Roaring multi-asset mutual funds bet on these midcap stocks. Do you own any?

Multi-Asset Allocation Funds (MAFs) have been on a roll lately. A category of hybrid mutual funds (MF), MAFs topped the charts delivering a category average return of 9.5 percent in the last one-year, while aggressive hybrid funds and balanced advantage funds (BAF) clocked 8.4 percent and 7.7 percent, respectively.
Aggressive hybrid funds are those that invest maximum 65-80 percent in equities and the rest in debt while Balanced advantage funds can change their debt-equity mix per market conditions.
MAFs allocate their corpus across equity, debt, commodities (ETFs of gold and silver), and units of real estate investment trusts (REIT) and infrastructure investment trusts (InvIT). The allocation towards gold (about 10 percent of the assets) has helped MAFs deliver better returns than other hybrid fund categories over the last one year.
MAFs also pick equities from different market capitalization. As per the latest date, they held about 13 percent of their equity portion in midcap stocks.
Here are the top midcap stocks held by these funds. The portfolio data is as of March 31, 2023. Source: ACEMF.

Federal Bank
Number of MAFs that hold the stock: 5.
Sample of MAFs that hold the stock: UTI Multi-Asset Fund and Nippon India Multi-Asset Fund

Gland Pharma
Number of MAFs that hold the stock: 4.
Sample of MAFs that hold the stock: Axis Multi-Asset Allocation Fund and ICICI Pru Multi-Asset Fund

Ashok Leyland
Number of MAFs that hold the stock: 4.
Sample of MAFs that hold the stock: Aditya Birla Sun Life Multi-Asset Allocation Fund and Nippon India Multi-Asset Fund

The Indian Hotels Company
Number of MAFs that hold the stock: 4.
Sample of MAFs that hold the stock: UTI Multi-Asset Fund and Nippon India Multi-Asset Fund

Zee Entertainment Enterprises
Number of MAFs that hold the stock: 3.
Sample of MAFs that hold the stock: Tata Multi-Asset Opportunities Fund and ICICI Pru Multi-Asset Fund
Also see: Market CAP below Rs 200 crore, but these nanocap multibaggers remain PMS darlings

AIA Engineering
Number of MAFs that hold the stock: 3.
Sample of MAFs that hold the stock: UTI Multi-Asset Fund and Nippon India Multi-Asset Fund

Lupin
Number of MAFs that hold the stock: 3.
Sample of MAFs that hold the stock: ICICI Pru Multi-Asset Fund and Aditya Birla Sun Life Multi-Asset Allocation Fund

TVS Motor Company
Number of MAFs that hold the stock: 3.
Sample of MAFs that hold the stock: UTI Multi-Asset Fund and ICICI Pru Multi-Asset Fund

Aditya Birla Fashion and Retail
Number of MAFs that hold the stock: 3.
Sample of MAFs that hold the stock: Axis Multi-Asset Allocation Fund and UTI Multi-Asset Fund Also read: Here are the multibagger microcap stocks held by PMS managers. Do you own any?

Bharat Forge
Number of MAFs that hold the stock: 3.
Sample of MAFs that hold the stock: Tata Multi-Asset Opportunities Fund and HDFC Multi-Asset Fund

Biocon
Number of MAFs that hold the stock: 3.
Sample of MAFs that hold the stock: Aditya Birla Sun Life Multi-Asset Allocation Fund and ICICI Pru Multi-Asset Fund

ZF Commercial Vehicle Control Systems India
Number of MAFs that hold the stock: 3.
Sample of MAFs that hold the stock: Motilal Oswal Multi-Asset Fund and ICICI Pru Multi-Asset Fund
Also read: Diamonds in the dust: Favourite midcap stocks of MF and PMS that hit 52-week low