MF: added banks/telecom/non-bank financials; cut F&B/auto/electrical equip. The top-3 sectors by mutual fund (MF) position increase in Q225 were banks, telecom and non-bank financials, up 1.6ppt/1.6ppt/0.8ppt (Figure 1MF positncreas/d inQ25(o), partly due to the relevant sectors' rally and partly to risk-off sentiment in April resulting in fund flows to defensive sectors. Moreover, given elevated geopolitical uncertainty in Q225, the national defence sector was also favoured by MF, ranking 4th by MF positio ...