Helios Flexi Cap Fund Increases HDFC Bank Position; Sells Out of IOCL and HPCL

The Helios Flexi Cap Fund, managed by Samir Arora, undertook notable portfolio adjustments in March 2026, reflecting a shift in sectoral strategy amid evolving market conditions.  

The fund increased allocations to financials and cyclicals while exiting select oil sector investments. 

Portfolio Shift and Key Exits 

During the month, the fund completely exited its positions in Indian Oil Corporation and Hindustan Petroleum Corporation. Oil marketing companies have remained under pressure due to the ongoing West Asia crisis, declining gross marketing margins and forex-related losses. 

As of March 31, 2026, the fund’s assets under management stood at ₹5,746 crore, with cash holdings at around 1.42%.  

Its portfolio continues to be anchored in large-cap stocks, led by HDFC Bank (5.72% of AUM), Reliance Industries (5.24%), and ICICI Bank (4.25%). Other key holdings include Adani Ports and Special Economic Zone (4.25%), State Bank of India (3.95%) and Eternal (4.10%). 

New Investments and Additions to Holdings 

The fund initiated fresh investments in 4 stocks. It added Solar Industries India with 50,244 lakh shares, representing about 1.06% of AUM.  

The fund also acquired 208,120 lakh shares of BSE (0.97% of AUM). Smaller allocations were made to GMR Airports (0.69% of AUM) and Sedemac Mechatronics. 

Additions were also made to existing holdings. The fund increased its stake in HDFC Bank by 12.77 lakh shares, a 39.8% rise, even as the stock declined around 16% during the month amid issues related to AT1 bond mis-selling and leadership changes.  

It also added 13.87 lakh shares of State Bank of India, 9.38 lakh shares of NTPC, and 6.73 lakh shares of Tata Motors. Additional exposure was built in Bharti Airtel, Reliance Industries and Adani Ports, while in the consumption segment, 12.69 lakh shares of Eternal were added. 

Portfolio Composition and Market Outlook 

The fund’s portfolio expanded to 64 stocks in March from 62 in February. Sector allocation remained led by banks at 15.6%, followed by finance (8.7%) and capital markets (8.6%).  

Other exposures included retail (6.8%), petroleum products (5.2%), transport (4.8%), automobiles (4.6%), construction (3.7%), power (3.5%), healthcare services (3.4%) and telecom services (3.2%). 

As per news reports, commenting on the broader outlook, Samir Arora stated that the fund remains optimistic, noting that “pressure is reducing” in the market.  

He also indicated that IPO activity may moderate, saying valuations “cannot happen at the levels expected earlier,” suggesting a shift towards more balanced market conditions. 

Read More: Direct Mutual Fund Plans Outpace Regular Schemes in FY26 Folio Growth! 

Conclusion 

The fund’s March portfolio activity reflects a clear repositioning strategy, with exits from oil marketing companies and increased exposure to financials and cyclicals, alongside selective new investments and continued confidence in large-cap stocks. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.  

Mutual Funds Investments are subject to market risks, read all the related documents carefully before investing.