An analysis of mutual fund (MF) shareholding trends in BSE midcap stocks over the last four quarters reveals a notable shift. During the March 2026 quarter, mutual funds trimmed their holdings in 23 stocks, marking a reversal after two consecutive quarters of accumulation, from June to September 2025, and again from September to December 2025.The majority of stocks on the list have delivered negative price returns in CY26 so far. In fact, 13 midcap stocks have seen their share prices fall more than 10%, with some slipping as much as 30% in CY26.Mutual funds are considered informed investors, often basing their decisions on in-depth research and long-term fundamentals. Mutual fund buying typically boosts investor confidence, but when they reduce their stakes after a period of steady accumulation, it’s worth paying attention to. (Data Source: ACE Equity)

Procter & Gamble Hygiene and Health Care

MF holdings eased to 8.65% in Mar ’26 quarter, down from 8.81% in Dec ’25.Previous Quarters: Jun ’25: 8.31% | Sept ’25: 8.80% | Dec ’25: 8.81%Stock Performance CY26: -29%

Kalyan Jewellers India

MF holdings declined to 13.63% in Mar ’26 from 14.54% in Dec ’25.Previous Quarters: Jun ’25: 11.81% | Sept ’25: 13.55% | Dec ’25: 14.54%Stock Performance CY26: -27%

Escorts Kubota

MF holdings reduced to 9.82% in Mar ’26 vs 10.24% in Dec ’25.Previous Quarters: Jun ’25: 9.54% | Sept ’25: 9.92% | Dec ’25: 10.24%Stock Performance CY26: -25%

Patanjali Foods

MF holdings slipped to 2.25% in Mar ’26 from 3.32% in Dec ’25.Previous Quarters: Jun ’25: 1.72% | Sept ’25: 2.13% | Dec ’25: 3.32%Stock Performance CY26: -23%

AWL Agri Business

MF holdings decreased to 8.17% in Mar ’26 from 9.01% in Dec ’25.Previous Quarters: Jun ’25: 8.17% | Sept ’25: 8.37% | Dec ’25: 9.01%Stock Performance CY26: -22%

Ashok Leyland

MF holdings fell to 7.92% in Mar ’26 from 8.32% in Dec ’25.Previous Quarters: Jun ’25: 7.86% | Sept ’25: 8.24% | Dec ’25: 8.32%Stock Performance CY26: -21%

Godrej Properties

MF holdings declined to 5.45% in Mar ’26 from 7.38% in Dec ’25.Previous Quarters: Jun ’25: 6.04% | Sept ’25: 7.29% | Dec ’25: 7.38%Stock Performance CY26: -18%

L&T Finance

MF holdings eased to 11.54% in Mar ’26 vs 11.86% in Dec ’25.Previous Quarters: Jun ’25: 8.15% | Sept ’25: 10.51% | Dec ’25: 11.86%Stock Performance CY26: -17%

PI Industries

MF holdings edged down to 21.81% in Mar ’26 from 22.00% in Dec ’25.Previous Quarters: Jun ’25: 19.33% | Sept ’25: 20.47% | Dec ’25: 22.00%Stock Performance CY26: -17%

Indraprastha Gas

MF holdings reduced to 9.46% in Mar ’26 vs 10.71% in Dec ’25.Previous Quarters: Jun ’25: 10.44% | Sept ’25: 10.55% | Dec ’25: 10.71%Stock Performance CY26: -16%

Clean Science and Technology

MF holdings fell to 12.49% in Mar ’26 from 13.53% in Dec ’25.Previous Quarters: Jun ’25: 4.56% | Sept ’25: 12.52% | Dec ’25: 13.53%Stock Performance CY26: -12%

Housing & Urban Development Corporation

MF holdings declined to 2.51% in Mar ’26 vs 3.00% in Dec ’25.Previous Quarters: Jun ’25: 2.21% | Sept ’25: 2.39% | Dec ’25: 3.00%Stock Performance CY26: -10%.

3M India

MF holdings eased to 7.38% in Mar ’26 from 7.40% in Dec ’25.Previous Quarters: Jun ’25: 6.98% | Sept ’25: 7.02% | Dec ’25: 7.40%Stock Performance CY26: -10%