Inflows into Indian equity mutual funds in May rebounded from the smallest in 31 months as Prime Minister Narendra Modi’s comfortable electoral win spurred appetite for risk assets.

They took in 54.1 billion rupees ($778 million), according to the Association of Mutual Funds in India. That’s an increase from 46.1 billion rupees that the funds received in April, the least since September 2016, data compiled by Bloomberg show.

Here’s what the top three asset managers bought and sold last month:

HDFC Mutual Fund

India’s top money manager held $22 billion in equities, with financials accounting for 34% of stock assets followed by industrial companies at 14%.

ICICI Prudential Mutual Fund

The money manager held equity assets of $19 billion, with financials making up 28% of assets followed by materials at 9.5%.

SBI Funds Management

The fund house held about $22 billion in more than 300 stocks. Financials made up about 38% of assets, followed by technology at 10%.




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