Largest fund houses by AUM, April–June 2026

A quarter of growth again

India's mutual fund houses managed an average of ₹83,14,467 crore in April–June 2026, 1.97% more than in January–March. The largest house, SBI Mutual Fund, averaged ₹12,57,352 crore, 15.12% of the total.

These are AMFI's quarterly average assets under management (AAUM) for each house, excluding domestic fund-of-funds so that money held through one scheme in another is not counted twice. AMFI listed 55 houses for the quarter; 51 had a figure. Four new houses, Monarch, ASK, AlphaGrep and Lakshya, were listed without one.

The previous quarter had been flat, up just 0.65%, with 22 houses shrinking. This time only nine had a lower average than the quarter before.

The top fifteen

One place changed: DSP moved up to ninth, passing Tata, a quarter after it passed Mirae Asset for tenth. Places nine to eleven are now within ₹4,850 crore of one another.

The three largest houses all grew more slowly than the industry, so all three lost share. Aditya Birla Sun Life was the only top-fifteen house whose average actually fell. Nippon India, fourth, grew 3.7% and gained more share than any other house.

Just below the table, HSBC (₹1,43,007 crore) and Motilal Oswal (₹1,42,530 crore) are ₹477 crore apart in sixteenth and seventeenth. Motilal Oswal grew 8.2% in the quarter, the fastest of the top twenty.

Growth from where?

AAUM moves with new money and with the value of what is already invested, and these figures cannot separate the two. The market's part was mixed. The Nifty 50's average close in April–June was 4.75% lower than in January–March, but the Nifty Midcap 150's average was 3.13% higher and the Nifty Smallcap 250's 6.54% higher. The broad Nifty 500 averaged 1.19% lower.

So the industry grew in a quarter when large-company stocks, on average, were worth less. Houses whose money is concentrated in large-cap funds, index ETFs and debt had less help from prices than houses with big mid- and small-cap funds.

Concentration eases a little

The top five held 55.9% of the industry's average assets, down from 56.2% in January–March, and the top ten 75.7%, down from 76.3%. Houses ranked eleventh and below now hold 24.3%.

At the bottom, 31 of the 51 houses each hold under 1% of the industry, 5.84% between them. The smallest with a figure, Choice Mutual Fund, averaged ₹83 crore.

What this does not tell you

Size is not quality. A larger house is not a better manager of your money, and none of its schemes is better for the house's size.

AAUM is an average. It is the mean of the quarter's daily assets, not the figure on 30 June.

It counts every kind of fund. Liquid, arbitrage and ETF money sit in these totals with equity funds. Domestic fund-of-funds are reported separately: they averaged ₹2,20,797 crore, 4.7% more than in January–March.

Where to go from here

The fund house directory has every house's page; Nippon India Mutual Fund is the quarter's biggest share gainer. For the quarter before, see the largest fund houses in January–March 2026, and for how the market moved, the first-half 2026 market recap. The guide to AMCs, trustees, custodians and registrars explains what a fund house is.