SBI Mutual Fund Portfolio: HDFC Bank, RIL, ICICI Bank Lead Top Holdings in Dec 2025

SBI Mutual Fund continues to be the country’s largest asset management company with assets under management of ₹12.74 lakh crore as of December 31, 2025. The fund house manages a diversified equity portfolio with a clear preference for large-cap leaders, particularly in the banking and financial services sector, according to a recent analysis by Motilal Oswal Financial Services.

HDFC Bank Remains the Largest Exposure

HDFC Bank continued to be the biggest holding for SBI Mutual Fund with a weight of 9.1% in December. However, the allocation saw a marginal reduction of 0.3% compared with the previous month.

Reliance Industries and ICICI Bank

Reliance Industries remained the second major bet with a portfolio weight of 5.9%, though the exposure declined by 0.1% from November. ICICI Bank followed with a 5.3% allocation, witnessing a 0.2% dip in weight. 

Telecom and IT in Focus

Bharti Airtel held a 3.3% share in the portfolio with no change from the previous month, underlining stable conviction in the telecom major. SBI Mutual Fund also maintained a 3.2% allocation each in State Bank of India and Infosys, with weights remaining steady during December.

Additions in Kotak Mahindra Bank

Larsen & Toubro and Kotak Mahindra Bank accounted for 2.8% and 2.7% respectively. While L&T’s weight was unchanged, the fund house added around 6.58 lakh shares of Kotak Mahindra Bank, leading to a 0.1% increase in its allocation. Axis Bank and ITC followed with weights of 2.3% and 1.9%, both remaining stable month on month.

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Conclusion

SBI Mutual Fund’s December portfolio shows a balanced approach with dominance of banking majors and selective exposure to energy, telecom and IT. Minor reductions in HDFC Bank, Reliance and ICICI Bank suggest tactical rebalancing rather than a shift in strategy. The steady allocations across most holdings highlight the fund house’s long-term conviction in India’s leading blue-chip companies.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a private 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 Fund investments are subject to market risks, read all scheme-related documents carefully.