Synopsis: In September 2025, some top mutual funds restructured their portfolios by buying and selling. This included major players that have made significant adjustments in their portfolios.
The month saw significant portfolio adjustments among India’s leading fund houses. These changes highlight the strategies used by these funds.
Buying Highlights
- ICICI Prudential Mutual Fund: This fund made bold moves in September, boosting its holdings in HDFC Bank, Sun Pharma, and Infosys. It also ventured into new territory by picking up shares in Adani Power and healthcare-focused names like Rainbow Children’s Medicare and Urban Company—signaling a clear tilt toward emerging growth themes.
- HDFC Mutual Fund: HDFC MF leaned heavily into banking and pharma. It added Kotak Mahindra Bank, ICICI Bank, and Reliance Industries to its portfolio, while also betting on long-term healthcare demand with fresh investments in Cohance Lifesciences and Alkem Laboratories stocks.
- Nippon India Mutual Fund: Infosys continued to be a favorite for Nippon India, and also HDFC Bank, SBI, and Reliance. The fund also diversified its bets by initiating positions in Akzo Nobel India and Piramal Finance. Indicating a broader appetite for industrial and financial plays.
- DSP Mutual Fund DSP buys Mahindra & Mahindra, Kotak Mahindra Bank, and Infosys, clearly backing financial services and tech as key growth drivers.
- Other asset managers got involved as well. UTI Mutual Fund strengthened its portfolio with new acquisitions in SBI, ITC Ltd, and Kotak Bank. Meanwhile, Aditya Birla Sun Life MF increased its positions in Eternal Ltd (formerly Zomato) and SBI.
| Fund House | Key Buys | Key Sells |
| ICICI Prudential Mutual Fund | Infosys, Adani Power, Sun Pharma | Maruti, NTPC, Axis Bank |
| HDFC Mutual Fund | Kotak Bank, Reliance, Alkem Labs | Infosys, Bharti Airtel |
| Nippon India Mutual Fund | Infosys, SBI, Akzo Nobel | NTPC, Bharat Electronics |
| DSP Mutual Fund | M&M, Kotak Bank, Infosys | None |
| SBI Mutual Fund | Adani Power, Asahi India Glass, Coherence Lifesciences, Hindustan Zinc, Ambuja Cements | None |
Also read: 10 Best Large-Cap Mutual Funds Delivering High Returns in Last 3 Years
Selling Highlights
- ICICI Prudential Mutual Fund: The fund sells its stake in several blue chip stocks, including Maruti Suzuki, Larsen & Toubro (L&T), NTPC, and Axis Bank.
- HDFC Mutual Fund: Exposure was lowered in automobile major Maruti Suzuki, tech giant Infosys Ltd, and the telecom leader Bharti Airtel.
- Nippon India Mutual Fund To balance its portfolio amidst market uncertainty, the fund liquidated positions in NTPC and Bharat Electronics.
- Mirae Mutual Fund: Although not a primary buyer, Mirae was an active seller, aggressively offloading shares in Axis Bank and Reliance Industries, while also modestly trimming SBI and Infosys Ltd.
- UTI Mutual Fund: UTI made a limited sale of shares in Bajaj Finance Ltd, without any other substantial divestments.
Market Context
SIP contribution of ₹29,361 crore in September 2025, up 4% from August. This showed sustained retail investor faith and increasing participation amid some investors rebalancing portfolios by halting certain SIPs and initiating new ones. The industry’s total AUM floated around ₹75.61 lakh crore, indicating sustained investor confidence in mutual funds as wealth creation vehicles.
Conclusion
September 2025 was a month of aggressive portfolio allocation by India’s leading mutual funds, with a strong bias towards banking, technology, pharmaceuticals, and consumer space. The strategic adjustment involved cutting some long-standing blue chip shares while adding positions in growth plays and healthcare plays. Investors need to monitor these actions as indications of market direction and take cues to set their portfolios in line to leveraging similar opportunities with proper risk management.
Written by Yatheendra N
