Some active funds made hefty bets on Jio Financial amid ETF selling

The report is based on MF portfolio data of only the active market-cap based schemes like largecap, smallcap and multicap

At a time when exchange-traded funds (ETFs) were unloading Jio Financial Services from their portfolios, some active fund managers were placing large bets on the demerged financial services arm of Reliance Industries Ltd (RIL), a report by Nuvama Alternative & Quantitative Research shows.

Motilal Oswal Mutual Fund and Quant Mutual Fund were the top MF buyers of the stock in August. They bought around 60 million shares each, together investing around Rs 2,800 crore. Nippon India MF and Axis MF invested around Rs 300 crore each, buying 12-14 million shares.

At the same time, a few active fund managers were