICICI Bank 0.41 777 HDFC Bank 0.42 9.09
Century Textiles 0.30 336 Kalpataru Power 0.32 0.34 UltraTech 0.41 89 ICICI Bank 0.38 6.77
Kalpataru Power 0.29 631 Century Textiles 0.30 0.81 BPCL 0.30 881 Orient Electric 0.34 0.36
ICICI Pru. Life 0.19 514 ICICI Pru. Life 0.21 0.26 Orient Electric 0.30 1,938 BPCL 0.33 1.17

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 Bluechip Equity Fund (G) 1.8 1.8 0.6 Invesco India Growth Opportunities Fund (G) 13.0 12.4 -1.0
Canara Robeco Equity Tax Saver Fund (G) 9.5 9.2 -0.1 Invesco India Tax Plan (G) 8.4 8.0 -1.2
Canara Robeco Equity Diversified Fund (G) 11.6 11.0 -0.2 Invesco India Multicap Fund (G) 8.1 7.7 -1.4
Canara Robeco Emerging Equities (G) 46.8 45.7 -0.3 Invesco India Contra Fund (G) 37.2 35.4 -1.8
Canara Robeco Consumer Trends Fund (G) 3.3 3.1 -1.6 Invesco India Smallcap Fund - Regular (G) 2.7 2.6 -2.2

Fund Folio: Indian Mutual Fund Tracker | May 2019 21

 Back to
Principal: Equity AUM INR56b BNP Paribas: Equity AUM INR39b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp) Apr-19 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 5.4 0.1 Banks Pvt 17.7 0.0 HDFC Bank 7.5 0.2 Banks Pvt 23.0 0.6
RIL 4.5 0.1 Consumer 12.3 -0.1 ICICI Bank 6.2 0.3 Consumer 11.9 -0.9
ICICI Bank 4.4 0.2 Technology 9.6 0.1 Axis Bank 4.7 0.1 NBFC 11.1 -1.9
TCS 3.2 0.4 NBFC 7.0 0.0 RIL 2.9 -0.2 Technology 7.1 -0.4
3.1 0.1 6.5 0.4 2.9 -0.5 6.8 0.2
ITC Oil & Gas Infosys Oil & Gas
2.9 0.2 6.2 -0.3 2.6 0.0 6.4 -0.1
Kotak M Bank Cap Goods Asian Paints Cap Goods
2.9 -0.1 5.9 1.4 2.5 0.1 5.2 -0.4
SBI Cement Kotak M Bank Auto
2.8 0.0 Healthcare 5.4 0.4 2.3 -0.2 Cement 4.4 1.6
Infosys Muthoot Finance
1.9 0.1 4.3 -1.3 2.3 0.3 3.9 0.2
Axis Bank Auto TCS Media
0.0 4.3 -0.1 -0.1 2.8 -0.2
Indian Hotels 1.7 Chemicals HDFC 2.2 Retail

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
Tata Steel 0.44 789 Tata Steel 0.79 0.84 Interglobe Avi. 0.31 194 Interglobe Avi. 0.82 1.54
UltraTech 0.32 64 UltraTech 0.58 0.87 UltraTech 0.26 45 UltraTech 0.68 1.47
Apollo Hospitals 0.22 184 Apollo Hospitals 0.40 0.40 Torrent Power 0.24 935 Torrent Power 0.61 0.61
TCS 0.20 0 TCS 0.39 3.21 ACC 0.22 135 ACC 0.57 1.14
India Cements 0.19 1,810 India Cements 0.34 1.12 SpiceJet 0.20 1,090 SpiceJet 0.51 0.91
SAIL 0.17 2,967 SAIL 0.31 0.67 Shree Cement 0.14 6 Shree Cement 0.38 1.42
ACC 0.14 95 ACC 0.26 1.33 Bharat Electronics 0.09 1,040 ICICI Bank 0.30 6.20
United Breweries 0.12 87 United Breweries 0.22 0.22 TCS 0.09 -8 TCS 0.26 2.27
HPCL 0.11 392 HPCL 0.21 0.21 PVR 0.08 21 PVR 0.24 1.66
SBI Life 0.11 73 SBI Life 0.20 1.28 SAIL 0.08 1,350 Bharat Electronics 0.23 0.23

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 Focused Multicap Fund (G) 3.2 3.1 1.4 BNP Paribas Large Cap Fund (G) 7.8 7.5 1.2
Principal Tax Savings Fund 4.1 3.8 -0.5 BNP Paribas Long Term Equity Fund (G) 4.7 4.4 1.0
Principal Multi Cap Growth Fund - (G) 8.8 8.2 -0.5 BNP Paribas Multi Cap Fund (G) 7.7 7.6 0.7
Principal Personal Tax saver Fund - (G) 2.7 2.6 -0.6 BNP Paribas India Consumption Fund - Reg (G) 3.6 3.3 0.7
Principal Emerging Bluechip Fund (G) 21.9 21.4 -0.7 BNP Paribas Focused 25 Equity Fund (G) 2.5 2.4 0.2

Fund Folio: Indian Mutual Fund Tracker | May 2019 22

 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 is inconsistent with the investment rating legend for a continuous period of 30 days,the Research Analyst shall within following 30 days 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 Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, 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. MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the
details in respect of which are available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - 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 Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant
with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory &
Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of associate entities of Motilal Oswal Financial Services Limited are available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf

Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
MOFSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOFSL and/or its associates and/or Research Analyst may have actual/beneficial ownership of 1% or more securities in the past 12
months. MOFSL 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 MOFSL 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 past 12 months. MOFSL and/or its associates may have received any compensation from the subject company in the past 12
months.
In the past 12 months, MOFSL 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 MOFSL or its associates in the past 12 months.
MOFSL 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, MOFSL 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. MOFSL 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 MOFSL 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. Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.

23
Terms & Conditions:
This report has been prepared by MOFSL 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 MOFSL. 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
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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
MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL 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
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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 Financial Services Limited(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 Financial Services Limited (MOFSL) 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 MOFSL 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 MOFSL, 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., MOFSL 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. MOFSL, 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 MOFSL. 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 MOFSL 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 MOFSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees
to hold MOFSL 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 71934200/ 022-71934263; Website www.motilaloswal.com.
CIN No.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412. AMFI: ARN - 146822; Investment Adviser:
INA000007100; Insurance Corporate Agent: CA0579 ;PMS:INP000006712. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is
group company of MOFSL. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is a
distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. which is a group company of MOFSL. Private Equity is
offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL. Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the
Stock Exchanges carefully before investing. There is no assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.

* 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.

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