MFs exposure to banking, oil & gas rises in Jan

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Mutual funds were bullish on the banking sector in January, as would appear from the allocation Rs 11,155 crore or 15.34% weightage of total market value. Oil & gas sector followed with an allocation of Rs 9,227 crore or 12.69% of total market value.

In January, the Indian fund industry’s corpus rose 9.4% to Rs 461,698 crore. LIC, IDFC and Deutsche Mutual Fund were the biggest gainers of this increase at 30%, 28% & 18% respectively. On the other side, Edelweiss’s corpus fell by 58% followed by Bharti AXA with a fall of 24% and Benchmark down 16%.

Balrampur Chini Mills attracted investments from five AMCs. MFs also invested heavily in Corporation Bank. MFs also purchased more number of shares of Power Grid Corporation of India.

Funds continued to hold earlier popular large cap stocks like Reliance Industries, ICICI Bank, State Bank of India, Bharti Airtel, Larsen & Toubro. 108 MF schemes hold more than 5% of scheme corpus in Reliance Industries.

MFs sold shares of Satyam Computer Services, Infrastructures Development Finance and GVK Power & Infrastructure. Satyam was held by 17 AMCs whereas IDFC by three and GVK Power by two.

Looking at overall fund positions, AMCs have increased exposure to stocks like Kingfisher Airlines, Reliance Infra, Rural Electrification Corporation, Maruti Suzuki and Texmaco while they reduced exposure to stocks like Jai Prakash, Satyam and ITC.

Top ten popular stocks in MF's include Reliance Industries, ICICI Bank, State Bank of India, Bharati Airtel, L&T, BHEL, ONGC, HDFC Bank, Infosys Technologies and ITC.

Source-Economic Times
February 2009

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