SBI Mutual Fund in 2026: the largest house, by the numbers

The house in one number

SBI Mutual Fund managed an average of ₹13,09,607 crore in July–September 2026. That is 15.02% of the industry's ₹87,21,848 crore on AMFI's quarterly average AUM figures, which leave out domestic fund-of-funds so no rupee is counted twice. It is the same figure its fund house page shows, and it has been the largest house for 27 quarters running, since January–March 2020.

It is growing more slowly than the industry. Its average assets rose 9.18% in a year, from ₹11,99,533 crore, while the industry grew 13.06%. Over the last quarter it grew 4.16% against the industry's 4.90%. Its share peaked at 17.71% in January–March 2023 and has slipped every year since.

That is almost ten times in ten years. For where SBI sits among all 55 houses with a figure, see the largest mutual fund houses by AUM.

What it runs, and where the money sits

Counting each open-ended scheme once, by its Direct Growth plan, and leaving out ETFs and segregated portfolios, SBI runs 83 schemes:

It also runs 20 ETFs, and they explain much of its size. By scheme-level AUM for July–September, equity funds held 31.6% of the money in SBI's schemes, ETFs 28.3%, debt funds 18.4% and hybrid funds 16.0%.

The biggest schemes

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

The two index ETFs alone averaged ₹3,33,856 crore. Four of the active schemes are the largest in their categories: SBI Liquid, SBI Aggressive Hybrid, SBI Focused (ahead of HDFC Focused at ₹27,716 crore) and SBI Contra, which is more than twice the size of the next contra fund.

How its equity funds compare

We compared each diversified equity fund's three-year annualised return, Direct Growth, to 9 October 2026, with the median of its SEBI category. Each category's ranking counts only funds with three years of history.

Two of ten were above their category's middle, and the typical SBI fund trailed its median by 1.61 points a year. Among the 29 houses with at least five such funds, only Franklin Templeton (0 of 9) and PGIM India (1 of 5) had fewer above the line, a picture close to our earlier fund-house scorecard. SBI Midcap was last of the 29 mid-cap funds with a three-year record. The last year was a little kinder: 3 of the 10 beat their category's one-year median, led by SBI Focused at 7.47% against −2.50%.

Contra is a thin category, three funds with a three-year record; the SBI Contra vs Kotak Contra page puts SBI's fund beside Kotak's.

What it charges

On the expense ratios filed with AMFI between 30 September and 7 October 2026, SBI's median direct plan charged 0.67%, against 0.68% across the industry's 1,746 open-ended Direct Growth schemes with a filed ratio. Its 25 equity funds had a median of 1.03%, against 1.09% for the industry's 580.

The cheapest was SBI Overnight at 0.09%. Among equity funds, SBI Equity Minimum Variance charged 0.51%, second-lowest in the industry after Parag Parikh Large Cap. The dearest was SBI Quant at 1.60%, with SBI Arbitrage next at 1.47%. Arbitrage funds trade constantly, and since April 2026 the filed figure includes brokerage and statutory levies on top of the fund house's fee, as what a fund really costs explains.

What its equity funds own

Across SBI's 25 equity funds and their portfolios disclosed for 30 September 2026, these were the largest holdings. The rupee value is each fund's weight times its July–September average assets, so treat it as an estimate.

The top three are private banks. State Bank of India, the fund house's parent, comes fourth. Less expected is Torrent Power, held by 11 of the 25 funds, as many as hold HDFC Bank.

Who runs the money

SBI's scheme documents name a handful of long-serving equity managers. Dinesh Balachandran has run SBI Contra since May 2018 and SBI ELSS Tax Saver since September 2016, and co-manages SBI Balanced Advantage and SBI Flexicap; the four averaged ₹1,43,783 crore. R. Srinivasan runs SBI Focused (since May 2019), SBI Small Cap and SBI Multicap, ₹1,15,685 crore between them. Saurabh Pant is named on SBI Large Cap and SBI Large & Midcap, and Bhavin Vithlani has run SBI Midcap since April 2024.

What this does not tell you

• Size is not skill. A quarter of the money in SBI's schemes sits in two index ETFs, and its largest active equity fund, SBI Large Cap, trailed its category median.
• Three years is one market. A contra or value tilt can trail for three years and lead for the next three.
• Equal weights. Each fund counts once in the scorecard, whatever its size.
• Matching names. AMFI's scheme-level file spells two SBI schemes differently from its NAV file; we matched SBI Aggressive Hybrid and SBI Arbitrage by hand.

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