ICICI Prudential Large Cap Fund, India's largest large cap mutual fund with assets under management of ₹79,421 crore, made significant portfolio changes in June. According to reports from Mint, the fund initiated fresh positions in three companies while exiting four stocks and sharply increasing holdings in key positions. Large cap funds are required to invest at least 80% of their assets in large-cap companies, while the remaining corpus can be allocated to other segments.
The fund initiated fresh positions in Bank of Baroda, Hindalco Industries and Oberoi Realty during June. As reported by Mint, Bank of Baroda received the highest allocation at 0.30% of the portfolio, while Hindalco Industries and Oberoi Realty were allocated 0.08% and 0.05% respectively. Apart from these fresh additions, the fund accumulated more shares of several existing holdings, with the sharpest increase being in Tata Steel where holdings rose by 263%.
According to Mint, the fund significantly increased its exposure to multiple companies during June. Tata Steel saw the biggest increase with holdings rising from 20.32 lakh shares to 73.85 lakh shares, representing a 263% increase. Container Corporation of India more than doubled its holdings, while NHPC, Bajaj Finserv, Havells India, HDFC Asset Management Company and Trent also saw substantial increases ranging from 55% to 68%.
As reported by Mint, the fund made complete exits from four stocks during June: GAIL (India), Gujarat Pipavav Port, Malco Energy and Talwandi Sabo Power. The sharpest reduction was in Tata Power, where holdings decreased from 17.48 lakh shares to 6.95 lakh shares, representing a 60% reduction. Other significant reductions included Vedanta Iron and Steel (54% decrease), InterGlobe Aviation (28% decrease), and ABB India (26% decrease).
According to Mint, ICICI Prudential Large Cap Fund has delivered an annualised return of 13.75% over the past three years, outperforming the BSE 100 TRI's return of 10.70%. Over the past one year, the fund has declined 1.38%, compared with a 1.88% decline in the benchmark. The fund's large cap allocation strategy has helped it maintain its position as India's largest large cap mutual fund with its substantial AUM of ₹79,421 crore.
