What India’s Largest Asset Managers Bought And Sold So Far In 2019
India’s equity market remained volatile in the first six months of 2019 because of the U.S. China trade, Lok Sabha polls, and a domestic slowdown.
The benchmark Nifty 50 Index is up 6.5 percent in dollar terms. That’s lower than its Asian peers like The Shanghai Composite Index and Hang Seng which are up 18 percent and 10.5 percent, respectively. The Dow Jones gained more than 17 percent during the period.
While the benchmark Nifty hit an all-time high after Prime Minister Narendra Modi returned to power with a bigger mandate, the rally was supported by a handful of heavyweights. The broader market has lagged.
Against this backdrop, here’s what India’s top three asset managers bought and sold in in the first six months of 2019:
HDFC Mutual Fund
India’s largest asset manager has equity assets of more than Rs 1.5 lakh crore ($21.9 billion) invested across 350 securities, according to Bloomberg data. Over the last six months, the fund house increased its exposure in financials and public sector companies. It, however, reduced its exposure to energy stocks.
ICICI Prudential Mutual Fund
The fund house has total equity assets of over Rs 1.3 lakh crore ($19.3 billion) invested in 644 securities. Over the last six months, the fund house has increased its exposure to information technology and telecom companies. On the other hand, the richly-valued consumer staples and utility firms came under selling pressure.
SBI Mutual Fund
The fund house has equity assets of Rs 1.6 lakh crore ($23.8 billion) invested in 347 securities. Over the past six months, the fund house raised its exposure in power, financial and telecom companies. On the other hand, like HDFC Mutual Fund, it has reduced its stake in energy and metal companies.