Sandeep Tandon-led Quant mutual fund grabbed shares of popular PSU stocks like NHPC and IRFC in May according to data released by Nuvama Research. While NHPC was among the top new additions of Quant, IRFC was among the top stocks that mutual funds bought the most.
What Happened: According to Nuvama Alternative & Quantitative Research, NHPC was among Quant's top additions in May while HDFC Mutual fund sold the stock heavily.
Data shows Quant bought 5.12 crore shares which is a 0.51% stake in NHPC in May through its various funds such as midcap, flexi cap, PSU fund, infrastructure fund, commodities and ESG equity fund. The midcap fund was the highest buyer, acquiring 0.20% of the equity in the company.
On the other hand, HDFC Mutual Fund sold ₹552 crore worth of shares of the company in May, shows Nuvama data. HDFC Balanced Advantage Fund offloaded a 0.44% stake in the company in May.
IRFC was among the top stocks that mutual funds bought in May. Mutual funds bought 4.84 crore shares, receiving ₹860 crore, according to Nuvama data. Funds had 2.4 crore shares in April which increased to 7.24 crore shares in May.
Quant bought 4.73 crore IRFC shares, a 0.36% stake in May, buying ₹840 crore worth of equity. ELSS tax saver, quantamental fund, small cap, value, PSU, large and midcap, flexi cap and infrastructure funds bought the stakes. ELSS tax saver fund was the highest buyer, lapping up 0.13% stake in the company.
Quant's flagship fund, the smallcap fund's net asset value fell 0.40% in May. The fund's assets under management reached ₹21,243 crore in May, growing by 67% in one year.
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