PPFAS Mutual Fund among 6 MFs holding over Rs 10,000 crore in cash in July
Mutual funds raised their cash holdings by Rs 7,856 crore to Rs 1.90 lakh crore in July, recovering from a 19-month low in June. PPFAS held the most cash at Rs 25,291 crore, followed by SBI and HDFC Mutual Fund.
In July, 6 mutual funds held over Rs 10,000 crore in cash, according to ACE MF data. This marked an increase from June's 19-month low of Rs 1.83 lakh crore. Cash holdings accounted for 4.6% of total assets in July. Among the funds, PPFAS Mutual Fund led with Rs 25,291 crore in cash reserves, representing 16.32% of its total assets under management (AUM).
Parag Parikh Flexi Cap Fund and Parag Parikh ELSS Tax Saver Fund followed with Rs 24,793 crore and Rs 490 crore respectively. SBI Mutual Fund held Rs 24,415 crore in cash, or 3.08% of its total assets. HDFC Mutual Fund had Rs 23,173 crore in cash, equating to 4.60% of its AUM. ICICI Prudential Mutual Fund's cash allocation was Rs 21,159 crore, or 3.69% of its total.
Quant Mutual Fund held Rs 14,739 crore in cash, which was 16.16% of its AUM. Axis Mutual Fund had Rs 12,089 crore in cash, representing 5.82% of its total assets. Fund managers typically maintain some cash reserves to fulfill redemption requests and capitalize on market opportunities as they present themselves.
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