The portrait of Mahatma Gandhi is displayed on an Indian 50 rupee, left, and 2000 rupee banknotes in an arranged photograph in Bangkok, Thailand. (Photographer: Brent Lewin/Bloomberg) 

What India's Top Three Mutual Funds Bought and Sold in January

(Bloomberg) -- Inflows into Indian equity mutual funds in January were the smallest in two years as heightened market volatility and political uncertainty cooled demand for riskier assets.

Stock funds took in a net 61.6 billion rupees ($866 million), the least since January 2017, and a seven percent decline over the previous month, data from the Association of Mutual Funds in India show.

Here’s what the top three asset managers bought and sold last month:

HDFC Mutual Fund

India’s largest money manager held 1.2 trillion rupees in equities, with financials accounting for about 32 percent of stock assets followed by industrial companies at 14 percent.

What India's Top Three Mutual Funds Bought and Sold in January
What India's Top Three Mutual Funds Bought and Sold in January

ICICI Prudential Mutual Fund

The money manager held equity assets of 1.2 trillion rupees, with financials making up 26 percent of assets followed by technology at 10 percent.

What India's Top Three Mutual Funds Bought and Sold in January
What India's Top Three Mutual Funds Bought and Sold in January

SBI Funds Management Pvt.

The fund house had about 1.3 trillion rupees invested in about 270 stocks. Financials made up about 35 percent of assets, followed by technology at 11 percent.

What India's Top Three Mutual Funds Bought and Sold in January
What India's Top Three Mutual Funds Bought and Sold in January

©2019 Bloomberg L.P.