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SBI Mutual Fund, India’s largest mutual fund house by assets, increased its stake in at least seven stocks in March when the benchmark equity index BSE Sensex inched higher by 0.83%. Data showed that the money manager purchased 19,000 shares of Adani Enterprises, 12 lakh shares of YES Bank and 29635 shares of Wabco. It also lapped up Laxmi Organic (5.48 lakh shares), MTAR Technologies (17,349) and Nazara Technologies (23,621).
The mutual fund house also acquired additional 41,516 shares of SBI Cards and Payment Services. On the other hand, it reduced exposure in minimum 294 stocks amid rising Covid-19 cases in the country. Some of the buying and selling of shares might be done by SBI Mutual Fund’s passively managed index fund.
SBI Mutual Fund last week said its asset base has crossed Rs 5 lakh crore mark in the March quarter, becoming the first fund house in the country to achieve such a feat. The fund house’s average asset under management (AAUM) rose to Rs 5.04 lakh crore in 2020-21 from Rs 3.73 lakh crore in the preceding fiscal, recording a growth of 35%, SBI MF said in a statement. In the December quarter, SBI MF had an asset base of Rs 4.56 lakh crore.
The AAUM growth has been achieved on the back of a robust increase in the SIP (systematic investment plan) book and penetration in T30 and B30 locations, the fund house said.
Data available with ACE Mutual Fund showed that the fund house sold over 5 crore shares each in players like ITC, ICICI Bank, State Bank of India, NHPC, HDFC Bank, Bharti Airtel, Infosys, NTPC, Axis Bank, ONGC, Reliance Industries, Hindalco Industries, Lemon Tree Hotels, Power Grid Corporation of India, HCL Technologies and GAIL. On the other hand, it completely exited players like Vodafone Idea, Voltas, VST Industries, Wipro and Zydus Wellness.