The Vanguard Emerging Markets Select Stock Fund reported a 53 percent increase in its Indian equity portfolio during the June 2025 quarter, despite prevailing market volatility. With over $10 trillion in assets under management, the Vanguard Group is the world’s second-largest asset manager, following BlackRock. As of June 2025, India represents around 12 percent of Vanguard’s total equity holdings.
Data analysed by Moneycontrol shows that by the end of the June quarter, the fund held stock of 41 Indian listed companies with a total market value of Rs 65,840 crore, up from Rs 43,000 crore in the March quarter. This growth in value was accompanied by a portfolio consolidation, reducing the number of holdings from 45.
During the quarter, Vanguard added eight new stocks to its India portfolio: Max Financial, Voltas, Websol Energy, Restaurant Brands Asia, Sona BLW Precision, CarTrade Tech, Acutaas Chemicals, and Sapphire Foods. It also increased its stake in seven existing stocks, including Cyient, Va Tech Wabag, Sammaan Capital, Infosys, Mahindra & Mahindra, Coforge, and Computer Age Management Services (CAMS).
Meanwhile, Vanguard's name was absent from the shareholding disclosures of 12 companies — in which it featured among the shareholders' list in the March quarter — indicating either a complete exit or a decline in holdings below the 1 percent reporting threshold.
These companies included Amara Raja Energy, APL Apollo Tubes, IIFL Finance, Polyplex Corporation, Reliance Power, Strides Pharma, Sudarshan Chemical, Laurus Labs, Lemon Tree Hotels, Nazara Technologies, Eternal, and Five Star Business Finance.
The fund also trimmed its stake in eight existing holdings: Care Ratings, Gokaldas Exports, Hindustan Construction Company, Zee Entertainment, Suzlon Energy, GHCL, Brightcom Group, and Reliance Infrastructure.
The overall portfolio value increase was further supported by strong performance in key stocks. Zee Entertainment, Reliance Infrastructure, and Delhivery each gained over 50 percent during the quarter. Sammaan Capital, Home First Finance, and Redington posted gains of approximately 35 percent. Care Ratings rose 61 percent, Reliance Infrastructure gained 58 percent, and Zee Entertainment advanced 48 percent, all contributing significantly to the fund’s performance.
HDFC Bank remained the fund’s largest Indian holding with the value pegged at Rs 16,584 crore, followed by Infosys at Rs 14,500 crore and ICICI Bank at Rs 11,200 crore. Other large investments in terms of value included Axis Bank, Suzlon Energy, Coforge, and Max Healthcare.
Founded in 1975, The Vanguard Group, Inc. is one of the world’s leading investment management companies. Its Emerging Markets Select Stock Fund, launched in June 2011, is an actively managed equity fund that seeks long-term capital appreciation by investing in small-, mid-, and large-cap companies across emerging markets through a multi-manager approach.
Among other major registered FPIs, the Government of Singapore reported a 3 percent decline in its portfolio to Rs 2.35 lakh crore. Norges Bank saw a marginal rise to Rs 1.41 lakh crore, while the USA’s Capital Group recorded a 5 percent increase, bringing its India exposure to Rs 80,840 crore.
Vanguard ranks as the fourth-largest FPI in Indian equities in terms of assets under custody, behind Government of Singapore, Norway’s Norges Bank, and the USA’s Capital Group.
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