The three musketeers for Mutual Funds
Are you interested in knowing the top three picks by mutual funds in the banking space? These three banks are the hot favourites with the mutual funds as is seen by the amount of money being invested in these stocks, viz., HDFC bank, Axis Bank and ICICI Bank. HDFC Bank clearly rules by attracting maximum investments in the stock in the banking sector followed by ICICI Bank and Axis Bank.
Almost 554 mutual fund schemes have invested in HDFC Bank and put together they have invested a total of Rs 22,957 crores in the bellwhether banking stock. With Rs 896 crores of investment, ICICI Prudential Focused Bluechip Equity -G is the fund with maximum amount of investments in the HDFC Bank. Religare Invesco Banking Fund -G, has the maximum allocation to the HDFC bank stock at 31.32 per cent. Across fund houses ICICI Prudential at 17.52 per cent is the largest investor in HDFC Bank followed by Reliance Mutual Fund at 11.9 per cent and Franklin Templeton at 8.61 per cent.
ICICI Bank after HDFC Bank is the second most attractive stock in the banking space for the mutual funds. Almost 516 mutual fund schemes put together have invested Rs 14,857 crores in ICICI Bank. HDFC Equity Fund -G with Rs 1,470 crore has invested the maximum in ICICI Bank. Kotak Banking ETF is the fund with maximum allocation to the scrip at 22.32 per cent. Out of total funds invested in ICICI Bank, HDFC Mutual Fund as a fund house with 27 .06 per cent has invested the maximum, followed by ICICI Prudential at 14.11 per cent and Reliance at 13.34 per cent.
Axis Bank is another private bank which has caught the Indian portfolio managers' fancy. Almost 458 schemes have invested in the stock. Put together the total investments in the scrip stand at Rs 11,275 crore. ICICI Prudential Focused Bluechip Equity - G fund has parked maximum funds in Axis Bank at Rs 457 crore. Baroda Pioneer Banking & Financial Services Fund has highest allocation to the stock at 12.11 per cent. Reliance as a fund house is the largest investor in Axis bank while contributing to 15.57 per cent of total funds followed by ICICI Prudential at 14.6 per cent and HDFC fund house at 14.25 per cent.