Opportunity in market correction: New midcap stocks that MFs added lately
The correction in equity markets due to geo-political reasons has provided the fund manager to add a fresh position in the quality midcap stocks with attractive valuations
Global equity markets including India were on correction mode in October mainly due to the global events such as rising US Treasury yields and the geopolitical conflict between Israel and Hamas. Nifty Midcap 100 index (-4.1%) underperformed the other broader indices - Nifty 50 (-2.8%) and Nifty smallcap (-0.8%) - during the month. The correction has provided fund managers the opportunity to re-enter or add the quality midcap stocks with attractive valuations. Here are the top midcap stocks that were bought afresh by the actively managed mutual funds in October 2023. Source: ACEMF. Data as of October 30, 2023
2/11
One97 Communications No. of active equity schemes newly added the stock in October: 23 Total no. of active equity schemes holding the stock: 58 Who added?: Quant Teck, UTI Innovation and Union Focused Fund
Dixon Technologies (India) No. of active equity schemes newly added the stock in October: 21 Total no. of active equity schemes holding the stock: 105 Who added?: Edelweiss Focused Equity, HSBC Consumption and Canara Rob Infrastructure Fund
Shriram Finance No. of active equity schemes newly added the stock in October: 13 Total no. of active equity schemes holding the stock: 94 Who added?: Union Midcap, Edelweiss Multi Cap and SBI Flexicap Fund
Tata Communications No. of active equity schemes newly added the stock in October: 10 Total no. of active equity schemes holding the stock: 57 Who added?: Quant ESG Equity, Aditya Birla SL Equity Savings and ICICI Pru Midcap Fund
Aurobindo Pharma No. of active equity schemes newly added the stock in October: 7 Total no. of active equity schemes holding the stock: 81 Who added?: HDFC Pharma and Healthcare, UTI Multi Asset Allocation and Mahindra Manulife Mid Cap Fund
7/11
Colgate-Palmolive (India) No. of active equity schemes newly added the stock in October: 7 Total no. of active equity schemes holding the stock: 38 Who added?: NJ ELSS Tax Saver, Shriram Flexi Cap and SBI Dividend Yield Fund
Info Edge (India) No. of active equity schemes newly added the stock in October: 7 Total no. of active equity schemes holding the stock: 73 Who added?: UTI Innovation, Franklin India Equity Advantage and Bandhan Core Equity Fund
REC No. of active equity schemes newly added the stock in October: 7 Total no. of active equity schemes holding the stock: 114 Who added?: SBI PSU, NJ Flexi Cap and ITI Mid Cap Fund
The Ramco Cements No. of active equity schemes newly added the stock in October: 7 Total no. of active equity schemes holding the stock: 59 Who added?: Taurus Infrastructure, HSBC Business Cycles and LIC MF Equity Savings Fund
11/11
Union Bank Of India No. of active equity schemes newly added the stock in October: 7 Total no. of active equity schemes holding the stock: 47 Who added?: Bank of India Mid & Small Cap Equity & Debt, Taurus Banking & Fin Serv and Bank of India Tax Advantage Fund
