Why these four
Of the 24 value funds with a published average AUM for the July–September 2026 quarter, these four are the largest: ICICI Prudential Value, HSBC Value, Bandhan Value, and UTI Value. Together they hold ₹94,685 crore, 67% of the category. A value fund must keep at least 65% in stocks picked on a value strategy, usually shares that look cheap against earnings or assets. Such stocks can lag for years and then lead, so a window of three years can favour or punish the whole style. Every figure is for the Direct plan, Growth option, from NAVs to 22 October 2026.
| Fund | Average AUM, July–September 2026 (₹ crore) | Share of category | Direct plan expense ratio |
|---|---|---|---|
| ICICI Prudential Value | 60,108 | 42.2% | 1.08% |
| HSBC Value | 15,096 | 10.6% | 0.88% |
| Bandhan Value | 9,945 | 7.0% | 0.95% |
| UTI Value | 9,537 | 6.7% | 1.35% |
Returns
| Fund | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| ICICI Prudential Value | −9.23% | 10.68% | 12.36% | 13.90% |
| HSBC Value | −3.59% | 13.61% | – | – |
| Bandhan Value | −5.41% | 9.39% | 11.59% | 14.45% |
| UTI Value | −8.88% | 10.73% | 9.56% | 12.68% |
| Category median | −5.76% | 10.73% | 11.31% | 12.96% |
Returns of a year or more are compounded annual rates. Over three years HSBC Value led at 13.61% and Bandhan Value was lowest at 9.39%, a gap of 4.22 points a year against a category median of 10.73%. All four were negative over one year.
Calendar years
| Year | ICICI Prudential Value | HSBC Value | Bandhan Value | UTI Value | Category median |
|---|---|---|---|---|---|
| 2022 | 15.59% | – | 4.30% | 5.04% | 5.71% |
| 2023 | 32.08% | 40.71% | 34.05% | 27.63% | 34.56% |
| 2024 | 20.65% | 27.13% | 19.30% | 24.28% | 21.73% |
| 2025 | 14.36% | 8.02% | 6.16% | 7.71% | 6.16% |
| 2026 to 22 Oct | −12.05% | −6.16% | −7.13% | −10.05% | −7.02% |
A single calendar year can flatter or punish a fund by several points, which is why a table by year says more than one trailing figure. A dash means the fund did not hold a full record for that year.
Risk
| Fund | Volatility (3 yr) | Worst fall (3 yr) | Sharpe ratio | Now vs peak |
|---|---|---|---|---|
| ICICI Prudential Value | 11.4% | −14.0% | 0.37 | −12.5% |
| HSBC Value | 16.1% | −19.6% | 0.44 | −8.0% |
| Bandhan Value | 13.0% | −17.9% | 0.22 | −9.9% |
| UTI Value | 13.5% | −17.2% | 0.31 | −11.0% |
| Category median | 14.1% | −18.0% | 0.29 | −9.8% |
ICICI Prudential Value was the steadiest of the four on three-year volatility (11.4%) and HSBC Value the bumpiest (16.1%). Volatility is the annualised standard deviation of daily returns; the worst fall is the deepest peak-to-trough drop in the last three years. The Sharpe ratio uses a 6.5% risk-free rate.
What a monthly SIP earned
| Fund | 3-year SIP return (a year) | 5-year SIP return (a year) |
|---|---|---|
| ICICI Prudential Value | 0.09% | 9.61% |
| HSBC Value | 2.99% | – |
| Bandhan Value | 0.57% | 8.87% |
| UTI Value | 0.20% | 8.56% |
| Category median | 0.38% | 9.51% |
SIP returns are annualised (XIRR) for ₹10,000 a month. They differ from lump-sum returns because each instalment buys at a different price.
What they own
| Fund | Stocks held | Top-10 share of portfolio | Largest five holdings |
|---|---|---|---|
| ICICI Prudential Value | 60 | 51.2% | HDFC Bank Ltd 9.5%, ICICI Bank Ltd 9.0%, Life Insurance Corp of India 5.8%, Reliance Industries Ltd 5.1%, ITC Ltd 4.5% |
| HSBC Value | 84 | 30.9% | ICICI Bank Ltd 4.2%, HDFC Bank Ltd 4.2%, Karur Vysya Bank Ltd 3.6%, The Federal Bank Ltd 3.4%, State Bank of India 3.2% |
| Bandhan Value | 62 | 43.2% | HDFC Bank Ltd 8.3%, Kotak Mahindra Bank Ltd 6.6%, Reliance Industries Ltd 6.2%, ICICI Bank Ltd 4.2%, Tata Consultancy Services Ltd 3.7% |
| UTI Value | 63 | 41.1% | HDFC Bank Ltd 8.0%, ICICI Bank Ltd 6.3%, Bharti Airtel Ltd 4.2%, Kotak Mahindra Bank Ltd 4.2%, Axis Bank Ltd 3.9% |
Portfolios are the latest filed monthly disclosures. A concentrated fund puts more of its result on a few names; ICICI Prudential Value is the most concentrated of the four with 51.2% in its ten largest holdings, and HSBC Value the least at 30.9%.
How much they overlap
| Pair | Stocks in common | Overlap by weight |
|---|---|---|
| ICICI Prudential Value / HSBC Value | 18 | 26.4% |
| ICICI Prudential Value / Bandhan Value | 24 | 51.6% |
| ICICI Prudential Value / UTI Value | 24 | 44.7% |
| HSBC Value / Bandhan Value | 21 | 28.9% |
| HSBC Value / UTI Value | 20 | 30.4% |
| Bandhan Value / UTI Value | 22 | 43.3% |
"Overlap by weight" adds up, stock by stock, the smaller of the two weights. The closest pair is ICICI Prudential Value and Bandhan Value at 51.6%; the most different is ICICI Prudential Value and HSBC Value at 26.4%. Holding two funds with a high overlap buys little diversification.
Cost
Among the four, HSBC Value charged the lowest Direct expense ratio at 0.88% and UTI Value the highest at 1.35%. On a ₹10 lakh holding that is a difference of ₹4,700 a year. Expense ratios are deducted from the NAV every day, so they are already inside the returns shown above.
Reading the comparison
- Size is not a verdict. These are the largest funds in the category, not the best; a fund's rank by AUM says nothing about its rank by return.
- Three years is a short window for an equity fund. A fund that led in the last rally may lag in the next fall.
- Returns are historical, computed from NAVs, and not a forecast. The closest pair by holdings was ICICI Prudential Value and Bandhan Value (51.6% overlap by weight).
- This is not a recommendation to buy or sell any fund.
Source: AMFI NAVs to 22 October 2026; AMFI average AUM for July–September 2026; fund houses' TER disclosures; monthly portfolio disclosures.
Frequently asked questions
Which is the biggest value fund in India?
By average AUM for July–September 2026, ICICI Prudential Value at about ₹60,108 crore, ahead of HSBC Value (₹15,096 crore), Bandhan Value (₹9,945 crore) and UTI Value (₹9,537 crore).
Which of the four biggest value funds has the best 3-year return?
HSBC Value, at 13.61% a year to 22 October 2026, against 9.39% for Bandhan Value and a category median of 10.73%. Direct plan, Growth option.
Which has the lowest expense ratio?
HSBC Value, at 0.88% for the Direct plan; UTI Value charges 1.35%.
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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