MUTUAL FUNDS 29 Sep 2016

RETAIL RESEARCH
Shift in sectors by Mutual Funds over Quarters
The following table displays the shift in the allocation in the sectors (equity) by the Indian mutual fund industry over various time periods. Banks, Software and
Pharmaceuticals have been the favored sectors by the MF industry comprising close to 40% of equity assets:
Change in Change in
Sector Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 last one last one
Quarter Year
BANKS 13.90% 17.31% 18.92% 19.63% 21.47% 18.84% 21.88% 20.42% 20.54% 20.87% 19.97% 19.92% 20.40% 0.48% -0.14%
SOFTWARE 6.99% 9.07% 9.20% 10.21% 10.43% 10.83% 10.20% 10.02% 9.26% 10.65% 9.83% 10.07% 8.93% -1.14% -0.33%
PHARMACEUTICALS 6.73% 7.51% 7.69% 7.79% 6.60% 7.45% 7.03% 7.27% 7.77% 8.35% 8.20% 7.66% 7.55% -0.11% -0.22%
AUTO 3.70% 3.92% 4.43% 4.27% 5.34% 6.43% 6.30% 6.69% 7.10% 7.05% 6.68% 6.67% 6.34% -0.33% -0.76%
FINANCE 4.81% 3.99% 4.71% 5.93% 5.39% 5.56% 5.95% 6.25% 6.28% 5.84% 5.85% 5.75% 6.84% 1.09% 0.56%
CONSUMER NON DURABLES 6.26% 7.29% 7.64% 7.56% 4.62% 4.89% 4.88% 5.12% 5.18% 5.23% 5.46% 5.85% 5.90% 0.05% 0.72%
CONSTRUCTION PROJECT 3.17% 2.05% 2.96% 3.06% 4.79% 3.81% 3.73% 4.19% 4.49% 4.07% 4.11% 3.99% 4.29% 0.30% -0.20%
PETROLEUM PRODUCTS 6.62% 6.42% 5.69% 5.41% 4.62% 4.43% 3.78% 3.79% 4.19% 4.03% 4.53% 4.42% 4.43% 0.01% 0.24%
INDUSTRIAL CAPITAL GOODS 7.32% 5.23% 3.13% 2.50% 3.97% 3.74% 4.50% 4.48% 4.15% 3.88% 3.97% 3.24% 3.11% -0.13% -1.04%
INDUSTRIAL PRODUCTS 2.29% 2.48% 2.75% 2.26% 3.53% 3.62% 3.84% 3.99% 3.67% 3.70% 3.68% 3.53% 3.47% -0.06% -0.20%
CEMENT 2.39% 1.83% 2.86% 3.04% 3.14% 3.34% 3.13% 3.41% 3.41% 3.34% 3.47% 3.85% 4.06% 0.21% 0.65%
AUTO ANCILLARIES 1.84% 2.01% 2.33% 2.37% 3.48% 3.61% 3.48% 3.52% 3.32% 3.15% 3.03% 3.07% 2.88% -0.19% -0.44%
POWER 6.47% 4.32% 3.50% 3.01% 2.60% 2.22% 2.09% 2.08% 2.03% 2.08% 2.21% 2.27% 2.39% 0.12% 0.36%
TRANSPORTATION 1.55% 0.96% 1.10% 1.40% 1.74% 1.92% 1.95% 2.02% 1.73% 1.76% 1.89% 2.03% 1.86% -0.17% 0.13%
TELECOM - SERVICES 2.17% 2.97% 2.60% 2.33% 1.44% 1.74% 1.54% 1.74% 1.59% 1.38% 1.36% 1.20% 1.26% 0.06% -0.33%
CONSUMER DURABLES 0.61% 0.59% 1.05% 1.00% 1.32% 1.53% 1.61% 1.59% 1.44% 1.36% 1.54% 1.75% 1.99% 0.24% 0.55%
CHEMICALS 0.42% 0.56% 1.03% 1.07% 1.06% 1.29% 1.42% 1.48% 1.42% 1.39% 1.39% 1.41% 1.44% 0.03% 0.02%
MEDIA & ENTERTAINMENT 2.58% 1.98% 1.87% 2.10% 1.26% 1.10% 1.10% 1.17% 1.30% 1.47% 1.63% 1.44% 1.43% -0.01% 0.13%
PESTICIDES 0.76% 0.68% 0.59% 0.66% 0.91% 1.08% 1.04% 1.19% 1.28% 1.19% 1.15% 1.23% 1.34% 0.11% 0.06%
DERIVATIVES 1.37% 0.74% 1.08% 1.16% 0.86% 2.02% 1.14% 0.98% 1.24% 1.15% 1.01% 0.99% 1.07% 0.08% -0.17%
CONSTRUCTION 2.32% 1.64% 1.55% 1.23% 1.14% 1.05% 1.08% 1.23% 1.18% 1.10% 1.19% 1.09% 1.09% 0.00% -0.09%
OIL 4.36% 3.27% 3.07% 3.52% 2.59% 2.33% 1.72% 1.16% 1.04% 0.86% 0.92% 0.82% 0.70% -0.12% -0.34%
TEXTILE PRODUCTS 0.33% 0.87% 0.64% 0.66% 0.64% 0.69% 0.76% 0.81% 0.89% 0.92% 1.01% 0.88% 0.88% 0.00% -0.01%
FERROUS METALS 2.72% 2.72% 2.26% 1.31% 1.23% 1.11% 0.96% 0.76% 0.82% 0.66% 0.82% 0.82% 0.86% 0.04% 0.04%
Source: SEBI.
In the above table, cells highlighted by green are the top three sectors which saw an increase in the exposure by the mutual fund industry compared to last one year
data (comparing June 2015 & June 2016) (as well as in last one quarter comparing Mar 2016 and June 2016) while the cells highlighted by yellow are the top three
sectors that saw a decrease in the exposure during the period.

Analyst: DhuraivelGunasekaran (dhuraivel.gunasekaran@hdfcsec.com)

RETAIL RESEARCH Tel: (022) 3075 3400 Fax: (022) 2496 5066 Corporate Office

HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Website: www.hdfcsec.com Email: hdfcsecretailresearch@hdfcsec.com.

Disclaimer: Mutual Funds investments are subject to risk. Past performance is no guarantee for future performance.This document has been prepared by HDFC Securities Limited and is meant for sole use by the recipient and not for circulation. This document is not to be reported or copied or made available to
others. It should not be considered to be taken as an offer to sell or a solicitation to buy any security. The information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied upon as such. We may have from time to time positions or
options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other services for, any company mentioned in this document. This report is intended for non-Institutional Clients.

This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams (Institutional, PCG) of
HDFC Securities Ltd. HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475.

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