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Axis Bank, RIL, PNB Housing among top firms where MFs raised stakes for four straight quarters

Abhishek Vasudev.jpg
By Abhishek Vasudev

4 min read | Updated on September 19, 2025, 13:27 IST

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SUMMARY

PNB Housing Finance has seen the sharpest increase in mutual fund holdings among the NIFTY 500 companies. At the end of the June quarter (Q1FY26), mutual funds collectively held 26.76% in the company compared with just 5.86% a year ago.

Stock list

PNBHOUSING
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AXISBANK
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Mutual funds portfolio

Net inflows into equity schemes fell by 21.7% month-on-month in August. Image: Shutterstock

Equity mutual funds witnessed a slowdown in inflows in August 2025, but fund managers continued to steadily raise their stakes in several companies in the NIFTY 500 index in the first quarter of the current financial year.

According to data from the Association of Mutual Funds in India (AMFI), net inflows into equity schemes fell by 21.7% month-on-month, slipping to ₹33,430.37 crore in August compared with ₹42,702.35 crore in July. This marked a pause after two consecutive months of strong inflows.

The slowdown was most visible in small-cap funds, where inflows fell 23% to ₹4,993 crore in August against ₹6,484 crore in July. Analysts believe investors turned cautious given the recent regulatory concerns and high valuations in the small-cap space.

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Despite the moderation in overall inflows, mutual funds have consistently increased stakes in 96 companies in the NIFTY 500 index over the last four quarters, data compiled by Ace Equity showed.

Key stocks where MFs raised stakes in last four quarters

PNB Housing Finance: PNB Housing Finance has seen the sharpest increase in mutual fund holdings among the NIFTY 500 companies. At the end of the June quarter (Q1FY26), mutual funds collectively held 26.76% in the company compared with just 5.86% a year ago.

Funds have been steadily raising their stake over the past four quarters. In the March 2025 quarter, they held 20.09% in the company, which further rose to over 26% by June. Nippon India Small Cap Fund emerged as the largest individual MF holder with a 3.54% stake, while other prominent investors include Sundaram Mutual Fund, DSP ELSS Tax Saver Fund, Kotak Small Cap Fund, HDFC Multi Cap Fund, Franklin India Smaller Companies Fund, HSBC Small Cap Fund and Tata Mutual Fund.

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Axis Bank: The country’s leading private lender has also seen sustained buying by MFs. By the end of June 2025, mutual funds collectively owned 32.54% in the bank, up sharply from 23.98% in Q1FY25. The buying trend has been consistent: holdings stood at 25.60% in Q2FY25, 29.03% in Q3FY25 and 32.03% in Q4FY25, Ace Equity data showed.

Top fund houses such as DSP, Kotak, Aditya Birla, Mirae Asset, UTI, Nippon, HDFC, ICICI Prudential and SBI Mutual Fund hold stakes in Axis Bank through multiple schemes. ICICI Prudential Mutual Fund with a 6.08% stake and SBI Mutual Fund with 5.34% are the largest shareholders.

Reliance Industries: Billionaire Mukesh Ambani-backed Reliance Industries Ltd (RIL), India’s most valuable company by market capitalisation, has also attracted consistent MF inflows. At the end of June 2025, mutual funds owned a 9.32% stake in RIL compared with 7.84% in the same period last year. Among the top holders are ICICI Prudential Mutual Fund and SBI Mutual Fund.
Coforge: Mid-cap IT services firm Coforge has emerged as the company with the highest mutual fund ownership within the NIFTY 500 index. At the end of June 2025, mutual funds held 37.90% in the company, up from 34.96% a year earlier.

Top investors include Edelweiss Mid Cap Fund, UTI Flexi Cap Fund, DSP Midcap Fund, Motilal Oswal Midcap Fund, HDFC Mid-Cap Fund, and SBI Technology Opportunities Fund. Motilal Oswal Midcap Fund alone holds a 9.37% stake in Coforge, making it the largest MF shareholder.

Delhivery: New-age logistics player Delhivery has also gained favour among mutual fund managers. Mutual fund ownership rose to 27.06% in June 2025 compared with 19.05% a year earlier.

Key investors include SBI Equity Hybrid Fund, Mirae Asset Large & Midcap Fund, HDFC Mid-Cap Fund, Nippon India Multi Cap Fund, and Franklin India Focused Equity Fund.

LIC: In contrast, Life Insurance Corporation of India (LIC) has seen the slowest pace at which MFs have lapped on to its shares. Holdings have inched up from 0.79% last year to 1.24% in June 2025; the pace of accumulation has been much slower compared with other companies.
Disclaimer: This article is purely for informational purposes and should not be considered investment advice from Upstox. Please consult with a financial advisor before making any investment decisions.
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About The Author

Abhishek Vasudev.jpg
Abhishek Vasudev is a business journalist with over 15 years of experience covering business and markets. He has worked for leading media organisations of the country.

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