‘Sell in May and go away’—the trading adage about seasonal decline—proved to be true for the Indian equity market.
The NSE Nifty 50 Index gained less than a percent during the month, while the Nifty Bank Index was the only sectoral gainer.
Inflow into equity mutual funds declined 9.6 percent in May amid market volatility. Overall, the mutual fund industry witnessed a net outflow of over Rs 50,000 crore during the month, led by liquid funds, according to data released by the Association of Mutual Funds in India. India’s top three asset management companies have reduced their exposure in ICICI Bank Ltd.
Here’s what the top three asset managers bought and sold during the month:
ICICI Prudential Mutual Fund
The fund house managed equity assets worth Rs 1.17 lakh crore invested in 625 securities, according to Bloomberg data. It has the highest exposure in financials at 24.1 percent, followed by utilities at 10.1 percent.
HDFC Mutual Fund
Total equity assets managed by the company stood at over Rs 1.3 lakh crore, invested in 395 securities. Financials comprised 31.7 percent of the overall portfolio, while industrials stood at 14.8 percent.
Aditya Birla Sun Life Mutual Fund
The asset manager has equity assets worth over Rs 81,000 crore, invested in 505 securities. Its exposure in financials is the highest at 30.2 percent, followed by consumer discretionary at 13.1 percent.