The JioBlackRock Flexi Cap Fund reshuffled its portfolio sharply in July, adding 15 stocks while completely exiting 18 others. The fund brought Bandhan Bank, Punjab National Bank and HCL Technologies into its holdings, while selling its entire positions in Vedanta, Kotak Mahindra Bank and Tech Mahindra.
The changes reduced the number of stocks in the portfolio to 133 from 136 in June. Assets under management stood at ₹3,270 crore at the end of July.
Beyond the fresh entries and exits, the fund increased its exposure to 29 existing holdings and trimmed another 29. Investments in 59 companies were left unchanged.
Bandhan Bank Leads the New Additions
Bandhan Bank was among the most notable new entrants. The fund purchased 9.60 lakh shares of the private-sector lender, valued at ₹16.73 crore.
Punjab National Bank was another significant addition, with the fund acquiring 27.40 lakh shares. It also bought 7.87 lakh shares of Jammu & Kashmir Bank, indicating broader interest in lenders beyond the country’s largest private banks.
However, the July changes do not amount to a straightforward bet on the entire banking sector. While the fund added three banking names, it exited Kotak Mahindra Bank and reduced its exposure to Federal Bank, State Bank of India, HDFC Bank and ICICI Bank.
That pattern suggests a more selective repositioning within financial services, with capital moving between individual lenders rather than a simple increase in overall banking exposure.
Other new additions included Power Finance Corporation, HCL Technologies, Hindalco Industries, Hitachi Energy India and LIC Housing Finance. The fund also initiated positions in:
- Avalon Technologies
- Thermax
- Apar Industries
- Granules India
- Power Grid Corporation of India
- General Insurance Corporation of India
- L&T Finance
The mix covers banks, power financiers, engineering companies, technology businesses and metal producers, keeping the portfolio spread across sectors.
Vedanta Among 18 Complete Exits
The fund sold its entire holding of 6.05 lakh shares in Vedanta during July. It also exited Allcargo Global Logistics, where it had held nearly 8.84 lakh shares, and Sagility India, where its position stood at 5.22 lakh shares.
Other complete exits included City Union Bank, Tech Mahindra, SBI Life Insurance, Chennai Petroleum Corporation, Pfizer, Britannia Industries, Schaeffler India, Can Fin Homes and InterGlobe Aviation.
The Vedanta sale does not necessarily indicate a retreat from commodities. During the same month, the fund added Hindalco as a new holding and raised its existing exposure to Tata Steel and Coal India. The moves appear closer to a rotation within the metals and mining space than a broad withdrawal from the sector.
A similar pattern was visible in information technology. The fund exited Tech Mahindra but added HCL Technologies. It also reduced its holdings in Infosys and Tata Consultancy Services, suggesting a shift in exposure within the technology pack.
Yes Bank Sees the Largest Increase
Among existing holdings, Yes Bank recorded the biggest addition by share count. The fund purchased another 77.49 lakh shares, taking its total position in the lender to 1.42 crore shares.
It also added nearly 11.17 lakh shares of Tata Steel and 5.36 lakh shares of Coal India. Exposure was increased in several other companies, including Adani Energy Solutions, Ujjivan Small Finance Bank, BHEL, Steel Authority of India, Hero MotoCorp, ONGC, Reliance Industries, Apollo Tyres and Bharti Airtel.
On the other side, Federal Bank saw one of the sharpest reductions. The fund sold around 11.32 lakh shares and was left with 1.73 lakh shares at the end of July.
Positions were also trimmed in Laurus Labs, State Bank of India, HDFC Bank, Infosys, Hindustan Zinc, Titan, Mahindra & Mahindra, ICICI Bank, National Aluminium Company, TCS, Multi Commodity Exchange, Eternal, Kalyan Jewellers and Dr Lal PathLabs.
The fund made no changes to 59 holdings. These included Life Insurance Corporation of India, BSE, DLF, NTPC, Indian Oil Corporation, Berger Paints and Nestlé India.
What the July Reshuffle Signals
The portfolio activity shows extensive movement beneath a broadly diversified structure. With 133 holdings, the scheme continues to spread its exposure across a large group of companies rather than concentrating heavily on a small set of stocks.
The simultaneous buying and selling within banking, technology and commodities also indicates that the changes were driven largely by company-level selection. The fund did not simply increase or reduce entire sectors; it rotated between businesses operating in the same industries.
JioBlackRock Flexi Cap Fund is an open-ended equity scheme that can invest across large-cap, mid-cap and small-cap companies. It is benchmarked against the Nifty 500 Total Return Index and is managed by Tanvi Kacheria and Sahil Chaudhary.
Bottom Line
JioBlackRock Flexi Cap Fund used July to make a substantial portfolio reset. Bandhan Bank, PNB and HCL Technologies entered the portfolio, while Vedanta, Kotak Mahindra Bank and Tech Mahindra were among the complete exits.
The most striking feature was not a single purchase or sale, but the rotation within major sectors. The fund added selected banks while trimming others, changed its technology mix and retained commodity exposure even after selling Vedanta. Its next portfolio disclosure will show whether these were short-term adjustments or the beginning of a more sustained shift.
