SBI MF managed 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 with 18,70,95,891 shares as of January 31. As per a report by Edelweiss, the MF house bought a net Rs 896.89 crore-worth HDFC shares last month. Overall, SBI MF owned HDFC Bank shares worth Rs 27,583.34 crore as of February 28.
The same report suggests that SBI MF bought 89,01,519 Manyavar shares worth Rs 794.19 crore. The stock got listed on the bourses on February 16.
HDFC, ICICI Bank, SBI, Axis Bank and Bajaj Finance were some other stocks the fund house bought last month, Edelweiss data suggests. Oil-to-telecom major Reliance Industries, IT major Infosys, gold loan company Muthoot Finance and drug maker Cipla too were on SBI MF’s buying radar.
“Commodities are on the boil, Fed looking to normalize policy, and now Geopolitical issues exacerbating not just the inflation problem but also threatening growth have led to a perfect storm for risk assets such as equities,” SBI MF said ist March outlook.
The fund house said the froth that had built up in equity markets has now been cleared indicating this may be a decent entry point for long term investors.
“This is not as screaming a buying opportunity as it is after a major bear market, yet we are at levels that may provide respectable returns to long term investors and hence warrant an increase in equity allocation. Long term investors should therefore see the current turbulence as an opportunity to add equity exposure rather than panic,” it said.
Among the stocks, SBI MF cut exposure included Bharat Electron (down Rs 305 crore), Nykaa (down Rs 259.80 crore), Tata Motors (Rs 256.58 crore), ABB (Rs 188 crore) and Ambuja Cements (Rs 105.72 crore).
L&T Infotech, Elgi Equipment, Escorts, City Union Bank, Pfizer, Ajanta Pharma, ONGC, SBI Life and power stocks Tata Power and Torrent Power were among stocks wherein the MF house trimmed exposure. Zomato (down Rs 14.56) too featured on SBI MF’s sell list.