HDFC Mutual Fund in 2026: three funds above ₹1 lakh crore

The house in one number

HDFC Mutual Fund managed an average of ₹9,69,076 crore in July–September 2026, 11.11% of the industry's ₹87,21,848 crore on AMFI's quarterly average AUM figures, which leave out domestic fund-of-funds. Its fund house page shows the same number.

It is third, as it has been for 21 straight quarters since July–September 2021. Before that it led the industry from 2011 to 2015, and again from late 2018 to the end of 2019. Over the last year it grew 9.94%, from ₹8,81,429 crore, slower than the industry's 13.06%, so its share slipped again.

July–September 2019 was HDFC's peak share in our record. For the whole league table, see the largest mutual fund houses by AUM.

What it runs

Counting each open-ended scheme once, by its Direct Growth plan, and leaving out ETFs and segregated portfolios, HDFC runs 87 schemes: 31 index funds, 22 equity funds (10 diversified, 12 sectoral or thematic), 15 debt funds, 9 fund-of-funds, 6 hybrid funds and 4 retirement or children's schemes. It also runs 20 ETFs.

What sets HDFC apart is where the money sits. Equity funds held 45.0% of the money in its schemes in July–September, against 31.6% at SBI and 34.8% at ICICI Prudential. ETFs, which make up more than a quarter of SBI's and Nippon India's assets, are only 4.4% of HDFC's. Debt funds held 23.8% and hybrids 17.0%.

Three funds above ₹1 lakh crore

Average AUM for July–September 2026, all plans combined:

Only six schemes in India averaged more than ₹1 lakh crore in the quarter, and HDFC runs three of them. The others are two SBI index ETFs and Parag Parikh Flexi Cap. Together the three hold ₹3,23,041 crore, about a third of the house. HDFC Mid Cap is the largest mid-cap fund by a wide margin (Kotak Mid Cap is next at ₹69,235 crore), and HDFC Balanced Advantage the largest balanced advantage fund.

How its equity funds compare

Each diversified equity fund's three-year annualised return, Direct Growth, to 9 October 2026, against its SEBI category's median (only funds with three years of history are ranked):

Four of ten were above their category's middle. The Dividend Yield fund is its category's median fund, and the Mid Cap fund missed its median by half a hundredth of a point. Taken together the typical HDFC fund sat almost exactly on its median, in line with our fund-house scorecard.

The spread is wide. The HDFC Value vs Axis Value page shows the leader of the group; at the other end, HDFC Small Cap was last of the 24 small-cap funds with a three-year record, and over the last year returned −4.04% while the category median made 9.89%. Only 1 of the 10, the Value fund, beat its category's one-year median.

What it charges

On the expense ratios filed with AMFI for 30 September 2026, HDFC's median direct plan charged 0.45%, against 0.68% across the industry's 1,746 open-ended Direct Growth schemes with a filed figure; its 31 index funds pull the middle down. Its 22 equity funds had a median of 1.03%, against the industry's 1.09%.

Size helps, because SEBI's expense limits fall as a fund grows. HDFC's three cheapest equity funds are its three largest: Mid Cap at 0.76%, Flexi Cap at 0.77% and Small Cap at 0.79%. The dearest scheme was HDFC MNC at 1.89%, then HDFC Arbitrage at 1.50%; since April 2026 the filed ratio includes brokerage and statutory levies, which weigh most on funds that trade a lot (what a fund really costs).

What its equity funds own

Across HDFC's 22 equity funds, from portfolios disclosed for 30 September 2026. Rupee values are each fund's weight times its July–September average assets, so they are estimates:

HDFC's funds own more ICICI Bank than HDFC Bank. Eternal, the former Zomato, is the stock held by the most of them, 13 of 22.

Who runs the money

HDFC's Scheme Summary Documents, filed in September and October 2026, show one long tenure and several recent changes. Chirag Setalvad has run HDFC Mid Cap since June 2007 and HDFC Small Cap since June 2014, ₹1,47,016 crore between them. Gopal Agrawal has run the equity side of Balanced Advantage since July 2022 and Large & Mid Cap since July 2020, and since September 2026 is named across most of the equity range as manager for overseas investments. Anand Laddha has run the Value fund since February 2024.

The Flexi Cap and Focused funds both changed lead manager on 1 February 2026, to Amit Ganatra and Amar Kalkundrikar. So most of their three-year records were built by someone else, which is worth knowing before reading the table above. The guide to fund manager changes covers what to look at.

What this does not tell you

• A big fund is not a better fund. HDFC Mid Cap is the largest in its category and sat at its median.
• Three years is one phase. HDFC's value and flexi-cap funds led their categories and its small-cap fund trailed. Either can turn.
• Estimates, not holdings statements. Rupee values mix a month-end weight with a quarter's average assets.

None of this is a recommendation of any fund or fund house. The screener has current figures for every HDFC scheme.