Summary of this article
Aviation stocks saw heavy buying across all three AMCs
IT and pharma names faced large portfolio cuts
New-age consumer platforms attracted fresh mutual fund inflows
Large banks and select cyclicals witnessed profit booking
India’s three largest mutual fund houses – SBI Mutual Fund, ICICI Prudential Mutual Fund, and HDFC Mutual Fund, actively reshuffled their equity portfolios in December 2025 with clear preferences emerging across aviation, financials, consumption and new-age businesses, even as select large-cap names saw heavy trimming.
Here are the details.
SBI Mutual Fund: Focus on New-Age and Energy Names
SBI Mutual Fund’s December buying was led by the e-commerce platform – Meesho, where it invested Rs 2,186 crore, followed by ICICI Prudential AMC at Rs 2,017 crore and InterGlobe Aviation at Rs 1,814 crore, according to data from Nuvama Institutional Equities. The fund also added Swiggy (Rs 1,453 crore) and JSW Energy (Rs 1,418 crore).
However, SBI Mutual Fund significantly trimmed its exposure to HDFC Bank, selling shares worth Rs 972 crore. Other major reductions included Reliance Industries (Rs 750 crore) and Eicher Motors (Rs 742 crore). The fund also cut positions in Shree Cement, Muthoot Finance, and Indian Towers.
Meesho and ICICI Prudential AMC were new entrants for SBI Mutual Fund in December, while Punjab & Sind Bank was fully exited.
ICICI Prudential Mutual Fund: Big Bets on ITC, Swiggy and Aviation
ICICI Prudential Mutual Fund made its largest December investment in InterGlobe Aviation, deploying Rs 3,760 crore. This was followed by a significant allocation to ITC worth Rs 2,128 crore, and Swiggy, where the fund invested Rs 1,302 crore. Additional buying was seen in Hindustan Aeronautics and Bajaj Finserv.
At the same time, ICICI Pru Mutual Fund sharply cut its holdings in Infosys, selling shares worth Rs 4,516 crore. Other major reductions included TCS (Rs 864 crore), Vedanta (Rs 863 crore), Reliance Industries and Lupin.
During the month, Entero Health and Alivus Life Sciences entered the portfolio, while Urban Company was a complete exit.
HDFC Mutual Fund: Aviation and Financials Lead Additions
HDFC Mutual Fund’s biggest purchases in December were led by InterGlobe Aviation, where it invested Rs 690 crore, followed by Eternal at Rs 600 crore and ICICI Prudential AMC at Rs 538 crore. Other notable additions included Kaynes Technology and Maruti Suzuki, each seeing investments of around Rs 500 crore, according to Nuvama Institutional Equities’s data.
On the selling side, HDFC Mutual Fund reduced exposure to Cipla by Rs 428 crore, Eicher Motors by Rs 206 crore, and L&T Finance by Rs 147 crore. The fund also pared holdings in Federal Bank and Tata Motors PV.
ICICI Prudential AMC and Aeques emerged as new entrants in the mutual fund house’s portfolio, while Gandhar Oil was completely exited during the month.
