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Prashant Jain of HDFC Mutual Fund identified for his inclination in the direction of public sector shares lapped up main IT and pharmaceutical corporations in July. The high inventory purchased by him in July was Yes Bank. According to a report by Dolat Capital, the AMC purchased 16.35 crore shares of the troubled financial institution in July.
Other shares within the high 5 shares purchased throughout July had been Wipro (1.15 crore shares), Jindal Steel & Power (51 lakh shares), Tech Mahindra (25 lakh shares) and Sun Pharmaceutical (20 lakh shares).
Top 5 shares bought by HDFC Mutual Fund had been Vodafone Idea (1.12 crore shares), Punjab National Bank (1.08 crore shares), Reliance Industries (75 lakh shares), Bharti Infratel (69 lakh shares) and Bharat Petroleum Corporation (43 lakh shares).
According to Dolat Capital, HDFC Mutual Fund utterly exited Arti Surfactants in July.
Last month, Morningstar India downgraded two HDFC schemes particularly, HDFC Equity Fund and HDFC Top 100 Fund. Both the schemes have been downgraded to Silver score.
This shouldn’t be the primary time when HDFC Equity and HDFC Top 100 have witnessed extreme underperformance. There had been intervals in 2013 and 2015 as nicely, says the Research agency, Morning Star India.
“I see an enhanced risk to the strategy, which leads me to downgrade both to Silver. Prashant Jain’s long-term investment approach, policy of staying fully invested, and backing his convictions when the strategy is out of favour, has often delivered pleasing results over the long term. But there are also periods when his valuation-conscious approach is out of favour,” stated Himanshu Srivastava, Research Analyst, Morningstar.
HDFC Top 100 Fund is a big cap scheme and HDFC Equity Fund is a multi cap scheme managing belongings price ₹16,202 crore and ₹19,150 crore respectively.
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