Betting on quality stocks

by Hansraj Agrawal | Jan 31, 2026 | Share Market

While passively managed index funds and ETFs tracking factor-based indices have gained a notable traction in the Indian mutual fund industry, fund houses are increasingly turning towards actively managed factor strategies. SBI Mutual Fund is set to join this cohort with the launch of the SBI Quality Fund (SQF), whose new fund offer closes on February 11.

The fund will invest in companies drawn from the fund house’s research universe of around 450 stocks, selected using a quality-factor framework. This approach focuses on businesses with strong fundamentals, sound governance standards, and sustainable business models. Stock selection will be guided by quantitative quality metrics such as high return on equity, low leverage, consistent earnings growth, strong market positioning, and clearly visible competitive advantages. The other two active quality funds from ICICI Pru MF and WOC MF are with less than a year’s track record and follow similar strategies.

Four-bucket strategy

Beyond these qualitative filters, portfolio construction will be guided by four distinct stock buckets.

The first bucket consists of companies with widening economic moats — businesses whose competitive advantages strengthen over time, often driven by network effects or scale benefits.

The second bucket follows a Quality at Reasonable Price (QARP) approach, targeting high-quality companies available at valuations that are fair relative to their fundamentals. The fund employs both relative valuation metrics such as price-to-earnings, price-to-book, free cash flow yield, and EV/EBITDA, and discounted cash flow (DCF) analysis to assess valuations against peers and intrinsic value.

The third category, termed caterpillar stocks, includes companies that have already built strong and visible economic moats but whose current financial metrics do not yet reflect this strength. These businesses may display subdued earnings or profitability due to industry stress or heavy investment phases. However, advantages such as scale, network strength, or customer franchise position them for future earnings inflection.

The fourth bucket focuses on mean reversion opportunities — high-quality businesses that have suffered temporary setbacks due to business accidents or one-off events.

Active versus passive

SBI Mutual Fund already offers passive variants tracking the Nifty 200 Quality 30 Index — an ETF launched in December 2018 and an index fund introduced less than a year later — together managing assets of around ₹387 crore. The SBI Quality Fund, however, is actively managed, allowing discretion in stock selection and portfolio weights.

The fund manager highlights two key shortcomings of the quality index. First, it ignores earnings growth potential, focusing largely on backward-looking profitability, leverage, and earnings stability. Second, its purely quantitative and backward-looking nature misses qualitative assessments of economic moats. As a result, emerging quality businesses lacking current numbers may be excluded, while companies with deteriorating competitive advantages may remain included. The active fund seeks to address both gaps.

The final portfolio is expected to hold around 30 stocks. While there are no explicit market-cap constraints, the fund is likely to tilt towards large-cap stocks, given the higher concentration of quality businesses. Sectorally, the portfolio is expected to favour industries such as IT, pharmaceuticals, capital goods, consumer goods, and consumer services. In comparison, ICICI Prudential’s quality fund has higher allocations to pharmaceuticals, IT, and banks, while WhiteOak’s quality fund is tilted towards banks, IT, and automobiles. As of December 2025, their large-cap allocations stood at 66 per cent and 47 per cent, respectively.

What should investors do?

The SBI Quality Fund is a thematic offering, and investors should recognise that thematic funds are cyclical and inherently riskier, often going through prolonged phases of underperformance. Quality factors typically lag during speculative bull markets — when momentum favours high-beta, lower-quality stocks — and during sharp value-led rebounds, when distressed companies rally strongly. However, quality strategies tend to perform well during market downturns by offering downside protection through stronger balance sheets, and during late-cycle phases when earnings stability becomes critical. Post-crisis recoveries also often favour quality as investors prioritise sustainable business models.

The current market backdrop appears supportive for the quality factor, which has underperformed value over the past three to four years following the post-Covid rebound. Historically, quality and value exhibit a seesaw relationship: value performs well during early-cycle recoveries and periods of high inflation and quality tends to outperform during growth phases and market downturns.

The fund is benchmarked against the Nifty 200 Quality 30 Index, a strategy known for lower drawdowns and volatility compared with broader market indices. During the global financial crisis of 2008–09, the Nifty 200 fell about 63 per cent, while the quality index declined roughly 54 per cent. Similarly, during the Covid crash, the Nifty 200 dropped 37 per cent, compared with a 28 per cent fall in the quality index.

Over the past 15 years, five-year rolling return data show that the Nifty 200 Quality 30 TRI delivered compounded annualised returns of 15.2 per cent, outperforming the Nifty 50 and Nifty 200 TRI, which returned 13.5 per cent and 14.2 per cent, respectively. Notably, the quality index outperformed the Nifty 50 in 73 per cent of the periods analysed.

Investors seeking exposure to a high-quality equity portfolio with return potential comparable to the Nifty 50 may consider allocating a small portion to this fund. Given its cyclical nature, a minimum investment horizon of seven years or more is advisable. A systematic investment plan may also be considered, especially amid the current uncertain equity market environment.

Published on January 31, 2026

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A Large-Cap Fund For Turbulent Markets

by Hansraj Agrawal | Jan 31, 2026 | Share Market

In an environment characterised by high volatility in the backdrop of continuous geopolitical and macroeconomic developments, Indian equity markets have been underwhelming over the past 16 months, figuring among the worst performers globally.

Despite relatively healthy domestic macro on GDP growth, inflation and fast-moving indicators such as IIP, and reasonable corporate earnings, FPI outflows have continued unabated.

As broader markets face a steady decline with mid/small caps facing greater heat, investors having been taking shelter in large-caps amongst which there are some pockets of valuation comfort.

In general, large-cap funds must figure among the key investments in any retail portfolio.

Mahindra Manulife Large Cap fund is a scheme with a track record of a little less than seven years and has delivered healthy and consistent returns over this time period.

Investors with a reasonable risk appetite and a horizon of five-plus years can consider the fund via the SIP (systematic investment plan) route as part of their satellite portfolio for diversification.

Sturdy performance

In a category where outperforming the bluechip index, Nifty 100 TRI, has been quite challenging, Mahindra Manulife Large Cap (direct plan) has regularly beaten the benchmark.

When point-to-point returns are considered over the past one-, three- and five-year timeframes, the fund has outperformed the Nifty 100 TRI by 1.4-1.7 percentage points over medium to long term.

On rolling returns, the scheme’s performance is equally robust.

When 3-year rolling returns are considered over the period of March 2019 to January 2026, Mahindra Manulife Large Cap has outperformed the Nifty 100 TRI almost 95 per cent of the time. The fund has delivered more than 12 per cent returns 99 per cent of the time and in excess of 15 per cent for almost 82 per cent of the time.

On a 3-year rolling basis over the aforementioned timeframe, the fund has given a mean return of 17.7 per cent, while the Nifty 100 TRI returned 16.5 per cent.

When monthly SIP performance is considered from March 2019 to January 2026, Mahindra Manulife Large Cap has delivered 15.3 per cent returns (XIRR). The Nifty 100 TRI managed to deliver 13.9 per cent over the same period.

The fund has an upside capture ratio of 101.85, indicating that its NAV rises a bit more than the benchmark during rallies. It has a downside capture ratio of 91.62, suggesting that the scheme’s NAV falls fairly less than the benchmark during corrections. A score of 100 indicates that a fund performs in line with its benchmark. This inference is based on returns from January 2020 to January 2025. Other key risk measures such as Jensen’s alpha, Sortino ratio and Sharpe ratio are all healthy.

All the aforementioned data pertain to the direct plan of Mahindra Manulife Large Cap fund.

Limited churn

The fund sticks to its mandate and invests in large-cap stocks for most parts. In general, large-cap stocks have accounted for 87-89 per cent of the portfolio over the past few years. Exposure to mid/small-cap stocks is generally kept to around 10 per cent or less.

Cash positions are restricted to less than 4 per cent and is usually less than 2 per cent during most times.

In terms of sectors chosen for the portfolio, Mahindra Manulife Large Cap maintains a fair degree of stability in its top holdings.

Financial services firms have been top holdings for the fund over the years and it has generally stuck to leaders in the segment such as HDFC Bank, ICICI Bank, Bajaj Finserv, SBI and Axis Bank. These exposures have especially helped the fund in the last 18 months when the markets have been turbulent and financial services firms have been healthy outperformers.

Information technology also has been consistently the second-largest holding. Large-cap stocks have faced business challenges in the last couple of years; stocks faced sell offs, but have recovered 12-30 per cent from their lows registered in 2025.

Oil, Gas & Consumable fuels has been another key holding across markets. The BSE Oil & Gas index is still below its August 2024 highs, but has recovered 25 per cent from the February 2025 lows.

Beyond these segments, the fund has been a bit more active in shuffling holdings. It has trimmed exposure to the underperforming FMCG (fast moving consumer goods) sector that faces structural challenges from new-age/alternative sales channels and niche ecommerce companies.

The scheme has upped stakes in the growing telecommunications segment.

Mahindra Manulife Large Cap maintains a compact portfolio of around 50-odd stocks.

Published on January 31, 2026

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Mutual Funds returns

by Hansraj Agrawal | Jan 31, 2026 | Share Market

EQUITY – LARGE & MID CAP FUNDS

Bandhan Large & Mid Cap Fund

135.3

13636

1.7

0.6

11.5

23.3

21.3

16.4

0.68

HYBRID – AGGRESSIVE HYBRID FUNDS

BOI AXA Mid & Small Cap Eq&Debt

37.8

1349

2.0

0.7

7.7

18.8

19.4

–

0.52

HYBRID – BALANCED ADVANTAGE FUNDS

Baroda BNP Paribas Balanced Advantage Fund

24.7

4748

1.9

0.8

9.9

14.3

12.1

–

0.50

EQUITY – THEMATIC – CONSUMPTION FUNDS

Canara Robeco Consumer Trends Fund

104.1

2025

2.1

0.8

2.9

15.5

15.4

16.1

0.49

EQUITY – LARGE CAP FUNDS

Canara Robeco Large Cap Fund

63.0

17493

1.6

0.5

8.0

15.5

14.0

14.6

0.47

EQUITY – TAX SAVING (ELSS) FUNDS

DSP ELSS Tax Saver Fund

142.2

17609

1.6

0.7

10.7

20.3

19.1

16.6

0.64

HYBRID – EQUITY SAVINGS FUNDS

Edelweiss Equity Savings Fund

25.9

1195

1.6

0.6

8.4

11.4

9.7

9.2

0.80

EQUITY – MID CAP FUNDS

Edelweiss Mid Cap Fund

102.0

13650

1.7

0.4

12.2

26.5

24.1

18.8

0.68

HYBRID – BALANCED ADVANTAGE FUNDS

HDFC Balanced Advantage Fund

526.0

108205

1.3

0.7

8.5

17.9

19.4

15.7

0.95

EQUITY – FLEXI CAP FUNDS

HDFC Flexi Cap Fund

2044.9

96295

1.3

0.7

13.4

22.0

23.2

17.5

0.88

EQUITY – FOCUSED FUNDS

HDFC Focused Fund

234.0

26537

1.6

0.6

12.2

21.4

24.0

15.4

0.97

EQUITY – LARGE & MID CAP FUNDS

HDFC Large and Mid Cap Fund

338.0

28980

1.6

0.8

9.2

20.2

21.0

15.6

0.69

EQUITY – MID CAP FUNDS

HDFC Mid Cap Fund

200.4

92642

1.4

0.7

13.7

26.1

25.2

18.8

0.82

EQUITY – VALUE FUNDS

HSBC Value Fund

113.1

14753

1.7

0.7

13.2

23.7

22.4

16.7

0.66

EQUITY – DIVIDEND YIELD FUNDS

ICICI Prudential Dividend Yield Equity Fund

53.9

6400

1.8

0.6

11.8

22.7

24.8

17.1

0.94

HYBRID – AGGRESSIVE HYBRID FUNDS

ICICI Prudential Equity & Debt Fund

403.1

49641

1.5

0.9

12.5

18.9

21.4

16.5

1.02

EQUITY – FOCUSED FUNDS

ICICI Prudential Focused Equity Fund

94.8

14569

1.7

0.6

16.2

22.7

21.2

16.5

0.75

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

ICICI Prudential Infrastructure Fund

192.2

8134

1.9

1.2

9.2

24.9

29.8

18.3

1.00

EQUITY – LARGE & MID CAP FUNDS

ICICI Prudential Large & Mid Cap Fund

1017.7

27745

1.6

0.8

11.1

20.9

22.6

16.3

0.84

EQUITY – LARGE CAP FUNDS

ICICI Prudential Large Cap Fund

111.8

78502

1.4

0.9

10.4

17.9

17.5

15.2

0.65

EQUITY – SECTOR – PHARMA FUNDS

ICICI Prudential Pharma Healthcare and Diagnostics (P.H.D) Fund

37.5

6456

1.9

1.0

1.4

25.9

17.2

–

0.59

HYBRID – CONSERVATIVE HYBRID FUNDS

ICICI Prudential Regular Savings Fund

77.6

3359

1.7

1.0

7.9

10.2

9.1

9.6

1.00

EQUITY – VALUE FUNDS

ICICI Prudential Value Fund

485.7

61272

1.5

1.0

12.5

20.6

22.5

16.4

0.95

EQUITY – FLEXI CAP FUNDS

JM Flexicap Fund

93.2

5463

1.8

0.6

-2.0

20.2

19.5

17.0

0.58

HYBRID – CONSERVATIVE HYBRID FUNDS

Kotak Debt Hybrid Fund

59.1

3108

1.7

0.5

4.9

10.0

9.3

9.5

0.78

EQUITY – THEMATIC – CONSUMPTION FUNDS

Nippon India Consumption Fund

184.6

2761

1.9

0.6

-1.0

14.6

16.8

12.9

0.57

EQUITY – LARGE CAP FUNDS

Nippon India Large Cap Fund

91.2

50876

1.5

0.7

10.5

19.1

19.7

15.3

0.69

EQUITY – SMALL CAP FUNDS

Nippon India Small Cap Fund

159.3

68287

1.4

0.6

2.2

21.2

26.0

20.1

0.67

EQUITY – FLEXI CAP FUNDS

Parag Parikh Flexi Cap Fund

85.5

133309

1.3

0.6

7.5

20.7

19.1

18.0

0.76

HYBRID – AGGRESSIVE HYBRID FUNDS

Quant Aggressive Hybrid Fund

414.6

2078

2.1

0.8

7.2

12.0

16.8

15.3

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

Quant ELSS Tax Saver Fund

356.7

12403

1.7

0.7

7.0

15.8

20.7

19.6

0.54

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Quant Infrastructure Fund

35.0

3080

2.0

0.7

-1.9

16.4

24.7

18.4

0.59

EQUITY – MID CAP FUNDS

Quant Mid Cap Fund

192.7

8057

1.8

0.8

-8.1

14.1

20.4

15.8

0.54

EQUITY – SMALL CAP FUNDS

Quant Small Cap Fund

234.8

29785

1.6

0.8

-1.0

19.0

26.7

18.1

0.64

EQUITY – TAX SAVING (ELSS) FUNDS

SBI ELSS Tax Saver Fund

441.7

32609

1.6

0.9

7.9

23.9

20.9

15.7

0.73

EQUITY – SECTOR – IT FUNDS

SBI Technology Opportunities Fund

221.0

5229

1.9

0.9

2.7

15.1

17.1

17.0

0.49

HYBRID – EQUITY SAVINGS FUNDS

Sundaram Equity Savings Fund

71.3

1207

2.2

0.7

6.5

11.3

10.9

9.7

0.71

EQUITY – SECTOR – BANKING FUNDS

Sundaram Financial Services Opportunities Fund

110.7

1661

2.1

0.8

19.9

20.3

18.0

16.4

0.50

EQUITY – FOCUSED FUNDS

360 ONE Focused Fund

46.2

7229

1.8

0.8

6.6

15.5

15.4

16.4

0.47

HYBRID – BALANCED ADVANTAGE FUNDS

Aditya Birla SL Bal Advantage

108.6

8944

1.8

0.7

10.2

13.1

11.3

11.6

0.65

EQUITY – LARGE & MID CAP FUNDS

Axis Large & Mid Cap Fund

32.6

15616

1.7

0.6

8.4

20.1

17.8

–

0.50

EQUITY – SMALL CAP FUNDS

AXIS Small Cap Fund

100.5

26547

1.6

0.6

3.1

17.2

20.8

18.0

0.62

EQUITY – TAX SAVING (ELSS) FUNDS

Bandhan ELSS Tax Saver Fund

153.7

7333

1.7

0.7

8.9

15.8

18.4

15.5

0.59

EQUITY – VALUE FUNDS

Bandhan Value Fund

147.7

10463

1.7

0.7

6.9

17.6

21.5

16.0

0.69

EQUITY – TAX SAVING (ELSS) FUNDS

Bank of India ELSS Tax Saver

158.4

1402

2.0

0.8

5.3

17.8

17.5

16.3

0.43

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

BOI AXA Manufacturing & Infra

57.9

674

2.2

0.6

12.7

25.0

24.4

17.9

0.66

EQUITY – SMALL CAP FUNDS

Bank of India Small Cap Fund

42.3

1939

2.0

0.5

-1.7

18.2

21.5

–

0.51

HYBRID – AGGRESSIVE HYBRID FUNDS

Baroda BNP Paribas Aggressive Hybrid Fund

27.8

1269

2.1

0.5

6.0

14.3

13.2

–

0.49

EQUITY – THEMATIC – CONSUMPTION FUNDS

Baroda BNP Paribas India Consumption Fund

30.0

1546

2.1

0.6

-0.1

15.3

14.7

–

0.45

EQUITY – TAX SAVING (ELSS) FUNDS

Canara Robeco ELSS Tax Saver

174.5

9022

1.7

0.6

7.7

15.6

15.0

15.1

0.48

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Canara Robeco Infrastructure Fund

156.0

894

2.3

1.0

9.2

25.0

25.5

15.9

0.72

EQUITY – SECTOR – PHARMA FUNDS

DSP Healthcare Fund

37.3

3114

1.9

0.6

-4.3

20.0

14.7

–

0.47

HYBRID – AGGRESSIVE HYBRID FUNDS

Edelweiss Aggressive Hybrid Fund

63.3

3480

1.9

0.4

7.5

16.4

16.2

13.0

0.70

HYBRID – BALANCED ADVANTAGE FUNDS

Edelweiss Balanced Advantage Fund

51.7

13376

1.7

0.5

8.2

12.7

11.5

11.2

0.54

EQUITY – FLEXI CAP FUNDS

Edelweiss Flexi Cap Fund

39.1

3127

1.9

0.4

11.0

19.8

18.1

15.6

0.55

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Franklin Build India Fund

141.7

3036

2.0

1.0

10.1

26.7

25.9

18.5

0.76

EQUITY – DIVIDEND YIELD FUNDS

Franklin India Dividend Yield Fund

141.4

2402

2.1

1.3

5.9

17.4

20.1

16.5

0.82

EQUITY – FLEXI CAP FUNDS

Franklin India Flexi Cap Fund

1623.2

19972

1.7

0.9

7.2

18.6

18.1

14.6

0.59

EQUITY – FOCUSED FUNDS

Franklin India Focused Equity Fund

107.2

12649

1.8

1.0

7.6

15.5

17.7

15.0

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

HDFC ELSS Tax saver

1424.3

17163

1.7

1.1

10.9

21.1

21.2

15.2

0.84

HYBRID – EQUITY SAVINGS FUNDS

HDFC Equity Savings Fund

67.5

5897

1.9

0.9

7.4

10.4

10.5

10.1

0.77

HYBRID – CONSERVATIVE HYBRID FUNDS

HDFC Hybrid Debt Fund

83.1

3354

1.8

1.2

5.3

9.8

9.6

9.1

0.90

EQUITY – LARGE CAP FUNDS

HDFC Large Cap Fund

1146.7

40604

1.6

1.0

7.6

15.7

16.7

14.4

0.59

HYBRID – BALANCED ADVANTAGE FUNDS

ICICI Prudential Balanced Advantage Fund

76.6

70535

1.4

0.9

11.7

13.5

12.6

11.7

0.94

EQUITY – SECTOR – IT FUNDS

ICICI Prudential Technology Fund

204.1

15892

1.7

1.0

-2.1

14.2

15.5

17.3

0.40

EQUITY – SECTOR – BANKING FUNDS

Invesco India Financial Services Fund

146.5

1599

2.1

0.8

23.0

18.3

16.9

0.47

EQUITY – MID CAP FUNDS

Invesco India Midcap Fund

172.1

10296

1.7

0.5

12.6

25.7

22.2

17.9

0.63

EQUITY – SMALL CAP FUNDS

Invesco India Smallcap Fund

39.3

9225

1.7

0.4

3.5

22.8

23.7

–

0.63

HYBRID – AGGRESSIVE HYBRID FUNDS

JM Aggressive Hybrid Fund

117.2

785

2.3

0.7

2.2

18.3

17.1

12.6

0.58

EQUITY – TAX SAVING (ELSS) FUNDS

JM ELSS Tax Saver Fund

47.3

226

2.4

1.0

4.4

19.5

17.4

16.1

0.51

EQUITY – LARGE CAP FUNDS

JM Large Cap Fund

153.5

464

2.4

0.9

6.2

14.9

14.1

11.8

0.45

HYBRID – AGGRESSIVE HYBRID FUNDS

Kotak Aggressive Hybrid Fund

62.5

8509

1.7

0.5

7.8

15.2

15.0

13.5

0.60

HYBRID – EQUITY SAVINGS FUNDS

Kotak Equity Savings Fund

26.8

9651

1.8

0.7

7.8

11.1

10.3

9.4

0.83

EQUITY – LARGE CAP FUNDS

Kotak Large Cap Fund

579.7

11087

1.7

0.6

10.0

15.6

14.9

13.6

0.49

EQUITY – MID CAP FUNDS

Mahindra Manulife Mid Cap Fund

33.1

4295

1.8

0.5

9.0

24.7

23.2

–

0.64

EQUITY – TAX SAVING (ELSS) FUNDS

Mirae Asset ELSS Tax Saver Fund

49.4

27196

1.5

0.6

11.8

17.4

16.5

17.7

0.53

HYBRID – EQUITY SAVINGS FUNDS

Mirae Asset Equity Savings Fund

20.8

1865

1.4

0.4

9.3

11.5

10.5

–

0.70

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mirae Asset Great Consumer Fund

87.5

4754

1.8

0.4

2.2

15.4

15.7

15.9

0.50

EQUITY – MID CAP FUNDS

Motilal Oswal Midcap Fund

92.0

36880

1.6

0.7

-2.6

22.9

25.8

16.8

0.70

EQUITY – SECTOR – BANKING FUNDS

Nippon India Banking & Financial Services Fund

656.1

7778

1.8

1.0

19.6

19.0

20.1

15.6

0.57

EQUITY – MID CAP FUNDS

Nippon India Growth Mid Cap Fund

4141.3

42124

1.5

0.7

11.6

25.4

24.1

18.7

0.71

EQUITY – VALUE FUNDS

Nippon India Value Fund

226.6

9153

1.8

1.1

8.6

22.3

21.2

16.4

0.66

EQUITY – FLEXI CAP FUNDS

PGIM India Flexi Cap Fund

35.5

6268

1.8

0.5

6.5

13.1

13.7

14.1

0.40

EQUITY – LARGE & MID CAP FUNDS

Quant Large & Mid Cap Fund

105.6

3375

1.9

0.8

-5.4

14.1

17.3

15.5

0.47

HYBRID – CONSERVATIVE HYBRID FUNDS

SBI Conservative Hybrid Fund

73.8

9851

1.5

1.1

6.8

9.8

9.4

8.9

0.92

EQUITY – FOCUSED FUNDS

SBI Focused Fund

373.5

43173

1.5

0.7

14.2

19.1

16.9

15.6

0.57

EQUITY – LARGE & MID CAP FUNDS

SBI Large & Midcap Fund

642.6

37443

1.6

0.7

13.5

18.7

19.3

15.6

0.69

EQUITY – LARGE CAP FUNDS

SBI Large Cap Fund

94.3

55879

1.5

0.8

10.0

14.7

13.1

0.51

EQUITY – FLEXI CAP FUNDS

Union Flexi Cap Fund

50.4

2402

2.0

0.9

8.0

15.6

15.5

13.7

0.47

HYBRID – AGGRESSIVE HYBRID FUNDS

UTI Aggressive Hybrid Fund

411.5

6758

1.9

1.2

8.0

16.6

16.5

13.0

0.72

HYBRID – EQUITY SAVINGS FUNDS

UTI Equity Savings Fund

18.9

810

1.7

0.6

8.1

11.0

10.5

–

0.83

EQUITY – LARGE & MID CAP FUNDS

UTI Large & Mid Cap Fund

183.7

5635

1.9

0.9

10.9

22.2

21.1

15.2

0.71

EQUITY – SECTOR – BANKING FUNDS

Aditya Birla SL Bank & Fin Serv

63.6

3694

2.0

1.0

20.1

17.6

16.0

15.2

0.40

EQUITY – THEMATIC – CONSUMPTION FUNDS

Aditya Birla Sun Life Consumption Fund

206.5

6521

1.8

0.8

3.8

14.4

14.8

15.1

0.46

EQUITY – FLEXI CAP FUNDS

Aditya Birla Sun Life Flexi Cap Fund

1835.9

25098

1.7

0.9

12.7

18.4

16.1

15.1

0.49

EQUITY – FOCUSED FUNDS

Aditya Birla Sun Life Focused Fund

146.8

8209

1.8

0.9

12.6

17.5

15.5

13.8

0.51

EQUITY – LARGE CAP FUNDS

Aditya Birla Sun Life Large Cap Fund

530.8

31386

1.6

1.0

9.6

15.7

15.2

13.3

0.51

HYBRID – CONSERVATIVE HYBRID FUNDS

Aditya Birla Sun Life Regular Savings Fund

68.4

1541

1.8

0.9

8.3

9.2

8.8

0.82

HYBRID – BALANCED ADVANTAGE FUNDS

Axis Balanced Advantage Fund

21.3

3816

1.9

0.7

6.9

14.5

11.9

–

0.62

HYBRID – EQUITY SAVINGS FUNDS

Axis Equity Savings Fund

22.5

927

2.3

1.1

5.7

10.3

8.9

8.6

0.48

EQUITY – MID CAP FUNDS

Axis Midcap Fund

110.1

31717

1.6

0.6

8.5

19.7

17.6

16.6

0.50

HYBRID – AGGRESSIVE HYBRID FUNDS

Bandhan Aggressive Hybrid Fund

26.4

1576

2.1

0.7

12.9

15.9

14.8

–

0.54

EQUITY – FLEXI CAP FUNDS

Bandhan Flexi Cap Fund

209.4

7708

1.9

1.1

9.8

16.4

14.9

11.9

0.46

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Bandhan Infrastructure Fund

45.8

1522

2.1

0.9

-0.7

24.1

24.8

15.8

0.61

EQUITY – LARGE CAP FUNDS

Bandhan Large Cap Fund

77.8

2051

2.0

0.9

10.8

17.6

14.6

13.7

0.45

EQUITY – LARGE & MID CAP FUNDS

BOI Large & Mid Cap Equity Fund

89.2

456

2.3

0.8

10.2

17.5

16.9

13.3

0.48

EQUITY – TAX SAVING (ELSS) FUNDS

Baroda BNP Paribas ELSS Tax Saver Fund

96.9

941

2.2

1.0

9.8

19.5

15.1

13.4

0.44

EQUITY – LARGE CAP FUNDS

Baroda BNP Paribas Large Cap Fund

220.8

2702

2.0

0.8

7.2

15.9

14.7

13.6

0.47

EQUITY – MID CAP FUNDS

Baroda BNP Paribas Mid Cap Fund

103.1

2313

2.0

0.6

10.3

21.1

20.5

16.0

0.60

HYBRID – CONSERVATIVE HYBRID FUNDS

Canara Robeco Conservative Hybrid Fund

96.9

911

1.9

0.7

4.8

8.0

7.3

8.0

0.55

HYBRID – AGGRESSIVE HYBRID FUNDS

Canara Robeco Equity Hybrid Fund

361.3

11393

1.7

0.6

8.3

13.9

12.7

12.8

0.50

EQUITY – FLEXI CAP FUNDS

Canara Robeco Flexi Cap Fund

338.2

13760

1.7

0.6

9.5

15.7

14.8

14.6

0.47

EQUITY – LARGE & MID CAP FUNDS

Canara Robeco Large and Mid Cap Fund

243.5

25626

1.6

0.6

4.1

16.0

15.5

15.4

0.47

HYBRID – AGGRESSIVE HYBRID FUNDS

DSP Aggressive Hybrid Fund

354.5

12162

1.7

0.7

6.6

16.1

13.2

13.0

0.50

HYBRID – BALANCED ADVANTAGE FUNDS

DSP Dynamic Asset Allocation Fund

28.3

3709

1.9

0.7

8.7

12.6

9.3

9.4

0.54

HYBRID – EQUITY SAVINGS FUNDS

DSP Equity Savings Fund

22.2

3905

1.5

0.6

6.1

10.0

9.2

–

0.76

EQUITY – FLEXI CAP FUNDS

DSP Flexi Cap Fund

101.9

12328

1.7

0.7

8.0

17.8

15.1

14.9

0.45

EQUITY – FOCUSED FUNDS

DSP Focused Fund

54.6

2687

2.0

1.0

9.5

19.2

14.2

13.1

0.46

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

DSP India T.I.G.E.R. Fund

308.3

5323

1.9

0.8

7.7

24.8

26.1

17.2

0.72

EQUITY – LARGE & MID CAP FUNDS

DSP Large & Mid Cap Fund

631.6

17576

1.7

0.6

11.2

20.8

18.6

16.2

0.62

HYBRID – CONSERVATIVE HYBRID FUNDS

DSP Regular Savings Fund

59.8

184

1.2

0.5

7.3

9.9

8.2

7.4

0.69

EQUITY – SMALL CAP FUNDS

DSP Small Cap Fund

185.9

16935

1.7

0.8

4.9

19.3

21.4

16.4

0.56

EQUITY – LARGE & MID CAP FUNDS

Edelweiss Large & Mid Cap Fund

87.9

4517

1.8

0.4

9.9

19.2

18.1

15.3

0.55

EQUITY – LARGE CAP FUNDS

Edelweiss Large Cap Fund

84.9

1456

2.1

0.6

8.0

15.5

14.6

13.7

0.47

HYBRID – AGGRESSIVE HYBRID FUNDS

Franklin India Aggressive Hybrid Fund

268.7

2380

2.0

0.9

5.7

14.5

13.5

11.8

0.55

HYBRID – CONSERVATIVE HYBRID FUNDS

Franklin India Conservative Hybrid Fund

91.7

214

1.4

0.8

6.1

9.3

7.8

7.6

0.64

EQUITY – TAX SAVING (ELSS) FUNDS

Franklin India ELSS Tax Saver Fund

1453.3

6693

1.8

1.1

5.8

18.3

17.9

13.8

0.57

EQUITY – LARGE CAP FUNDS

Franklin India Large Cap Fund

1038.2

7972

1.9

1.1

9.8

15.0

13.9

12.1

0.46

EQUITY – SECTOR – IT FUNDS

Franklin India Technology Fund

521.0

1996

2.1

1.0

-1.3

21.1

14.4

16.4

0.38

HYBRID – AGGRESSIVE HYBRID FUNDS

HDFC Hybrid Equity Fund

117.7

24528

1.7

1.0

6.2

12.0

13.5

12.0

0.58

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HDFC Infrastructure Fund

46.5

2452

2.1

1.2

7.5

26.0

27.1

12.6

0.77

EQUITY – SMALL CAP FUNDS

HDFC Small Cap Fund

133.9

37753

1.5

0.7

6.3

20.1

23.6

18.2

0.64

EQUITY – VALUE FUNDS

HDFC Value Fund

754.8

7652

1.8

1.0

12.0

19.6

18.5

14.8

0.60

HYBRID – BALANCED ADVANTAGE FUNDS

HSBC Balanced Advantage Fund

43.3

1581

2.1

0.8

5.2

11.4

8.9

8.4

0.44

HYBRID – CONSERVATIVE HYBRID FUNDS

HSBC Conservative Hybrid Fund

61.0

146

2.1

1.1

4.4

9.6

7.5

7.6

0.40

HYBRID – EQUITY SAVINGS FUNDS

HSBC Equity Savings Fund

34.1

786

1.5

0.7

8.3

13.6

11.7

9.1

0.52

EQUITY – FLEXI CAP FUNDS

HSBC Flexi Cap Fund

215.9

5227

1.9

1.2

7.8

19.4

16.8

13.9

0.46

EQUITY – SECTOR – BANKING FUNDS

ICICI Prudential Banking & Financial Services Fund

136.2

11154

1.8

1.0

15.3

16.0

15.9

15.5

0.46

EQUITY – TAX SAVING (ELSS) FUNDS

ICICI Pru Long Term Equity

929.8

14769

1.7

1.1

9.7

16.3

16.2

13.6

0.54

EQUITY – MID CAP FUNDS

ICICI Prudential Midcap Fund

307.4

7132

1.9

1.0

16.7

23.4

22.2

16.9

0.65

EQUITY – SMALL CAP FUNDS

ICICI Prudential Smallcap Fund

82.9

8428

1.8

0.8

2.2

16.3

20.9

16.1

0.67

HYBRID – BALANCED ADVANTAGE FUNDS

Invesco India Balanced Advantage Fund

53.5

1126

2.1

0.8

4.0

12.4

10.3

9.9

0.45

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Invesco India Infrastructure Fund

58.1

1417

2.1

0.8

-1.0

22.7

23.2

16.7

0.59

EQUITY – LARGE & MID CAP FUNDS

Invesco India Large & Mid Cap Fund

94.9

9344

1.8

0.6

9.2

22.9

18.3

15.9

0.53

EQUITY – LARGE CAP FUNDS

Invesco India Largecap Fund

69.0

1718

2.0

0.7

9.4

18.1

15.7

13.3

0.48

EQUITY – VALUE FUNDS

JM Value Fund

91.9

957

2.3

1.0

-0.9

19.7

19.5

16.8

0.56

HYBRID – BALANCED ADVANTAGE FUNDS

Kotak Balanced Advantage Fund

20.7

17852

1.7

0.6

6.9

11.5

10.2

–

0.56

EQUITY – TAX SAVING (ELSS) FUNDS

Kotak ELSS Tax Saver Fund

114.9

6452

1.8

0.6

6.9

16.0

16.4

15.1

0.51

EQUITY – FLEXI CAP FUNDS

Kotak Flexicap Fund

86.7

56460

1.4

0.6

13.4

17.8

15.9

14.9

0.49

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Kotak Infra & Economic Reform

63.3

2353

2.0

0.7

3.8

20.3

24.6

16.3

0.66

EQUITY – LARGE & MID CAP FUNDS

Kotak Large & Midcap Fund

349.3

30039

1.6

0.6

12.9

20.2

18.7

16.5

0.59

EQUITY – MID CAP FUNDS

Kotak Midcap Fund

132.0

60637

1.4

0.4

9.1

21.4

18.2

0.64

EQUITY – SMALL CAP FUNDS

Kotak Small Cap Fund

237.0

17258

1.7

0.6

-4.0

14.4

18.6

16.8

0.52

EQUITY – DIVIDEND YIELD FUNDS

LIC MF Dividend Yield Fund

29.8

689

2.3

0.7

6.2

20.5

17.6

–

0.53

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

LIC MF Infrastructure Fund

47.7

1003

2.2

0.8

6.2

27.5

26.0

16.5

0.66

EQUITY – TAX SAVING (ELSS) FUNDS

Mahindra Manulife ELSS Tax Saver Fund

28.3

973

2.1

0.6

8.7

14.7

16.1

–

0.51

HYBRID – EQUITY SAVINGS FUNDS

Mahi Manu Eq Sav Dhan San Yojana

21.1

567

2.4

0.7

7.6

10.3

9.6

–

0.52

HYBRID – AGGRESSIVE HYBRID FUNDS

Mirae Asset Aggressive Hybrid Fund

33.0

9538

1.7

0.4

11.3

14.3

13.3

13.1

0.52

EQUITY – SECTOR – PHARMA FUNDS

Mirae Asset Healthcare Fund

36.4

2771

1.9

0.5

0.4

20.2

15.2

–

0.47

EQUITY – LARGE & MID CAP FUNDS

Mirae Asset Large & Midcap Fund

152.0

43766

1.5

0.6

12.2

17.4

16.4

17.7

0.52

EQUITY – LARGE CAP FUNDS

Mirae Asset Large Cap Fund

113.6

41802

1.5

0.5

9.9

13.4

13.2

14.0

0.44

EQUITY – TAX SAVING (ELSS) FUNDS

Motilal Oswal ELSS Tax Saver Fund

48.6

4341

1.8

0.6

5.4

22.4

19.1

16.6

0.45

HYBRID – BALANCED ADVANTAGE FUNDS

Nippon India Balanced Advantage Fund

178.5

9725

1.7

0.6

7.3

12.5

11.3

0.65

EQUITY – FOCUSED FUNDS

Nippon India Focused Fund

120.2

8790

1.9

1.2

10.8

15.1

16.5

14.2

0.52

EQUITY – SECTOR – PHARMA FUNDS

Nippon India Pharma Fund

487.4

8265

1.8

0.9

1.7

20.8

14.9

13.2

0.47

EQUITY – LARGE & MID CAP FUNDS

Nippon India Vision Large & Mid Cap Fund

1455.0

6896

1.9

1.2

8.4

21.3

19.0

14.0

0.61

EQUITY – MID CAP FUNDS

PGIM India Midcap Fund

61.4

11266

1.7

0.5

4.9

13.3

17.3

15.6

0.51

EQUITY – FOCUSED FUNDS

Quant Focused Fund

82.2

914

2.3

0.8

0.4

13.9

15.9

13.6

0.45

EQUITY – TAX SAVING (ELSS) FUNDS

Quantum ELSS Tax Saver Fund

123.5

227

2.1

0.9

3.5

16.2

15.4

12.8

0.59

EQUITY – SECTOR – BANKING FUNDS

SBI Banking & Financial Services Fund

45.8

10106

1.8

0.7

24.3

22.0

17.5

18.1

0.47

EQUITY – THEMATIC – CONSUMPTION FUNDS

SBI Consumption Opportunities Fund

285.9

3162

2.0

0.9

-5.5

12.1

16.1

14.7

0.53

HYBRID – AGGRESSIVE HYBRID FUNDS

SBI Equity Hybrid Fund

302.0

82847

1.4

0.7

10.5

14.5

13.3

12.4

0.59

HYBRID – EQUITY SAVINGS FUNDS

SBI Equity Savings Fund

24.3

5919

1.5

1.0

7.6

11.6

9.8

9.1

0.58

EQUITY – FLEXI CAP FUNDS

SBI Flexicap Fund

109.6

23685

1.7

0.8

5.7

13.9

13.5

13.2

0.45

EQUITY – SECTOR – PHARMA FUNDS

SBI Healthcare Opportunities Fund

405.9

3989

1.9

0.9

-1.2

22.7

16.0

10.9

0.54

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

SBI Infrastructure Fund

47.7

4727

1.9

1.1

21.2

22.9

16.5

0.70

EQUITY – MID CAP FUNDS

SBI Midcap Fund

227.5

23315

1.7

0.8

2.0

17.3

19.6

14.6

0.63

HYBRID – AGGRESSIVE HYBRID FUNDS

Sundaram Aggressive Hybrid Fund

161.7

7846

1.8

0.7

7.5

13.0

12.9

0.50

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram ELSS Tax Saver Fund

510.2

1402

2.2

1.5

8.7

15.3

15.8

14.6

0.52

EQUITY – FOCUSED FUNDS

Sundaram Focused Fund

157.7

1103

2.3

1.2

3.8

14.5

14.3

13.9

0.42

EQUITY – MID CAP FUNDS

Sundaram Mid Cap Fund

1392.7

13293

1.7

0.9

11.5

25.0

21.8

15.6

0.64

EQUITY – SMALL CAP FUNDS

Sundaram Small Cap Fund

250.9

3401

1.9

0.8

6.2

19.8

21.7

14.3

0.56

HYBRID – AGGRESSIVE HYBRID FUNDS

Tata Aggressive Hybrid Fund

439.3

4179

1.9

1.0

6.1

11.6

12.8

10.5

0.52

EQUITY – SECTOR – BANKING FUNDS

Tata Banking and Financial Services Fund

44.8

3225

1.9

0.4

20.3

17.7

15.8

16.4

0.42

EQUITY – TAX SAVING (ELSS) FUNDS

Tata ELSS Fund

44.6

4748

1.8

0.7

8.6

15.9

14.3

0.50

HYBRID – EQUITY SAVINGS FUNDS

Tata Equity Savings Fund

56.2

278

1.1

0.5

6.2

10.0

8.7

7.8

0.72

EQUITY – FLEXI CAP FUNDS

Tata Flexi Cap Fund

24.1

3699

1.9

0.6

9.0

17.2

14.0

–

0.45

EQUITY – THEMATIC – CONSUMPTION FUNDS

Tata India Consumer Fund

42.9

2671

2.0

0.7

4.1

18.3

16.1

16.0

0.44

EQUITY – LARGE CAP FUNDS

Tata Large Cap Fund

510.3

2840

2.0

1.0

9.0

15.4

15.5

12.9

0.52

EQUITY – MID CAP FUNDS

Tata Mid Cap Fund

435.5

5497

1.8

0.6

10.0

22.7

20.2

16.3

0.61

EQUITY – SMALL CAP FUNDS

Tata Small Cap Fund

34.7

11324

1.7

0.3

-5.9

14.4

21.9

–

0.60

EQUITY – VALUE FUNDS

Templeton India Value Fund

726.6

2326

2.0

0.9

8.9

18.4

20.9

15.5

0.71

HYBRID – BALANCED ADVANTAGE FUNDS

Union Balanced Advantage Fund

20.3

1347

2.2

1.0

7.1

10.0

8.3

–

0.41

EQUITY – TAX SAVING (ELSS) FUNDS

Union ELSS Tax Saver Fund

64.1

904

2.3

1.3

8.7

15.5

16.0

13.2

0.50

EQUITY – SMALL CAP FUNDS

Union Small Cap Fund

47.4

1744

2.1

1.0

7.6

18.7

20.7

15.3

0.50

EQUITY – VALUE FUNDS

Union Value Fund

28.6

371

2.5

1.3

11.3

18.4

18.1

–

0.58

HYBRID – CONSERVATIVE HYBRID FUNDS

UTI Conservative Hybrid Fund

69.9

1703

1.8

1.3

5.4

9.4

8.9

8.2

0.75

EQUITY – DIVIDEND YIELD FUNDS

UTI Dividend Yield Fund

180.1

3946

2.0

1.5

8.0

20.6

18.3

15.2

0.62

EQUITY – THEMATIC – CONSUMPTION FUNDS

UTI India Consumer Fund

55.3

737

2.4

1.6

2.8

14.3

12.3

11.8

0.36

EQUITY – LARGE CAP FUNDS

UTI Large Cap Fund

274.4

13322

1.7

0.9

7.0

13.2

12.9

12.8

0.40

EQUITY – VALUE FUNDS

UTI Value Fund

169.3

10151

1.8

1.2

7.9

18.4

17.0

14.8

0.59

EQUITY – SECTOR – IT FUNDS

Aditya Birla Sun Life Digital India Fund

173.1

4837

1.9

0.8

-2.4

13.2

14.4

17.1

0.36

EQUITY – DIVIDEND YIELD FUNDS

Aditya Birla Sun Life Dividend Yield Fund

466.5

1511

2.2

1.4

9.2

20.0

20.5

13.9

0.62

HYBRID – AGGRESSIVE HYBRID FUNDS

Aditya Birla Sun Life Equity Hybrid ’95 Fund

1536.2

7533

1.9

1.1

8.6

14.7

12.6

10.9

0.45

HYBRID – EQUITY SAVINGS FUNDS

Aditya Birla Sun Life Equity Savings Fund

22.8

1023

1.0

0.5

8.7

9.7

8.0

8.2

0.38

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Aditya Birla Sun Life Infrastructure Fund

92.7

1113

2.3

1.4

7.4

21.5

22.7

14.7

0.58

EQUITY – MID CAP FUNDS

Aditya Birla Sun Life Midcap Fund

771.6

6301

1.9

1.0

8.3

20.8

19.7

14.0

0.57

EQUITY – VALUE FUNDS

Aditya Birla Sun Life Value Fund

126.2

6411

1.9

1.0

8.1

20.7

18.8

13.0

0.48

HYBRID – CONSERVATIVE HYBRID FUNDS

Axis Conservative Hybrid Fund

30.4

235

2.2

1.1

5.6

7.5

6.8

0.40

EQUITY – FLEXI CAP FUNDS

Axis Flexi Cap Fund

25.9

13026

1.7

0.7

6.4

15.0

12.4

–

0.32

HYBRID – BALANCED ADVANTAGE FUNDS

Bandhan Balanced Advantage Fund

24.5

2309

2.0

0.8

7.0

11.3

9.2

8.9

0.39

EQUITY – FOCUSED FUNDS

Bandhan Focused Fund

85.0

2059

2.1

0.8

3.9

19.2

14.1

13.4

0.41

HYBRID – BALANCED ADVANTAGE FUNDS

Bank of India Balanced Advantage Fund

25.6

146

2.3

1.0

9.6

11.3

10.6

7.6

0.44

EQUITY – SECTOR – BANKING FUNDS

Baroda BNP Paribas Bank&Fin Serv

49.7

373

2.4

0.8

17.7

18.0

14.7

14.0

0.37

HYBRID – CONSERVATIVE HYBRID FUNDS

Baroda BNP Paribas Conser Hybrid

45.3

833

2.0

0.5

5.9

8.5

6.8

7.4

0.45

EQUITY – FOCUSED FUNDS

Baroda BNP Paribas Focused Fund

21.4

709

2.3

0.5

5.8

14.6

13.3

–

0.34

EQUITY – LARGE CAP FUNDS

DSP Large Cap Fund

474.7

7285

1.8

0.8

8.3

17.9

14.7

12.7

0.51

EQUITY – TAX SAVING (ELSS) FUNDS

Edelweiss Long Term Equity

113.1

451

2.3

0.7

10.8

17.6

15.8

12.9

0.48

HYBRID – EQUITY SAVINGS FUNDS

Franklin India Equity Savings Fund

16.8

685

1.1

0.3

6.4

8.6

8.3

–

0.52

EQUITY – LARGE & MID CAP FUNDS

Franklin India Large & Mid Cap Fund

187.4

3674

2.0

1.3

7.6

16.8

15.6

12.4

0.49

EQUITY – MID CAP FUNDS

Franklin India Mid Cap Fund

2673.5

12831

1.8

1.0

6.0

21.9

18.8

15.4

0.54

EQUITY – SMALL CAP FUNDS

Franklin India Small Cap Fund

158.4

13238

1.8

0.9

-1.5

19.6

21.5

15.4

0.55

HYBRID – AGGRESSIVE HYBRID FUNDS

HSBC Aggressive Hybrid Fund

55.3

5569

1.9

0.8

8.9

15.8

12.8

11.2

0.37

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC ELSS Tax saver Fund

132.1

4109

1.9

1.2

7.1

19.8

16.7

14.2

0.45

EQUITY – LARGE CAP FUNDS

HSBC Large Cap Fund

487.0

1912

2.1

1.3

9.0

16.3

13.7

13.5

0.40

EQUITY – SMALL CAP FUNDS

HSBC Small Cap Fund

73.8

15969

1.7

0.7

-3.5

17.3

23.0

17.5

0.54

HYBRID – EQUITY SAVINGS FUNDS

ICICI Prudential Equity Savings Fund

23.2

18060

1.0

0.5

7.1

8.5

8.6

1.24

HYBRID – AGGRESSIVE HYBRID FUNDS

Invesco India Aggressive Hybrid Fund

21.9

828

2.2

0.7

2.2

15.6

12.6

–

0.46

EQUITY – TAX SAVING (ELSS) FUNDS

Invesco India ELSS Tax Saver Fund

119.0

2771

1.9

0.8

16.6

13.5

0.37

EQUITY – FOCUSED FUNDS

JM Focused Fund

19.1

299

2.4

0.7

2.2

17.3

14.9

14.0

0.41

EQUITY – LARGE & MID CAP FUNDS

LIC MF Large & Midcap Fund

37.5

3116

1.9

0.6

4.5

17.8

16.1

15.2

0.48

EQUITY – LARGE CAP FUNDS

LIC MF Large Cap Fund

55.3

1493

2.1

1.0

6.1

12.1

11.6

0.33

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mahindra Manulife Consumption Fund

21.5

559

2.4

0.6

1.5

14.8

14.6

–

0.45

EQUITY – FLEXI CAP FUNDS

Motilal Oswal Flexi Cap Fund

57.5

13862

1.7

0.9

3.8

22.2

14.4

13.4

0.39

HYBRID – AGGRESSIVE HYBRID FUNDS

Navi Aggressive Hybrid Fund

20.3

119

2.2

0.5

4.7

12.3

11.9

–

0.46

EQUITY – FLEXI CAP FUNDS

Navi Flexi Cap Fund

22.7

263

2.2

0.5

6.4

12.6

13.9

–

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

Nippon India Aggressive Hybrid Fund

105.4

4102

2.0

1.1

8.8

15.1

15.4

10.3

0.64

EQUITY – TAX SAVING (ELSS) FUNDS

Nippon India ELSS Tax Saver Fund

127.9

15260

1.7

1.0

10.1

17.6

18.4

11.8

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

PGIM India ELSS Tax Saver Fund

33.6

768

2.3

0.7

2.9

11.4

14.4

13.1

0.47

EQUITY – SMALL CAP FUNDS

SBI Small Cap Fund

159.5

36268

1.6

0.8

-1.2

13.4

17.5

17.6

0.52

HYBRID – BALANCED ADVANTAGE FUNDS

Sundaram Balanced Advantage Fund

35.4

1737

2.1

0.6

6.7

10.8

9.4

8.1

0.45

EQUITY – THEMATIC – CONSUMPTION FUNDS

Sundaram Consumption Fund

90.7

1584

2.2

1.2

-1.7

14.7

14.1

13.6

0.44

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Sundaram Infrastructure Advantage Fund

94.2

947

2.4

1.6

10.4

22.4

22.3

14.8

0.61

EQUITY – LARGE & MID CAP FUNDS

Sundaram Large and Mid Cap Fund

85.3

6987

1.8

0.7

8.3

16.8

16.7

14.6

0.50

EQUITY – SECTOR – PHARMA FUNDS

Tata India Pharma & Healthcare Fund

28.5

1311

2.1

0.6

-2.2

20.4

14.5

10.9

0.47

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Tata Infrastructure Fund

160.9

2016

2.1

1.1

0.0

18.7

21.4

15.2

0.56

EQUITY – LARGE & MID CAP FUNDS

Tata Large & Mid Cap Fund

494.1

8683

1.8

0.7

1.9

12.5

14.7

13.2

0.50

EQUITY – VALUE FUNDS

Tata Value Fund

354.3

9061

1.8

0.8

9.3

20.3

18.3

15.8

0.58

EQUITY – MID CAP FUNDS

Taurus Mid Cap Fund

115.7

129

2.6

2.1

4.0

15.9

16.5

15.2

0.43

HYBRID – EQUITY SAVINGS FUNDS

Union Equity Savings Fund

17.0

144

2.0

1.5

5.8

8.2

7.0

–

0.39

EQUITY – LARGE CAP FUNDS

Union Largecap Fund

23.3

471

2.5

1.7

6.9

12.9

12.8

–

0.38

EQUITY – SECTOR – BANKING FUNDS

UTI Banking and Financial Services Fund

199.8

1382

2.1

1.1

21.3

17.9

16.1

13.5

0.42

EQUITY – TAX SAVING (ELSS) FUNDS

UTI ELSS Tax Saver Fund

203.4

3762

1.9

0.9

6.1

14.0

13.1

12.8

0.38

EQUITY – FLEXI CAP FUNDS

UTI Flexi Cap Fund

305.7

24903

1.7

1.0

0.5

10.8

9.4

12.4

0.23

EQUITY – MID CAP FUNDS

UTI Mid Cap Fund

292.1

11956

1.8

0.9

5.0

16.9

17.1

14.6

0.48

EQUITY – TAX SAVING (ELSS) FUNDS

Aditya Birla Sun Life ELSS Tax Saver Fund

61.1

15415

1.7

1.0

12.9

15.8

11.2

11.5

0.31

EQUITY – LARGE & MID CAP FUNDS

Aditya Birla Sun Life Large & Mid Cap Fund

896.9

5784

1.9

1.1

9.1

16.1

12.7

12.4

0.31

EQUITY – SMALL CAP FUNDS

Aditya Birla Sun Life Small Cap Fund

82.2

4938

1.9

0.9

6.3

17.4

17.6

13.1

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

Axis Aggressive Hybrid Fund

20.4

1550

2.2

1.1

6.5

11.9

10.3

–

0.33

EQUITY – TAX SAVING (ELSS) FUNDS

Axis ELSS Tax Saver Fund

94.6

34263

1.5

0.8

5.8

15.2

11.1

12.3

0.25

EQUITY – FOCUSED FUNDS

Axis Focused Fund

52.4

11972

1.8

0.8

4.3

12.3

8.3

12.2

0.16

EQUITY – LARGE CAP FUNDS

Axis Large Cap Fund

60.3

33556

1.6

0.7

6.5

12.7

10.6

12.8

0.27

HYBRID – CONSERVATIVE HYBRID FUNDS

Bandhan Conservative Hybrid Fund

32.5

102

2.0

1.0

5.8

7.9

5.9

6.7

0.31

HYBRID – EQUITY SAVINGS FUNDS

Bandhan Equity Savings Fund

31.8

399

1.1

0.2

5.5

7.8

7.0

6.5

0.63

EQUITY – MID CAP FUNDS

DSP Midcap Fund

145.2

19586

1.7

0.7

8.9

19.8

15.5

15.3

0.44

EQUITY – LARGE CAP FUNDS

Groww Largecap Fund

43.0

132

2.5

1.2

9.9

14.2

13.1

12.0

0.37

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HSBC Infrastructure Fund

45.0

2271

2.1

1.0

3.7

22.7

23.3

16.2

0.60

EQUITY – MID CAP FUNDS

HSBC Midcap Fund

394.0

12440

1.7

0.7

14.2

24.8

20.4

16.5

0.50

EQUITY – THEMATIC – CONSUMPTION FUNDS

ICICI Prudential FMCG Fund

437.4

1908

2.2

1.3

-7.1

4.7

10.5

11.0

0.33

HYBRID – AGGRESSIVE HYBRID FUNDS

LIC MF Aggressive Hybrid Fund

194.5

534

2.5

1.4

7.4

13.3

10.6

10.0

0.36

EQUITY – SECTOR – BANKING FUNDS

LIC MF Banking & Financial Services Fund

22.2

279

2.5

1.2

21.2

13.9

11.3

0.35

EQUITY – TAX SAVING (ELSS) FUNDS

LIC MF ELSS Tax Saver

148.7

1097

2.2

1.0

3.0

16.5

14.2

13.1

0.44

EQUITY – FLEXI CAP FUNDS

LIC MF Flexi Cap Fund

98.0

1063

2.3

1.3

5.8

15.8

12.6

10.9

0.35

EQUITY – MID CAP FUNDS

LIC MF Midcap Fund

27.9

346

2.5

1.4

2.9

20.2

16.9

–

0.45

EQUITY – SMALL CAP FUNDS

LIC MF Small Cap Fund

27.8

619

2.4

1.0

-6.9

16.8

20.9

–

0.50

EQUITY – VALUE FUNDS

LIC MF Value Fund

23.8

199

2.5

1.4

1.6

14.3

15.4

–

0.39

HYBRID – BALANCED ADVANTAGE FUNDS

Motilal Oswal Balanced Advantage Fund

18.1

872

2.3

1.0

-3.9

6.8

5.0

–

0.12

EQUITY – FOCUSED FUNDS

Motilal Oswal Focused Fund

42.4

1513

2.1

1.0

6.1

10.6

8.8

11.2

0.19

EQUITY – LARGE & MID CAP FUNDS

Navi Large & Midcap Fund

34.5

315

2.3

0.5

3.8

13.1

15.4

13.2

0.46

HYBRID – CONSERVATIVE HYBRID FUNDS

Nippon India Conservative Hybrid Fund

60.1

933

1.9

1.1

9.2

8.4

5.9

1.19

HYBRID – EQUITY SAVINGS FUNDS

Nippon India Equity Savings Fund

16.4

920

1.8

0.7

6.5

8.8

8.4

5.0

0.57

HYBRID – AGGRESSIVE HYBRID FUNDS

PGIM India Aggressive Hybrid Equity Fund

127.4

215

2.3

0.8

3.7

11.1

10.3

9.1

0.32

EQUITY – LARGE CAP FUNDS

PGIM India Large Cap Fund

336.1

598

2.4

0.8

6.6

11.3

11.0

0.32

EQUITY – VALUE FUNDS

Quantum Value Fund

124.5

1208

2.1

1.1

3.6

16.4

15.4

12.8

0.58

EQUITY – FLEXI CAP FUNDS

Shriram Flexi Cap Fund

19.9

137

2.4

0.8

4.5

11.2

–

0.26

EQUITY – DIVIDEND YIELD FUNDS

Sundaram Dividend Yield Fund

138.2

919

2.3

1.0

7.4

17.0

16.4

15.7

0.55

EQUITY – SECTOR – IT FUNDS

Tata Digital India Fund

47.7

12255

1.7

0.4

-6.2

13.9

14.9

16.6

0.37

EQUITY – FLEXI CAP FUNDS

Taurus Flexi Cap Fund

216.0

357

2.6

0.4

14.0

13.0

10.0

0.37

EQUITY – SECTOR – PHARMA FUNDS

UTI Healthcare Fund

272.2

1102

2.3

1.3

1.1

23.2

14.9

11.4

0.45

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

UTI Infrastructure Fund

140.0

2171

2.2

1.9

7.3

20.4

19.9

14.5

0.60

HYBRID – BALANCED ADVANTAGE FUNDS

UTI-Unit Linked Insurance Plan

41.4

5212

1.7

1.0

3.8

9.0

7.7

7.8

0.37

EQUITY – THEMATIC – MNC FUNDS

Aditya Birla Sun Life MNC Fund

–

1277.0

3577

2.0

1.3

2.5

12.7

8.4

8.8

0.22

HYBRID – CONSERVATIVE HYBRID FUNDS

Bank of India Conservative Hybrid Fund

–

34.3

2.1

1.2

4.4

7.2

10.2

7.4

0.85

EQUITY – MULTI CAP FUNDS

Baroda BNP Paribas Multi Cap Fund

–

276.9

3142

2.0

0.9

2.7

18.0

18.7

14.6

0.52

EQUITY – SMALL CAP FUNDS

Canara Robeco Small Cap Fund

–

37.2

13102

1.7

0.5

3.5

16.1

22.4

–

0.61

EQUITY – SMALL CAP FUNDS

Edelweiss Small Cap Fund

–

42.5

5459

1.8

0.4

4.2

19.9

22.9

–

0.64

HYBRID – AGGRESSIVE HYBRID FUNDS

Groww Aggressive Hybrid Fund

–

20.7

2.4

1.4

5.9

11.5

–

0.39

EQUITY – TAX SAVING (ELSS) FUNDS

Groww ELSS Tax Saver Fund

–

19.3

2.3

0.9

4.6

13.8

12.5

–

0.36

EQUITY – VALUE FUNDS

Groww Value Fund

–

26.7

2.3

0.9

10.1

16.9

15.4

10.8

0.49

EQUITY – LARGE & MID CAP FUNDS

HSBC Large & Mid Cap Fund

–

26.8

4658

1.9

0.8

10.1

21.0

17.7

–

0.42

EQUITY – MULTI CAP FUNDS

ICICI Prudential Multicap Fund

–

782.4

16263

1.7

0.9

6.2

19.8

19.1

15.2

0.64

EQUITY – CONTRA FUNDS

Invesco India Contra Fund

–

132.6

20658

1.6

0.5

6.6

19.5

17.6

16.2

0.56

HYBRID – EQUITY SAVINGS FUNDS

Invesco India Equity Savings Fund

–

16.6

394

2.3

0.8

2.2

10.6

7.8

–

0.39

EQUITY – MULTI CAP FUNDS

Invesco India Multicap Fund

–

120.2

4130

1.9

0.7

-2.5

15.9

13.5

0.45

EQUITY – CONTRA FUNDS

Kotak Contra Fund

–

153.1

5136

1.8

0.6

11.6

20.9

19.4

16.9

0.63

HYBRID – CONSERVATIVE HYBRID FUNDS

LIC MF Conservative Hybrid Fund

–

83.4

2.3

1.4

4.8

6.8

5.8

6.6

0.31

HYBRID – EQUITY SAVINGS FUNDS

LIC MF Equity Savings Fund

–

27.6

2.4

1.2

6.4

9.0

8.0

6.8

0.38

EQUITY – FOCUSED FUNDS

LIC MF Focused Fund

–

20.5

172

2.5

1.6

2.4

10.5

12.0

–

0.33

EQUITY – SECTOR – PHARMA FUNDS

LIC MF Healthcare Fund

–

27.4

2.5

1.2

-3.7

18.4

11.4

–

0.33

EQUITY – LARGE CAP FUNDS

Mahindra Manulife Large Cap Fund

–

23.3

756

2.3

0.6

9.2

14.8

14.2

–

0.46

EQUITY – MULTI CAP FUNDS

Mahindra Manulife Multi Cap Fund

–

35.3

6133

1.8

0.4

11.0

21.1

21.0

–

0.58

EQUITY – TAX SAVING (ELSS) FUNDS

Navi ELSS Tax Saver Fund

–

28.9

2.3

0.4

5.9

12.9

12.8

11.4

0.37

EQUITY – MULTI CAP FUNDS

Nippon India Multi Cap Fund

–

287.7

50352

1.5

0.7

7.8

21.3

24.3

15.5

0.77

HYBRID – EQUITY SAVINGS FUNDS

PGIM India Equity Savings Fund

–

50.2

1.3

0.6

5.7

7.0

7.4

7.1

0.75

EQUITY – FLEXI CAP FUNDS

Quant Flexi Cap Fund

–

93.7

6700

1.8

0.7

2.6

15.8

21.2

18.4

0.56

EQUITY – MULTI CAP FUNDS

Quant Multi Cap Fund

–

576.2

8188

1.8

0.7

-4.3

10.8

16.8

16.5

0.42

EQUITY – CONTRA FUNDS

SBI Contra Fund

–

389.1

49967

1.5

0.7

7.9

20.3

22.9

17.0

0.91

EQUITY – THEMATIC – MNC FUNDS

SBI MNC Fund

–

342.0

5829

1.9

1.2

-2.9

6.5

10.5

10.6

0.31

HYBRID – AGGRESSIVE HYBRID FUNDS

Shriram Aggressive Hybrid Fund

–

31.7

2.4

0.9

7.2

11.6

10.3

9.8

0.32

EQUITY – TAX SAVING (ELSS) FUNDS

Shriram ELSS Tax Saver Fund

–

20.8

2.3

0.8

5.0

11.4

10.8

–

0.25

HYBRID – CONSERVATIVE HYBRID FUNDS

Sundaram Conservative Hybrid Fund

–

29.8

1.1

0.8

4.1

7.1

7.6

6.7

0.61

EQUITY – MULTI CAP FUNDS

Sundaram Multi Cap Fund

–

374.1

2908

2.0

0.9

7.1

17.5

17.9

15.5

0.55

EQUITY – VALUE FUNDS

Sundaram Value Fund

–

221.0

1477

2.2

1.7

8.3

13.5

14.7

12.4

0.49

HYBRID – BALANCED ADVANTAGE FUNDS

Tata Balanced Advantage Fund

–

20.7

9691

1.7

0.4

6.1

10.9

10.6

–

0.64

EQUITY – SECTOR – BANKING FUNDS

Taurus Banking & Financial Services Fund

–

54.0

2.4

1.6

13.3

13.4

14.2

0.35

EQUITY – TAX SAVING (ELSS) FUNDS

Taurus ELSS Tax Saver Fund

–

175.7

2.4

1.8

0.9

14.4

14.1

13.4

0.46

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Taurus Infrastructure Fund

–

63.9

2.5

1.9

2.7

18.7

18.5

14.9

0.48

EQUITY – LARGE CAP FUNDS

Taurus Large Cap Fund

–

156.9

2.6

2.4

7.5

16.0

13.5

10.5

0.37

EQUITY – THEMATIC – MNC FUNDS

UTI MNC Fund

–

390.7

2856

2.0

1.3

6.1

13.6

12.3

10.8

0.40

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HDFC AMC: Leading Play on Mutual Fund Resilience Story

by Hansraj Agrawal | Jan 24, 2026 | Share Market

The markets continue to be in a state of flux as they have been for the past 16 months as US trade tariffs, geopolitical escalations and FPI outflows have prevailed on investor sentiments over revival in domestic demand, healthy GDP growth and low inflation. While large-caps experience periodic slides, the broader markets have taken it on their chin with many pockets in the mid- and small-caps spiralling down.

In this regard, one segment has remained resilient despite its strong linkages to the market’s fortunes. Asset and wealth management companies continue to receive inflows.

The ₹80.2-lakh crore mutual fund industry continues to grow at a fairly healthy clip. And the larger players (especially the bank-backed ones) have received a bigger share of SIP and fixed income inflows from investors.

Equity funds’ AUM has risen 19.2 per cent in the last one year to ₹58.7 lakh crore, as of December 2025, while debt fund assets have risen 21.9 per cent to ₹21.5 lakh crore. SIP AUM has risen 22 per cent in the past 12 months to ₹16.6 lakh crore.

And a key beneficiary and one of the largest in the space has been HDFC Asset Management Company (HDFC AMC). The third largest company in the mutual funds space manages ₹9.2 lakh crore as of December 2025.

We had given a hold in the stock in June 2024 at ₹1,966 (pre 1:1 bonus price of ₹3,913), mainly as markets were at all-time highs, and a more careful approach was necessary while approaching market-linked companies, as valuations were not inexpensive. The stock rallied to ₹2,946-levels in August 2025 and has since corrected 18 per cent to ₹2,430-level currently.

At this price, the HDFC AMC stock trades at about 31 times its likely per share earnings for FY27. This multiple is at a discount to ICICI Prudential AMC’s forward price earnings ratio of about 35 times – the company actually came at a discount to HDFC AMC during the IPO in December 2025, but has since rallied 35 per cent from the upper-band price.

On a market capitalisation to AUM basis, HDFC AMC is available at around 11 per cent compared to 13 per cent for ICICI Prudential AMC as per their December 2025 assets.

Given the discount in valuation multiples, investors can accumulate the shares of HDFC AMC from a three-year perspective, especially on declines linked to the broader market.

Solid AUM growth, steep rise in systematic transactions (SIPs + STPs), healthy rise in customer base that sticks on to investments for the long term and expanding market share in actively-managed equity schemes are positives for the company.

In the PMS and alternatives spaces, too, HDFC AMC is making with higher commitments from investors and newer mandates.

In the 9MFY26 period, the company’s revenues from operations increased 18 per cent over 9MFY25 to ₹3,068 crore. Net profits rose 23 per cent over the same period to ₹2,236 crore.

The company’s EBITDA margin has been ranging from 77 per cent to 80 per cent over the years, among the highest in the industry.

Scoring across metrics

HDFC AMC runs several large-sized funds across categories that have done exceedingly well over longer time-frames of 15-20 years. HDFC Balanced Advantage (₹1.08-lakh crore AUM), HDFC Flexicap (₹96,295 crore) and HDFC Midcap (₹92,642 crore) are among the largest in their categories. The large-, large- and mid-cap, focused, small-cap command AUMs of ₹26,000-40,000 crore. Most of its schemes feature in the top quartile of performers over the years.

HDFC AMC has a 12.8 per cent AUM market share in the industry (excluding ETFs) and a 13 per cent share in actively-managed equity-oriented assets.

The equity mix in the company’s AUM is now 66 per cent (December 2025 QAAUM: quarterly average assets under management), as against the industry average of 56.5 per cent.

In recent years, SEBI has looked to steadily reduce charges on mutual funds, especially equity schemes when asset sizes swell. However, despite these lower charges, the company managed a yield (revenue to average AUM) of 46 basis points in 9MFY26, broadly in line with the levels seen in the past two-three years. This yield is the second-highest among listed peers and is among the highest in the industry. The operating margin (as a percentage of QAAUM) has still remained stable or marginally increased at 36 basis points.

Further, HDFC AMC’s SIP AUM stood at ₹2,21,200 crore as of December 2026, up 24.5 per cent year on year, faster than the industry’s growth rate of 22 per cent.

SIP market share has risen from 13 per cent in December 2024 to 13.3 per cent in December 2025.

Monthly systematic transactions (SIP and STP) have risen nearly 24 per cent to ₹4,730 crore as of December 2025.

HDFC AMC’s unique investors increased from 12.6 million in December 2024 to 15.4 million in December 2025. Their share has risen from 24 per cent of the industry to 26 per cent currently. With 96 per cent of the fund house’s transactions being done digitally, operational costs are low.

The company’s alternatives businesses (PMS and AIF) have seen AUM increase from ₹5,000 crore to ₹8,400 crore in the last one year. Recently, the company has been awarded mandates from the Employees’ Provident Fund Organisation (EPFO) and the Seaman’s Provident Fund Organisation (SPFO).

The key risk to the company’s healthy run would be a prolonged bear market and leading to sulking investor sentiments, resulting in lower inflows.

Published on January 24, 2026

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SIF Review: ICICI Prudential iSIF Equity Ex-Top 100 Long-Short Fund and iSIF Hybrid Long-Short Fund

by Hansraj Agrawal | Jan 24, 2026 | Share Market

Specialised Investment Funds (SIFs) sit between mutual funds and PMS/AIFs, offering added portfolio tools at a ₹10-lakh minimum investment.

ICICI Prudential MF has launched iSIF Equity Ex-Top 100 Long-Short Fund and iSIF Hybrid Long-Short Fund; the NFOs close January 30. Here is a detailed review.

Long-short equity

A long-short approach means the fund buys stocks it finds attractive (going long) and uses limited shorts to offset risk. Shorting is essentially a way to profit if a stock falls, or to reduce the impact of market declines, so the portfolio can stay invested with potentially lower swings.

Ex-Top 100 Long-Short means the strategy focusses on stocks outside the large-cap/top-100 bucket (mid- and small-caps as per the AMFI large-cap definition).

The SIF can buy selected mid-/small-caps and also take limited ‘short’ positions using derivatives, up to 25 per cent short exposure through unhedged derivative positions in Ex-Top 100 stocks.

Mid-/small-caps can surge in upcycles but give back sharply in downcycles; the long-short structure aims to manage that volatility while staying invested.

Its benchmark will be Nifty 500 TRI; exit load is 1 per cent if redeemed within 12 months, nil thereafter. As per the AMC, the offering is subject to LTCG rate of 12.5 per cent with holding period of 12 months.

You can get the mid-/small-cap ‘long’ exposure through existing mutual fund categories, but the differentiator here is the built-in unhedged short book. A DIY alternative — pairing a mid-/small-cap fund with your own hedges, will shift the burden of execution and risks to the investor.

Investors should note that in rallies, long-short funds can lag long-only equity as hedges cap some upside. In declines, they may cushion drawdowns if hedges work, but they can still lose money if positioning is wrong. In choppy markets, outcomes depend on stock selection and hedge execution. In sharp, fast reversals, they can underperform if hedges are put on/off at the wrong time.

A long-short equity fund is best viewed as a risk-management wrapper around equity exposure, not a return shortcut. The long book seeks growth from chosen stocks; the short book is meant to cushion drawdowns, reduce froth-risk in overheated pockets, and smooth the ride. Outcomes will depend heavily on manager skill, costs, and how actively the short book is used. Investors should treat it as a satellite allocation within a diversified plan.

Long-short hybrid

ICICI Prudential’s iSIF Hybrid Long-Short Fund is built on a hybrid strategy that evaluates opportunities across equity and debt, and can use derivatives in both, with the aim of smoother outcomes and lower volatility across market phases.

In normal conditions, the strategy plans to keep about two-thirds to three-fourths in shares, and about one-fourth to one-third in debt and cash, with a small slice (up to 10 per cent) in InvIT units. It can also use derivatives extensively for hedging and portfolio management; unhedged equity exposure is permitted up to 25 per cent of net assets (intended allocation <10 per cent). Net equity exposure (excluding arbitrage-hedged positions) can range from -7.5 per cent to +75 per cent. So, it can dial equity risk down sharply when needed or keep it fairly high when opportunities look good.

On stock selection, it says it will pick individual stocks based on fundamentals, run the debt side mainly for steady interest income with occasional duration calls. It may also take opportunities in events such as IPOs, QIPs, blocks or buybacks when they look attractive.

Allocation calls will be based on various parameters, mainly based on market triggers and market dynamics. The SIF’s equity positioning is framed around the Nifty 50 price-to-book (P/B). When valuations are undervalued (P/B below 3), it keeps net equity high (65-75 per cent) and uses low derivatives (0-10 per cent). In a range-bound phase (P/B 3.0-3.7), it runs a balanced stance with net equity at 25-65 per cent and derivatives at 0-40 per cent. When valuations look overvalued (P/B above 3.7), it cuts net equity to 0-25 per cent and raises derivative allocation sharply (40-100 per cent) to manage risk. As on December 31, 2025, Nifty 50 P/B was 3.55.

The hybrid SIF carries an exit load of 1 per cent if redeemed within 12 months (nil thereafter). This is an interval strategy so redemptions/switch-outs are offered only twice a week. Per the AMC, the offering is subject to STCG at 20 per cent up to 12 months and LTCG at 12.5 per cent beyond 12 months.

You can build a broad analogue of this offering by combining a hybrid/balanced fund plus arbitrage/derivative-income and a high-quality debt fund, but the differentiator is the ability to vary net equity exposure and use derivatives overlays within one mandate.

In rising markets, it may lag pure equity (and sometimes even an equity long-short). In declines, it may hold up better than equity-heavy funds. Sideways or choppy markets can sometimes be a better environment because the debt can add carry while the equity long-short part tries to benefit from stock selection and relative opportunities. In rate-shock phases, there can be a trade-off. If yields rise quickly, debt prices can fall even as the strategy is managing equity risk; if yields fall, the debt part may support returns.

Think of it as ‘hybrid first, long-short second’. The core is an equity-plus-debt portfolio, and the long-short toolkit is mainly used to dial equity risk up or down. It suits investors who want equity plus debt in one fund and are okay with the manager using hedges and limited shorts to manage swings.

Published on January 24, 2026

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Parag Parikh Large Cap Fund NFO: Should You Invest?

by Hansraj Agrawal | Jan 24, 2026 | Share Market

In the broader market corrections over the past 16 months, large-caps have been far more resilient than mid/small-cap stocks.

As stable bluechips with steady cashflows, ability to withstand macro headwinds and generally strong business models have helped them stay a bit more insulated. That said, some large-caps, too, have suffered corrections due to elevated valuations.

The large-cap mutual fund category has been a bit of an average to modest segment as many schemes tend to find it challenging even to match standard benchmark returns.

Consistently beating the Nifty 100 TRI or Nifty 50 TRI has been a rarity with only a handful able to do so over longer timeframes of 5-10 years.

Amidst this background, one of India’s most popular asset management companies that also runs the largest flexicap scheme in the country is rolling out its only other equity offering – a large-cap mutual fund.

The Parag Parikh Large Cap new fund offer (NFO) is open for subscription till January 30, 2026. It promises a low-cost strategy to invest in India’s largest companies.

Should you be investing in this new fund. Read on for our take:

Index plus derivatives

The Parag Parikh Large Cap fund is benchmarked to the Nifty 100 TRI. The top 100 large-cap companies represented 76 per cent of the profit pool among the top 500 listed firms by market capitalisation as of November 2025.

The scheme is expected to work like an index, and not as a heavy churner in search of higher returns

Broadly, five strategies would be applied by the new fund.

First, single-stock futures would be used. So, if a company’s futures price for the near-month trades is lower than what prevails in the cash market, the fund may use futures to create exposure more efficiently via stock-futures arbitrage.

Second, as with stocks earlier, index futures, too, would be deployed if there is an arbitrage opportunity between cash and derivatives markets.

Third, if a Nifty 100 company merges with another firm, the fund may buy the stock at a discount to the merger ratio at a different date for better execution.

Fourth, when the Nifty 100 constituents change, the fund may rebalance gradually and not immediately after the index date for more favourable stock prices.

The fifth strategy is using a low active share. So, when there are corporate actions such as demergers or special situations, the fund may decide on its entries and exits in a phased manner to reduce impact costs while keeping overall active share low (under 10 per cent, according to the fund presentation).

The expense ratio has been kept quite low. It is 0.15 per cent for the direct plan and 0.55 per cent for the regular plan of the new fund. These figures include additional expenses and exclude GST on management fees.

What should investors do?

Barring the stock and index arbitrage parts, and possibly the index rebalancing strategy periodically, there is no certainty on mergers or special situations happening on an ongoing basis, especially when the universe comprises the relatively stable large-caps.

The entire ability of the fund to match or exceed the index returns hinges on the successful execution of the stock and index arbitrage derivative strategies.

In fact, the fund presentation itself says the fund may not suit those wanting to outperform the index significantly or for those looking for active strategies based on fundamentals.

There is no model or backtested data shared, so gauging the likely performance is not possible.

From a longer investment timeframe standpoint, only 13 out of 24 active large-cap funds have outperformed the Nifty 100 TRI on a point-to-point basis over the past 10 years (as of Jan 21, 2026).

On a monthly SIP basis over the past 10 years, the figure improves to 15 out of 24 funds outperforming the benchmark.

For most investors, ICICI Prudential Large Cap and Nippon India Large Cap must be the top choices and can be the core part of their portfolios. Canara Robeco Large Cap and Invesco India Large Cap are other reasonably sound options.

Parag Parikh Mutual Fund’s flexicap scheme has a great track record and a strong value-driven philosophy. Incidentally, that scheme is large-cap heavy.

Given that the new Parag Parikh Large Cap fund seeks to be more of an index-like scheme with arbitrage opportunities potentially providing the kicker, it remains to be seen if the strategy would pay off.

Only investors willing to bet on the fund house under all circumstances and those not seeking anything significantly more than the Nifty 100 should allot small sums to the NFO. Others can wait out for the scheme to develop a track record before taking exposure, especially as there are established schemes with solid performance records available.

Published on January 24, 2026

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