SBI Mutual Fund: Stocks India’s largest mutual fund house was bought and sold in February

NEW DELHI: SBI Mutual Fund, India’s largest mutual fund company by assets under management (AUM), was seen buying battered shares from the banking and finance pack while reducing stakes in some new era companies and automotive and electrical companies in February, the data showed.

SBI MF was managing Rs. 6,51,038.30 crore in total assets including debt as of February 28, 2022.

Among stocks, the fund house bought for the month includes HDFC Bank. The MF house held 19,33,83,903 HDFC Bank shares as of February 28, compared to 18,70,95,891 shares as of January 31. month. Overall, SBI MF held HDFC Bank shares worth Rs 27,583.34 crore as of February 28.



The same report suggests that SBI MF purchased 89,01,519 Manyavar shares worth Rs 794.19 crore. The stock went public on February 16.

HDFC, , SBI, Axis Bank and Bajaj Finance were some other stocks the fund house bought last month, according to data from Edelweiss. Reliance Industries, oil and telecommunications major, IT major Infosys, gold lender Muthoot Finance and drugmaker Cipla were also on SBI MF’s buy radar.

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“Commodities are boiling, the Fed is looking to normalize policy, and now geopolitical issues exacerbating not only the inflation problem but also threatening growth have led to a perfect storm for risky assets such as stocks. “said SBI MF in its March outlook.

The fund house said the scum that had been building up in stock markets has now dissipated, indicating it could be a decent entry point for long-term investors.

“It’s not as glaring a buying opportunity as after a major bear market, but we are at levels that can provide respectable returns for long-term investors and therefore justify an increase in equity allocation. Long-term investors should therefore see the current turmoil as an opportunity to add equity exposure rather than panicking,” he said.

Among stocks, SBI MF reduced exposure to Bharat Electron (down Rs 305 crore), Nykaa (down Rs 259.80 crore), Tata Motors (Rs 256.58 crore), ABB (Rs 188 crore ) and

(Rs 105.72 million).

L&T Infotech, Elgi Equipment, Escorts, City Union Bank, Pfizer, Ajanta Pharma, ONGC, SBI Life and energy stocks Tata Power and Torrent Power were among the stocks the MF house reduced its exposure to. Zomato (down Rs 14.56) was also on SBI MF’s sell list.

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Dolores W. Simon