What this measures
When a fund says it holds 50 stocks, that does not mean each gets 2%. The top ten holdings can be a third of the portfolio or more than half. This post measures that, using the monthly portfolio disclosures AMCs publish.
For each Direct Growth scheme with a disclosed equity portfolio, we add up the ten largest holdings as a share of the fund. The figures are as at 30 September 2026 for most schemes, and 31 August for a small number whose latest file was older. Only schemes where more than 70% of the portfolio could be matched to named stocks are included, so the weights are not distorted by a missing sheet.
The table
| Category | Funds | Median top-10 weight | Range | Median holdings | Median largest holding |
|---|---|---|---|---|---|
| Focused | 28 | 50.0% | 36.2% – 74.2% | 29 | 8.1% |
| Large Cap | 34 | 45.4% | 32.8% – 56.4% | 54 | 8.8% |
| ELSS | 50 | 40.7% | 25.1% – 63.3% | 54 | 7.3% |
| Value | 23 | 38.3% | 15.4% – 61.8% | 62 | 6.4% |
| Dividend Yield | 11 | 36.2% | 26.2% – 43.1% | 56 | 5.4% |
| Flexi Cap | 46 | 34.2% | 14.1% – 53.9% | 67 | 6.0% |
| Contra | 5 | 31.8% | 27.0% – 42.9% | 69 | 5.9% |
| Large & Mid Cap | 36 | 30.0% | 19.2% – 59.0% | 69 | 4.9% |
| Mid Cap | 34 | 27.8% | 18.6% – 63.4% | 73 | 3.7% |
| Multi Cap | 33 | 26.9% | 20.3% – 43.0% | 77 | 4.3% |
| Small Cap | 36 | 25.7% | 14.5% – 36.1% | 84 | 3.5% |
Large caps are the most concentrated, not the most diversified
The surprise is the large-cap row. A category that invests in the 100 biggest companies holds a median of 54 stocks with 45.4% in the top ten, more than flexi-cap (34.2%) or mid-cap (27.8%) funds.
The reason is the universe. The largest companies are very large, and a few of them carry a large share of any large-cap index, so a fund that stays near its benchmark ends up with big weights in a handful of names. A small-cap fund, with thousands of stocks to choose from and a lower share in any one, spreads its money far more thinly: a median of 84 holdings and a largest position of 3.5%.
Within large caps the spread is still wide. DSP Large Cap Fund (56.4% in its top ten, 41 stocks) and Franklin India Large Cap Fund (53.8%, 34 stocks) sit at the top. JM Large Cap Fund is lowest at 32.8% across 49 stocks.
Flexi caps range from 14% to 54%
Flexi-cap funds can invest anywhere, and they do not look alike:
| Fund | Top-10 weight | Holdings |
|---|---|---|
| Quant Flexi Cap | 53.9% | 26 |
| Parag Parikh Flexi Cap | 51.0% | 56 |
| Taurus Flexi Cap | 48.3% | 42 |
| HSBC Flexi Cap | 24.0% | 83 |
| AlphaGrep Flexi Cap | 14.1% | 161 |
Two funds in the same category can therefore behave very differently on a day when a few large stocks move. Our look at portfolio concentration in small-cap funds shows the same spread at the other end of the market-cap range, and cash levels in equity funds covers the part of the portfolio that is not in stocks at all.
What to take from it
Concentration is a design choice, not a fault. A focused fund is meant to hold about 30 stocks, and with a median of 29 it does. But a fund's category label does not tell you how concentrated it is. A flexi-cap fund can be more top-heavy than a large-cap one, and the same fund can drift as its holdings move.
The screener lets you filter by category, and each fund page lists its holdings. These figures describe portfolios on one date and are not a view on any stock or fund. Nothing here is advice to buy or sell.
Frequently asked questions
What share of an equity fund do its top 10 stocks make up?
It depends on the category. From the AMCs' portfolio disclosures to 30 September 2026, the median top-10 weight was 50.0% in focused funds, 45.4% in large-cap funds, 34.2% in flexi-cap funds, 27.8% in mid-cap funds and 25.7% in small-cap funds.
Which type of equity fund holds the most stocks?
Small-cap funds. The median small-cap fund in our data holds 84 stocks, against 54 for large-cap funds and 29 for focused funds. More stocks usually means a smaller weight in each: the median largest holding is 3.5% in small-cap funds and 8.8% in large-cap funds.
Is a more concentrated fund riskier?
It makes the fund's result depend more on fewer companies, so a single stock matters more in either direction. The data here describes how funds are built, not how they will perform, and concentration is only one of several things that drive risk.
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.
Keep reading
How many stocks do equity funds hold? From 11 to 255
Across 332 equity funds the median portfolio has 63.5 stocks. A focused fund holds 29, a small-cap fund 83; the range runs from 11 to 255. By category.
Mutual fund factsheets: what normal looks like in 2026
A factsheet's numbers only mean something next to the fund's peers. Here is what each section shows, with the normal range for flexi-cap funds in 2026.
Fund overlap: are you diversifying or doubling down?
Two large-cap funds shared a median 50.3% of their portfolios on 31 August 2026; a large-cap and a small-cap fund just 3.0%. Overlap by category pair.