Contra funds: what they hold and bought
SEBI's rule: At least 65 % in equity, following a contrarian investing strategy. A fund house may run a value or a contra fund, not both. Source: SEBI categorisation circular, 6 Oct 2017, as amended
5 contra funds from 5 fund houses filed a portfolio for Sep 2026. Here is what most of them hold, and what they added and cut. Category as AMFI lists it; the two AMFI spellings of a category are one page. Counted over open-ended schemes with an equity portfolio for the month, share counts from each fund house's monthly file. Value added or cut = change in shares × the month's value per share in that file, never a change in price.
Stocks most contra funds hold, Sep 2026
Ranked by how many schemes in the category hold the stock; the average is its % of net assets in the schemes holding it.
- 5 of 5 · 5.11%
- 5 of 5 · 2.39%
- 5 of 5 · 1.81%
- 4 of 5 · 5.15%
- 4 of 5 · 3.19%
- 4 of 5 · 2.37%
- 4 of 5 · 2.33%
- 4 of 5 · 1.79%
- 4 of 5 · 1.55%
- 3 of 5 · 2.26%
- 3 of 5 · 2.02%
- 3 of 5 · 1.99%
- 3 of 5 · 1.86%
- 3 of 5 · 1.73%
- 3 of 5 · 1.45%
- 3 of 5 · 1.43%
- 3 of 5 · 1.30%
- 3 of 5 · 1.30%
- 3 of 5 · 1.14%
- 3 of 5 · 0.95%
Most bought, Sep 2026
- SWIGGY Swiggy Ltd. · 1, 1 new+₹450 cr
- WIPRO Wipro Ltd. · 1, 1 new+₹238 cr
- HDFCBANK HDFC Bank Ltd. · 3, 1 new+₹139 cr
- KOTAKBANK Kotak Mahindra Bank Ltd. · 3, 1 new+₹89.3 cr
- GMMPFAUDLR GMM Pfaudler Limited · 1, 1 new+₹68.2 cr
- MEESHO Meesho Ltd. · 3+₹53.5 cr
- ICICIBANK ICICI Bank Ltd. · 2+₹51.3 cr
- PINELABS Pine Labs Ltd. · 1, 1 new+₹50.6 cr
- CMPDI Central Mine Planning & Design Institute Limited · 1+₹44.3 cr
- SHRIRAMFIN Shriram Finance Ltd. · 2, 1 new+₹37.1 cr
Most sold, Sep 2026
- AUROPHARMA Aurobindo Pharma Ltd. · 1−₹178 cr
- ULTRACEMCO Ultratech Cement Ltd. · 1, 1 sold out−₹147 cr
- COFORGE Coforge Ltd. · 1−₹76.2 cr
- MEDANTA Global Health Ltd. · 1−₹53.9 cr
- APTUS Aptus Value Housing Finance India Ltd. · 1, 1 sold out−₹45.2 cr
- PETRONET Petronet LNG Ltd. · 1−₹38.2 cr
- BRITANNIA Britannia Industries Ltd. · 1, 1 sold out−₹36.0 cr
- BSE BSE Ltd. · 1−₹28.3 cr
- PFC Power Finance Corporation Ltd. · 1, 1 sold out−₹26.9 cr
- BANDHANBNK Bandhan Bank Ltd. · 1−₹25.6 cr
Contra schemes (5)
| Scheme | Fund house | AUM | 1-year return |
|---|---|---|---|
| SBI CONTRA FUND | SBI Mutual Fund | ₹47,465 cr | −2.0% |
| Invesco India Contra Fund | Invesco Mutual Fund | ₹20,132 cr | +1.4% |
| Kotak Contra Fund | Kotak Mahindra Mutual Fund | ₹5,428 cr | +0.5% |
| Bandhan Contra Fund | Bandhan Mutual Fund | ₹635 cr | — |
| Motilal Oswal Contra Fund | Motilal Oswal Mutual Fund | ₹386 cr | — |
AUM = AMFI's latest average AUM for the scheme; 1-year return = change in NAV over the year, as on each scheme page. Filter and compare every scheme
Questions about contra funds
from the figures on this pageWhich stocks do contra funds hold the most?
In Sep 2026, 5 of the 5 contra funds with a portfolio held ICICI Bank Ltd.. The five held by the most schemes: ICICI Bank Ltd. (ICICIBANK), State Bank of India (SBIN), Tech Mahindra Ltd. (TECHM), HDFC Bank Ltd. (HDFCBANK), Reliance Industries Ltd. (RELIANCE). Funds holding ICICIBANK
What did contra funds buy and sell in Sep 2026?
Most bought by value of shares added: Swiggy Ltd. (SWIGGY), Wipro Ltd. (WIPRO), HDFC Bank Ltd. (HDFCBANK). Most sold: Aurobindo Pharma Ltd. (AUROPHARMA), Ultratech Cement Ltd. (ULTRACEMCO), Coforge Ltd. (COFORGE). All stocks bought and sold by mutual funds, Sep 2026
How many contra funds are there?
AMFI lists 6 open-ended contra funds; 5 from 5 fund houses filed an equity portfolio for Sep 2026. Filter every scheme
Other fund categories
Aggressive hybrid Arbitrage Balanced advantage or dynamic asset allocation Balanced hybrid Children's Conservative hybrid Dividend yield ELSS (tax saver) Equity savings Flexi cap Focused Large & mid cap Large cap Life cycle Mid cap Multi asset allocation Multi cap Retirement Sectoral or thematic Small cap Value