PPFAS MF's Rajeev Thakkar & team bet on these bank stocks in February
Premium- Equity mutual fund (MF) net inflows have been higher in the last four months at lower market levels
During the month of February 2022, mutual funds (MFs) were seen adding names like Infosys, Reliance Industries, ICICI Bank and Manyavar whereas they slightly trimmed holdings in Tata Consultancy Services (TCS), Vedanta, Apollo Hospitals, and Escorts, as per data analysed by Edelweiss.
Inflows (ex-new fund offers) into equity funds came in at a record high at ₹17,800 crore in February 2022 compared to ₹14,900 crore in January 2022. SIP inflows continued to remain strong at ₹11,400 crore in February 2022.
PPFAS Mutual Fund's large additions were ICICI Bank, HDFC Bank, Power Grid, ITC. Maharashtra Scooters and pharma stock Cipla were the new entrants for the fund house while another pharma major Lupin was a complete exit, the data accumulated by domestic brokerage house Edelweiss showed.
The team of fund managers, headed by Rajeev Thakkar, Associate Director and Chief Investment Officer (CIO) in PPFAS Mutual Fund, have increased shareholding in bank stocks ICICI Bank (increased holding by 8,35,000 shares), HDFC Bank (increased holding by 3,09,000 shares), Axis Bank (up by 5,000 shares), as per the Fund Manager wise holdings data analyzed for the month of February 2022 by Edelweiss.
Net inflows have been higher in the last four months at lower market levels. In the last few years, every sharp market fall is witnessing higher inflows, indicating maturity among retail investors. The assets under management (AUM) of the industry slightly went down to ₹37.5 lakh crore at the end of February, from ₹38 lakh crore at the January-end.
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