Kotak Banking & Financial Services Fund - Direct Plan - IDCW

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.

Portfolio Turnover Ratio : 29.14%. Category average turnover ratio is 96.83%. 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 : 97.90% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 97.90%

No of Stocks : 31 (Category Avg - 44.17) | Large Cap Investments : 40.78%| Mid Cap Investments : 9.58% | Small Cap Investments : 5.84% | Other : 41.7%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	31	43.41
Top 5 Stock Weight	53.23%	32.46%
Top 10 Stock Weight	67.96%	49.59%
Top 3 Sector Weight	76.28%	43.5%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	91509.74	72450.77
Holdings in large cap stocks	40.78%	37.14%
Holdings in mid cap stocks	9.58%	14.47%
Holdings in small cap stocks	5.84%	13.1%

Category - Sectoral/Thematic

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	2421.6	18.30%	-0.12%	19.63% (Apr 2025)	17.7% (Jan 2025)	24.53 L	52.00 k
ICICI Bank Ltd.	Private sector bank	2141	16.18%	-0.91%	19.48% (Apr 2025)	16.18% (Oct 2025)	15.91 L	20.00 k
State Bank Of India	Public sector bank	1009.2	7.63%	0.05%	7.65% (Nov 2024)	6.46% (Jul 2025)	10.77 L	0.00
Bajaj Finance Ltd.	Non banking financial company (nbfc)	836.8	6.33%	-0.14%	6.66% (Feb 2025)	2.36% (Nov 2024)	8.02 L	0.00
Axis Bank Ltd.	Private sector bank	634.2	4.79%	0.09%	7.42% (Nov 2024)	4.45% (Jul 2025)	5.14 L	0.00
Kotak Mahindra Bank Ltd.	Private sector bank	539	4.07%	-0.05%	6.48% (Mar 2025)	4.07% (Oct 2025)	2.56 L	0.00
Shriram Finance Ltd.	Non banking financial company (nbfc)	458.1	3.46%	0.42%	3.52% (Nov 2024)	2.95% (Aug 2025)	6.12 L	0.00
Indian Bank	Public sector bank	339.8	2.57%	0.17%	2.57% (Oct 2025)	1.68% (Dec 2024)	3.96 L	0.00
Magma Fincorp Ltd.	Non banking financial company (nbfc)	333.6	2.52%	-0.47%	2.99% (Sep 2025)	1.81% (Feb 2025)	6.92 L	-0.52 L
Karur Vysya Bank Ltd	Private sector bank	279.7	2.11%	0.13%	2.11% (Oct 2025)	0.98% (Apr 2025)	11.50 L	-0.14 L

- 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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Sector
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	49.81	2421.6	18.30%	-0.12%	19.63% (Apr 2025)	17.7% (Jan 2025)	24.53 L	52.00 k	Other	41.7
ICICI Bank Ltd.	Private sector bank	49.81	2141	16.18%	-0.91%	19.48% (Apr 2025)	16.18% (Oct 2025)	15.91 L	20.00 k	Large Cap	40.78
State Bank Of India	Public sector bank	12.24	1009.2	7.63%	0.05%	7.65% (Nov 2024)	6.46% (Jul 2025)	10.77 L	0.00	Large Cap	40.78
Bajaj Finance Ltd.	Non banking financial company (nbfc)	14.23	836.8	6.33%	-0.14%	6.66% (Feb 2025)	2.36% (Nov 2024)	8.02 L	0.00	Other	41.7
Axis Bank Ltd.	Private sector bank	49.81	634.2	4.79%	0.09%	7.42% (Nov 2024)	4.45% (Jul 2025)	5.14 L	0.00	Large Cap	40.78
Kotak Mahindra Bank Ltd.	Private sector bank	49.81	539	4.07%	-0.05%	6.48% (Mar 2025)	4.07% (Oct 2025)	2.56 L	0.00	Large Cap	40.78
Shriram Finance Ltd.	Non banking financial company (nbfc)	14.23	458.1	3.46%	0.42%	3.52% (Nov 2024)	2.95% (Aug 2025)	6.12 L	0.00	Other	41.7
Indian Bank	Public sector bank	12.24	339.8	2.57%	0.17%	2.57% (Oct 2025)	1.68% (Dec 2024)	3.96 L	0.00	Mid Cap	9.58
Magma Fincorp Ltd.	Non banking financial company (nbfc)	14.23	333.6	2.52%	-0.47%	2.99% (Sep 2025)	1.81% (Feb 2025)	6.92 L	-0.52 L	Small Cap	5.84
Karur Vysya Bank Ltd	Private sector bank	49.81	279.7	2.11%	0.13%	2.11% (Oct 2025)	0.98% (Apr 2025)	11.50 L	-0.14 L	Small Cap	5.84
Bank Of Baroda	Public sector bank	12.24	270.1	2.04%	0.22%	2.04% (Oct 2025)	1.1% (Feb 2025)	9.70 L	1.00 L	Large Cap	40.78
Ujjivan Small Finance Bank Ltd.	Other bank	2.01	266.5	2.01%	0.28%	2.01% (Oct 2025)	0% (Nov 2024)	51.40 L	5.20 L	Other	41.7
Nippon Life India Asset Management Ltd.	Asset management company	3.23	253.7	1.92%	-0.11%	2.04% (Dec 2024)	1.48% (Feb 2025)	2.90 L	0.00	Mid Cap	9.58
Power Finance Corporation Ltd.	Financial institution	1.88	248.9	1.88%	-0.16%	4.41% (Nov 2024)	1.88% (Oct 2025)	6.17 L	0.00	Mid Cap	9.58
Computer Age Management Services Pvt Ltd.	Depositories, clearing houses and other intermediaries	1.84	243.3	1.84%	-0.03%	1.9% (Aug 2025)	0% (Nov 2024)	61.72 k	0.00	Other	41.7
Aptus Value Housing Finance India Ltd.	Housing finance company	3.79	242.7	1.83%	-0.14%	1.97% (Sep 2025)	0% (Nov 2024)	7.64 L	0.00	Other	41.7
HDFC Life Insurance Company Ltd.	Life insurance	4.86	237.1	1.79%	-0.19%	2.08% (Aug 2025)	0.68% (Feb 2025)	3.24 L	0.00	Large Cap	40.78
Max Financial Services Ltd.	Life insurance	4.86	216.5	1.64%	-0.14%	1.86% (Aug 2025)	0% (Nov 2024)	1.40 L	0.00	Mid Cap	9.58
Edelweiss Securities Pvt. Ltd.	Stockbroking & allied	1.62	213.7	1.62%	0.09%	1.95% (Jun 2025)	0% (Nov 2024)	30.13 k	0.00	Other	41.7
Indusind Bank Ltd.	Private sector bank	49.81	209	1.58%	0.02%	1.81% (Jun 2025)	0% (Nov 2024)	2.63 L	0.00	Large Cap	40.78
RBL Bank Ltd.	Private sector bank	49.81	206.6	1.56%	0.14%	1.56% (Oct 2025)	0% (Nov 2024)	6.33 L	0.00	Mid Cap	9.58
Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	14.23	203.6	1.54%	-0.02%	1.56% (Sep 2025)	1.24% (Dec 2024)	1.20 L	0.00	Other	41.7
SBI Life Insurance Co Ltd.	Life insurance	4.86	189.7	1.43%	0.03%	1.43% (Oct 2025)	0% (Nov 2024)	97.00 k	0.00	Large Cap	40.78
# Canara Robeco Asset Management Company Ltd.	Asset management company	3.23	173.9	1.31%	1.31%	1.31% (Oct 2025)	0% (Nov 2024)	5.49 L	5.49 L	Other	41.7
ICICI Lombard General Insurance Co Ltd.	General insurance	1.27	167.5	1.27%	-0.01%	2.42% (Jan 2025)	1.27% (Oct 2025)	84.00 k	0.00	Large Cap	40.78
South Indian Bank Ltd.	Private sector bank	49.81	160.3	1.21%	0.19%	1.21% (Oct 2025)	0% (Nov 2024)	43.78 L	0.00	Small Cap	5.84
Prudent Corporate Advisory Services Ltd.	Financial products distributor	1.12	148.6	1.12%	-0.09%	1.35% (Aug 2025)	0% (Nov 2024)	58.15 k	0.00	Other	41.7
India Shelter Finance Corporation Ltd.	Housing finance company	3.79	140.4	1.06%	-0.06%	2.01% (Feb 2025)	1.06% (Oct 2025)	1.59 L	0.00	Other	41.7
Home First Finance Company India Ltd.	Housing finance company	3.79	119.1	0.90%	-0.08%	1.01% (Aug 2025)	0% (Nov 2024)	99.67 k	0.00	Other	41.7
HDB Financial Services Ltd.	Non banking financial company (nbfc)	14.23	50.5	0.38%	-1.19%	2.07% (Aug 2025)	0% (Nov 2024)	69.04 k	-1.91 L	Other	41.7
# Federal Bank Ltd.	Private sector bank	49.81	1.2	0.01%	0.01%	1.1% (Nov 2024)	0% (Nov 2024)	4.84 k	4.84 k	Mid Cap	9.58
Aditya Birla Sun Life AMC Ltd.	Asset management company	3.23	3.5	0.00%	-0.03%	-	-	-	-	Other	41.7

- 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
# Canara Robeco Asset Management Company Ltd.	Asset management company	173.9	1.31%	1.31%	1.31% (Oct 2025)	0% (Nov 2024)	5.49 L	548888
# Federal Bank Ltd.	Private sector bank	1.2	0.01%	0.01%	1.1% (Nov 2024)	0% (Nov 2024)	4.84 k	4839

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	Quantity	1M Change in Qty
Aditya Birla Sun Life AMC Ltd.	Asset management company	3.5	0.00%	-0.03%	2.12% (Nov 2024)	0% (Nov 2024)	0.00	-4374

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.	18.30%	18.42%	18.98%	19.59%	18.93%	19.25%	19.63%	19.60%	18.92%	17.70%	18.38%	18.65%	18.84%
ICICI Bank Ltd.	16.18%	17.09%	18.25%	18.83%	17.90%	19.15%	19.48%	18.92%	18.10%	17.70%	18.02%	17.80%	17.58%
State Bank Of India	7.63%	7.58%	6.68%	6.46%	6.48%	7.12%	7.12%	6.92%	6.87%	7.56%	7.24%	7.65%	6.91%
Axis Bank Ltd.	4.79%	4.70%	4.47%	4.45%	5.19%	6.89%	7.05%	6.89%	7.06%	6.72%	7.22%	7.42%	6.31%
Bajaj Finance Ltd.	6.33%	6.47%	5.81%	5.68%	6.25%	6.41%	6.21%	6.28%	6.66%	5.75%	3.99%	2.36%	2.59%
Kotak Mahindra Bank Ltd.	4.07%	4.12%	4.18%	5.06%	5.70%	5.72%	6.27%	6.48%	4.79%	4.69%	4.38%	4.34%	4.45%
Power Finance Corporation Ltd.	1.88%	2.04%	1.95%	2.57%	3.72%	3.70%	3.83%	3.79%	3.71%	4.22%	4.26%	4.41%	3.86%
Shriram Finance Ltd.	3.46%	3.04%	2.95%	3.12%	3.41%	3.23%	3.18%	3.34%	3.49%	3.02%	2.98%	3.52%	3.83%
Magma Fincorp Ltd.	2.52%	2.99%	2.67%	2.54%	2.73%	2.48%	2.37%	2.03%	1.81%	1.96%	1.83%	2.07%	2.29%
Indian Bank	2.57%	2.40%	2.15%	1.99%	2.01%	2.01%	1.90%	1.77%	1.85%	1.98%	1.68%	1.83%	1.97%
360 ONE WAM Ltd.	-	-	-	-	-	-	-	0.96%	1.92%	1.90%	2.36%	2.10%	2.14%
Computer Age Management Services Pvt Ltd.	1.84%	1.87%	1.90%	-	-	-	-	-	-	-	-	-	-
Nippon Life India Asset Management Ltd.	1.92%	2.03%	1.89%	1.91%	1.83%	1.77%	1.57%	1.50%	1.48%	1.65%	2.04%	1.93%	2.08%
ICICI Lombard General Insurance Co Ltd.	1.27%	1.28%	1.28%	1.31%	1.64%	2.07%	2.14%	2.15%	2.25%	2.42%	1.33%	1.39%	1.50%
Ujjivan Small Finance Bank Ltd.	2.01%	1.73%	1.64%	1.65%	1.78%	1.51%	1.54%	-	-	-	-	-	-