The measure
AMFI publishes each scheme's average assets for every quarter. We compared July–September 2026 with April–June 2026 for equity-category schemes with a Direct Growth plan (ETFs excluded) and at least ₹2,000 crore in the earlier quarter. That left 227 schemes.
210 of the 227 grew. Together they went from ₹27,30,184 crore to ₹29,24,523 crore, up 7.1%. The change mixes new money and market gains: it tells you which schemes got bigger, not why.
The biggest gains in rupees
| Scheme | Category | Apr–Jun (₹ crore) | Jul–Sep (₹ crore) | Change |
|---|---|---|---|---|
| HDFC Mid Cap Fund | Mid Cap | 96,040 | 1,05,346 | +9,306 (9.7%) |
| HDFC Flexi Cap Fund | Flexi Cap | 1,01,793 | 1,10,925 | +9,132 (9.0%) |
| Nippon India Small Cap Fund | Small Cap | 73,159 | 80,841 | +7,682 (10.5%) |
| Bandhan Small Cap Fund | Small Cap | 26,012 | 32,794 | +6,781 (26.1%) |
| Parag Parikh Flexi Cap Fund | Flexi Cap | 1,40,660 | 1,47,064 | +6,405 (4.6%) |
| SBI Focused Fund | Focused | 44,948 | 50,167 | +5,220 (11.6%) |
| Motilal Oswal Midcap Fund | Mid Cap | 36,069 | 40,809 | +4,740 (13.1%) |
| Nippon India Growth Mid Cap Fund | Mid Cap | 46,445 | 51,142 | +4,697 (10.1%) |
| SBI Small Cap Fund | Small Cap | 36,876 | 41,386 | +4,510 (12.2%) |
| Quant Small Cap Fund | Small Cap | 30,875 | 35,054 | +4,178 (13.5%) |
Seven of the ten are mid- or small-cap funds, with two flexi-caps and one focused fund. Bandhan Small Cap's 26.1% stands out among the large ones: it added more than a quarter to its size in a single quarter.
The fastest growers by percentage
| Scheme | Category | Apr–Jun | Jul–Sep | Growth |
|---|---|---|---|---|
| Abakkus Flexi Cap | Flexi Cap | 4,325 | 6,825 | 57.8% |
| Bank of India Small Cap | Small Cap | 2,235 | 3,105 | 38.9% |
| HDFC Pharma and Healthcare | Sectoral/Thematic | 2,282 | 3,128 | 37.1% |
| Old Bridge Focused | Focused | 3,088 | 4,185 | 35.5% |
| Bandhan Innovation | Sectoral/Thematic | 2,151 | 2,807 | 30.5% |
| ICICI Prudential Transportation and Logistics | Sectoral/Thematic | 3,013 | 3,926 | 30.3% |
| SBI Healthcare Opportunities | Sectoral/Thematic | 4,319 | 5,565 | 28.9% |
| WhiteOak Capital Mid Cap | Mid Cap | 5,514 | 7,096 | 28.7% |
Four of the eight are sector or thematic funds, and two of those are healthcare funds. Growth rates this high come from smaller bases, so a 58% rise for Abakkus is about ₹2,500 crore, roughly a quarter of what HDFC Mid Cap added.
Who shrank
Only 17 of the 227 shrank, and none by much. The largest falls in rupees:
| Scheme | Apr–Jun | Jul–Sep | Change |
|---|---|---|---|
| ICICI Prudential Energy Opportunities | 8,641 | 8,236 | −405 (−4.7%) |
| ICICI Prudential Equity Minimum Variance | 2,964 | 2,721 | −242 (−8.2%) |
| SBI Energy Opportunities | 8,693 | 8,466 | −226 (−2.6%) |
| SBI Quant Fund | 3,082 | 2,910 | −172 (−5.6%) |
| Templeton India Value | 2,110 | 1,956 | −154 (−7.3%) |
Two energy funds are among the top three, and the biggest loss is only ₹405 crore. In a quarter when 92% of these schemes grew, shrinking means a fund fell behind both its own inflows and the market.
Why it matters
- Size changes how a fund can behave. Small-cap funds that grow quickly may face limits on new investments; see small-cap fund portfolio concentration.
- Growth in size is not a signal of quality. Check returns and costs on the fund's own page, or shortlist in the screener.
- For the biggest houses, see the league table of fund houses.
Source: AMFI quarterly average scheme AUM, April–June and July–September 2026, matched to Direct Growth plans. Schemes with under ₹2,000 crore in April–June are excluded. Figures are rounded.
Frequently asked questions
Does AUM growth mean investors poured money in?
Not by itself. A scheme's average assets rise when investors add money and when its holdings rise in value. These figures cannot separate the two, so a big gain is a sign of size changing, not proof of inflows.
Which equity scheme gained the most money?
HDFC Mid Cap Fund, up ₹9,306 crore from April–June to July–September 2026 (9.7%), followed by HDFC Flexi Cap at ₹9,132 crore and Nippon India Small Cap at ₹7,682 crore.
Which grew fastest in percentage terms?
Among schemes with at least ₹2,000 crore in April–June, Abakkus Flexi Cap grew 57.8%, from ₹4,325 crore to ₹6,825 crore.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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