Value mutual fund holdings analysis

The really interesting pattern across all five

If we remove banks, I see approximately five common "value engines":

1. Conglomerate / SOTP value

Reliance

Almost everybody likes it.

The thinking:

“The market is not appropriately valuing the sum of the individual businesses.”

This is a very classic Indian value-fund thesis.

2. Infrastructure / asset value

NTPC
L&T
ONGC
GAIL
PFC
Torrent Power
Indus Towers
JSW Infrastructure
BHEL

The thesis is:

“The physical assets have a long economic life and/or replacement cost that isn't fully reflected in the market price.”

This is particularly attractive during capex cycles.

3. Cyclical value

Tata Steel
Jindal Steel
Jindal Stainless
Jindal Saw
Ramco Cement
Balrampur Chini
Coal India
ONGC

Here the fund manager is effectively saying:

“Current earnings are depressed/normalised, but the market is valuing the company as though the current cycle will persist forever.”

This is classic value investing—but timing matters enormously.

4. Turnaround value

Biocon
Tech Mahindra
Voltas
Piramal Finance
BHEL
Aster
M&M Financial

The thesis:

“The current business isn't earning its potential. If management/execution improves, earnings can normalise and the valuation multiple can re-rate.”

This has potentially very high upside—but also the highest probability of a value trap.

5. Quality at reasonable valuation

ITC
TCS
Infosys
Sun Pharma
Maruti
Bharti Airtel
L&T
HUL
Cipla
Torrent Pharma
Bajaj Finance

This is the safest interpretation of value.

----

Strong value + business quality

ITC
Reliance
Bharti Airtel
L&T
NTPC
ONGC
GAIL
Torrent Power
Indus Towers
TCS
Infosys
Sun Pharma
Maruti
Coal India
PFC
Finolex Cables
Torrent Pharma
Bajaj Auto

----

Excellent businesses. Value maybe of concern:

Asian Paints
HUL
Bajaj Finserv
Bajaj Finance
Trent


====================

Reference. MF holdings:

 SBI Set (excluding banks and SBI):

  • Reliance Ind

  • Biocon

  • Torrent Power

  • Indus Towers

  • GAIL (India)

  • Mahin & Mahin Fin

  • Tata Steel

  • Tech Mahindra

  • ITC

  • Dabur India

  • Aster DM Health

  • FSN E-Commerce

  • Delhivery

  • Bajaj Auto

  • JSW Infrastructure

  • Bharti Airtel

  • ONGC

( ICICI pru) Set (excluding banks and SBI):

  • Reliance Ind

  • ITC

  • Sun Pharmaceutical

  • Infosys

  • Maruti Suzuki

  • Hindustan Unilever

  • Tata Consultancy

  • Bharti Airtel

  • SBI Life Insurance

  • NTPC

  • HDFC Life

  • Dr. Reddy's Labs

  • Larsen & Toubro

  • Tata Motors

  • Bajaj Finserv

  • ONGC

  • Ultratech Cement

  • Asian Paints

  • Cipla

HSBC Set (excluding banks and SBI):

  • NTPC

  • Reliance Ind

  • PNB Housing Fin

  • Shriram Finance

  • Larsen & Toubro

  • Hero Motocorp

  • Tech Mahindra

  • Finolex Cables

  • Angel One

  • Maruti Suzuki

  • The Ramco Cements

  • Bharti Airtel

  • Jindal Saw

  • Balrampur Mills

  • Trent

  • Jindal Steel

  • Power Fin.

  • Jindal Stainless

  • Power Mech Project

Nippon Set (excluding banks and SBI):

  • NTPC

  • Bharti Airtel

  • Reliance Ind

  • Bharat Heavy Elect

  • Bajaj Finance

  • Maruti Suzuki

  • Tata Consultancy

  • Larsen & Toubro

  • Swiggy

  • PG Electroplast

  • Piramal Finance

  • Asian Paints

  • ITC

  • Infosys

  • ONGC

  • Torrent Pharma

  • Voltas

  • Jindal Steel

  • Coal India

Quant Set (excluding banks):

  • Adani Enterprises

  • Piramal Finance

  • Adani Green Energy

  • Indus Towers

  • Adani Power

  • HFCL

  • LIC Housing Fin.

  • Bharat Heavy Elect

  • Aurobindo Pharma

  • Manappuram Finance

  • Tata Power

  • BlackBuck

  • Sun TV Network

  • Mangalam Cement

  • NCC

  • Capri Global

  • Man Infra

  • Tech Mahindra

  • Aditya Birla Lifestyle Brands

  • Digitide Solutions

  • Gujarat Themis

  • Capacit'e Infraprojects

  • Kovai Med Center

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