Axis Value Fund - Direct Plan - Growth

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Category : Value Fund

Portfolio Turnover Ratio : 37.00%. Category average turnover ratio is 233.87%. Fund manager updated portfolio less frequently than peers in last 1 year. (I.e. fund manager held stocks/bonds in the portfolio for longer duration than peers)

Equity Holding : 98.91% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 98.91%

No of Stocks : 96 (Category Avg - 59.90) | Large Cap Investments : 40.86%| Mid Cap Investments : 12.92% | Small Cap Investments : 14.5% | Other : 30.64%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	96	59
Top 5 Stock Weight	23.84%	24.35%
Top 10 Stock Weight	35.44%	39.15%
Top 3 Sector Weight	30.65%	31.63%

Category - Value Fund

Particulars	This Scheme	Category
Average mcap (Cr)	110577.82	107642.54
Holdings in large cap stocks	40.86%	44.46%
Holdings in mid cap stocks	12.92%	12.44%
Holdings in small cap stocks	14.5%	14.57%

Category - Value Fund

Top 10 Stocks holding in Portfolio (as on 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
HDFC Bank Ltd.	Private sector bank	837.6	7.28%	0.60%	8.5% (Apr 2025)	5.7% (Nov 2024)	8.48 L	95.18 k
ICICI Bank Ltd.	Private sector bank	591.4	5.14%	0.11%	6.69% (Apr 2025)	4.88% (Dec 2024)	4.40 L	39.57 k
Reliance Industries Ltd.	Refineries & marketing	568.8	4.94%	0.58%	5.26% (Apr 2025)	2.78% (Dec 2024)	3.83 L	39.53 k
Infosys Ltd.	Computers - software & consulting	379.1	3.29%	-0.14%	4.27% (Jan 2025)	3.29% (Oct 2025)	2.56 L	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	367.3	3.19%	0.35%	3.53% (Apr 2025)	2.84% (Sep 2025)	1.79 L	16.79 k
- State Bank Of India	Public sector bank	351.6	3.05%	0.00%	3.05% (Oct 2025)	2.31% (Dec 2024)	3.75 L	0.00
Larsen & Toubro Ltd.	Civil construction	292.1	2.54%	0.46%	2.55% (Jan 2025)	2.08% (Sep 2025)	72.46 k	11.57 k
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	258.1	2.24%	-0.32%	2.7% (Jan 2025)	1.92% (Mar 2025)	74.01 k	-6.29 k
National Thermal Power Corporation Ltd.	Power generation	225.6	1.96%	-0.16%	2.94% (Mar 2025)	1.96% (Oct 2025)	6.70 L	0.00
Bharat Electronics Ltd.	Aerospace & defense	208.4	1.81%	-0.03%	1.84% (Sep 2025)	1.06% (Feb 2025)	4.89 L	0.00

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 31st Oct,2025)

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M-Cap

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
HDFC Bank Ltd.	Private sector bank	17.93	837.6	7.28%	0.60%	8.5% (Apr 2025)	5.7% (Nov 2024)	8.48 L	95.18 k	Other	30.64
ICICI Bank Ltd.	Private sector bank	17.93	591.4	5.14%	0.11%	6.69% (Apr 2025)	4.88% (Dec 2024)	4.40 L	39.57 k	Large Cap	40.86
Reliance Industries Ltd.	Refineries & marketing	5.9	568.8	4.94%	0.58%	5.26% (Apr 2025)	2.78% (Dec 2024)	3.83 L	39.53 k	Large Cap	40.86
Infosys Ltd.	Computers - software & consulting	6.32	379.1	3.29%	-0.14%	4.27% (Jan 2025)	3.29% (Oct 2025)	2.56 L	0.00	Large Cap	40.86
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	3.19	367.3	3.19%	0.35%	3.53% (Apr 2025)	2.84% (Sep 2025)	1.79 L	16.79 k	Large Cap	40.86
- State Bank Of India	Public sector bank	4.15	351.6	3.05%	0.00%	3.05% (Oct 2025)	2.31% (Dec 2024)	3.75 L	0.00	Large Cap	40.86
Larsen & Toubro Ltd.	Civil construction	2.54	292.1	2.54%	0.46%	2.55% (Jan 2025)	2.08% (Sep 2025)	72.46 k	11.57 k	Large Cap	40.86
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	3.98	258.1	2.24%	-0.32%	2.7% (Jan 2025)	1.92% (Mar 2025)	74.01 k	-6.29 k	Large Cap	40.86
National Thermal Power Corporation Ltd.	Power generation	2.45	225.6	1.96%	-0.16%	2.94% (Mar 2025)	1.96% (Oct 2025)	6.70 L	0.00	Large Cap	40.86
Bharat Electronics Ltd.	Aerospace & defense	2.37	208.4	1.81%	-0.03%	1.84% (Sep 2025)	1.06% (Feb 2025)	4.89 L	0.00	Mid Cap	12.92
Premier Energies Ltd.	Other electrical equipment	2.94	206.3	1.79%	0.00%	2.1% (Dec 2024)	1.38% (Nov 2024)	1.89 L	0.00	Other	30.64
CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	3.78	179.9	1.56%	-0.12%	1.69% (Sep 2025)	0.54% (Feb 2025)	2.44 L	0.00	Small Cap	14.5
Fortis Healthcare Ltd.	Hospital	3.38	178.4	1.55%	-0.12%	1.67% (Sep 2025)	1.27% (May 2025)	1.74 L	-0.10 L	Other	30.64
Tech Mahindra Ltd.	Computers - software & consulting	6.32	176.5	1.53%	-0.08%	1.88% (Jun 2025)	1.05% (Mar 2025)	1.24 L	0.00	Large Cap	40.86
Minda Corporation Ltd.	Auto components & equipments	4.02	174.5	1.52%	-0.13%	2.25% (Jan 2025)	1.51% (Aug 2025)	3.10 L	0.00	Small Cap	14.5
Multi Commodity Exchange Of India Ltd.	Exchange and data platform	1.46	168	1.46%	0.33%	1.7% (Jun 2025)	0.51% (Mar 2025)	18.18 k	2.65 k	Small Cap	14.5
RBL Bank Ltd.	Private sector bank	17.93	160.7	1.40%	0.22%	1.4% (Oct 2025)	0% (Nov 2024)	4.92 L	35.67 k	Mid Cap	12.92
Kotak Mahindra Bank Ltd.	Private sector bank	17.93	157.6	1.37%	0.48%	1.37% (Oct 2025)	0% (Nov 2024)	74.94 k	26.86 k	Large Cap	40.86
Ultratech Cement Ltd.	Cement & cement products	1.35	155.1	1.35%	-0.13%	1.83% (Mar 2025)	1.03% (Nov 2024)	12.99 k	0.00	Large Cap	40.86
Sun Pharmaceutical Industries Ltd.	Pharmaceuticals	6.4	154.9	1.35%	-0.02%	2.28% (Apr 2025)	1.35% (Oct 2025)	91.61 k	0.00	Large Cap	40.86
HDFC Life Insurance Company Ltd.	Life insurance	1.76	142.6	1.24%	-0.14%	1.59% (Apr 2025)	0.74% (Dec 2024)	1.95 L	0.00	Large Cap	40.86
GE T&D India Ltd.	Heavy electrical equipment	3.78	142.3	1.24%	-0.06%	1.38% (May 2025)	0% (Nov 2024)	46.85 k	0.00	Small Cap	14.5
Federal Bank Ltd.	Private sector bank	17.93	141.7	1.23%	0.63%	1.23% (Oct 2025)	0.55% (Feb 2025)	5.99 L	2.63 L	Mid Cap	12.92
TVS Motor Company Ltd.	2/3 wheelers	1.7	138.7	1.21%	-0.19%	1.4% (Sep 2025)	0% (Nov 2024)	39.54 k	-4.03 k	Mid Cap	12.92
ITC Limited	Diversified fmcg	1.18	136.3	1.18%	-0.03%	1.51% (Feb 2025)	1.01% (Nov 2024)	3.24 L	0.00	Large Cap	40.86
Apar Industries Ltd.	Other electrical equipment	2.94	132.8	1.15%	0.17%	1.45% (Nov 2024)	0% (Nov 2024)	15.32 k	2.47 k	Small Cap	14.5
Bajaj Finserv Ltd	Holding company	1.11	127.2	1.11%	-0.03%	1.54% (Feb 2025)	1.1% (Dec 2024)	60.93 k	0.00	Other	30.64
Jindal Steel Ltd.	Iron & steel products	2.45	126.7	1.10%	-0.18%	1.28% (Sep 2025)	0.48% (Jan 2025)	1.19 L	-0.11 L	Mid Cap	12.92
Indian Bank	Public sector bank	4.15	126.7	1.10%	-0.21%	1.31% (Sep 2025)	0.59% (Mar 2025)	1.48 L	-0.39 L	Mid Cap	12.92
Coforge Ltd.	Computers - software & consulting	6.32	121.5	1.06%	0.14%	1.09% (Jun 2025)	0% (Nov 2024)	68.33 k	6.34 k	Other	30.64
Varun Beverages Ltd.	Other beverages	1.05	121.3	1.05%	-0.01%	1.36% (Mar 2025)	0.83% (Nov 2024)	2.58 L	0.00	Other	30.64
Granules India Ltd.	Pharmaceuticals	6.4	115.3	1.00%	0.02%	1.68% (Jan 2025)	0.96% (Jul 2025)	2.04 L	0.00	Small Cap	14.5
Bajaj Finance Ltd.	Non banking financial company (nbfc)	2.19	115.1	1.00%	-0.03%	1.03% (Sep 2025)	0% (Nov 2024)	1.10 L	0.00	Other	30.64
Bharat Petroleum Corporation Ltd.	Refineries & marketing	5.9	110.1	0.96%	0.08%	1% (Apr 2025)	0.43% (Feb 2025)	3.08 L	32.40 k	Large Cap	40.86
Anant Raj Industries Ltd.	Residential, commercial projects	2.75	109.9	0.95%	-0.26%	3.22% (Dec 2024)	0.95% (Oct 2025)	1.71 L	-0.17 L	Small Cap	14.5
Aditya Infotech Ltd.	Industrial products	2.57	99.8	0.87%	-0.07%	0.94% (Aug 2025)	0% (Nov 2024)	75.92 k	0.00	Other	30.64
City Union Bank Ltd.	Private sector bank	17.93	98.1	0.85%	0.07%	0.87% (Jun 2025)	0% (Nov 2024)	4.29 L	35.15 k	Mid Cap	12.92
J.b. Chemicals & Pharmaceuticals Ltd.	Pharmaceuticals	6.4	97.3	0.85%	-0.08%	1.02% (Jul 2025)	0.69% (Jun 2025)	57.84 k	0.00	Other	30.64
Cipla Ltd.	Pharmaceuticals	6.4	92.7	0.81%	-0.06%	1.05% (Feb 2025)	0.81% (Oct 2025)	61.72 k	0.00	Large Cap	40.86
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	3.98	91.8	0.80%	-0.05%	0.85% (Sep 2025)	0% (Nov 2024)	5.67 k	7.00	Large Cap	40.86
Lupin Ltd.	Pharmaceuticals	6.4	91.3	0.79%	-0.04%	1.03% (Apr 2025)	0% (Nov 2024)	46.51 k	0.00	Large Cap	40.86
Apollo Hospitals Enterprises Ltd.	Hospital	3.38	91.1	0.79%	-0.03%	0.82% (Sep 2025)	0% (Nov 2024)	11.86 k	0.00	Mid Cap	12.92
Hyundai Motor India Ltd.	Passenger cars & utility vehicles	3.98	90.8	0.79%	-0.05%	0.84% (Sep 2025)	0% (Nov 2024)	37.25 k	2.53 k	Other	30.64
India Shelter Finance Corporation Ltd.	Housing finance company	1.42	87	0.76%	-0.04%	0.91% (Aug 2025)	0.72% (Nov 2024)	98.45 k	0.00	Other	30.64
Torrent Pharmaceuticals Ltd.	Pharmaceuticals	6.4	82.5	0.72%	-0.06%	0.81% (Aug 2025)	0% (Nov 2024)	23.18 k	0.00	Mid Cap	12.92
Welspun Corp Ltd.	Iron & steel products	2.45	81.2	0.71%	0.14%	0.71% (Oct 2025)	0% (Nov 2024)	84.08 k	12.82 k	Small Cap	14.5
ITC Hotels Ltd	Hotels & resorts	0.7	80.1	0.70%	-0.09%	0.86% (Aug 2025)	0% (Nov 2024)	3.69 L	0.00	Other	30.64
- Gabriel India Ltd.	Auto components & equipments	4.02	79.4	0.69%	0.00%	0.69% (Oct 2025)	0% (Nov 2024)	62.31 k	0.00	Small Cap	14.5
Phoenix Mills Ltd.	Residential, commercial projects	2.75	78.8	0.68%	0.10%	0.68% (Oct 2025)	0% (Nov 2024)	46.85 k	6.83 k	Small Cap	14.5
Jyoti CNC Automation Ltd.	Industrial products	2.57	77.1	0.67%	0.05%	1.03% (Dec 2024)	0.51% (Feb 2025)	89.28 k	11.00 k	Other	30.64
PNB Housing Finance Ltd.	Housing finance company	1.42	76.5	0.66%	0.11%	0.88% (May 2025)	0.42% (Feb 2025)	82.39 k	12.90 k	Mid Cap	12.92
Karur Vysya Bank Ltd	Private sector bank	17.93	75.9	0.66%	0.14%	0.66% (Oct 2025)	0% (Nov 2024)	3.12 L	49.36 k	Small Cap	14.5
Awfis Space Solutions Ltd.	Diversified commercial services	1.15	75.4	0.66%	-0.01%	0.83% (Apr 2025)	0.62% (Jan 2025)	1.26 L	0.00	Other	30.64
Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	2.19	75.3	0.65%	-0.01%	0.73% (Jun 2025)	0.48% (Dec 2024)	44.40 k	0.00	Other	30.64
Vijaya Diagnostic Centre Ltd.	Healthcare service provider	0.65	74.9	0.65%	-0.06%	1.1% (Nov 2024)	0.6% (May 2025)	75.78 k	0.00	Other	30.64
Tata Steel Ltd.	Iron & steel products	2.45	73.4	0.64%	0.01%	0.64% (Oct 2025)	0% (Nov 2024)	4.01 L	0.00	Other	30.64
Prestige Estates Projects Ltd.	Residential, commercial projects	2.75	70.4	0.61%	0.04%	0.78% (Jun 2025)	0.37% (Mar 2025)	40.34 k	0.00	Mid Cap	12.92
eClerx Services Ltd.	Business process outsourcing (bpo)/ knowledge process outsourcing (kpo)	0.61	70	0.61%	0.05%	1.18% (May 2025)	0.55% (Sep 2025)	14.80 k	0.00	Small Cap	14.5
Dixon Technologies (India) Ltd.	Consumer electronics	1.14	69.1	0.60%	-0.08%	0.78% (Jul 2025)	0% (Nov 2024)	4.46 k	0.00	Other	30.64
Kaynes Technology India Private Ltd.	Industrial products	2.57	66.6	0.58%	-0.01%	0.59% (Sep 2025)	0% (Nov 2024)	9.94 k	906.00	Other	30.64
Hindustan Aeronautics Ltd.	Aerospace & defense	2.37	64.2	0.56%	-0.05%	0.85% (May 2025)	0% (Nov 2024)	13.72 k	0.00	Other	30.64
# Shriram Finance Ltd.	Non banking financial company (nbfc)	2.19	62.5	0.54%	0.54%	0.54% (Oct 2025)	0% (Nov 2024)	83.45 k	83.45 k	Other	30.64
Cholamandalam Financial Holdings Ltd.	Investment company	1.03	62.1	0.54%	-0.03%	0.71% (Jun 2025)	0% (Nov 2024)	32.48 k	0.00	Small Cap	14.5
Krishna Institute of Medical Sciences Ltd.	Hospital	3.38	61.1	0.53%	-0.31%	0.97% (Jul 2025)	0.53% (Oct 2025)	84.75 k	-0.43 L	Other	30.64
# Sona BLW Precision Forgings Ltd.	Auto components & equipments	4.02	60.1	0.52%	0.52%	0.52% (Oct 2025)	0% (Nov 2024)	1.27 L	1.27 L	Other	30.64
Bharat Heavy Electricals Ltd.	Heavy electrical equipment	3.78	59.8	0.52%	0.12%	0.52% (Oct 2025)	0% (Nov 2024)	2.25 L	45.95 k	Mid Cap	12.92
SBI Life Insurance Co Ltd.	Life insurance	1.76	59.8	0.52%	0.11%	0.52% (Oct 2025)	0% (Nov 2024)	30.57 k	6.24 k	Large Cap	40.86
Brigade Enterprises Ltd.	Residential, commercial projects	2.75	59.1	0.51%	0.04%	0.96% (Nov 2024)	0.48% (Sep 2025)	56.93 k	0.00	Small Cap	14.5
- Firstsource Solutions Ltd.	It enabled services	0.89	58.9	0.51%	0.00%	1.34% (Nov 2024)	0% (Nov 2024)	1.66 L	0.00	Small Cap	14.5
Healthcare Global Enterprises Ltd.	Hospital	3.38	58.7	0.51%	0.16%	0.51% (Oct 2025)	0% (Nov 2024)	78.55 k	19.68 k	Small Cap	14.5
Craftsman Automation Ltd.	Auto components & equipments	4.02	56.9	0.49%	-0.05%	0.58% (Aug 2025)	0% (Nov 2024)	8.52 k	0.00	Other	30.64
Siemens Energy India Ltd.	Power generation	2.45	56.8	0.49%	-0.08%	0.59% (Aug 2025)	0% (Nov 2024)	17.82 k	0.00	Other	30.64
Hindalco Industries Ltd.	Aluminium	0.49	56.5	0.49%	0.02%	0.57% (Feb 2025)	0.22% (Jan 2025)	66.59 k	0.00	Large Cap	40.86
L&T Finance Holdings Ltd.	Investment company	1.03	56.2	0.49%	0.05%	0.49% (Oct 2025)	0% (Nov 2024)	2.08 L	20.63 k	Mid Cap	12.92
# Wework India Management Ltd.	Diversified commercial services	1.15	56.1	0.49%	0.49%	0.49% (Oct 2025)	0% (Nov 2024)	86.95 k	86.95 k	Other	30.64
Bajaj Auto Ltd.	2/3 wheelers	1.7	55.4	0.48%	-0.12%	0.99% (Nov 2024)	0.48% (Oct 2025)	6.23 k	-1.26 k	Large Cap	40.86
Atlanta Electricals Ltd	Heavy electrical equipment	3.78	53	0.46%	-0.10%	0.56% (Sep 2025)	0% (Nov 2024)	53.73 k	-0.22 L	Other	30.64
Onesource Specialty Pharma Ltd.	Pharmaceuticals	6.4	51.9	0.45%	-0.03%	0.49% (Jun 2025)	0% (Nov 2024)	27.97 k	0.00	Other	30.64
Tega Industries Ltd.	Industrial products	2.57	51.2	0.45%	-0.02%	0.47% (Sep 2025)	0% (Nov 2024)	26.42 k	0.00	Other	30.64
Vishal Mega Mart Ltd.	Diversified retail	0.44	50.1	0.44%	-0.25%	0.96% (Jul 2025)	0% (Nov 2024)	3.47 L	-1.50 L	Other	30.64
Glenmark Pharmaceuticals Ltd.	Pharmaceuticals	6.4	49.4	0.43%	-0.05%	0.48% (Sep 2025)	0% (Nov 2024)	26.10 k	0.00	Mid Cap	12.92
Motherson Sumi Systems Ltd.	Auto components & equipments	4.02	46	0.40%	-0.12%	0.74% (May 2025)	0.17% (Feb 2025)	4.36 L	-0.87 L	Large Cap	40.86
KFIN Technologies Ltd.	Financial technology (fintech)	0.4	45.6	0.40%	-0.01%	0.67% (Jun 2025)	0% (Nov 2024)	41.51 k	0.00	Other	30.64
Sagility India Ltd.	It enabled services	0.89	43.4	0.38%	0.14%	0.38% (Oct 2025)	0% (Nov 2024)	8.26 L	2.42 L	Other	30.64
Power Grid Corporation of India Ltd.	Power - transmission	0.35	40.8	0.35%	-0.02%	0.94% (Nov 2024)	0.35% (Oct 2025)	1.42 L	0.00	Large Cap	40.86
PG Electroplast Ltd.	Consumer electronics	1.14	39.3	0.34%	0.02%	1.06% (Mar 2025)	0% (Nov 2024)	68.91 k	0.00	Other	30.64
K.P.R. Mill Ltd.	Other textile products	0.33	37.5	0.33%	-0.02%	0.43% (May 2025)	0% (Nov 2024)	35.11 k	0.00	Other	30.64
Oil & Natural Gas Corporation Ltd.	Oil exploration & production	0.3	35	0.30%	0.00%	0.46% (Jan 2025)	0.3% (Oct 2025)	1.37 L	0.00	Large Cap	40.86
Tata Consultancy Services Ltd.	Computers - software & consulting	6.32	30.4	0.26%	0.00%	0.52% (Jan 2025)	0.22% (Dec 2024)	9.94 k	0.00	Large Cap	40.86
- Sansera Engineering Ltd.	Auto components & equipments	4.02	23.6	0.20%	0.01%	0.74% (Nov 2024)	0.19% (Aug 2025)	15.56 k	0.00	Other	30.64
UNO Minda Ltd.	Auto components & equipments	4.02	23	0.20%	-0.87%	1.11% (Aug 2025)	0.2% (Oct 2025)	18.62 k	-0.70 L	Small Cap	14.5
# LG Electronics India Pvt. Ltd.	Consumer electronics	1.14	23	0.20%	0.20%	0.2% (Oct 2025)	0% (Nov 2024)	13.82 k	13.82 k	Other	30.64
Wipro Ltd.	Computers - software & consulting	6.32	20.2	0.18%	-0.01%	0.76% (Feb 2025)	0.18% (Oct 2025)	83.93 k	0.00	Large Cap	40.86
Tata Motors Ltd.	Passenger cars & utility vehicles	3.98	17.6	0.15%	-0.12%	0.82% (Nov 2024)	0.15% (Oct 2025)	43.03 k	0.00	Large Cap	40.86
# TML Commercial Vehicles Ltd.	Commercial vehicles	0.1	11.2	0.10%	0.10%	0.1% (Oct 2025)	0% (Nov 2024)	43.03 k	43.03 k	Other	30.64
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	1.7	1.3	0.01%	0.00%	0% (Nov 2025)	0% (Nov 2025)	1.28 L	0.00	Other	30.64
Tata Power Co. Ltd.	Integrated power utilities		65.1	0.00%	-0.61%	-	-	-	-	Mid Cap	12.92
Ambuja Cements Ltd.	Cement & cement products	1.35	31.8	0.00%	-0.30%	-	-	-	-	Large Cap	40.86
Mankind Pharma Ltd.	Pharmaceuticals	6.4	48	0.00%	-0.45%	-	-	-	-	Other	30.64
Rural Electrification Corporation Limited	Financial institution		60.3	0.00%	-0.56%	-	-	-	-	Mid Cap	12.92

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Wework India Management Ltd.	Diversified commercial services	56.1	0.49%	0.49%	0.49% (Oct 2025)	0% (Nov 2024)	86.95 k	86953
# TML Commercial Vehicles Ltd.	Commercial vehicles	11.2	0.10%	0.10%	0.1% (Oct 2025)	0% (Nov 2024)	43.03 k	43034
# LG Electronics India Pvt. Ltd.	Consumer electronics	23	0.20%	0.20%	0.2% (Oct 2025)	0% (Nov 2024)	13.82 k	13816
# Shriram Finance Ltd.	Non banking financial company (nbfc)	62.5	0.54%	0.54%	0.54% (Oct 2025)	0% (Nov 2024)	83.45 k	83451
# Sona BLW Precision Forgings Ltd.	Auto components & equipments	60.1	0.52%	0.52%	0.52% (Oct 2025)	0% (Nov 2024)	1.27 L	127147

Stocks removed from Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	1M Change in Qty
Tata Power Co. Ltd.	Integrated power utilities	65.1	0.00%	-0.61%	0.69% (Jun 2025)	0% (Nov 2024)	-167490
Ambuja Cements Ltd.	Cement & cement products	31.8	0.00%	-0.30%	0.38% (Nov 2024)	0% (Nov 2024)	-55702
Mankind Pharma Ltd.	Pharmaceuticals	48	0.00%	-0.45%	0.5% (Jul 2025)	0% (Nov 2024)	-19695
Rural Electrification Corporation Limited	Financial institution	60.3	0.00%	-0.56%	0.86% (Jun 2025)	0% (Nov 2024)	-161738

Trend in stock holdings (Top 15 Holding)

Stock	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024
HDFC Bank Ltd.	7.28%	6.68%	7.02%	7.57%	7.62%	7.95%	8.50%	7.96%	7.50%	6.27%	5.86%	5.70%	5.16%
ICICI Bank Ltd.	5.14%	5.03%	5.47%	5.90%	5.85%	6.28%	6.69%	6.42%	5.80%	5.51%	4.88%	5.09%	5.10%
Reliance Industries Ltd.	4.94%	4.36%	4.56%	4.65%	4.94%	4.93%	5.26%	4.99%	4.59%	3.18%	2.78%	3.04%	3.29%
Infosys Ltd.	3.29%	3.44%	3.58%	3.63%	3.92%	3.70%	3.34%	3.44%	4.06%	4.27%	3.97%	3.54%	3.31%
Bharti Airtel Ltd.	3.19%	2.84%	3.00%	2.88%	3.28%	3.25%	3.53%	3.43%	3.42%	3.35%	3.08%	3.03%	2.73%
State Bank Of India	3.05%	3.05%	2.85%	2.87%	2.62%	2.79%	2.92%	2.80%	2.74%	2.91%	2.31%	2.41%	2.47%
Mahindra & Mahindra Ltd.	2.24%	2.57%	2.33%	2.16%	2.18%	1.99%	2.02%	1.92%	2.36%	2.70%	2.64%	2.68%	2.40%
National Thermal Power Corporation Ltd.	1.96%	2.12%	2.15%	2.23%	2.27%	2.43%	2.78%	2.94%	2.42%	2.18%	1.98%	2.22%	2.50%
Larsen & Toubro Ltd.	2.54%	2.08%	2.15%	2.20%	2.26%	2.23%	2.19%	2.40%	2.39%	2.55%	2.50%	2.36%	2.30%
Sun Pharmaceutical Industries Ltd.	1.35%	1.36%	1.43%	1.56%	1.55%	1.67%	2.28%	2.26%	2.08%	1.96%	2.06%	2.00%	2.17%
Minda Corporation Ltd.	1.52%	1.64%	1.51%	1.54%	1.63%	1.76%	1.77%	2.05%	2.00%	2.25%	1.77%	1.85%	2.01%
Anant Raj Industries Ltd.	0.95%	1.22%	1.11%	1.23%	1.16%	1.45%	1.48%	1.68%	1.61%	2.32%	3.22%	2.61%	3.01%
Premier Energies Ltd.	1.79%	1.80%	1.84%	1.83%	1.92%	1.86%	1.85%	1.79%	1.73%	1.90%	2.10%	1.38%	1.01%
Ultratech Cement Ltd.	1.35%	1.48%	1.61%	1.58%	1.59%	1.58%	1.77%	1.83%	1.77%	1.35%	1.31%	1.03%	1.07%
Tech Mahindra Ltd.	1.53%	1.62%	1.70%	1.61%	1.88%	1.68%	1.54%	1.05%	1.35%	1.24%	1.23%	1.27%	1.25%