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Summary: HDFC Mid-Cap Opportunities Fund is the largest mid-cap fund in India, managing over Rs 84,000 crore of investor money. Naturally, that makes its portfolio moves worth watching. Last month, the fund made a fresh entry into a leading pharma stock while completely exiting a construction player. Not just that, we also list down all the buys it did last month…
When a mutual fund grows in size, it doesn’t just reflect rising markets; it also signals investor confidence.
The total money managed by a fund is known as its Assets under Management (AuM). Simply put, AuM is the total amount invested in the scheme by lakhs of investors like you and me. It moves up when the fund’s portfolio gains value or when more investors pour money in.
And when you’re talking about mid-cap equity funds, there’s one undisputed heavyweight: HDFC Mid-Cap Opportunities Fund .
With an AuM of over Rs 84,000 crore, it is by far the largest mid-cap fund in India. In fact, the scheme grew by a whopping Rs 1,750 crore in September alone, from Rs 83,104 crore in August 2025 to Rs 84,854 crore in September 2025, cementing its leadership in this space.
Given its size and influence, every move the fund makes, every stock it adds or trims, attracts attention. So, what did India’s biggest mid-cap fund buy and sell last month? Let’s take a look.
1. Alkem Laboratories
HDFC Mid-Cap Opportunities made a fresh entry into Alkem Laboratories, buying over 9.7 lakh shares last month.
The pharma company has had a healthy quarter: 11 per cent revenue growth, 22 per cent rise in net profit, and an EBITDA margin expansion of over 21 per cent year-on-year. Its US business also grew 8 per cent YoY, and the company also bagged five new ANDA (Abbreviated New Drug Application) approvals, signalling strong product momentum.
2. Dabur India
The fund increased its holding in Dabur India, buying 11.8 per cent more stocks of the company from the previous month.
Dabur remains one of India’s oldest and most trusted FMCG and Ayurvedic brands, with a strong presence across health care, personal care, and food products. Its fundamentals speak volumes — an operating profit margin of over 18 per cent, PAT (profit after tax) margin of 14 per cent, and a stellar return on invested capital (ROIC) of 35 per cent. Additionally, with an 80 per cent dividend payout ratio, Dabur also incentivises its shareholders.
3. Escorts Kubota
HDFC Mid-Cap Opportunities also increased its stake in Escorts Kubota, buying 10.5 per cent more stocks compared to the previous month.
Escorts is a leading name in agricultural machinery, construction equipment, and railway components, sectors that are seeing tailwinds from rural recovery and infrastructure push.
The company has delivered an impressive 21.5 per cent CAGR profit growth over the past five years, and in the latest quarter, its profit after tax jumped 360 per cent year-on-year, helped by higher tractor sales.
4. Godrej Consumer Products
The fund also added 10.4 per cent more shares of Godrej Consumer Products during September.
Though the FMCG major had a muted first quarter and continues to face margin pressure due to input cost headwinds, it remains a brand powerhouse in personal and home care.
Other additions worth noting
HDFC Mid-Cap Opportunities also increased its exposure to several other stocks in smaller but meaningful ways:
- United Spirits: Added 8.2 per cent more of the company’s shares last month.
- AU Small Finance Bank: +4.2 per cent
- Timken India: +3.6 per cent
- Coromandel International: +3.3 per cent
- Marico: +3.25 per cent
- Fortis Healthcare: +3 per cent
Additionally, the fund marginally added to positions in Balkrishna Industries, Coforge, Cummins India, Delhivery, Gland Pharma, Glenmark Pharma, Hexaware Technologies and Ipca Laboratories.
What it sold: KNR Constructions
The only major exit last month was KNR Constructions, a small-cap infrastructure player. The stock has been under pressure, down 43.8 per cent year-to-date, with weak earnings and a drop in net sales.
Why tracking fund moves matters
When a fund of HDFC’s stature makes portfolio changes, it’s not about trading for short-term gains. Such shifts often reflect thematic conviction, whether in rural recovery, healthcare resilience, or consumption demand.
For investors, understanding these moves provides useful insight into where seasoned fund managers see opportunities and risks, in the current market cycle.
That said, investors shouldn’t mimic a fund’s portfolio blindly. HDFC Mid-Cap Opportunities has a well-researched, long-term strategy, backed by a disciplined process. For individual investors, staying consistent with SIPs and long horizons matters more than chasing the fund’s every buy or sell.
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Also read: 5 small caps that mutual funds bought big in September 2025
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