Largest mutual fund schemes by AUM, April–June 2026

Same leader, new shuffle

SBI Nifty 50 ETF remained India's largest mutual fund scheme in April–June 2026, with average assets of ₹2,06,968 crore, though that was 1.8% less than in January–March. Below it, liquid funds and small-cap funds climbed the table while short-term debt funds slipped.

The figures are AMFI's scheme-wise average AUM (AAUM) for the quarter, the latest published, covering each scheme's plans and options together. Comparisons are with January–March 2026, matching schemes by name.

The top fifteen

The top six kept their places. HDFC Flexi Cap crossed ₹1 lakh crore, the fifth scheme to average that much, and Parag Parikh Flexi Cap widened its lead as the largest active fund, now 38% larger than HDFC Flexi Cap.

The biggest climb was SBI Liquid, from fifteenth to ninth after a 19.6% rise. HDFC Liquid moved from fourteenth to eleventh. Kotak Arbitrage, ICICI Prudential Balanced Advantage and UTI Nifty 50 ETF each slipped three places, mostly by standing still while others grew.

The two SBI index ETFs at the top both shrank. Over the same quarter, the Nifty 50's average close was 4.75% lower than in January–March, so an ETF holding the Nifty 50 would shrink on prices alone.

Who moved most

Among the 197 schemes that averaged at least ₹10,000 crore in April–June and also had a January–March figure, 104 grew. The largest movers in each direction were concentrated in a few kinds of fund.

Up: liquid and small-cap funds.

In rupees, Axis Liquid added ₹13,077 crore and SBI Liquid ₹12,876 crore, more than any equity fund. Parag Parikh Flexi Cap added ₹7,212 crore and Nippon India Small Cap ₹7,030 crore.

Down: short-term debt and some ETFs. The largest falls among big schemes were in short-duration, low-duration and money-market funds. SBI Short Term Debt fell 17.2% to ₹14,001 crore, SBI Low Duration 14.4%, HDFC Low Duration 13.9% and Axis Money Market 12.4%. CPSE ETF fell 17.2% and ICICI Prudential Silver ETF 10.5%.

Two target-maturity products named for April 2026 averaged about 71% less, consistent with their money being paid out at maturity early in the quarter: Nippon India's April 2026 SDL ETF and Edelweiss's April 2026 PSU bond and SDL index fund.

Half the money, a hundred schemes

The ten largest schemes held ₹10,89,673 crore, 13.11% of the industry's ₹83,14,467 crore, the same share as in January–March. The top 100 held 52.16%, up from 51.77%. Twenty-eight schemes averaged at least ₹50,000 crore, three more than the quarter before.

What this does not tell you

Money and markets are mixed together. A scheme's AAUM rises with inflows and with the value of what it holds. The Nifty Smallcap 250's average close rose 6.54% between the two quarters, which explains part, not all, of the small-cap funds' growth.

Liquid fund balances swing. Companies park and withdraw short-term cash in liquid funds, so their quarterly averages move more than most.

Size is not a recommendation. Nothing here says a scheme is better for being large.

Where to go from here

For the quarter before, see the largest mutual fund schemes in January–March 2026, and for the houses behind them, the largest fund houses in April–June 2026. The guide to overnight, liquid and ultra-short funds explains the funds that climbed most, and the liquid fund page lists them all.