New Delhi, April 16 -- PPFAS Mutual Fund, known for delivering consistent long-term returns and a unique strategy, was seen lapping up large private lenders amid the stock market crash, while Reliance group stocks were among the top stocks that it sold in March.

Rajeev Thakkar-led fund house is well known for its flagship PPFAS Flexi-cap scheme, which is also the biggest equity mutual fund in terms of assets under management (AUM). During the stock market crash in March, PPFAS's cash holdings declined to 22% from 23% on a month-on-month basis but remained the highest across the industry.

Data from Nuvama Institutional Equities shows that HDFC Bank remained its biggest stock bet in March as it bought the dip in lender's shares. The fund ...