What MF Big Boys Bought and Sold – Top Mutual Fund Stock Activity in 2025

How the Big-6 mutual funds churned equities

When analyzing mutual fund flows, most focus on net flows, but it's the gross flows that reveal true mutual fund stock activity. For example, in July 2023, equity net inflows were ₹7,626 crore, but gross buys and sells totaled over ₹68,000 crore, showing significant portfolio churn.

To truly understand mutual fund portfolio changes, we must go beyond the macro data and focus on the top 6 AMCs, which control over 75% of equity AUM and churn. These MF big boys bought and sold key large-cap stocks based on conviction and alpha potential.

We track both the top mutual fund holdings 2025 and stocks they exited or stayed neutral on—offering a clear view of fund managers’ strategies. This focused approach gives deeper insights into institutional behavior and sector rotation.

You may also want to know about Best Stocks Under 100 Rs in India 2025

Table of Contents

1. How the Big-6 mutual funds churned equities
2. Portfolio churn July 2025 - SBI mutual fund
3. Portfolio churn July 2025 - ICICI Prudential MF
4. Portfolio churn July 2025- HDFC mutual fund
5. Portfolio churn July 2025- Nippon India mutual fund
6. Portfolio churn July 2025- UTI mutual fund
7. Portfolio churn July 2025– Aditya Birla sun life MF

Portfolio churn July 2025 - SBI mutual fund

Here is a look at the major churn action of SBI Mutual Fund during the month of July 2025.

• SBI Mutual Fund added aggressively to its positions in HDFC Bank, but hat was more due to allotment of shares against its HDFC Ltd shares, post-merger. Apart from HDFC Bank, SBI MF also added to its position in Infosys, Bajaj Finance, and Reliance Industries.
   
• What are the stocks that SBI MF was neutral or negative on. SBI Mutual Fund was neutral on SBI, Larsen & Toubro and Kotak Mahindra Bank. It pared its stakes in ICICI Bank, ITC, and Bharti Airtel during July 2025.
   
• What were the top picks of SBI Mutual Fund for July 2025? Top 5 picks included LTI Mindtree, Indiamart, Petronet LNG, Shriram Finance, and Max Financial. That is a lot of alpha picks for SBI MF.

Portfolio churn July 2025 - ICICI Prudential MF

Here is the major churn action of ICICI Prudential MF during the month of July 2025.

• For July 2025, ICICI Prudential MF added to its positions in Infosys Ltd, Maruti Suzuki, Axis Bank, Bharti Airtel and ICICI Bank. Like SBI MF, ICICI also saw sharp accretion in HFDC Bank holdings post-merger.
   
• ICICI Prudential Mutual Fund was not neutral on major stock in July 2025. However, the fund did pare its stake in several companies including Reliance Industries, Sun Pharma, NTPC Ltd and Larsen & Toubro during the month of July 2025.
   
• For the month of July 2025, the alpha picks were Route Mobile, Intellect Design Arena (formerly Polaris), Prestige Estates, Mangalore Refineries & Petrochemicals Ltd (MRPL) and JK Cements.

Portfolio churn July 2025- HDFC mutual fund

Here is a look at the major churn action of HDFC Mutual Fund for July 2025.

• Needless to say, the biggest addition in the month of July was HDFC Bank due to the conversion of HDFC Ltd shares post-merger. Other stocks that HDFC MF added include ICICI Bank, Infosys, NTPC Ltd, and Axis Bank.
   
• HDFC Mutual Fund was not neutral on any stock in July 2025. However, HDFC mutual Fund sharply cut positions in Reliance Industries and moderately trimmed positions in Larsen & Toubro, ITC, SBI, and Bharti Airtel.
   
• The top alpha picks of HDFC Mutual Fund in July 2025included Eris Life Sciences, Krishna Institute of Medical Sciences (KIMS), Fortis Healthcare, ACC Ltd and Pidilite Industries. There were predominantly from the mid-cap space.

Portfolio churn July 2025- Nippon India mutual fund

Here is a look at the major churn action of Nippon India MF during July 2025

• Key stocks that Nippon India MF added in July 2025 included State Bank of India and Infosys Ltd; apart from NTPC Ltd. Nippon India MF also saw a sharp accretion in its HDFC Bank holdings due to the conversion of HDFC Ltd.
   
• Nippon India Fund opted to stay neutral on ICICI Bank Ltd in July 2025. However, the fund cut stakes in Axis Bank, Reliance Industries, Power Grid, ONGC and Coal India.
   
• For July 2025, the top 5 alpha picks of the fund included Amara Raja Batteries, Birlasoft, Jindal Stainless, Hero MotoCorp, and KFIN Technologies.

Portfolio churn July 2025- UTI mutual fund

Here is a look at the stock churn by UTI Mutual Fund for the month of July 2025.

• Let us begin with portfolio additions in July 2025. UTI Mutual Fund bought TCS, apart from HDFC Ltd conversion.
   
• UTI stayed neutral on ICICI Bank, Infosys, ITC Ltd, Kotak Mahindra Bank and L&T during July 2025. It also cut positions in Reliance Industries, Axis Bank and Bajaj Finance Ltd.
   
• Finally, what were the alpha picks of UTI MF in July 2025? It added Suzlon Energy, Star Health & Allied Insurance, Jindal Steel & Power, Greenpanel Industries, and Indian Bank.

Portfolio churn July 2025– Aditya Birla sun life MF

Here is a look at the major churn action of ABSL Mutual Fund during July 2025.

• For July 2025, ABSL MF added HDFC Bank (conversion of HDFC Ltd shares), State Bank of India, Bajaj Finance and ICICI Bank.
   
• ABSL Mutual Fund stayed neutral on Bharti Airtel and Sun Pharma in July 2025. The fund cut its positions in Axis Bank and Infosys aggressively and pared Reliance Industries and L&T moderately in July 2025.
   
• Alpha picks for July 2025 for Aditya Birla SL MF included small sized stocks like Utkarsh Small Finance Bank, SAIL, Star Health, Ujjivan Financial Services and BHEL.

The broad theme in July 2025 was to exit the high performing stocks and use corrections to pick stocks with a wider margin of safety.