From 24th to 17th in five years
HSBC Mutual Fund managed an average of ₹1,56,995 crore in July–September 2026, excluding domestic fund-of-funds: 1.80% of the industry's ₹87,21,848 crore and 17th of 55 houses on AMFI's quarterly figures. Its fund house page carries the same number.
The history has a step in it:
| Quarter | Average AUM (₹ crore) | Rank |
|---|---|---|
| Jul–Sep 2016 | 7,981 | 22 |
| Jul–Sep 2019 | 10,974 | 21 |
| Jul–Sep 2021 | 10,858 | 24 |
| Jul–Sep 2022 | 13,212 | 24 |
| Oct–Dec 2022 | 85,840 | — |
| Jul–Sep 2023 | 97,641 | 14 |
| Jul–Sep 2025 | 1,35,706 | 14 |
| Jul–Sep 2026 | 1,56,995 | 17 |
Assets rose 6.5 times in a single quarter, October–December 2022, when HSBC took over L&T Mutual Fund's schemes. Before that, it was a house with ₹10,000–13,000 crore for six years; after it, the house has been mid-table. Assets have grown 15.7% in the last year, but three houses (Invesco, Motilal Oswal and PPFAS) passed it, so its rank has slipped from 14th to 17th. Our league table of rank changes since 2021 sets this against other houses.
58 schemes, led by a liquid fund
Counting each open-ended scheme once by its Direct Growth plan, HSBC has 58: 26 debt, 14 equity, 7 fund-of-funds, 6 hybrid, 4 index funds and an ETF.
| Scheme | Average AUM (₹ crore) |
|---|---|
| HSBC Liquid | 23,171 |
| HSBC Small Cap | 18,453 |
| HSBC Midcap | 16,299 |
| HSBC Value | 15,096 |
| HSBC Money Market | 7,130 |
| HSBC Multi Cap | 6,264 |
| HSBC Corporate Bond | 6,017 |
| HSBC Flexi Cap | 5,806 |
The three largest equity funds, Small Cap, Midcap and Value, account for ₹49,848 crore. The Liquid fund alone is bigger than any equity scheme.
How the equity funds rank
Direct Growth returns to 16 October 2026. Rank is among Direct Growth funds in the same category with that much history; a dash means the fund is too young.
| Fund | 1 year | Rank | 3 years | Rank | 5 years | Rank |
|---|---|---|---|---|---|---|
| Midcap | 11.75% | 1 of 31 | 21.45% | 1 of 29 | — | — |
| Multi Cap | 4.10% | 12 of 32 | 16.34% | 4 of 23 | — | — |
| Large & Mid Cap | 3.91% | 2 of 33 | 15.89% | 4 of 26 | 12.56% | 5 of 26 |
| ELSS Tax Saver | 0.77% | 14 of 49 | 14.79% | 5 of 48 | — | — |
| Flexi Cap | 2.82% | 10 of 42 | 14.74% | 8 of 36 | 11.48% | 7 of 27 |
| Value | 0.39% | 8 of 22 | 14.52% | 6 of 21 | — | — |
| Focused | 3.44% | 6 of 28 | 13.29% | 9 of 27 | 10.37% | 9 of 22 |
| Small Cap | 9.72% | 16 of 31 | 12.83% | 17 of 26 | — | — |
| Large Cap | −2.96% | 5 of 33 | 9.55% | 11 of 30 | 7.76% | 12 of 27 |
Seven of the nine are in the top third of their categories over three years, and the Midcap fund is first. The two that are not are Large Cap (11th of 30) and Small Cap (17th of 26), the largest of the equity funds. A fund's record can pre-date a change of owner or manager; our guide to fund manager changes covers that caveat.
Costs run above the median on the big equity funds
| Fund | Direct TER | Category median |
|---|---|---|
| Large Cap | 1.41% | 1.06% |
| Large & Mid Cap | 1.33% | 1.07% |
| Flexi Cap | 1.30% | 0.95% |
| ELSS Tax Saver | 1.21% | 1.07% |
| Midcap | 1.10% | 0.94% |
| Value | 0.88% | 1.24% |
| Multi Cap | 0.79% | 0.96% |
| Small Cap | 0.77% | 0.90% |
The Small Cap, Multi Cap and Value funds charge less than their category's middle fund; the Midcap and the large-company funds charge more. The Midcap fund's 0.16-point gap over its category median is small beside its three-year lead, but it is paid every year whatever the lead.
What the numbers do not tell you
A step in the history. Anything before the takeover describes a much smaller house; its ranks and growth rates before 2023 are not comparable.
Short records. Several of these funds have under five years of Direct history, so their five-year column is empty and their three-year rank comes from a period that favoured mid and small caps.
Rank is not a forecast. A first place over three years is a record, not a promise.
None of this is a recommendation to buy or sell any fund.
Frequently asked questions
How big is HSBC Mutual Fund?
HSBC managed an average of ₹1,56,995 crore in July–September 2026, excluding domestic fund-of-funds. That is 1.80% of the industry and 17th among fund houses on AMFI's figures, up from 24th in July–September 2021, when it managed ₹10,858 crore.
Why did HSBC's assets jump in late 2022?
AMFI's figures show average assets rising from ₹13,212 crore in July–September 2022 to ₹85,840 crore in October–December 2022, which is when HSBC took over L&T Mutual Fund's schemes. The figure for earlier years therefore describes a much smaller house.
Which HSBC equity fund ranks highest?
On Direct Growth returns to 16 October 2026, HSBC Midcap Fund was first of 29 mid-cap funds over three years, at 21.45% a year, and first of 31 over one year, at 11.75%. It is also HSBC's second-largest equity fund, after Small Cap.
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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