Union Mutual Fund in 2026: small cap shines, fees run high

A mid-sized house that grew 21% in a year

Union Mutual Fund managed an average of ₹28,552 crore in July–September 2026, excluding domestic fund-of-funds: 0.33% of the industry's ₹87,21,848 crore and 27th of 55 houses. Its fund house page carries the same figure.

Assets grew 21.3% in a year, against 13.1% for the industry, and are 3.9 times their 2021 level. The rank has moved between 26th and 28th since 2021, and the share has gone from 0.20% to 0.33%. Growth in the last quarter was only 1.6%, against 4.9% for the industry. See our rank-change table for other houses.

The Liquid fund leads, then small and flexi cap

Union has 33 schemes in Direct Growth: 13 equity, 9 debt, 5 hybrid, 3 fund-of-funds, 2 solution-oriented and 1 ETF. The largest by average assets in July–September 2026:

The Liquid fund alone is 26% of the house. The four main equity funds above, Small Cap, Flexi Cap, Midcap and Multicap, hold ₹8,384 crore between them.

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.

Small and mid caps carry the house. The Small Cap fund is in the top ten of its category over one, three and five years, and the Innovation & Opportunities fund, a thematic one, returned 17.35% a year over three, 35th of 142 thematic funds. At the other end, the Largecap fund is last of 30 over three years and 25th of 27 over five. Our small-cap comparison puts the category's other funds beside it.

Fees: 17 of 18 above the median

Of 18 equity and hybrid funds with a published Direct expense ratio, 17 charge more than the median of their category, and the hybrids are no different: the Balanced Advantage fund is at 1.46% against 1.02%, and the Equity Savings fund at 2.11% against 1.28%. The Active Momentum fund returned 14.51% over one year, 20th of 232 thematic funds, so a high fee has not stopped it from ranking well so far; the Equity Savings fund, by contrast, is 19th of 20 over three years. Our expense ratio by fund house post shows where Union stands among all houses.

What the numbers do not tell you

Ranks depend on the pool. Largecap is "30 of 30" among the large cap funds with three years of history; a different pool, such as all funds with five years, gives a different rank.

Fees show as a gap, not a verdict. The Small Cap fund is 0.18 above the median and third over a year, which is a different situation from a 0.62 gap on a bottom-ranked fund.

The median is the middle of all houses, not a floor, so the best fee in a category is lower still.

None of this is a recommendation to buy or sell any fund.