Helios vs Abakkus Flexicap: Who is more aggressive on banks, metals, manufacturing?

India’s flexicap mutual fund space is increasingly becoming a battleground of high-conviction sectoral calls, with fund managers actively repositioning portfolios to capture the next phase of domestic economic growth. The latest April 2026 disclosures from Helios Flexicap and Abakkus Flexicap show two distinctly different strategies emerging around banks, metals, manufacturing and industrial themes.

While Samir Arora-led Helios Flexicap maintained its near fully invested stance with selective additions, Abakkus Flexicap adopted a far more aggressive accumulation strategy, particularly across manufacturing, metals, power and financial stocks.

The contrast in positioning offers investors a closer look at how leading fund managers are interpreting India’s evolving macroeconomic and earnings cycle.

Helios' selective sector bets

Helios Flexicap increased its equity exposure marginally to 99.3% in April 2026 from 99.1% in March, signalling continued confidence in Indian equities despite market volatility. The fund currently holds 66 stocks and continues to maintain a diversified structure with limited churn.

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The fund added only two fresh positions during the month:
Titan Company Ltd.
Axis Bank Ltd.

The additions indicate a calibrated approach toward consumption and private banking exposure rather than aggressive tactical buying.

Helios also increased allocation across 11 existing holdings. Some of the key names where exposure was raised include:

• GMR Airports Ltd.
• Tata Motors Commercial Vehicles Ltd.
• Bharat Electronics Ltd.
• Varun Beverages Ltd.
• Hero MotoCorp Ltd.
• The Phoenix Mills Ltd.

The buying pattern suggests continued optimism around infrastructure, defence manufacturing, discretionary consumption and mobility-linked sectors.

Interestingly, Helios made zero complete exits during the month, reinforcing its long-term conviction-driven style. Only minor trimming was seen in a few heavyweight positions such as Reliance Industries, HDFC Bank and Ather Energy.

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The portfolio remains heavily tilted toward banks, capital markets and finance-related themes. Its top sector exposures include:
Banks: 14.2%
Capital Markets: 9.6%
Finance: 8.5%

Among its largest holdings are Adani Ports & Special Economic Zone, HDFC Bank, Eternal Ltd., ICICI Bank and Reliance Industries.

The strategy reflects a stable, diversified and relatively balanced approach where sector rotation is happening gradually rather than aggressively.

Abakkus' exposure to metals and manufacturing

In contrast, Abakkus Flexicap showcased a significantly more aggressive stance in April 2026.
The fund raised its equity allocation to 92.2% and undertook broad-based accumulation across cyclical and industrial sectors. The portfolio currently consists of 49 stocks, making it relatively more concentrated than Helios.

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The biggest highlight was the addition of five new stocks in a single month:
Malco Energy Ltd.
Dixon Technologies India Ltd.
Talwandi Sabo Power Ltd.
Vedanta Iron and Steel Ltd.
Vedanta Aluminium Metal Ltd.

The Vedanta-linked additions stand out as a clear metals and commodity play, especially amid ongoing restructuring and demerger developments within the group.

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Unlike Helios’ measured portfolio adjustments, Abakkus aggressively increased allocation across 27 holdings during the month. Key additions included:

• IIFL Finance Ltd.
• Inox India Ltd.
• State Bank of India
• Urban Company Ltd.
• Avalon Technologies Ltd.
• ICICI Bank Ltd.
• Tata Motors Commercial Vehicles Ltd.
• The positioning indicates a strong bullish view on India’s domestic manufacturing cycle, capex revival and industrial expansion themes.

Even within banking exposure, Abakkus appears more aggressive. Banks account for 17.1% of the portfolio — higher than Helios — with major holdings in ICICI Bank, HDFC Bank and Bank of Baroda.
At the same time, the fund maintained significant allocations toward pharmaceuticals, electrical equipment, automobiles and capital market-linked businesses.

Like Helios, Abakkus also avoided any full exits during April. However, it selectively trimmed exposure in NTPC, CG Power and Larsen & Toubro after strong runs in those sectors.

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Who looks more aggressive?

Based on the April 2026 portfolio activity, Abakkus Flexicap clearly appears more aggressive on banks, metals and manufacturing themes.

The fund not only added fresh exposure to metals and industrial businesses but also sharply increased positions across financials, engineering, power and manufacturing-linked companies. Its higher number of fresh buys and increased holdings suggests a tactical strategy aimed at capturing cyclical growth opportunities.

Helios Flexicap, meanwhile, appears focused on maintaining portfolio stability with selective sector additions and lower turnover. Its strategy remains diversified and conviction-led rather than aggressively cyclical. The differing approaches ultimately reflect two separate market views: Helios is prioritising consistency and broad diversification, while Abakkus is positioning more assertively for a domestic industrial and manufacturing-driven growth cycle in India.