SBI PSU Fund

SBI Mutual Fund·Sectoral / Thematic·vs Nifty 500 TRI

SBI PSU Fund maintains a heavily concentrated bet on state-owned enterprises, with nearly 54% anchored in just five holdings dominated by financials and energy majors. The portfolio's extreme sector concentration—banks, power, and gas collectively account for 58%—reflects a thesis on PSU dividend yield and infrastructure upside, though this narrow positioning amplifies idiosyncratic risk. The addition of SBI Life signals the manager is building deeper financial services exposure while keeping dry powder at 4.5% cash, suggesting cautious optimism amid modest monthly underperformance.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Direct Growth	₹38.9178	-0.16%	—	—	—	—	—
Regular Growth	₹35.0547	-0.24%	-2.26%	+3.07%	+12.94%	+30.21%	+24.95%

Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.

Portfolio Metrics(latest month)

Holdings

Top 5 Weight

53.63%

Top 10 Weight

76.96%

Active Share

—

Large Cap

72.25%

Gini

0.479

What Changed2026-03-31 → 2026-04-30

Holdings: 23 → 24+1 added−0 removed16 weight shifts ≥ 0.1%

Stock	Sector	Weight
SBI Life Insurance Co. Ltd.	Insurance	0.93%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	State Bank of India INE062A01020	Banks	EQUITY	16.87%
2	Power Grid Corporation of India Ltd. INE752E01010	Power	EQUITY	9.52%
3	GAIL (India) Ltd. INE129A01019	Gas	EQUITY	9.34%
4	NTPC Ltd. INE733E01010	Power	EQUITY	9.24%
5	Bharat Electronics Ltd. INE263A01024	Aerospace & Defense	EQUITY	8.66%
6	Oil & Natural Gas Corporation Ltd. INE213A01029	Oil	EQUITY	6.58%
7	Bank of Baroda INE028A01039	Banks	EQUITY	5.17%
8	TREPS		CASH_EQUIVALENT	4.78%
9	Bharat Petroleum Corporation Ltd. INE029A01011	Petroleum Products	EQUITY	4.37%
10	NMDC Ltd. INE584A01023	Minerals & Mining	EQUITY	3.78%
11	Bharat Heavy Electricals Ltd. INE257A01026	Electrical Equipment	EQUITY	3.43%
12	Indian Bank INE562A01011	Banks	EQUITY	3.10%
13	National Aluminium Company Ltd. INE139A01034	Non - Ferrous Metals	EQUITY	2.99%
14	General Insurance Corporation of India INE481Y01014	Insurance	EQUITY	2.45%
15	Petronet LNG Ltd. INE347G01014	Gas	EQUITY	1.70%
16	Life Insurance Corporation of India INE0J1Y01017	Insurance	EQUITY	1.57%
17	Canara Robeco Asset Management Company Ltd. INE218I01013	Capital Markets	EQUITY	1.35%
18	Indraprastha Gas Ltd. INE203G01027	Gas	EQUITY	1.24%
19	Engineers India Ltd. INE510A01028	Construction	EQUITY	1.21%
20	Gujarat State Petronet Ltd. INE246F01010	Gas	EQUITY	1.13%

Sector Allocation

Banks25.1%

Power18.8%

Gas14.2%

Aerospace & Defense8.7%

Oil6.6%

Insurance5.0%

Petroleum Products4.4%

Minerals & Mining3.8%

Electrical Equipment3.4%

Non - Ferrous Metals3.0%

Top 10 sectors by % to NAV. Excludes derivatives.