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Equity AUM up 4% in CY18 YTD, in line with

Nifty’s 4% rise
Equity Incl. Abri & ELSS AUM (INR b) Nifty Index
AUM CAGR 36% 10,531 10,930
Nifty CAGR 12%
7,946 8,186
8,022
Equity AUM snaps two-month INR22t 8,283 7,711
gaining streak (-6.6% MoM in Sep) 6,304
4,697
4,057
3,195
INR113b Net inflows up 90% 1,827
MoM in Sep
CY13 CY14 CY15 CY16 CY17 CY18YTD

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 October 2018
SUMMARY: AUM consolidates in Sep; Technology climbs to second position in MF allocation
Key observations
 Equity AUM of domestic mutual funds (MF) declined 6.6% MoM to INR8t in September, bucking the trend of the previous two months
(increased by 5.4% in July and 3.6% in August).
 The fall in equity AUM can be ascribed to market correction in September (Nifty down 6.4%). While equity scheme sales declined 3.1% MoM
to INR274b, redemptions fell sharply by 27.8% MoM to INR161b. Net inflows, thus, rose from INR59b in August to INR113b in September.
 Total AUM of the MF industry fell 12.5% MoM to INR22t in September, after surpassing the INR25t mark in August. The fall was primarily led
by a decline in AUM of liquid funds (by INR2095b), equity funds (by INR566b), income funds (by INR342b) and balanced funds (by INR109b).
 Equity AUM, as a percentage of India’s market capitalization, is at an all-time high of 5.6% (+60bp YoY).
Some interesting facts
 The month saw a notable change in sector and stock allocation of funds. On an MoM basis, the weights of Technology, Oil & Gas, Metals and
Healthcare increased, while those of NBFCs, PSU Banks, Infrastructure, Capital Goods, Media and Telecom moderated.
 Technology sector’s weight reached a 28-month high of 9.5% (+80bp MoM, +290bp YoY). As a result, the sector overtook NBFCs/Autos to take
the second position in sector allocation of mutual funds – it was at the sixth position about 12 months ago.
 Defensives’ weight rose to a 31-month high of 29.1% (+110bp MoM), as the weight of Technology and Healthcare increased, while that of
Telecom moderated. Domestic Cyclicals’ weight touched a new low of 59.6% (-220bp MoM).
 Of the top 10 stocks in terms of value increase MoM, seven were AUM consolidates in September after surpassing the INR25t mark in August
from Technology and Oil & Gas.
Total AUM (INR t)
 Reliance Industries saw a value increase of INR18.5b in
23.3 25.2
September, as the stock was up 1.4%. Notably, the stock saw net 21.4 22.8 22.0
buying by 15 of the top 20 funds. 19.3 20.6

23.1
22.9
22.6
16.3 17.4

22.4
22.2

21.4

21.4
Asian Paints was one of the preferred stocks among MFs in the

20.4
14.2 15.2

20.0
19.0
19.0
month, with net buying by nine funds. Value increased by 13.2

17.9
12.0

17.5
16.5
16.5
11.8

15.8
15.6
INR1.6b, despite the stock correcting by 5.6% in the month.

13.8
13.8
13.2
13.0
12.7
12.7
12.6
12.6

12.3
12.0

11.9
11.9
11.7

10.8

Of the top 10 stocks in terms of value decrease MoM, seven


were from Financials. Yes Bank (-43.8b), SBI (-42.2b), ICICI Bank (-
May-15

May-16

May-17

May-18
Jan-15

Jan-16

Jan-17

Jan-18
32.2b), Bajaj Finance (-25.2b) and Maruti Suzuki (-23.7b)
Sep-15

Sep-16

Sep-17

Sep-18
witnessed the maximum decline in value on an MoM basis.

Fund Folio: Indian Mutual Fund Tracker | October 2018 2


SUMMARY: AUM consolidates in Sep; Technology climbs to second position in MF allocation
Key charts
Defensives’ weight rose to a 31-month high of Technology’s weight reached a 28-month high of Domestic Cyclicals’ weight touched a new low of
29.1% (+110bp MoM) 9.5%; it rose to 2nd position in MF allocation 59.6% (-220bp MoM)

Defensives (%) Technology (%) Domestic cyclicals (%)

29.1

9.5
28.0

65.7
8.7
27.3

65.5
65.4
65.5
27.0

8.4

65.6
8.3

64.4
64.2
26.2
26.2

64.0
63.9
8.0
25.9
25.5

7.7

62.9
7.5

62.6
24.4
24.4

61.8
24.3

7.1
23.9
23.9

6.8
6.6

6.4

59.6
6.3
6.3

Dec-17

May-18
Apr-18
Mar-18

July-18
Oct-17

Aug-18
Nov-17

Jan-18
Sep-17

Feb-18

June-18

Sep-18

Dec-17

May-18
Apr-18
Mar-18

July-18
Oct-17

Aug-18
Nov-17

Jan-18
Sep-17

Feb-18

June-18

Sep-18
Dec-17

May-18
Apr-18
Mar-18

July-18
Oct-17

Aug-18
Nov-17

Jan-18
Sep-17

Feb-18

June-18

Sep-18

Total MF inflows at INR1.1t in CY18YTD; equity contributes 87% Domestic MFs’ gross inflows moderate in last six months

Total net inflows of INR 1,133b in CY18-YTD 500 Gross Inflows in Equity Incl. Arbi & ELSS (INR b)
988 936
375
307 153 3 274
1
250
-5 -63
125

-1,187
0
Equity Liquid Balanced Other Infra FOF Gold GILT Income
Dec-13

Dec-14

Dec-15

Dec-16

Dec-17
Mar-14
Jun-14

Mar-15
Jun-15

Mar-16
Jun-16

Mar-17
Jun-17

Mar-18
Jun-18
Sep-13

Sep-14

Sep-15

Sep-16

Sep-17

Sep-18
ETFs Debt ETF
Fund

Fund Folio: Indian Mutual Fund Tracker | October 2018 3


Contents
 AUM: Equity AUM snaps two-month gaining streak, down 6.6% MoM in Sep About the product
 Flows: Net inflows up 90% MoM to INR113b in September Fund Folio is a handbook on the
 Top-20 funds: Equity value down 8.2% MoM holdings of the top 20 domestic mutual
funds in India. This monthly report will
 Sector-wise weight: MoM increase seen in Technology, Oil, Metals and Healthcare cover:
 Sectoral allocation of funds: Oil & Gas, Consumer and NBFCs under-owned
 Trend in AUMs and flows
 Nifty-50 snapshot: MFs net buyers in two thirds of the stocks  Sector allocation by funds
 Top schemes and NAV change: All top-25 schemes close lower MoM  Stock-wise holding change
 Value surprise: Maximum MoM chg in Reliance Ind, Vedanta, L&T Infotech and TCS  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 | October 2018 4


AUM: Equity AUM snaps two-month gaining streak (down 6.6% MoM in Sep)
 Equity AUM of domestic mutual funds (MF) declined 6.6% MoM to INR8t in September, after rising by 5.4% in July and 3.6% in August. The fall in
equity AUM can be ascribed to market correction in September (Nifty down 6.4%). While equity scheme sales declined 3.1% MoM to INR274b,
redemptions fell sharply by 27.8% MoM to INR161b. Net inflows, thus, rose from INR59b in August to INR113b in September.
 Total AUM of the MF industry fell 12.5% MoM to INR22t in September, primarily led by a decline in AUM of liquid funds (by INR2095b), equity funds
(by INR566b), income funds (by INR342b) and balanced funds (by INR109b).
 Equity AUM, as a percentage of India’s market capitalization, is at an all-time high of 5.6% (+60bp YoY).

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
29 43 9.0 8.0 6.1

25.2
8.0

22.0
23.3
7.1

22.8
7.0 5.2

20.6
23 36

19.3
6.3

21.4
17.4
16.3
15.2 5.2
17 29 5.0 4.3
14.2

4.0
13.2
12.0
11.8

3.1
10.1
9.0

11 22 3.0 3.4

5 15 1.0 2.5
May-13

May-14

May-15

May-16

May-17

May-18
Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18
Sep-13

Sep-14

Sep-15

Sep-16

Sep-17

Sep-18

May-13

May-14

May-15

May-16

May-17

May-18
Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18
Sep-13

Sep-14

Sep-15

Sep-16

Sep-17

Sep-18
What drove total AUM in September (INR b) What drove equity AUM in September (INR b)
0 274
-0 -0 -9 -40 -109 -161
-342
-566
-679
8,022
-2095 22,044
25,204
8,588

Aug-18 FOF Infra Gold GILT Other Balanced Income Equity Liquid Sep-18
Debt Fund ETF ETFs Incl Arbi & Aug-18 Sales Redemption Capital Sep-18
ELSS Depreciation

Fund Folio: Indian Mutual Fund Tracker | October 2018 5


Flows: Net inflows up 90% MoM to INR113b in September
 Mutual funds’ gross inflows declined marginally by 3.1% MoM to INR274b in September. However, there was a meaningful fall in redemptions to
INR161b (-27.8% MoM), leading to a 90% increase in net inflows to INR113b in September from INR59b in August.

Monthly trend of sales, redemptions and net amount raised by mutual funds (toward equity)
Inflows in Equity Incl. Arbi & ELSS (INR b) Redemptions in Equity Incl. Arbi & ELSS (INR b)
600 Net Inflow/Outflow in Equity Incl. Arbi & ELSS (INR b)
450

300
274
Redemptions fell
150
113 28% MoM to
0 INR161b in
-150 September
-161
-300

-450
May-14

May-15

May-16

May-17

May-18
Mar-14

July-14

Mar-15

July-15

Mar-16

July-16

Mar-17

Mar-18

July-18
Nov-13
Jan-14

Nov-14
Jan-15

Nov-15
Jan-16

Nov-16
Jan-17

Nov-17
Jan-18
Sep-13

Sep-14

Sep-15

Sep-16

Jul-17
Sep-17

Sep-18
Yearly trend of net inflows by mutual funds (toward equity) Yearly trend of sales and redemptions by mutual funds (toward equity)
Net Inflow/Outflow in Equity Incl. Arbi & ELSS (INR b) Sale in Equity Incl. Arbi & ELSS (INR b)
Redemptions in Equity Incl. Arbi & ELSS (INR b) 3,431
1523 2,860
1,728 1,866
906
988 1,206
720 494 690 574 414 447
495 549
311
14 77 -409 -481 -498 -571 -551 -712
-848 -822
-104 -1,317 -1,908
-158 -156 -1,873
CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 CY18YTD CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 CY18YTD

Fund Folio: Indian Mutual Fund Tracker | October 2018 6


Top-20 funds: Equity value down by 8.2% MoM
 Total equity value of the top-20 AMCs fell 8.2% MoM (+25.7% YoY) in September, as against the Nifty’s fall of 6.4% MoM (+11.7% YoY).
 Among the top-10 funds, the highest MoM decrease was seen in Aditya Birla Sun Life Mutual Fund (-12.7%), followed by DSP Mutual Fund (-11.0%),
Reliance Mutual Fund (-8.7%), Axis Mutual Fund (-8.7%) and Kotak Mahindra Mutual Fund (-8.5%).

Trend of top-20 mutual funds by equity value


Value (INR b) MoM Change (%) 12M Chg Cash
Sep-18 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 July-18 Aug-18 Sep-18 (INRb) (%) Holding (%)
HDFC Mutual Fund 1,297 11.0 2.5 6.3 2.1 -3.8 -3.0 6.8 -2.3 -3.3 6.1 4.6 -8.3 202 18.4 13.5
SBI Mutual Fund 1,256 8.7 2.8 7.0 3.6 -3.3 1.5 9.8 1.1 0.6 7.2 5.0 -5.7 385 44.2 6.8
ICICI Prudential Mutual Fund 1,155 6.9 16.2 -2.0 2.7 -2.7 -2.7 3.6 -2.0 4.8 -1.1 2.1 -5.9 190 19.6 16.9
Reliance Mutual Fund 877 10.4 3.1 4.5 0.8 -2.8 -3.3 8.6 -1.3 -2.7 6.1 5.7 -8.7 148 20.3 5.1
Aditya Birla Sun Life Mutual Fund 752 8.6 3.7 6.3 1.3 -2.5 -1.3 8.7 -1.7 -1.5 5.3 3.0 -12.7 106 16.3 7.8
UTI Mutual Fund 601 7.1 1.3 5.2 3.4 -1.5 -0.7 2.5 5.0 -0.2 6.4 3.6 -8.1 122 25.4 3.1
Franklin Templeton Mutual Fund 474 4.6 2.4 3.1 0.9 -4.0 -2.6 5.4 -1.4 -3.0 2.9 2.7 -8.3 9 1.9 6.4
Kotak Mahindra Mutual Fund 462 9.5 5.1 3.0 1.1 0.0 -2.2 7.1 2.1 -1.4 7.3 9.0 -8.5 120 35.2 4.9
DSP Mutual Fund 354 8.0 0.7 8.6 -0.1 -1.4 -1.9 7.1 -2.4 -4.5 5.0 2.1 -11.0 28 8.6 3.1
AXIS Mutual Fund 352 6.5 4.2 8.3 1.8 -0.7 -0.4 8.8 3.0 0.7 9.3 6.4 -8.7 110 45.1 9.9
L&T Mutual Fund 342 14.4 6.4 10.8 4.6 2.9 -1.1 11.5 -1.1 -1.0 7.0 4.5 -8.6 128 60.1 3.9
IDFC Mutual Fund 186 8.8 1.6 7.3 4.2 -2.0 -0.3 10.7 -1.6 0.3 5.3 2.8 -8.9 43 30.1 6.8
Motilal Oswal Mutual Fund 173 6.9 5.1 7.6 3.3 0.1 2.0 7.4 0.2 -1.5 5.8 2.2 -7.9 44 34.5 1.4
Mirae Asset Mutual Fund 172 9.5 6.1 8.6 5.0 0.5 -1.8 10.8 1.7 -0.1 10.4 6.9 -3.8 69 67.3 0.8
Tata Mutual Fund 171 6.9 2.3 5.3 2.9 -2.5 -1.6 10.7 1.1 -0.1 11.0 7.9 -8.9 48 38.7 15.3
Sundaram Mutual Fund 167 6.8 5.5 9.3 0.3 -1.3 -4.3 10.5 -2.8 -3.0 3.0 4.3 -11.2 23 15.7 10.6
Canara Robeco Mutual Fund 72 8.6 4.0 5.7 2.4 -1.1 -0.9 8.6 0.5 -2.3 10.5 3.5 -8.2 18 34.0 5.2
Invesco Mutual Fund 62 11.4 8.6 5.8 6.5 3.0 1.9 12.8 7.4 5.7 14.9 7.6 -2.8 34 119.9 7.5
PRINCIPAL Mutual Fund 48 9.6 5.8 8.7 3.4 -1.6 -0.5 11.4 0.6 -2.1 7.0 5.2 -6.4 15 47.4 3.4
BNP Paribas Mutual Fund 36 9.6 4.2 7.1 0.6 -3.1 -5.8 7.3 -3.6 -5.1 6.1 3.1 -10.5 3 8.0 12.8
Total of above 9,009 8.6 4.9 5.0 2.2 -2.3 -1.7 7.3 -0.5 -0.7 5.4 4.3 -8.2 1,844 25.7 7.3
Nifty 10,930 5.6 -1.1 3.0 4.7 -4.9 -3.6 6.2 0.0 -0.2 6.0 2.9 -6.4 11.7

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 | October 2018 7


Sector-wise weight: MoM increase seen in Technology, Oil, Metals and Healthcare
 In Sep-18, MFs showed interest in Technology, Oil & Gas, Metals and Healthcare—these sectors saw an MoM increase in weight. NBFCs, PSU Banks,
Infrastructure, Capital Goods, Media and Telecom saw an MoM decrease in weight.
 Private Banks (16.1%) had the top sector holding in September, followed by Technology (9.5%), Autos (8.5%) and NBFCs (8.5%).
 Metals, Oil & Gas and Technology saw an increase in value on an MoM basis.

Sector allocation (%): Sector value change MoM (%): MFs v/s BSE-200 weight (%):
Tech, Oil, Metals and Healthcare see highest rise Infra, NBFCs and PSU Banks see maximum fall MoM Consumer u/w and Capital Goods o/w
Sep Weight (%) MoM Chg (pp) BSE 200 Weight (%) MF Weight (%)
Metals 1.8
- Banks Private 18.1
Banks Private 16.1 Oil & Gas 1.8 16.1
Technology 12.3
Technology 9.5 0.8 Technology 0.5 9.5
Consumer 11.9
Auto 8.5 7.8
Healthcare -3.0 11.1
NBFC 8.5 NBFC 8.5
Utilities -7.2 10.8
Consumer 7.8 - Oil & Gas 7.5
Chemicals -7.8 8.4
Oil & Gas 7.5 0.7
Auto 8.5
Consumer -8.0 5.1
Capital Goods 7.2 Healthcare 6.9
Banks Private -8.3 4.0
Healthcare 6.9 0.4
Capital Goods 7.2
Cement -8.9 Metals 3.5
Banks Public 4.1 3.8
Capital Goods -9.5 Utilities 3.1
Metals 3.8 0.4 3.4
Retail -9.8 Cement 2.5
Utilities 3.4 - 2.7
Chemicals - Telecom -11.4 Banks Public 2.3
3.1 4.1
Cement Real Estate -11.9 Telecom 1.4
2.7 - 1.4
Telecom Textiles -12.1 Chemicals 1.1
1.4 3.1
Retail 1.3 Auto -12.2 Retail 1.0
- 1.3
Textiles 1.0 Media -15.1 Media 0.5
- 0.8
Media 0.8 Infrastructure 0.5
Banks Public -17.2 0.8
Infrastructure 0.8 Textiles 0.5
NBFC -17.3 1.0
Real Estate 0.4 - Real Estate 0.3
Infrastructure -21.7 0.4

Fund Folio: Indian Mutual Fund Tracker | October 2018 8


Sectoral allocation of funds: Oil & Gas, Consumer and NBFCs under-owned
 Top sectors where ownership of mutual funds vis-à-vis BSE-200 is at least 1% lower: Oil & Gas (17 funds under-owned), Consumer (14 funds
under-owned), Technology (14 funds under-owned), NBFCs (14 funds under-owned) and Utilities (13 funds under-owned).
 Top sectors where ownership of mutual funds vis-à-vis BSE-200 is at least 1% higher: Capital Goods (15 funds over-owned), Healthcare (12 funds
over-owned), Cement (9 funds over-owned), Autos (8 funds over-owned) and Private Banks (7 funds over-owned).

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


Aditya
BNP Canara Franklin ICICI Kotak Motilal
Sector BSE200 Birla Sun Axis DSP HDFC IDFC Invesco L&T Mirae Principal Reliance SBI Sundaram TATA UTI
Paribas Robeco Templeton Pru Mahindra Oswal
Life
Auto 8.4 7.8 14.9 5.4 8.9 8.7 10.5 4.4 9.2 9.5 10.9 8.0 6.0 8.3 13.4 7.2 8.5 8.2 11.9 11.6 11.0
Banks PVT 18.1 16.8 19.7 20.3 15.0 16.4 21.0 14.9 9.8 11.7 19.2 22.5 11.9 21.8 16.8 12.0 15.5 19.4 8.0 15.4 17.2
Banks PSU 2.3 2.0 0.2 1.2 3.2 1.8 3.1 8.6 5.6 1.6 1.4 3.7 2.2 3.1 0.0 3.2 6.9 3.0 1.8 1.6 1.7
Cap. Goods 4.0 6.9 2.8 6.1 7.4 9.0 5.7 10.0 4.6 9.2 4.6 6.1 11.3 6.1 2.9 7.5 11.5 5.5 11.4 7.5 4.7
Cement 2.5 3.2 2.1 4.1 3.6 4.5 4.3 0.9 1.3 4.1 0.4 4.5 6.9 2.7 0.4 3.5 3.0 2.3 5.3 3.8 2.5
Chemicals 1.1 3.9 4.2 4.5 5.5 5.6 3.5 4.9 1.4 3.6 0.6 2.1 4.7 2.5 0.3 5.0 2.2 2.2 5.4 1.7 2.6
Consumer 11.9 11.1 6.9 12.5 11.6 4.8 5.6 4.5 8.9 8.6 7.1 7.9 5.1 8.9 5.9 13.3 4.8 10.3 12.3 14.1 9.8
Healthcare 5.1 7.8 5.1 5.0 7.3 7.7 7.3 5.2 9.3 6.0 8.4 4.8 6.8 9.6 6.5 5.0 8.0 6.4 4.2 3.9 7.7
Infra 0.5 0.7 0.0 1.2 0.2 1.2 0.8 1.4 0.7 1.6 0.4 0.4 0.7 0.0 0.7 1.1 0.5 2.0 1.0 0.4
Media 0.5 1.8 0.1 1.3 0.0 0.4 1.0 0.5 1.3 1.5 0.9 0.7 1.1 0.7 0.0 1.1 0.7 0.4 1.0 1.6 0.4
Metals 3.5 5.7 0.3 3.3 0.7 4.5 2.6 4.2 6.5 3.7 2.4 2.7 3.1 4.6 0.0 4.0 5.2 2.6 1.4 0.4 2.5
NBFC 11.1 9.9 19.8 12.0 8.4 9.7 2.9 5.0 6.5 9.0 10.3 11.7 7.2 5.3 19.5 7.1 7.4 10.6 8.2 8.2 8.2
Oil & Gas 10.8 5.3 1.5 5.7 9.1 5.8 7.2 8.8 8.0 4.6 16.1 10.2 5.3 10.9 8.5 6.3 7.9 8.9 2.7 9.1 6.6
Real Estate 0.3 0.1 0.0 0.1 0.3 1.2 1.3 0.4 0.2 0.6 0.0 0.4 1.4 0.0 0.4 0.4 0.2 0.8 0.2 0.4
Retail 1.0 0.9 3.7 1.3 0.9 1.1 1.3 0.7 0.7 3.7 1.5 0.7 3.4 1.8 2.3 0.3 1.4 0.5 2.7 2.7 1.1
Technology 12.3 9.6 12.0 10.0 10.2 5.7 8.1 11.7 9.5 5.4 11.9 7.1 8.6 9.5 15.6 11.5 4.3 10.6 9.1 9.4 13.9
Telecom 1.4 0.8 0.0 0.5 0.3 4.3 0.3 3.9 0.7 0.0 0.5 1.0 0.4 0.0 0.1 1.1 2.0 0.4 0.0 1.1
Textiles 0.5 0.4 2.7 1.5 0.8 4.2 1.2 0.5 0.0 2.2 0.1 1.1 2.6 1.1 0.3 1.5 0.9 0.6 1.8 0.7 1.1
Utilities 3.1 1.3 1.4 0.4 1.4 0.8 3.1 7.3 9.3 1.2 0.2 0.5 0.1 0.4 0.0 3.9 2.5 2.1 0.5 1.7 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 | October 2018 9


Nifty-50 snapshot: MFs net buyers in two thirds of the stocks
Highest net buying in Sep on an MoM basis was witnessed in Vedanta (+22.2%), Adani (+17.6%), Asian Paints (+10.8%), HPCL (+6.2%) and Coal India (+6.1%).

Number of Funds Number of Funds


Value Sep- Value Chg Shares Sep-18 Shares Chg Value Sep- Value Chg Shares Sep-18 Shares Chg
Company Having Exposure Company Having Exposure >2%
18 (INR B) MoM (%) (M) MoM (%) 18 (INR B) MoM (%) (M) MoM (%)
>2% <2% <2%
Vedanta 89.8 24.7 386.6 22.2 1 17 L&T 244.2 -7.1 192.0 0.1 12 8
Adani Ports & SEZ 15.3 0.9 46.4 17.6 18 GAIL 92.2 1.7 243.8 0.1 1 19
ONGC 61.6 -1.6 347.5 -0.1 1 16
Asian Paints 38.0 4.4 29.3 10.8 1 19
HUL 56.4 -9.7 35.1 -0.1 1 19
HPCL 43.8 5.3 174.3 6.2 1 18
NTPC 139.4 -2.8 835.8 -0.1 2 14
Coal India 29.3 -1.2 110.2 6.1 17
Dr Reddys Labs. 49.5 1.4 19.5 -0.2 19
Tech Mahindra 63.0 3.2 84.5 6.0 1 18 Infosys 358.3 0.5 490.8 -0.9 15 5
Reliance Inds. 275.5 7.2 219.0 5.8 14 6 IOC 59.8 -2.7 389.8 -1.3 19
Maruti Suzuki 131.2 -15.3 17.9 4.8 8 12 JSW Steel 16.8 -4.9 44.0 -1.3 18
Kotak Mah. Bank 147.1 -7.2 128.8 4.7 7 13 Power Grid 71.8 -7.9 381.1 -1.5 2 17
Axis Bank 152.4 -1.3 248.5 4.5 7 13 IndusInd Bank 82.0 -12.7 48.5 -1.5 3 17
UltraTech Cement 31.3 -5.4 7.7 4.3 19 Hero MotoCorp 34.9 -11.3 11.9 -1.6 19
Bajaj Auto 24.5 1.7 9.1 3.9 1 17 UPL 24.7 -8.9 37.2 -2.0 19
Bajaj Finserv 38.2 -8.1 6.4 3.2 18 HCL Tech. 71.3 0.3 65.5 -3.5 18
ICICI Bank 360.8 -8.2 1,181.2 2.9 16 4 Zee Entertainmen 24.1 -15.3 54.9 -3.5 20
Bajaj Finance 87.6 -22.3 40.4 2.4 3 16 Grasim Inds 40.3 -8.2 39.4 -4.0 1 17
Yes Bank 43.2 -50.3 235.3 -6.9 19
ITC 281.4 -4.8 946.0 2.3 14 6
Eicher Motors 34.1 -22.5 1.4 -10.0 1 17
HDFC Bank 527.1 -0.6 262.8 2.1 20
Indiabulls Hsg Fin 10.5 -40.5 12.3 -12.5 18
Bharti Airtel 98.9 -10.0 292.1 2.0 2 17
Wipro 35.2 -11.6 108.7 -17.8 19
BPCL 60.2 5.4 161.0 2.0 1 17
MFs’ weight in Nifty (%)
Tata Steel 104.4 -2.4 181.0 1.6 3 17
OW/UW to Nifty(pp)
SBI 284.3 -12.9 1,071.3 1.6 8 12
1.8 3.1 1.5 1.0 1.5 1.3 0.5
Hindalco 60.7 -2.0 264.1 1.6 1 17
HDFC 220.1 -8.0 125.5 1.5 9 11 24.9 MFs Weight in Nifty (%)
Cipla 56.8 0.2 86.8 1.4 1 18 13.3 11.3
Sun Pharma 123.0 -3.3 197.3 1.3 3 17 7.1 7.1 6.8 5.4 5.2 4.6 4.6 4.4 2.1
1.4 0.6 0.5 0.5 0.3
Titan Company 33.6 -8.6 41.7 1.2 1 19

Utilities

Healthcare
Banks PSU
NBFC

Metals

Telecom
Consumer

Auto
Banks Pvt

Technology

Cap. Goods

Cement

Agro-Chem

Media
Oil & Gas

Retail

Infra
Tata Motors 52.6 -15.5 235.2 1.0 1 18
M&M 97.2 -9.9 112.9 1.0 3 16
TCS 172.9 5.7 79.2 0.6 10 10
Bharti Infratel 10.8 -8.0 41.0 0.4 17

Fund Folio: Indian Mutual Fund Tracker | October 2018 10


Top schemes and NAV change: All top-25 schemes close lower MoM
 Among the top-25 schemes by AUM, those registering the highest fall were: Reliance Small Cap Fund (-12.5% MoM change in NAV), HDFC Mid-Cap
Opportunities Fund (-12.2% MoM), UTI-Equity Fund (-11.0% MoM), Axis Long Term Equity Fund (-9.9% MoM) and Aditya Birla SL Equity Fund (-9.9%
MoM).
Top schemes by AUM
Scheme Name Total AUM (INR B) Equity AUM (INR B) MoM NAV Chg (%) 12M NAV Chg (%)
HDFC Balanced Advantage Fund (G) 369 287 -6.0 3.1
HDFC Hybrid Equity Fund (G) 214 146 -6.2 2.1
Kotak Standard Multicap Fund (G) 204 193 -8.3 4.4
Aditya Birla SL Frontline Equity Fund (G) 202 182 -8.2 1.8
HDFC Equity Fund - (G) 202 201 -7.9 6.2
HDFC Mid-Cap Opportunities Fund (G) 195 184 -12.2 -2.3
SBI BlueChip Fund (G) 192 176 -8.6 2.2
ICICI Pru Bluechip Fund (G) 190 163 -6.6 8.1
AXIS Long Term Equity Fund (G) 170 161 -9.9 8.0
ICICI Pru Value Discovery Fund (G) 165 131 -5.1 9.0
HDFC Top 100 Fund (G) 149 145 -6.2 8.1
Motilal Oswal Multicap 35 Fund (G) 128 126 -9.5 -3.8
Franklin India Equity Fund - (G) 113 108 -8.3 4.1
ICICI Pru Multi-Asset Fund (G) 110 72 -2.9 6.4
Reliance Large Cap Fund (G) 109 106 -7.6 8.5
Reliance Tax Saver (ELSS) Fund - (G) 96 95 -9.0 -10.4
Aditya Birla SL Equity Fund (G) 94 89 -9.9 -1.0
Reliance Multi Cap Fund (G) 94 89 -8.4 4.9
Mirae Asset India Equity Fund (G) 88 87 -6.8 7.4
UTI-Equity Fund (G) 81 79 -11.0 10.7
L&T India Value Fund (G) 77 76 -9.1 -1.1
Franklin India Bluechip Fund - (G) 77 73 -7.3 4.3
Franklin India Focused Equity Fund (G) 72 65 -7.9 2.8
HDFC Tax Saver Fund (G) 68 66 -6.3 2.4
Reliance Small Cap Fund (G) 68 61 -12.5 0.9
Note: Equity growth schemes considered for this comparison

Fund Folio: Indian Mutual Fund Tracker | October 2018 11


Value surprise: Maximum MoM change in Reliance Inds, Vedanta, L&T Infotech and TCS
 In September, seven of the top 10 stocks that saw a maximum change in value were from Technology and Oil & Gas. Reliance Industries, Vedanta,
L&T Infotech, TCS and BPCL saw maximum value change on an MoM basis.
 Seven of the top 10 stocks that saw a maximum decline in value were from Financials. Yes Bank, SBI, ICICI Bank, Bajaj Finance and Maruti Suzuki saw
the maximum decline in value.

Top-10 stocks by change in value


Value Value Chg Value Chg Shares Shares Chg Shares Chg Price Chg
Company % AUM
Sep-18 (INR B) MoM (INR B) MoM (%) Sep-18 (M) MoM (M) MoM (%) MoM (%)
Reliance Inds 275.5 18.5 7.2 219.0 12.0 5.8 1.4 3.1
Vedanta 89.8 17.8 24.7 386.6 70.4 22.2 2.0 1.0
L&T Infotech 16.3 9.9 153.8 8.5 4.9 138.0 6.5 0.2
TCS 172.9 9.2 5.7 79.2 0.4 0.6 5.1 1.9
BPCL 60.2 3.1 5.4 161.0 3.2 2.0 3.2 0.7
HPCL 43.8 2.2 5.3 174.3 10.2 6.2 -1.3 0.5
Tech Mahindra 63.0 2.0 3.2 84.5 4.8 6.0 -2.6 0.7
ABB 19.1 1.9 11.1 13.5 0.4 3.1 6.9 0.2
Infosys 358.3 1.8 0.5 490.8 -4.3 -0.9 1.1 4.0
Asian Paints 38.0 1.6 4.4 29.3 2.9 10.8 -5.6 0.4

Bottom-10 stocks by change in value


Value Value Chg Value Chg Shares Shares Chg Shares Chg Price Chg
Company % AUM
Sep-18 (INR B) MoM (INR B) MoM (%) Sep-18 (M) MoM (M) MoM (%) MoM (%)
Yes Bank 43.2 -43.8 -50.3 235.3 -17.5 -6.9 -46.6 0.5
SBI 284.3 -42.2 -12.9 1,071.3 16.7 1.6 -14.2 3.2
ICICI Bank 360.8 -32.2 -8.2 1,181.2 33.7 2.9 -11.0 4.0
Bajaj Finance 87.6 -25.2 -22.3 40.4 0.9 2.4 -24.2 1.0
Maruti Suzuki 131.2 -23.7 -15.3 17.9 0.8 4.8 -19.2 1.5
HDFC 220.1 -19.2 -8.0 125.5 1.8 1.5 -9.1 2.4
L&T 244.2 -18.6 -7.1 192.0 0.1 0.1 -7.5 2.7
ITC 281.4 -14.3 -4.8 946.0 21.6 2.3 -7.0 3.1
BOB 32.3 -12.9 -28.6 325.1 29.0 9.8 -35.0 0.4
IndusInd Bank 82.0 -11.9 -12.7 48.5 -0.7 -1.5 -11.4 0.9

Fund Folio: Indian Mutual Fund Tracker | October 2018 12


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

Fund Folio: Indian Mutual Fund Tracker | October 2018 13


Back to
HDFC: Equity AUM INR1297b SBI: Equity AUM INR1256b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp) Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp)
Infosys 7.1 0.5 Banks Pvt 14.9 -0.1 HDFC Bank 8.4 0.5 Banks Pvt 19.4 0.0
ICICI Bank 6.4 -0.3 11.7 0.7 RIL 5.5 0.5 10.6 -1.3
Technology NBFC
SBI 5.8 -0.3 10.0 -0.2 Infosys 4.9 0.5 10.6 1.2
Cap Goods Technology
5.2 0.0 8.8 0.9 4.7 0.1 10.3 0.2
L&T Oil & Gas ITC Consumer
4.4 0.4 8.6 -1.2 3.8 -0.2 8.9 0.7
RIL Banks PSU ICICI Bank Oil & Gas
4.4 0.3 0.2 -0.1 -0.4
HDFC Bank Utilities 7.3 HDFC 3.6 Auto 8.2
3.3 0.1 0.3 -0.1 0.0
ITC Healthcare 5.2 Kotak M Bank 3.4 Healthcare 6.4
0.2 -0.3 -0.2
NTPC 3.1 5.0 TCS 3.3 0.5 Cap Goods 5.5
0.0 Auto
2.3 -0.7 3.0 -0.4
Power Grid NBFC 5.0 SBI 2.9 -0.3 Banks PSU
0.2 0.3
GAIL 2.1 4.5 0.1 2.7 0.0 Metals 2.6
Consumer L&T

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
Aurobindo 1.32 268 Infosys 0.54 7.12 TCS 4.32 1,116 HDFC Bank 0.52 8.44
HPCL 1.08 4,455 RIL 0.38 4.42 JSW Steel 3.69 9,725 TCS 0.51 3.29
Vedanta 1.04 2,819 HDFC Bank 0.29 4.42 Infosys 2.57 2,431 RIL 0.48 5.46
BPCL 0.87 1,153 Aurobindo 0.26 2.05 Asian Paints 2.42 2,300 Infosys 0.47 4.91
Sonata Software 0.53 1,269 NTPC 0.21 3.13 RIL 2.20 1,047 JSW Steel 0.30 0.33
Coal India 0.47 3,687 Vedanta 0.20 1.57 Bajaj Auto 1.62 641 Asian Paints 0.24 0.96
Kotak M Bank 0.42 482 GAIL 0.19 2.09 MRF 1.02 20 Axis Bank 0.18 1.84
TCS 0.38 -216 Tata Steel 0.18 1.96 Axis Bank 0.96 3,580 Bajaj Auto 0.15 0.51
HUL 0.36 242 BPCL 0.15 1.09 HCL Tech 0.93 417 ITC 0.13 4.74
Gujarat Fluorochem 0.35 433 TCS 0.14 1.33 Aurobindo 0.86 859 HCL Tech 0.13 1.04
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 (%)
HDFC Balanced Advantage Fund (G) 368.9 287.2 -6.0 SBI Healthcare Opportunities Fund (G) 10.8 10.6 -4.4
HDFC Hybrid Equity Fund (G) 214.3 146.5 -6.2 SBI Magnum Comma Fund (G) 2.7 2.6 -5.6
HDFC Top 100 Fund (G) 148.8 145.4 -6.2 SBI Magnum Equity ESG Fund (G) 20.2 19.7 -6.9
HDFC Tax Saver Fund (G) 68.3 65.7 -6.3 SBI Large & Midcap Fund (G) 22.5 21.5 -7.5
HDFC Long Term Advantage Fund (G) 14.8 14.1 -6.6 SBI Magnum Tax Gain Scheme (G) 62.2 57.9 -8.5

Fund Folio: Indian Mutual Fund Tracker | October 2018 14


Back to
ICICI Prudential: Equity AUM INR1155b Reliance: Equity AUM INR877b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp) Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp)
NTPC 5.5 0.1 9.8 -0.3 HDFC Bank 6.0 0.6 Banks Pvt 15.5 0.6
Banks Pvt
ITC 5.4 0.3 Technology 9.5 -0.2 SBI 5.4 -0.3 Cap Goods 11.5 0.0
SBI 4.8 -0.1 9.3 0.2 ICICI Bank 4.5 0.4 Auto 8.5 -0.1
Healthcare
Sun Pharma 3.8 -0.1 9.3 -0.1 2.7 -0.2 8.0 0.8
Utilities Tata Steel Healthcare
3.7 -0.3 -0.4 0.0 7.9 0.7
ICICI Bank Auto 9.2 ITC 2.5 Oil & Gas
3.6 0.1 0.0 0.0 7.4 -0.9
Infosys Consumer 8.9 L&T 2.4 NBFC
-0.1 0.6 0.0 -0.5
Bharti Airtel 3.0 Oil & Gas 8.0 2.3 Banks PSU 6.9
0.1 Infosys -0.2
3.0 6.5 0.0 -0.1 5.2
ONGC NBFC Tata Motors 2.2 Metals
0.4 1.0 0.1 -0.1
HDFC 3.0 Metals 6.5 2.1 Consumer 4.8
1.0 Axis Bank 0.2
Vedanta 2.8 Banks PSU 5.6 -0.3 0.2 Technology 4.3
RIL 1.9

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
Vedanta 9.89 40,596 Vedanta 0.97 2.81 Vedanta 2.52 10,377 HDFC Bank 0.56 6.04
RIL 3.42 2,655 HDFC 0.36 2.98 Syngene Intl. 1.46 2,423 ICICI Bank 0.41 4.49
L&T Infotech 2.32 1,179 RIL 0.33 0.81 Bajaj Finserv 1.36 247 Vedanta 0.34 0.92
HDFC 2.25 2,999 ITC 0.29 5.38 ABB India 1.29 356 ABB India 0.25 1.31
Kotak M Bank 1.29 1,732 L&T Infotech 0.20 0.27 Biocon 1.15 1,342 Divis Lab 0.24 1.42
LIC Hsg Fin. 1.08 3,954 Kotak M Bank 0.14 0.64 Divis Lab 1.14 837 RIL 0.23 1.87
Interglobe Aviation 0.85 1,535 NTPC 0.14 5.54 ICICI Lombard 0.66 783 Syngene Intl. 0.17 0.24
Asian Paints 0.57 822 ONGC 0.12 2.99 Alembic Pharma 0.65 1,000 Bajaj Finserv 0.17 0.28
Lupin 0.41 849 LIC Hsg Fin. 0.11 0.34 RIL 0.63 339 Biocon 0.15 0.37
HUL 0.40 1,755 Interglobe Aviation 0.09 0.40 Thomas Cook 0.62 2,752 IOCL 0.15 1.81
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 (%)
ICICI Pru Value Fund - Series 19 - Regular (G) 18.1 15.2 -0.2 Reliance Pharma Fund (G) 27.4 26.2 -2.1
ICICI Pru Multi-Asset Fund (G) 109.6 72.2 -2.9 Reliance Balanced Advantage Fund (G) 11.4 7.5 -3.4
ICICI Pru Value Discovery Fund (G) 164.8 130.8 -5.1 Reliance Large Cap Fund (G) 109.0 106.2 -7.6
ICICI Pru Large & Mid Cap Fund - (G) 30.0 28.1 -6.1 Reliance Retirement Fund-Wealth Creation (G) 13.2 12.3 -8.4
ICICI Pru Bluechip Fund (G) 189.7 163.5 -6.6 Reliance Multi Cap Fund (G) 94.1 89.3 -8.4

Fund Folio: Indian Mutual Fund Tracker | October 2018 15


Back to
Aditya Birla Sun Life: Equity AUM INR752b UTI: Equity AUM INR601b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp) Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 6.7 0.8 Banks Pvt 16.8 -0.4 HDFC Bank 5.7 0.4 Banks Pvt 17.2 -0.3
ICICI Bank 4.2 0.0 Consumer 11.1 0.4 Infosys 5.1 0.5 13.9 1.2
Technology
3.8 0.5 9.9 -2.2 3.9 0.1 11.2 -0.8
Infosys NBFC ITC Auto
3.0 0.2 9.6 1.1 3.8 -0.1 9.8 0.1
ITC Technology ICICI Bank Consumer
2.4 0.5 7.8 -0.3 3.2 0.4 8.2 -0.5
RIL Auto TCS NBFC
2.2 -0.2 0.1 0.3 7.7 0.2
Maruti Suzuki Healthcare 7.8 RIL 2.9 Healthcare
0.7 0.0 0.2 6.6 0.4
Tata Steel 2.2 Cap Goods 6.9 HDFC Bank 2.6 Oil & Gas
1.9 0.2 1.5 2.4 -0.3 4.7 -0.1
Tech Mahindra Metals 5.7 Maruti Suzuki Cap Goods
0.2 0.5 -0.1 2.5 0.3
HCL Tech 1.8 Oil & Gas 5.3 IndusInd Bank 2.3 Metals
-0.2 0.5 0.0 0.0
L&T 1.6 3.8 L&T 2.0 Cement 2.5
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
Tata Steel 3.47 6,665 HDFC Bank 0.78 6.65 L&T Infotech 1.22 604 Infosys 0.47 5.07
RIL 1.57 1,078 Tata Steel 0.67 2.15 TCS 0.87 -36 HDFC Bank 0.41 5.69
NMDC 1.54 13,264 Infosys 0.51 3.80 JSW Steel 0.77 2,042 TCS 0.40 3.24
Vedanta 1.21 4,653 RIL 0.48 2.38 RIL 0.55 257 RIL 0.32 2.94
JSPL 1.01 5,911 Vedanta 0.27 1.01 Wipro 0.50 1,270 L&T Infotech 0.22 0.37
Bharat Forge 0.59 1,505 NMDC 0.25 0.57 Infosys 0.39 -33 HDFC 0.17 2.57
Deepak Nitrite 0.54 1,302 Tech Mahindra 0.25 1.90 Muthoot Finance 0.34 870 JSW Steel 0.13 0.16
Engineers India 0.44 3,825 HCL Tech 0.24 1.76 Interglobe Aviation 0.32 473 Axis Bank 0.12 1.96
I G Petrochemicals 0.41 1,021 Bayer CropScience 0.18 1.33 Aditya Birla Fashion 0.32 2,760 Vedanta 0.12 1.04
TCS 0.38 61 JSPL 0.16 0.32 Bajaj Auto 0.24 103 GAIL 0.11 1.02
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) 4.7 4.6 -3.8 UTI-Dividend Yield Fund (G) 25.7 25.4 -5.9
Aditya Birla SL Focused Equity Fund-Sr.6 (G) 1.0 0.5 -6.5 UTI-Nifty Index Fund (G) 9.6 9.5 -6.4
Aditya Birla SL Index Fund (G) 1.3 1.2 -6.5 UTI-Mastershare (G) 54.9 52.7 -8.1
Aditya Birla SL Focused Equity Fund (G) 39.2 35.0 -7.9 UTI-Value Opportunities Fund (G) 44.1 42.7 -8.1
Aditya Birla SL Emerging Leaders Fund-Sr.4 (G) 0.1 0.1 -8.2 UTI-Long Term Equity Fund (G) 10.2 9.6 -8.7

Fund Folio: Indian Mutual Fund Tracker | October 2018 16


Back to
Franklin: Equity AUM INR474b Kotak Mahindra: Equity AUM INR462b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp) Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 7.9 0.4 21.0 -0.9 HDFC Bank 8.5 0.9 Banks Pvt 22.5 1.1
Banks Pvt
4.1 -0.2 0.1 RIL 5.2 1.2 11.7 -1.2
Axis Bank Auto 10.5 NBFC
4.0 0.2 0.5 5.1 0.5 10.2 1.2
Infosys Technology 8.1 ICICI Bank Oil & Gas
3.5 -0.1 0.2 3.0 0.6 -0.8
ICICI Bank Healthcare 7.3 HDFC Auto 8.0
3.3 -0.1 7.2 0.7 Infosys 2.9 0.2 -0.1
Bharti Airtel Oil & Gas Consumer 7.9
2.9 -0.2 0.0 2.7 0.0 1.0
SBI Cap Goods 5.7 L&T Technology 7.1
-0.1 -0.5 2.7 0.1 -0.1
Kotak M Bank 2.6 Consumer 5.6 SBI 6.1
-0.1 Cap Goods
2.3 4.3 -0.2 2.5 0.5 0.8
M&M Telecom TCS Healthcare 4.8
1.8 0.3 4.3 0.3 2.4 0.3 0.0
BPCL Cement Axis Bank Cement 4.5
1.7 0.1 3.5 0.5 1.9 0.1 -0.4
NTPC Chemicals ITC Banks PSU 3.7

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
P I Industries 1.14 1,791 HDFC Bank 0.43 7.90 RIL 3.71 2,736 RIL 1.18 5.23
BEL 0.85 10,594 BPCL 0.28 1.82 Lupin 2.49 2,778 HDFC Bank 0.92 8.48
BPCL 0.68 1,100 P I Industries 0.27 0.61 HDFC 1.55 1,539 HDFC 0.56 2.98
Bajaj Auto 0.64 270 Infosys 0.23 3.99 TCS 1.53 472 Lupin 0.55 0.61
Hero Moto 0.53 220 Bajaj Auto 0.21 1.04 HDFC Bank 1.01 1,012 TCS 0.51 2.47
GAIL 0.51 1,201 BEL 0.18 0.18 LIC Hsg Fin. 0.97 2,417 ICICI Bank 0.50 5.07
Himadri Speciality 0.40 3,502 GAIL 0.16 0.76 Aurobindo 0.95 1,182 Axis Bank 0.27 2.42
Sobha 0.30 1,417 IOCL 0.16 1.68 Sun Pharma 0.82 1,475 Aurobindo 0.23 0.55
Maruti Suzuki 0.30 42 Hero MotoCorp 0.13 0.36 Ashok Leyland 0.68 6,929 Sun Pharma 0.22 0.63
Jyothy Lab 0.26 1,901 Dr Reddys Lab 0.12 1.66 Dabur India 0.62 1,661 LIC Hsg Fin. 0.21 0.25
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 (%)
Franklin India Bluechip Fund - (G) 77.0 73.2 -7.3 Kotak India EQ Contra Fund (G) 5.7 4.7 -7.0
Franklin India Taxshield - (G) 36.5 33.8 -7.3 Kotak Bluechip Fund (G) 13.4 12.7 -7.8
Franklin Build India Fund (G) 11.3 10.8 -7.9 Kotak Tax Saver (G) 7.4 7.2 -8.0
Franklin India Focused Equity Fund (G) 72.5 64.7 -7.9 Kotak Equity Opportunities (G) 23.2 22.6 -8.1
Franklin India Equity Fund - (G) 112.5 107.8 -8.3 Kotak Standard Multicap Fund (G) 203.8 192.8 -8.3

Fund Folio: Indian Mutual Fund Tracker | October 2018 17


Back to
DSP: Equity AUM INR354b Axis: Equity AUM INR352b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp) Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 5.8 0.6 16.4 -0.1 8.5 1.3
Banks Pvt TCS NBFC 19.8 -1.1
ICICI Bank 4.4 0.2 -1.0 8.4 0.5
NBFC 9.7 HDFC Bank Banks Pvt 19.7 0.3
L&T 2.7 0.1 -0.1 6.0 0.1 -0.8
Cap Goods 9.0 Kotak M Bank Auto 14.9
2.3 0.4 -0.9 -0.1 0.9
RIL Auto 8.7 HDFC 5.6 Technology 12.0
2.3 -0.1 1.1 -0.8 0.0
Bajaj Finance Healthcare 7.7 Bajaj Finance 5.3 Consumer 6.9
-0.5 0.8 -0.2 0.5
Maruti Suzuki 1.9 Oil & Gas 5.8 Maruti Suzuki 4.7 Healthcare 5.1
0.3 1.5 -0.1 -0.5
Infosys 1.9 Technology 5.7 Pidilite Inds 3.7 Chemicals 4.2
0.5 0.1 -0.3 0.2
HCL Tech 1.6 Chemicals 5.6 Bandhan Bank 3.4 Retail 3.7
-0.3 -0.5 0.0 2.8 -0.2
SBI 1.6 Consumer 4.8 GRUH Finance 3.3 Cap Goods
0.0 4.5 0.2 0.1 2.7 0.2
Shree Cement 1.5 Cement Avenue Super. 3.2 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
Axis Bank 2.17 3,539 Axis Bank 0.61 0.62 TCS 2.18 357 TCS 1.30 8.46
Sun Pharma 1.35 2,344 HDFC Bank 0.59 5.84 RIL 0.89 673 HDFC Bank 0.47 8.45
HCL Tech 1.16 906 HCL Tech 0.47 1.60 Max Financial 0.84 2,058 RIL 0.34 1.25
GAIL 1.11 2,868 Sun Pharma 0.46 1.07 Vedanta 0.39 1,697 Sun Pharma 0.24 2.76
Hexaware Tech 0.77 1,806 GAIL 0.35 0.67 ICICI Bank 0.38 1,750 Max Financial 0.24 0.24
Dr Reddys Lab 0.59 218 RIL 0.35 2.30 Titan Co. 0.37 545 Divis Lab 0.20 1.40
Tech Mahindra 0.42 615 Infosys 0.30 1.88 Dabur India 0.33 892 Bajaj Finserv 0.17 1.46
Aurobindo 0.40 486 Dr Reddys Lab 0.25 0.90 Divis Lab 0.29 211 Kotak M Bank 0.15 6.02
RIL 0.39 230 ICICI Bank 0.23 4.41 M&M 0.29 565 ICICI Bank 0.14 0.52
Infosys 0.38 404 Hexaware Tech 0.22 0.22 Cummins India 0.28 569 M&M 0.13 0.60
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 (%)
DSP Equity Opportunities Fund (G) 54.2 52.3 -9.1 AXIS Equity Advantage Fund - Series 1 (G) 9.4 6.1 -7.0
DSP Tax Saver Fund (G) 43.7 41.5 -9.4 AXIS Bluechip Fund (G) 28.8 24.4 -7.8
DSP Top 100 Equity Fund (G) 27.1 26.9 -9.9 AXIS Multicap Fund (G) 27.5 22.0 -8.7
DSP India T.I.G.E.R. Fund (G) 11.9 11.5 -10.7 AXIS Long Term Equity Fund (G) 170.0 161.3 -9.9
DSP Midcap Fund (G) 52.2 50.6 -11.1 AXIS Midcap Fund (G) 15.6 13.3 -10.0

Fund Folio: Indian Mutual Fund Tracker | October 2018 18


Back to
L&T: Equity AUM INR342b IDFC: Equity AUM INR186b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp) Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp)
RIL 3.5 1.2 0.0 HDFC Bank 3.5 0.6 11.7 1.0
Banks Pvt 11.9 Banks Pvt
L&T 3.4 0.2 11.3 -0.4 RIL 2.3 0.3 9.5 -0.1
Cap Goods Auto
ICICI Bank 3.1 0.3 Technology 8.6 0.6 Kotak M Bank 2.2 0.1 9.2 0.2
Cap Goods
HDFC 2.6 -0.3 NBFC 7.2 -1.0 RBL Bank 2.0 -0.3 9.0 -1.6
NBFC
2.6 0.0 6.9 -0.4 1.9 0.1 0.4
HDFC Bank Cement Infosys Consumer 8.6
0.0 6.8 0.8 0.2 0.8
Ramco Cement 2.4 Healthcare ITC 1.9 Healthcare 6.0
0.0 6.2 -0.1 -0.1 0.1
ITC 2.3 Auto Bharat Financial 1.8 Technology 5.4
-0.3 5.3 1.3 0.3
Graphite India 2.2 Oil & Gas Sun Pharma 1.7 Oil & Gas 4.6 0.2
0.1 5.1 -0.1 0.0
Axis Bank 2.0 Consumer MRF 1.7 Cement 4.1 0.2
-0.5 4.5 0.1 0.0
TCS 2.0 Chemicals Future Retail 1.6 Metals 3.7 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
RIL 3.36 2,579 RIL 1.20 3.54 HDFC Bank 0.62 387 HDFC Bank 0.61 3.46
Infosys 1.40 1,837 Infosys 0.52 1.65 Aurobindo 0.50 276 ICICI Bank 0.33 1.31
Vedanta 1.01 4,233 Vedanta 0.32 0.63 ICICI Bank 0.43 2,120 RIL 0.30 2.28
Dr Reddys Lab 0.89 350 ICICI Bank 0.31 3.08 SBI 0.43 2,111 AIA Engg. 0.30 0.62
GAIL 0.50 1,162 Dr Reddys Lab 0.27 0.35 Aurobindo 0.38 387 Aurobindo 0.30 1.26
Tata Steel 0.39 858 GAIL 0.22 1.06 Sun Pharma 0.28 665 Sun Pharma 0.29 1.74
Mindtree 0.39 473 HCL Tech 0.22 1.81 Vedanta 0.26 1,062 SBI 0.27 0.73
Sanofi India 0.35 57 Tata Steel 0.20 1.11 Cadila Health 0.25 755 Cadila Health 0.18 0.69
HCL Tech 0.25 13 L&T 0.20 3.35 Tech Mahindra 0.25 340 ITC 0.18 1.92
UPL 0.23 460 Sun Pharma 0.15 1.36 Chola Inv.&Fn 0.20 175 Vedanta 0.17 0.52
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) 4.2 4.0 -7.5 IDFC Core Equity Fund (G) 28.1 26.7 -8.2
L&T Equity Fund (G) 26.1 25.6 -8.1 IDFC Tax Advantage (ELSS) Fund (G) 16.1 15.1 -9.1
L&T Tax Advantage Fund (G) 31.8 30.5 -8.2 IDFC Multi Cap Fund (G) 52.8 49.4 -9.9
L&T Infrastructure Fund (G) 19.3 18.7 -9.0 IDFC Focused Equity Fund (G) 16.2 14.7 -10.4
L&T India Value Fund (G) 77.4 76.1 -9.1 IDFC Sterling Value Fund (G) 28.2 26.2 -11.2

Fund Folio: Indian Mutual Fund Tracker | October 2018 19


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Motilal Oswal: Equity AUM INR173b Mirae Asset : Equity AUM INR172b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp) Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 8.2 0.3 NBFC 19.5 -2.2 HDFC Bank 7.8 0.5 21.8 0.2
Banks Pvt
7.9 -0.5 Banks Pvt 16.8 -0.4 RIL 5.8 0.6 10.9 0.9
HDFC Oil & Gas
6.6 0.9 Technology 15.6 3.9 4.4 -0.4 9.6 0.5
Infosys ICICI Bank Healthcare
5.4 -0.9 Auto 13.7 -1.5 3.8 -0.2 9.5 0.5
Maruti Suzuki Kotak M Bank Technology
5.2 0.8 8.5 0.2 3.1 -0.4 8.9 0.2
TCS Oil & Gas SBI Consumer
4.4 -0.8 6.5 0.3 -0.3 8.3 -0.1
IndusInd Bank Healthcare Infosys 3.0 Auto
-0.7 -0.9 6.1 -0.4
Bajaj Finance 4.2 Consumer 5.9 Tata Steel 2.7 0.0 Cap Goods
4.0 -0.7 1.4 5.3 0.4
Eicher Motors Cap Goods 2.9 Axis Bank 2.6 0.8 NBFC
RBL Bank 3.4 0.2 2.3 -0.2 0.6 Metals 4.6 0.1
Retail Maruti Suzuki 2.5
3.3 -0.1 0.4 0.0 0.5 Banks PSU 3.1 -0.4
HDFC Std. Life Cement TCS 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
L&T Infotech 3.48 1,815 L&T Infotech 2.02 2.02 Axis Bank 1.18 2,212 Axis Bank 0.76 2.59
L&T 2.17 1,706 L&T 1.26 1.26 Maruti Suzuki 0.83 203 RIL 0.63 5.79
TCS 0.79 173 Infosys 0.91 6.59 RIL 0.73 487 Maruti Suzuki 0.56 2.48
Infosys 0.73 803 TCS 0.83 5.17 TCS 0.68 235 TCS 0.47 2.33
L&T Tech Services 0.28 162 ICICI Lombard 0.38 3.11 HDFC Std. Life 0.65 1,650 HDFC Bank 0.45 7.85
Voltas 0.27 704 HDFC Bank 0.34 8.15 Titan Co. 0.53 670 HDFC Std. Life 0.38 0.38
ICICI Lombard 0.25 212 RBL Bank 0.24 3.44 Tata Global Bev. 0.45 1,950 Tata Global Bev. 0.32 1.92
Jubilant Life 0.11 84 Jubilant Life 0.20 1.82 Wipro 0.42 724 Titan Co. 0.31 0.34
ABB India 0.08 26 ERIS Lifesciences 0.20 2.24 HPC: 0.37 1,577 Wipro 0.30 1.71
WABCO India 0.05 10 Voltas 0.19 0.61 Kajaria Ceramics 0.35 955 HPCL 0.27 1.73
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 (%)
Motilal Oswal Focused 25 Fund (G) 10.7 10.6 -8.2 Mirae Asset Healthcare Fund - Regular (G) 2.9 2.7 -3.2
Motilal Oswal Long Term Equity Fund (G) 10.7 10.4 -8.6 Mirae Asset India Equity Fund (G) 87.5 86.7 -6.8
Motilal Oswal Multicap 35 Fund (G) 127.7 126.0 -9.5 Mirae Asset Tax Saver Fund (G) 11.2 11.1 -7.8
Motilal Oswal Midcap 30 Fund (G) 12.7 12.6 -13.4 Mirae Asset Emerging Bluechip Fund (G) 56.8 56.7 -8.9
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
Mirae Asset Great Consumer Fund (G) 4.8 4.6 -9.9
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 | October 2018 20


Back to
Tata: Equity AUM INR171b Sundaram: Equity AUM INR167b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp) Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp)
HDFC Bank 6.5 0.9 15.4 -1.5 2.3 0.1 12.3 0.3
Banks Pvt Ramco Cement Consumer
RIL 5.4 0.6 14.1 -0.2 2.2 0.2 11.9 0.5
Consumer HDFC Bank Auto
5.3 0.7 11.6 -0.2 2.0 0.2 11.4 0.3
ITC Auto ITC Cap Goods
4.4 0.4 9.4 1.3 1.9 0.0 9.1 1.2
HDFC Technology ICICI Bank Technology
3.6 0.2 9.1 0.6 1.8 0.2 8.2 -1.1
L&T Oil & Gas Infosys NBFC
2.9 -0.1 8.2 0.1 1.7 0.2 8.0 -0.5
ICICI Bank NBFC Quess Corp Banks Pvt
0.4 7.5 -0.1 1.6 0.1 5.4 -0.1
TCS 2.8 Cap Goods RIL Chemicals
2.8 0.1 3.9 0.1 1.6 0.0 5.3 0.2
Kotak M Bank Healthcare M&M Cement
0.4 3.8 0.1 1.5 0.1 4.2 0.4
Bajaj Auto 2.7 Cement Mphasis Healthcare
-0.1 2.7 0.1 1.5 0.2 2.7 0.1
Maruti Suzuki 2.5 Retail Mahindra CIE 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
Infosys 0.80 1,047 HDFC Bank 0.95 6.53 Tech Mahindra 0.42 600 Tech Mahindra 0.32 0.81
Axis Bank 0.69 1,145 ITC 0.70 5.31 LIC Hsg Fin. 0.41 1,008 TCS 0.28 1.23
HDFC Bank 0.68 481 Infosys 0.62 2.15 Tata Global Bev. 0.27 1,179 Tata Global Bev. 0.25 0.94
Bosch 0.50 26 RIL 0.55 5.39 TCS 0.26 79 LIC Hsg Fin. 0.25 0.29
ITC 0.42 3,412 HDFC 0.42 4.39 Torrent Pharma 0.21 183 Infosys 0.24 1.78
Bajaj Auto 0.29 142 Axis Bank 0.42 0.55 CG Consumer Elect. 0.19 1,171 HDFC Bank 0.23 2.16
L&T Tech Services 0.27 158 Bajaj Auto 0.40 2.72 Aurobindo 0.19 232 ITC 0.23 2.05
P I Industries 0.24 350 TCS 0.38 2.82 AAVAS Financiers 0.12 146 Torrent Pharma 0.20 0.77
TCS 0.23 0 Bosch 0.30 0.38 TVS Motor 0.09 170 Mahindra CIE 0.16 1.46
RIL 0.13 12 Tech Mahindra 0.23 2.10 Infosys 0.08 55 CG Consumer Elect. 0.16 0.53
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 Ethical Fund - (G) 5.1 4.6 -7.7 Sundaram Select Focus - (G) 8.3 8.0 -7.1
Tata Large & Mid Cap Fund - Regular (G) 12.6 12.2 -7.9 Sundaram Diversified Equity (G) 25.6 24.6 -10.4
Tata Large Cap Fund - Regular (G) 7.4 7.0 -9.3 Sundaram Mid Cap Fund - (G) 56.6 55.5 -11.3
Tata Equity P/E Fund - (G) 47.3 39.8 -9.4 Sundaram Rural and Consumption Fund (G) 23.9 22.6 -11.7
Tata India Tax Savings Fund (G) 14.2 13.4 -11.3 Sundaram Small Cap Fund (G) 10.2 10.1 -14.1

Fund Folio: Indian Mutual Fund Tracker | October 2018 21


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Canara Robeco: Equity AUM INR72b Invesco: Equity AUM INR62b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp) Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp)
RIL 5.9 1.1 Banks Pvt 15.0 1.3 8.1 0.3
HDFC Bank Banks Pvt 19.2 1.1
ICICI Bank 4.3 1.6 Consumer 11.6 -0.6 7.2 0.0 16.1 2.7
RIL Oil & Gas
4.0 0.6 10.2 2.4
HDFC Bank Technology Infosys 5.1 0.6 Technology 11.9 1.7
3.8 0.9 9.9 -2.3 3.7 -0.1 -2.1
Axis Bank Auto ICICI Bank Auto 10.9
0.1 9.1 2.3 -1.8
ITC 3.8 Oil & Gas IndusInd Bank 2.7 -0.1 NBFC 10.3
1.7 8.4 -3.5 2.6 -0.2 8.4 0.7
SBI 3.2 NBFC M&M Healthcare
3.2 0.8 7.4 -1.4 2.5 0.2 7.1 -0.7
Infosys Cap Goods Cipla Consumer
0.0 7.3 1.5 2.5 -0.3 4.6 -0.3
L&T 2.7 Healthcare ITC Cap Goods
0.3 0.2 -0.2 -0.4
2.7 Chemicals 4.6 HDFC 2.4 Metals 2.4
TCS 0.0 -0.1
0.7 3.6 2.4 Retail 1.5 -0.1
Divis Lab 2.4 Cement Maruti Suzuki

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 Infotech 1.16 605 SBI 1.74 3.22 BPCL 0.93 2,495 BPCL 1.52 1.55
SBI 1.16 4,982 L&T Infotech 1.61 1.61 Tech Mahindra 0.91 1,223 Tech Mahindra 1.48 1.54
ICICI Bank 0.95 3,887 ICICI Bank 1.57 4.34 GAIL 0.82 2,154 GAIL 1.32 1.32
GAIL 0.75 1,983 RIL 1.14 5.92 Axis Bank 0.44 724 Axis Bank 0.72 0.79
Sun Pharma 0.58 1,000 GAIL 1.04 1.04 Sun Pharma 0.29 531 Infosys 0.59 5.05
Tata Steel 0.52 899 Sun Pharma 0.91 2.09 Infosys 0.28 333 Sun Pharma 0.51 1.85
RIL 0.51 369 Axis Bank 0.88 3.79 Yes Bank 0.25 1,609 Yes Bank 0.41 0.57
Axis Bank 0.45 938 Infosys 0.78 3.16 Sun TV 0.23 421 Sun TV 0.37 0.64
Divis Lab 0.43 328 Divis Lab 0.75 2.36 Cyient 0.16 185 HDFC Bank 0.33 8.12
Infosys 0.41 522 Tata Steel 0.73 0.73 Hexaware Tech 0.16 373 Cyient 0.29 1.59
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) 1.4 1.3 -7.4 Invesco India Dynamic Equity Fund (G) 10.8 7.9 -5.0
Canara Robeco Equity Diversified Fund (G) 8.8 8.5 -7.8 Invesco India Tax Plan (G) 6.1 6.0 -8.6
Canara Robeco Equity Tax Saver Fund (G) 8.5 8.3 -9.3 Invesco India Contra Fund (G) 24.9 24.2 -8.6
Canara Robeco Emerging Equities (G) 36.9 34.5 -11.4 Invesco India Growth Opportunities Fund (G) 8.6 8.2 -9.6
Canara Robeco Consumer Trends Fund (G) 2.5 2.4 -12.8 Invesco India Multicap Fund (G) 5.4 5.3 -12.6

Fund Folio: Indian Mutual Fund Tracker | October 2018 22


Back to
Principal: Equity AUM INR48b BNP Paribas: Equity AUM INR36b Snapshot

Top company holdings (%) Top sector allocation (%) Top company holdings (%) Top sector allocation (%)
Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp) Sep-18 Chg MoM (pp) Weight (%) Chg MoM (pp)
RIL 4.2 0.4 Consumer 13.3 -0.4 HDFC Bank 7.6 1.4 Banks Pvt 20.3 1.6
HDFC Bank 4.2 0.3 Banks Pvt 12.0 -1.0 Infosys 4.3 0.9 Consumer 12.5 -1.1
3.3 0.4 11.5 1.9 4.1 0.6 12.0 -1.6
TCS Technology TCS NBFC
3.2 0.3 7.5 0.7 4.0 0.5 10.0 1.7
Infosys Cap Goods ICICI Bank Technology
3.1 0.0 7.2 -0.4 3.7 0.1 6.3 -0.1
ITC Auto Kotak M Bank Auto
2.9 0.0 7.1 -0.6 3.4 0.8 6.1 0.3
ICICI Bank NBFC RIL Cap Goods
2.0 -0.2 6.3 0.4 2.9 -0.4 5.7 0.5
Britannia Oil & Gas ITC Oil & Gas
1.8 -0.6 5.0 0.3 2.6 -0.1 5.0 0.4
SBI Healthcare Maruti Suzuki Healthcare
0.1 0.0 0.1 0.4
HDFC 1.8 Chemicals 5.0 Asian Paints 2.3 Cement 4.1
0.0 4.0 0.4 0.1
Kotak M Bank 1.7 Metals L&T 2.2 Chemicals 3.6 -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
L&T Infotech 0.50 260 L&T Infotech 1.05 1.05 Muthoot Finance 0.42 1,040 HDFC Bank 1.40 7.59
Ircon International 0.42 1,023 Ircon International 0.89 0.89 HDFC Bank 0.24 155 Muthoot Finance 1.16 1.16
Vedanta 0.20 840 TCS 0.44 3.33 Infosys 0.18 226 Infosys 0.91 4.31
TCS 0.11 18 Vedanta 0.42 0.55 RIL 0.16 120 RIL 0.76 3.39
Marico 0.10 396 RIL 0.38 4.22 PVR 0.10 82 TCS 0.64 4.05
Vijaya Bank 0.10 3,295 HDFC Bank 0.26 4.16 Axis Bank 0.09 175 ICICI Bank 0.52 3.99
Power Grid 0.08 450 Marico 0.25 0.89 Colgate 0.09 110 Colgate 0.36 1.34
RIL 0.06 25 Infosys 0.25 3.15 TCS 0.09 8 Axis Bank 0.34 1.06
Asian Paints 0.05 39 Vijaya Bank 0.23 0.56 LIC Hsg. Fin. 0.08 197 PVR 0.27 0.27
Aurobindo 0.04 18 Power Grid 0.18 0.41 Raymond 0.08 158 Raymond 0.26 0.53
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) 3.0 2.9 -7.3 BNP Paribas Multi Cap Fund (G) 8.2 7.8 -7.4
Principal Multi Cap Growth Fund - (G) 6.8 6.2 -8.7 BNP Paribas Large Cap Fund (G) 7.9 7.2 -8.1
Principal Tax Savings Fund 3.7 3.7 -9.3 BNP Paribas Long Term Equity Fund (G) 4.9 4.3 -8.8
Principal Personal Tax saver Fund - (G) 2.7 2.7 -9.6 BNP Paribas Mid Cap Fund (G) 7.2 6.8 -9.9
Principal Emerging Bluechip Fund (G) 18.4 18.0 -10.9 BNP Paribas Focused 25 Equity Fund (G) 2.5 2.2 -10.4

Fund Folio: Indian Mutual Fund Tracker | October 2018 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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