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Mutual Funds as the name suggests are Investment houses that collect money from Investors to invest in a portfolio of Securities, especially Stocks, and bonds.
Notably, these mutual fund houses are highly preferred by retail investors in India and continue to gain popularity in FY24 due to their consistent returns and the growth of the Indian stock market, which led to multi-bagger returns, attracting more funds from retail investors.
And let me tell you that, some of the Small, PSU Mutual Funds gave almost 100% returns in FY24 including,
Aditya Birla Sun Life PSU Equity Fund, outperformed every Mutual Fund in 1 Year period from 3rd June 2023 to 3rd June 2024 where’s NAV rose from 18.85 to 39.99 which is around 112% return and that’s impressive,
– followed by Invesco India PSU Equity Fund, SBI PSU Direct Plan Growth which gave almost the same return as the Aditya Birla Sun Life PSU Equity Fund in the 1-year period.
And, this return attracts more and more retail investors to put their money into these Mutual Fund Houses, ultimately making them bigger and bigger in terms of AUM (Asset Under Management).
So, in this article, we are going to discuss the top 10 mutual fund companies in India that manage more than 75% of the total assets of all the mutual fund companies manage.
And,
In case you are worried about what if they run away – then let me clear that these Mutual Fund Houses are managed and regulated by the SEBI which is the regulatory body of the Stock Market or Securities Market in India working under the government of India.
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Top 10 Mutual Fund Companies in India in 2024
| Mutual Fund Companies | Total AUM (Cr) As of May 2024 | Number of Funds |
|---|---|---|
| ICICI Prudential Mutual Fund | 7,46,551 | 91 |
| Nippon India Mutual Fund | 4,80,055 | 74 |
| SBI Mutual Fund | 9,77,267 | 62 |
| HDFC Mutual Fund | 6,67,752 | 72 |
| Aditya Birla Sun Life Mutual Fund | 3,51,863 | 87 |
| Kotak Mutual Fund | 4,15,446 | 65 |
| Axis Mutual Fund | 2,91,130 | 65 |
| UTI Mutual Fund | 2,73,057 | 86 |
| Mirae Asset | 1,69,899 | 38 |
| DSP Mutual Fund | 1,54,848 | 52 |
Let’s Discuss the Top 10 Mutual Fund Companies and their Best Performing Schemes Based on their Returns.
Now, we are going to discuss the top 10 Largest and Best Mutual Fund Houses in India that people trust and hold more than 75% of the Total AUM of the total Asset Mutual Fund Company manages.
In this list of best Mutual Fund Companies, we have noted some of the country’s largest and Oldest Mutual funds that somewhere Revolutionized the Mutual fund Industries including the Oldest Mutual Fund Company in India – UTI – introduced by RBI in 1963 and still in our Top 10 List with a total AUM of Rs. 2,73,057 Crores and the Largest Mutual Fund Company in India – ICICI Mutual Fund – with a total AUM of Rs. 7,46,4551 Crores as of June 2024
So, Let’s Start with the Largest Mutual Fund House,
1. ICICI Prudential Mutual Fund
| Total AUM | 7,46,551 Cr |
| Year of Incorporation | 22nd June, 1993 |
| Total Number of Schemes | 91 |
| Rank in India | 2nd |
| Current MD | Mr. Nimesh Shah |
About ICICI Prudential Mutual Fund
ICICI Prudential Asset Management Company Ltd. is a leading asset management company (AMC) in the country focused on bridging the gap between savings & investments and creating long-term wealth for investors through a range of simple and relevant investment solutions.
The AMC is a joint venture between ICICI Bank, a well-known and trusted name in financial services in India and Prudential Plc, a leading pan-Asia & Africa focused group providing health, protection, and savings solutions. Throughout these years of the joint venture, the company has forged a position of pre-eminence in the Indian Mutual Fund industry.
ICICI Prudential Mutual Fund has witnessed substantial growth in scale; from 2 locations and 6 employees at the inception of the joint venture in 1998, to a current strength of 3072 employees with a reach across over 350 locations reaching out to an investor base of 99 lakh investors (as on March 31st, 2024). (icicipruamc.com)
ICICI Prudential’s Top 3 Best Mutual Funds
- ICICI Prudential BHARAT 22 FOF Direct Growth (3-year Returns CAGR – 42.6%)
- ICICI Prudential Infrastructure Direct Growth (3-Year Returns CAGR – 41.2%)
- ICICI Prudential Manufacturing Fund Direct Growth (3-Year Returns CAGR – 34%)
2. Nippon India Mutual Fund
| Total AUM | 4,80,055 Cr |
| Year of Incorporation | June 30, 1995 |
| Total Number of Schemes | 74 |
| Rank in India | 4th |
| Current MD | Mr. Sundeep Sikka |
About Nippon India Mutual Fund
Nippon India Mutual Fund (NIMF) is one of India’s leading mutual funds, with Average Assets Under Management (AAUM) of Rs 4,80,000 Crores (June 2024 QAAUM) and 243.16 Lakhs folios (as of 31st Mar 2024 ).
It is one of the fastest-growing mutual funds in India, offers its investors a well-rounded portfolio of products to meet varying investor requirements, and has a presence in 263 locations (as of 31st March 2024) across the country.
(NIMF) Nippon India Mutual Fund was established as a trust under the Indian Trusts Act, 1882. Nippon Life Insurance Company(NLI) is the Sponsor and Nippon Life India Trustee Ltd (NLITL) is the Trustee. (Source)
Nippon India’s Top 3 Best Mutual Funds
- Nippon India Power and Infra Fund – Direct Growth (3-year Returns CAGR – 41%)
- Nippon India Small Cap Fund – Direct Growth (3-Year Returns CAGR – 34.7%)
- Nippon India Growth Fund- Direct (3-Year Returns CAGR – 34.2%)
3. SBI Mutual Fund
| Total AUM | 9,77,267 Cr |
| Year of Incorporation | February 7, 1992 |
| Total Number of Schemes | 62 |
| Rank in India | 1st |
| Current MD | Mr. Vinay M Tonse |
About SBI Mutual Fund Company
SBi Mutual Fund Company is an Indian Asset Management Company introduced by the State Bank of India which is a joint venture between the State Bank of India and AMUNDI (a France-based Asset Management Company).
SBI Mutual Fund has more than 36 years of Experience and Expertise in the Mutual Fund Industry backed the India’s Largest Bank SBI, bringing forward our expertise by consistently delivering value to our investors.
The Objective of the SBI Mutual Fund is to endeavor to outperform the benchmarks through well-researched investments in Indian equities and debt markets. (Read More about SBIMF)
SBI’s Top 3 Best Mutual Funds
- SBI PSU Fund – Direct Growth (3-year Returns CAGR – 42.5%)
- SBI Infrastructure Fund – Direct Growth (3-Year Returns CAGR – 35.1%)
- SBI Magnum Children’s Benefit Fund – IP – Direct Growth (3-Year Returns CAGR – 32.2%)
4. HDFC Mutual Fund
| Total AUM | 6,67,752 Cr |
| Year of Incorporation | December 10, 1999 |
| Total Number of Schemes | 72 |
| Rank in India | 3rd |
| Current MD | Mr. Navneet Munot |
About HDFC Mutual Fund Company
HDFC Mutual Fund is India’s 4th Largest Mutual Fund company based on the total AUM and the largest actively managed equity mutual fund in India. It is one of the most profitable asset management companies (AMC) in the country where its PAT after tax is around 21.07% CAGR in the last 5 years.
HDFC AMC has a wide network of 228 Investor Service Centres (ISCs) across more than 200 cities. The Goal of HDFC AMC is to understand your unique financial needs and provide tailored solutions to meet these needs. It offers Portfolio Management Services and Separately Managed Account (SMA) Services to meet the unique investment needs of its clients, including High Net Worth Individuals (HNIs), family offices, domestic corporates, trusts, provident funds, and domestic and global institutions. (from the HDFCAMC)
As of June 2024, HDFC AMC manages assets worth Rs. 6.67 Lakh Crores and 75 Thousand Empaneled distributors, including MFDs, NDs & Banks with a vast network of 228 branches, serve customers across ~ 99% of Pin codes in India, and have 1187 employees… & counting.
HDFC’s Top 3 Best Mutual Funds
- HDFC Infrastructure Fund – Direct Growth (3-year Returns CAGR – 39.4%)
- HDFC MidCap Opportunities Fund – Direct Growth (3-Year Returns CAGR – 31%)
- HDFC Focused 30 Fund – Direct Growth (3-Year Returns CAGR – 30.9%)
5. Aditya Birla Sun Life Mutual Fund
| Total AUM | 3,51,863 Cr |
| Year of Incorporation | September 5, 1994 |
| Total Number of Schemes | 87 |
| Rank in India | 6th |
| Current MD | A. Balasubramanian |
About Aditya Birla Sun Life Mutual Fund
Incorporated in 1994, Aditya Birla Sun Life Mutual Fund is a Registered Trust under the Indian Trust Act, 1882. Aditya Birla Sun Life Mutual Fund is one of the leading Mutual Fund houses in India providing a comprehensive range of investment products including PMS, Real Estate Investment, and Alternative Investment Funds.
ABSLAMC is one of the leading asset managers in India, servicing around 8.59 million investor folios with a pan India presence across 290 plus locations and an overall AUM of Rs. 3,458 billion for the quarter ending March 31, 2024. (via-ABSLAMC)
For Your Knowledge, Aditya Birla Sun Life Mutual Funds is a joint-venture company co-sponsored by Aditya Birla Capital Limited and Canada-based financial service company, Sun Life AMC Investments, Inc.
Aditya Birla Sun Life’s Top 3 Best Mutual Funds
- Aditya Birla SL PSU Equity Fund – Direct Growth (3-year Returns CAGR – 43.6%)
- Aditya Birla SL Infrastructure Fund – Direct Growth (3-Year Returns CAGR – 30.9%)
- Aditya Birla SL Nifty Midcap IF – Direct Growth (3-Year Returns CAGR – 28.1%)
6. Kotak Mutual Fund
| Total AUM | 4,15,446 Cr |
| Year of Incorporation | August 5, 1994 |
| Total Number of Schemes | 65 |
| Rank in India | 5th |
| Current MD | Mr. Nilesh Shah |
About Kotak Mutual Fund
Kotak Mutual Fund is a Subsidiary of Kotak Mahindra Bank and India’s fifth largest Mutual Fund House with a total AUM of over Rs.4,15,000 crores, invested in more than 77 Mutual Fund Schemes and accountable for around 7% of the Industry’s Total AUM.
Kotak Mutual Fund was established way back in 1985 by Uday Kotak and became a wholly-owned subsidiary of Kotak Mahindra Bank Limited in December 1998. In December 2020, it became the first Indian Mutual House to launch the Global REIT Fund of Fund. (Wikipedia)
This fund house has an over 8.1 million investor base, a robust distribution network, and a comprehensive distribution channel with over 50,000 impaneled distributors with a total AUM of over 4 lakh crores, distributed among 77+ different Mutual Fund Schemes, out of which 41 are equity schemes, 25 are debt schemes, 7 are hybrid schemes, and others.
Kotak Mutual Fund’s Top 3 Best Mutual Funds
- Kotak Infrastructure and Economic Reform – SP – Direct Growth (3-year Returns CAGR – 39%)
- Kotak Emerging Equity Fund – Direct Growth (3-Year Returns CAGR – 27.1%)
- Kotak India EQ Contra Fund – Direct Growth (3-Year Returns CAGR – 27%)
7. Axis Mutual Fund
| Total AUM | 2,91,130 Cr |
| Year of Incorporation | January 13, 2009 |
| Total Number of Schemes | 65 |
| Rank in India | 7th |
| Current MD | Mr. GopKumar |
About Axis Mutual Fund
Axis Mutual Fund is the Investment group of Axis Bank, started in October 2009, with the headquarters in Mumbai. It is one of the largest Mutual Fund Companies in India, with a total AUM of more than Rs. 2,90,000 Cr as of June 2024.
We attribute our success thus far to our 3 founding principles – Long term wealth creation, Outside in (Customer) view and Long term relationship. Come join our growing family of investors and give shape to your desires.
Axis Mutual Fund, axismf.com
Axis Mutual Fund has proliferated in these 15 years, from starting with one Equity fund and with a single branch in Mumbai, to spreading its Schemes to more than 67 schemes including Equity, Hybrid, Debt Funds, and more with a presence in more than 100+ cities across the country.
Axis Mutual Fund Top 3 Best Mutual Funds
- Axis SmallCap Fund – Direct Growth (3-year Returns CAGR – 25.9%)
- Axis Capital Builder – Series 4 – Direct Growth (3-Year Returns CAGR – 24%)
- Axis Capital Builder Fund – Series 1 – Direct Growth (3-Year Returns CAGR – 24%)
- Notable – Axis MidCap Fund – Direct Growth (3-year Returns CAGR – 23%)
8. UTI Mutual Fund
| Total AUM | 2,73,0,57 Cr |
| Year of Incorporation | September 5, 1994 |
| Total Number of Schemes | 86 |
| Rank in India | 8th |
| Current MD | Mr. Imtaiyazur Rahman |
About UTI Mutual fund
Founded back in 1964, UTI is one of the largest and oldest Mutual Fund companies in India, with a total AUM of Rs. 2.27 Lakh Crores (as of June 2024) and more than 12 million folios as of March 2023
The company manages the portfolios of domestic and offshore funds and offers discretionary, non-discretionary, and advisory services to HNI clients, corporates, and institutions; and also offers retirement solutions and private equity funds in India and 35+ countries through the principal and subsidiary business entities. (Wikipedia)
UTI Mutual Fund has a nationwide network comprising 190+ UTI Financial Centres and more than 210 District Associates as of September 2023.
UTI Mutual Fund Top 3 Best Mutual Fund
- UTI-Transportation and Logistic Fund – Direct Growth (3-year Returns CAGR – 32.8%)
- UTI-Infrastructure Fund – Direct Growth (3-Year Returns CAGR – 28.5%)
- UTI-NIfty 200 Momentum 30 Index Fund – Direct Growth (3-Year Returns CAGR – 27.7%)
9. Mirae Asset Mutual Fund
| Total AUM | 1,69,899 Cr |
| Year of Incorporation | November 20, 1996 |
| Total Number of Schemes | 38 |
| Rank in India | 9th |
| Current MD | Swarup Mohanty |
About Mirae Asset Mutual Fund
Mirae Asset Mutual Fund is a Subsidiary of Mirae Asset Financial Group with headquarters in South Korea and started in India in 2007 to provide investment solutions to investors to achieve their long-term goals.
Initially, the Mirae Asset was incorporated against the backdrop of the Asian Currency crisis and now manages more than $602.6 bn assets under Management with a presence in more than 58 countries and 16 markets.
As mentioned above, in India it was started back in 2007 and now become one of the top and fastest-growing Mutual Fund houses in the country with over 22 branches across the country and an impressive AUM of more than Rs. 1,60,000 crores.
Mirae Asset Top 3 Best Mutual Fund
- Mirae Asset MidCap Fund – Direct Growth (3-year Returns CAGR – 25%)
- Mirae Asset Great Consumer Fund – Direct Growth (3-Year Returns CAGR – 24.8%)
- Mirae Asset NYSE FANG+ ETF Fund of Fund – Direct Growth (3-Year Returns CAGR – 23%)
10. DSP Mutual Fund
| Total AUM | 1,54,848 Cr |
| Year of Incorporation | May 13, 1996 |
| Total Number of Schemes | 52 |
| Rank in India | 10th |
| Current MD | Mr. Ramamoorthy Rajagopal |
About DSP Mutual Fund
DSP mutual fund stands for Discipline, Science, and Processes started way back in the 1860s as a stock Broking Firm but it was only in 1996 that it was incorporated and one year later, it was registered with SEBI and now over 28 years of Experience in the Mutual Funds Industry, the DSP Mutual became one of the leading AMCs in the country with over 50 schemes and over 1.5 lakh crores of total AUM.
In DSP’s Words – For nearly 30 years, we have been helping salaried people, rich individuals, NRIs, small & medium business owners, big private & public corporations, trusts, and foreign institutional investors grow their wealth while guiding them to invest better. We are honored and proud that our investors are diverse, and this motivates us to manage money with care and responsibility while following the right principles. (source)
DSP Mutual Fund Top 3 Best Mutual Fund
- DSP India T.I.G.E.R Fund – Direct Growth (3-year Returns CAGR – 39.5%)
- DSP SmallCap Fund – Direct Growth (3-Year Returns CAGR – 26.5%)
- DSP Nifty Next 50 Index Fund – Direct Growth (3-Year Returns CAGR – 24.5%)
