Mutual fund activity in March shows both Nippon India Mutual Fund and Mirae Asset Mutual Fund stepping up additions across sectors, with a noticeable tilt toward consumer, financials, and select mid-cap ideas.
Data from the Prime MF Database monthly tracker shows a sharp difference in approach, with Mirae Asset Mutual Fund adding 54 new stocks during March 2026, nearly double the 28 new stocks added by Nippon India Mutual Fund. While both fund houses were active, Mirae Asset spread its buying across a wider list of names, whereas Nippon India made more concentrated bets with larger ticket additions in select stocks.
Nippon India Mutual Fund sharpens focus with concentrated additions
Nippon India Mutual Fund added a long list of stocks during March, with buying visible across consumer discretionary, financial services and industrial names. The fund house increased exposure in companies such as PhysicsWallah, Varun Beverages, Lodha Developers, Voltas and Adani Ports & Special Economic Zone.
In value terms, several additions stood out. For instance, holdings in Varun Beverages reduced to Rs 2,271.21 crore in March 2026 from Rs 2,573.75 crore in February 2026, even as net buying remained strong at Rs 86.44 crore during the month. Similarly, PhysicsWallah saw holdings rise to Rs 425.07 crore in March 2026 from Rs 332.24 crore in February 2026.
The data shows that Nippon India’s approach leaned toward increasing stakes meaningfully in fewer names rather than spreading bets thinly. The number of stocks with incremental buying runs into a few dozen, but capital allocation appears skewed toward select high-conviction picks.
“The fund has selectively added to businesses where earnings visibility remains strong despite near-term volatility,” stated the Prime MF Database report.
The additions also show a tilt toward consumption-linked stories and platform businesses, along with continued interest in financials. Exposure to Yes Bank rose with shares increasing to 19,70,82,760 in March 2026 from 15,30,23,153 in February 2026, while Swiggy also saw incremental buying.
Mirae Asset Mutual Fund casts a wider net across sectors
Mirae Asset Mutual Fund, on the other hand, added a broader set of stocks during the same period. The increase list includes Dixon Technologies (India), Indian Hotels Company, IndusInd Bank, SRF, Sundaram Finance and Wockhardt among others.
The spread of additions suggests a more diversified buying pattern. The fund increased exposure across large-cap and mid-cap names with smaller incremental allocations per stock compared to Nippon India.
For example, Dixon Technologies saw holdings rise to Rs 1,902.64 crore in March 2026 from Rs 1,686.76 crore in February 2026, with net buying of Rs 456.07 crore. Indian Hotels Company holdings increased to Rs 1,236.70 crore in March 2026 from Rs 1,014.53 crore in February 2026.
Mirae Asset also added to financial names such as IndusInd Bank and Sundaram Finance, while continuing to build positions in manufacturing and consumption-driven businesses.
“The buying activity remains broad-based with incremental exposure across sectors rather than concentrated allocation to a few stocks,” says the Prime MF Database report.
The list of additions runs longer than Nippon India’s, indicating that Mirae Asset participated in more names during the month, even if the size of each bet was relatively measured.
Consumer and financials dominate buying across both funds
A closer look at both portfolios shows clear common ground in sector preference. Consumer discretionary and financial services account for a significant share of new additions.
Nippon India added names such as Voltas and Swiggy, while Mirae Asset increased exposure in Indian Hotels and TVS Motor Company. Financials also featured prominently, with both funds adding to banks and finance companies.
Holdings in IndusInd Bank for Mirae Asset stood at Rs 2,519.74 crore in March 2026 from Rs 3,130.70 crore in February 2026, even as the fund reported net buying during the month, indicating the impact of price movement. Similarly, Nippon India Mutual Fund continued to build exposure in financial names even as market values fluctuated.
“The trend suggests continued preference for domestic demand themes and financial intermediation plays,” the report noted.
Midcap participation picks up pace
Both fund houses showed rising interest in mid-cap stocks, though the style differed. Nippon India took relatively larger positions in select mid-cap names such as PhysicsWallah and Swiggy, while Mirae Asset added a wider range of mid-cap stocks including Schaeffler India and Anthem Biosciences.
For instance, Mirae Asset increased its holding in Schaeffler India to Rs 294.84 crore in March 2026 from Rs 282.25 crore in February 2026, while Nippon India’s addition to mid-cap consumer and platform names showed higher concentration.
“The mid-cap segment continues to see steady accumulation with funds balancing growth potential and valuation comfort,” according to the Prime MF Database report.
Ticket size versus breadth defines the contrast
The key difference between the two fund houses lies in how they deployed capital. Nippon India’s strategy appears more concentrated, with higher net buying in select stocks such as Bharti Airtel and Infosys, where net buys crossed Rs 800 crore and Rs 600 crore respectively during the month.
In contrast, Mirae Asset’s highest net buys per stock were relatively lower, even though the number of stocks added was higher. This suggests a more incremental and diversified approach.
For example, Coal India saw holdings increase to Rs 150.50 crore in March 2026 from Rs 107.38 crore in February 2026 for Mirae Asset, with net buying of Rs 38.38 crore, reflecting smaller position sizing.
“The contrast in strategy reflects differing portfolio construction styles, with one focusing on conviction-led allocation and the other on diversification,” the Prime MF Database report highlighted.
New economy and platform plays draw attention
Another trend visible in Nippon India’s portfolio is exposure to new-age and platform-driven companies. Additions to PhysicsWallah and Swiggy indicate continued interest in digital consumption and services.
Mirae Asset, while less aggressive in this space, still maintained exposure to evolving business models through selective additions in mid-cap and niche sectors.
“The interest in emerging business models continues, though allocation remains calibrated,” the report added.
Conclusion
March data shows both Nippon India Mutual Fund and Mirae Asset Mutual Fund actively adding stocks, but with clearly distinct approaches. Mirae Asset Mutual Fund added 54 new stocks during the month, building positions across a wide set of names with relatively smaller allocations per stock, pointing to a diversified accumulation strategy. Nippon India Mutual Fund, in contrast, added 28 new stocks but deployed larger amounts in select companies such as Bharti Airtel and Infosys, where net buying crossed Rs 800 crore and Rs 600 crore respectively in March 2026, indicating a conviction-led approach with higher ticket sizes per idea.
The divergence in approach indicates how fund managers are positioning portfolios in a market that is offering opportunities across segments while also demanding selectivity.
Disclaimer: The stock additions discussed reflect institutional portfolio activity and are not intended as personal investment advice or a solicitation to buy or sell any specific security. Mutual fund investments are subject to market risks; please read all scheme-related documents carefully before investing. Readers are encouraged to consult a SEBI-registered investment advisor to assess the suitability of any investment based on their individual risk profile and financial goals.
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