HDFC Flexi Cap Fund has released its latest portfolio update for September 2025, revealing several notable stock movements and allocation shifts. The fund has made fresh additions, increased stakes in several companies, and exited a few positions altogether. Cash holding for the month stood at 9.2%, reflecting a cautious stance amid market volatility.

The fund continues to maintain a diversified exposure across sectors, balancing between large-cap, mid-cap, and select emerging companies. The top five holdings remain dominated by banking majors — ICICI Bank, HDFC Bank, Axis Bank, State Bank of India (SBI), and Kotak Mahindra Bank — reinforcing the fund’s confidence in India’s financial sector growth.

Major Additions and Increases

1. Cohance Lifesciences Limited was a fresh inclusion in the portfolio, with 40,00,000 shares added during September. This marks a 100% increase from August, as the stock was not held previously. The position now represents 0.41% of the fund’s total assets under management (AUM).

2. Oil and Natural Gas Corporation (ONGC) saw a significant rise of 30.97%, with holdings increasing from 3,50,00,000 shares in August to 4,58,38,049 shares in September, accounting for 1.28% of AUM.

3. Larsen & Toubro Ltd. holdings increased by 21.37%, moving from 19,45,962 to 23,61,784 shares. The company now represents 1.01% of AUM, reflecting optimism toward India’s infrastructure growth.

4. Kalpataru Projects International Ltd. also saw a similar 21.21% rise, with the fund’s holding increasing from 33,00,000 to 40,00,000 shares, comprising 0.59% of AUM.

5. Nuvoco Vistas Corporation Ltd. recorded a 16.67% increase in holdings, from 15,00,000 to 17,50,000 shares, now forming 0.86% of AUM.

6. Power Grid Corporation of India Ltd. holdings grew 13.33%, from 60,00,000 to 68,00,000 shares, making up 2.23% of the fund’s assets.

7. Varroc Engineering Limited also witnessed a 12.5% increase in allocation, with shares rising from 80,00,000 to 90,00,000, representing 0.35% of AUM.

8. Other notable increases include:

   • Sundram Fasteners Ltd. (+10.91%)

   • The Ramco Cements Ltd. (+8.57%)

   • ICICI Bank Ltd. (+7.41%)

   • HCL Technologies Ltd. (+7.27%)

   • HDFC Bank (+4.17%)

   • Kotak Mahindra Bank Ltd. (+4.00%)

   • Bank of Baroda (+4.00%)

   • United Spirits Ltd. (+1.83%)

   • JK Lakshmi Cement Ltd. (+1.16%)

These additions indicate that HDFC AMC is reinforcing positions in banking, infrastructure, and cement companies, signaling confidence in India’s economic expansion cycle.

Reductions and Exits

While the fund added to several positions, it also trimmed or exited a few holdings:

• Nykaa saw a minor reduction of 0.57%, with holdings slightly decreasing from 3,62,06,746 to 3,60,00,000 shares.

• Dr. Lal Path Labs Ltd. reduced by 4.76%.

• Bosch Ltd. also decreased by 4.78%.

• ESCORTS Kubota Ltd. declined by 6.67%.

• Maruti Suzuki India Ltd. saw a sharper cut of 12%.

• Swiggy Ltd. holdings dropped 12.5%, from 12,00,000 to 10,50,000 shares.

• Apollo Hospitals Enterprise Ltd. was reduced by 16.13%.

• Mahindra & Mahindra Ltd. was completely exited, marking a 100% reduction from 8,75,000 shares to zero.

These adjustments suggest a tactical move away from select auto and healthcare names while increasing exposure to industrials and financials.

Overall Portfolio Outlook

The September 2025 update of HDFC Flexi Cap Fund reflects a balanced yet slightly defensive strategy. While the fund added new growth-oriented names like Cohance Lifesciences, it also increased exposure in infrastructure, energy, and cement — sectors expected to benefit from the government’s continued focus on capital expenditure and housing.

The fund’s increased cash position at 9.2% indicates a cautious outlook amid global uncertainties and market fluctuations, giving it flexibility to deploy capital when better opportunities arise.

Conclusion

HDFC Flexi Cap Fund’s September 2025 portfolio shows a strong conviction in India’s core sectors like banking, infrastructure, and energy, with strategic pruning in select auto and healthcare holdings. The introduction of new positions and moderate cash levels suggest the fund is positioning itself to capture potential upside while maintaining liquidity for tactical adjustments in the coming quarters.

Disclaimer:
This article is for informational purposes only and should not be considered as investment advice. Mutual fund investments are subject to market risks. Investors are advised to read all scheme-related documents carefully before investing.