Samir Arora's Helios Flexi Cap Fund fully exited positions in Indian Oil Corporation and Hindustan Petroleum Corporation in March 2026, while increasing stakes in banks, power utilities, and autos. These shifts reflect a strategic pivot away from oil marketing companies battered by the West Asia crisis and toward sectors showing resilience amid market pressures. With assets under management at Rs 5,746 crore as of March 31, the fund maintains a concentrated large-cap focus, holding just 1.42 percent in cash.
Top Holdings Anchor Large-Cap Strategy
HDFC Bank leads at 5.72 percent of assets, followed by Reliance Industries at 5.24 percent and ICICI Bank at 4.25 percent. Adani Ports and Special Economic Zone matches ICICI Bank's weight at 4.25 percent, with State Bank of India at 3.95 percent and Eternal at 4.10 percent rounding out the top positions. This lineup underscores the fund's preference for established names in banking and infrastructure, even as it expanded to 64 stocks from 62 the prior month.
Exits from Oil Amid Geopolitical Strain
The complete withdrawal from IOCL and HPCL came as these oil marketing companies faced sharp declines—IOCL down nearly 24 percent and HPCL nearly 26 percent in March—due to falling gross marketing margins, forex losses, and the West Asia crisis. Brokerages anticipate sequential weakness for oil marketing companies, prompting funds like Helios to reallocate. No other positions saw reductions, signaling confidence in retained holdings.
New Bets on Defence, Airports, and IPOs
Fresh entries included Solar Industries, with 50,244 lakh shares amounting to 1.06 percent of assets, tapping into defence sector momentum despite a 13.8 percent monthly drop. Analysts at Elara Capital project 25 percent revenue growth and 28 percent earnings growth for FY25-28E, citing strengths in propellants, ammunition, drones, and missiles. Additions also covered BSE (208,120 lakh shares, 0.97 percent), up 1.5 percent monthly and 20 percent year-to-date; GMR Airports (4,696,000 lakh shares, 0.69 percent); and recent IPO Sedemac Mechatronics, which rose 13.6 percent post-listing on March 11.
Additions Signal Sectoral Optimism
Significant hikes went to HDFC Bank (up 39.8 percent in shares to 5.72 percent weight), despite a 16 percent monthly fall tied to AT1 bond controversies; State Bank of India; NTPC; Tata Motors; Bharti Airtel; Reliance Industries; Adani Ports; and Eternal. Banks now dominate at 15.6 percent allocation, followed by finance at 8.7 percent and capital markets at 8.6 percent, with autos at 4.6 percent and power at 3.5 percent gaining ground. Arora told CNBC TV18 on April 8 that pressures are easing across funds, with valuations curbing aggressive IPOs and fostering a bullish stance.
