The Samir Arora-led flagship Helios Flexi Cap Fund made a series of notable portfolio changes during May 2026, adding three new stocks, exiting two positions completely, increasing stakes in eight holdings and reducing exposure to six stocks. The fund's assets under management stood at Rs 7,094 crore at the end of May, with equity allocation of 98.4 percent. The portfolio consisted of 67 stocks.
The fund's portfolio remained diversified with Adani Ports and Special Economic Zone as the largest holding with a 4.56 percent allocation, followed by Eternal at 3.73 percent, ICICI Bank at 3.59 percent, Reliance Industries at 3.31 percent and HDFC Bank at 3.25 percent. Other major positions included Bharti Airtel, Larsen & Toubro, State Bank of India and One 97 Communications. The top five holdings accounted for 18.44 percent of the portfolio, while the top ten holdings represented 31.51 percent of the total AUM.
Banks remained the fund's largest sector exposure at 12.4 percent, followed by Capital Markets at 10.4 percent and Finance at 8.1 percent. Retailing accounted for 6.2 percent of the portfolio, while Transport Services represented 5.7 percent. Financial Services and Automobiles each accounted for 4 percent, followed by Construction at 3.9 percent and Power at 3.8 percent.
New buys
During the month, the fund initiated positions in three stocks.
Adani Enterprises
Helios initiated a fresh position in Adani Enterprises with 5.73 lakh shares, making it the fund's largest new investment during the month. The stock entered the portfolio with a 2.37 percent allocation. The Adani Group stocks have seen increased buying following amid a sharp improvement in sentiment toward Adani Group stocks following developments in the United States, where the Department of Justice dropped fraud-related charges against chairman Gautam Adani and his nephew Sagar Adani.
Dixon Technologies
The fund also added Dixon Technologies, acquiring 1.26 lakh shares. The position accounted for 2.04 percent of the portfolio, making it another significant new bet. The stock has gained around 1 percent in the month of May. The stock has been in focus amidst growing optimism on the data centre opportunity. On June 4, the electronics manufacturer outlined plans to enter the fast-growing data centre hardware segment through a partnership with a Taiwanese company and announced a new manufacturing facility in Chennai.
Computer Age Management Services
Helios initiated a smaller position in Computer Age Management Services (CAMS), purchasing 4.73 lakh shares and assigning the stock a 0.53 percent allocation.
Full Exits
The fund offloaded complete stakes in two stocks during the month.
Tata Motors
The fund exited Tata Motors completely during May, selling its entire holding of 33.63 lakh shares. The stock accounted for 2.04 percent of the portfolio at the end of April, making it one of the fund's more meaningful exits. The fund first added positions in the stock in the month of February. The stock fell around 8 percent in May. The stock has largely been under pressure due to surging global crude oil prices impacting operational and freight costs for commercial vehicle manufacturers.
Titan Company
Helios also sold its entire holding of 1.74 lakh shares in Titan Company. The position represented 1.13 percent of the portfolio in April before being fully exited. The AMC had picked up stake in the company just a month ago. Most brokerages have remained constructive on the stock after the jewellary and watch manufacturer outlined plans to double jewellery business revenue by FY30 from FY26, and stated a target of around 20 percent compound annual growth in revenue through FY30 but the stock has been under pressure after Prime Minister Narendra Modi urged citizens to postpone non-essential gold purchases for a year to conserve foreign exchange reserves amid elevated global crude oil prices.
Increased stakes
Among existing holdings, Helios raised exposure across a number of sectors. Solar Industries India recorded the largest increase in portfolio allocation, rising from 1.15 percent to 1.57 percent as holdings increased from 50,244 shares to 61,144 shares. Muthoot Finance was increased from 1.67 lakh shares to 2.59 lakh shares, taking its allocation from 0.84 percent to 1.22 percent. Power Grid Corporation of India also witnessed a substantial addition, with holdings rising from 19.17 lakh shares to 30.50 lakh shares and allocation increasing from 0.90 percent to 1.25 percent.
The fund further increased its stake in BSE, Sedemac Mechatronics,NBCC, PNB Housing Finance and The Phoenix Mills.
Reduced stakes
On the selling side, HDFC Bank witnessed the largest reduction during the month. The fund cut its holding from 38.12 lakh shares to 31 lakh shares, reducing portfolio allocation from 4.35 percent to 3.25 percent. Delhivery was also trimmed, with holdings declining from 22.71 lakh shares to 19.60 lakh shares and allocation falling from 1.57 percent to 1.25 percent.
Helios also pared exposure to several financial-sector names including Shriram Finance, Cholamandalam Investment & Finance Company. The fund further reduced holdings in Hitachi Energy India and PB Fintech, where allocations declined to 1.08 percent and 1.43 percent, respectively.