- Which Stocks Are Bandhan Mutual Funds Buying?
- Which Bandhan Funds Bought Infosys, HDFC Bank and PFC?
- Which Stocks Were New to Individual Bandhan Funds?
- What Did Bandhan’s Funds Reduce or Exit?
- How Did the Major Bandhan Funds Change Their Portfolios?
- Which Sectors Gained Weight Across the Active Funds?
- Why Do These Stock Additions Matter?
- What Can Investors Learn From These Portfolio Changes?
Bandhan Large & Mid Cap Fund increased its Infosys holding by almost 86% in October, adding about 24.15 lakh shares. Yet Infosys was not the largest net addition across Bandhan’s 17 actively managed equity schemes. HDFC Bank took that position, with a net increase valued at approximately ₹314 crore at October-end prices.
Small Cap added substantially to banks and power-sector lenders, Flexi Cap opened an Avenue Supermarts position, and Large & Mid Cap bought BSE while reducing MCX. Understanding these differences is more useful than treating every Bandhan purchase as one investment call.
This November update examines Bandhan Mutual Fund portfolio changes in October, disclosed in November. The article covers all 17 active equity schemes, including the model-driven Multi-Factor Fund. The accompanying research workbook separately analyses matched passive, hybrid and arbitrage portfolios.
Which Stocks Are Bandhan Mutual Funds Buying?
HDFC Bank, Power Finance Corporation, Infosys and Reliance Industries led the active equity funds’ estimated net additions. These figures combine increases and reductions across the same 17 schemes, so one fund’s sale offsets another fund’s purchase.
| Stock | Net shares added | Estimated net addition, ₹ crore | Active funds adding |
| HDFC Bank | 45,35,520 | 314.22 | 6 |
| Power Finance Corporation | 89,23,531 | 279.84 | 4 |
| Infosys | 23,49,636 | 278.43 | 3 |
| Reliance Industries | 23,47,332 | 273.44 | 11 |
| Sobha | 14,77,969 | 166.29 | 2 |
| Swiggy | 92,88,996 | 164.04 | 5 |
| Cholamandalam Financial Holdings | 11,55,493 | 156.14 | 5 |
| Bharti Airtel | 7,40,111 | 146.08 | 3 |
Source: Original Bandhan monthly portfolio
Estimated addition value means the net increase in shares multiplied by an implied October-end price from Bandhan’s disclosed market values. It measures the size of the change at that valuation date. Monthly disclosures do not reveal the exact purchase price, total money traded during the month or trades that were reversed before month-end.
The analysis also adjusts Bansal Wire’s September share quantities for its five-for-one October split. Without that adjustment, a mechanical increase in shares could be mistaken for buying.
Which Bandhan Funds Bought Infosys, HDFC Bank and PFC?
Bandhan Large & Mid Cap Fund was the biggest Infosys buyer among the active schemes. Its holding increased from 28,10,124 to 52,24,676 shares, while Infosys’s portfolio weight rose from 1.35% to 2.96%. The estimated value of that fund’s addition was ₹286.12 crore.
The table below identifies the schemes behind several important changes. The complete scheme-by-scheme purchase and sale records, including estimated values and both months’ weights, are available in the research workbook.
| Bandhan scheme | Stock | September shares | October shares | Shares added | October NAV weight |
| Large & Mid Cap | Infosys | 28,10,124 | 52,24,676 | 24,14,552 | 2.96% |
| Contra | Infosys | 2,79,717 | 3,99,717 | 1,20,000 | 2.74% |
| Focused | Infosys | 3,47,052 | 4,46,554 | 99,502 | 2.65% |
| Small Cap | HDFC Bank | 74,10,000 | 1,00,20,000 | 26,10,000 | 1.97% |
| Value | HDFC Bank | 1,11,00,000 | 1,20,00,000 | 9,00,000 | 8.78% |
| ELSS - Tax Saver | HDFC Bank | 78,50,000 | 85,00,000 | 6,50,000 | 8.95% |
| Small Cap | Power Finance Corporation | 1,02,62,123 | 1,53,50,123 | 50,88,000 | 1.37% |
| Large & Mid Cap | Power Finance Corporation | 19,80,656 | 43,04,891 | 23,24,235 | 0.65% |
| Focused | Power Finance Corporation | 22,40,691 | 31,51,987 | 9,11,296 | 4.96% |
| Contra | Power Finance Corporation | 0 | 6,00,000 | 6,00,000 | 1.09% |
| Large & Mid Cap | BSE | 0 | 3,51,158 | 3,51,158 | 0.59% |
| Multi-Factor | BSE | 0 | 43,815 | 43,815 | 2.72% |
Source: Original Bandhan monthly portfolio
Six active schemes added HDFC Bank: Small Cap, Bandhan Value Fund, ELSS – Tax Saver, Large & Mid Cap, Flexi Cap and Multi Cap. Other active schemes reduced it, leaving the group’s net addition below the sum of these six funds’ purchases. The same offsetting effect explains why Large & Mid Cap’s Infosys addition exceeded the net Infosys addition across all 17 funds.
Reliance had broader participation, with additions in 11 active schemes: Large & Mid Cap, Small Cap, Innovation, Focused, ELSS – Tax Saver, Multi Cap, Value, Contra, Flexi Cap, Large Cap and Multi-Factor. Sobha was more concentrated: Small Cap accounted for approximately 97.7% of the active funds’ net share addition, with Multi Cap providing the remainder.
Several schemes buying a company does not establish independent investment decisions. Bandhan Multi-Factor Fund, for example, uses an adaptive quantitative model with monthly rebalancing, which puts its BSE entry in a different context.
Which Stocks Were New to Individual Bandhan Funds?
A stock entering one scheme is not necessarily new to the fund house. Bandhan Flexi Cap Fund, for example, opened an Avenue Supermarts position worth about ₹76.78 crore. Another Bandhan scheme already held the company in September.
| Stock | Bandhan scheme | Entry distinction | October holding, ₹ crore | NAV weight |
| Avenue Supermarts | Flexi Cap | New to scheme; already held elsewhere | 76.78 | 1.07% |
| BSE | Large & Mid Cap | New to scheme; already held elsewhere | 123.27 | 0.59% |
| Power Finance Corporation | Contra | New to scheme; already held elsewhere | 18.82 | 1.09% |
| Steamhouse India | Innovation | New across the 17 active equity funds | 24.68 | 0.78% |
| Excelsoft Technologies | Small Cap | New across the 17 active equity funds | 13.14 | 0.04% |
Source: Original Bandhan monthly portfolio
Jio Platforms was another fresh holding across six active equity schemes, with a combined October value of approximately ₹63.30 crore. It also appeared in Aggressive Hybrid. Its October IPO provides relevant context, but monthly holdings alone cannot establish each scheme’s mix of IPO allotments and subsequent market purchases.
New-entry labels here apply to the complete active-equity set. For example, the Bandhan Contra Fund added PFC as a new scheme holding, not as an AMC-wide first purchase. A company can still be held in a passive or hybrid scheme elsewhere in the AMC.
What Did Bandhan’s Funds Reduce or Exit?
Large & Mid Cap reduced MCX by 5,14,514 shares, an estimated ₹164.07 crore at the valuation price used here. It also reduced Petronet LNG by 45,82,967 shares, valued at about ₹132.68 crore. Across the active funds, Sterlite Technologies and Kotak Mahindra Bank were other substantial net reductions.
Flexi Cap cut 15 lakh Kotak Mahindra Bank shares and 16 lakh Varun Beverages shares. Its estimated reduction values were ₹69.24 crore and ₹62.72 crore respectively. These are changes in existing holdings, rather than complete exits from those companies.
Large & Mid Cap’s BSE entry alongside its MCX reduction shows a change within that particular portfolio’s capital-market exposure. Mid Cap exited its Kaynes Technology position, for example, while other Bandhan funds continued to own the company. A scheme exit therefore does not establish an AMC-wide exit.
How Did the Major Bandhan Funds Change Their Portfolios?
The biggest schemes did not all move in the same direction. Small Cap’s largest estimated addition was SBI, while Mid Cap’s was Zydus Lifesciences and Flexi Cap’s was Avenue Supermarts.
| Bandhan scheme | Largest estimated addition | Largest estimated reduction | Top-ten weight, September | Top-ten weight, October |
| Small Cap | State Bank of India | One 97 Communications (Paytm) | 17.35% | 19.85% |
| Large & Mid Cap | Infosys | MCX | 22.90% | 25.64% |
| Flexi Cap | Avenue Supermarts | Kotak Mahindra Bank | 48.10% | 48.51% |
| Mid Cap | Zydus Lifesciences | Kaynes Technology India | 25.75% | 25.74% |
| Large Cap | Bajaj Finance | Bajaj Finserv | 45.06% | 45.33% |
Source: Original Bandhan monthly portfolio
Bandhan Small Cap Fund became more concentrated in its largest positions, even while retaining a wide portfolio. Its assets fell from approximately ₹35,856 crore to ₹35,204 crore, so its additions should not simply be attributed to a larger asset base. A change in AUM itself combines investment performance and investor flows; it does not identify either component separately.
Its August portfolio also shows a longer position build. HDFC Bank holdings rose from 49.50 lakh shares in August to 74.10 lakh in September and 100.20 lakh in October. PFC holdings rose from approximately 50.83 lakh to 102.62 lakh and then 153.50 lakh over the same dates. SBI and Sobha also increased in both successive comparisons.
Large & Mid Cap’s top-ten weight increased more noticeably than Flexi Cap’s, while Mid Cap was almost unchanged on this measure. These concentration changes help explain portfolio positioning more clearly than the number of stocks alone.
Which Sectors Gained Weight Across the Active Funds?
Finance, banks and IT software received the largest estimated net additions using Bandhan’s disclosed industry classifications. The weights below divide each industry’s holdings value by the combined net assets of the same 17 schemes, including their cash and other assets.
| AMC industry classification | Estimated net addition, ₹ crore | September weight | October weight |
| Finance | 732.47 | 8.05% | 8.35% |
| Banks | 604.54 | 14.92% | 15.77% |
| IT - Software | 583.22 | 3.48% | 4.65% |
| Pharmaceuticals & Biotechnology | 466.54 | 7.66% | 8.07% |
| Healthcare Services | 330.34 | 1.30% | 1.59% |
| Realty | 318.68 | 3.36% | 3.46% |