Expensive valuations and re-categorisation norms have led to churn in mutual fund (MF) holdings, with money flowing out of mid- and small-caps and moving into large-caps, an analysis of latest shareholding data shows. In the June quarter, MFs’ ownership of large-caps rose 120 basis points (bps) from the levels they held in the September quarter, before the market regulator issued a circular on re-categortisation.
Meanwhile, ownership levels in mid-caps inched up 90 bps, while that in small-caps reduced 10 bps. However, on an individual basis several companies in the ...
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