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Large AMCs trim smallcap exposure across 20 names on valuation caution
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HDFC, SBI, Kotak and others trimmed smallcap stakes in September, including Amber, Rategain and Bikaji, citing stretched valuations and choppy inflows despite steady SIP momentum.
Seven leading Indian mutual funds—including HDFC, SBI and Kotak—reduced positions in 20 smallcaps during September amid rich valuations and volatile inflows. Cuts spanned Amber Enterprises, Rategain, Bikaji Foods, and others; several exits were complete, per broker tallies. The rebalancing followed an August pullback and softer September inflows into small-cap schemes, even as overall SIPs remained resilient. Managers cited prudence after a powerful multiquarter rally, shifting toward quality and liquidity while retaining selective smallcap bets with durable earnings visibility.