Mutual funds now offer nearly 2,000 schemes; passive funds account for one-third of the shelf

The mutual fund industry has 1,965 schemes across 50 fund houses as of June 2026, with passive products accounting for more than one-third of the industry’s total product shelf, according to a Cafemutual analysis.

Of the total schemes, 1,291 are active and 674 are passive, putting the share of passive schemes at around 34.3%.

The numbers highlight how significantly passive products have expanded within the mutual fund industry. While traditional active funds continue to dominate the product universe, a growing number of fund houses now have a sizeable passive offering.

Kotak has the largest product shelf

Kotak Mahindra Mutual Fund has the highest number of schemes at 119, followed by ICICI Prudential MF with 114 and DSP MF with 108. SBI MF and HDFC MF complete the top five with 105 and 104 schemes, respectively.

Together, these five fund houses account for 550 schemes, or nearly 28% of all schemes in the industry.

However, the composition of their product shelves differs. Kotak has 61 active and 58 passive schemes, while SBI has 54 active and 51 passive schemes. HDFC has 55 active and 49 passive schemes.

Motilal Oswal has more passive than active schemes

Motilal Oswal Mutual Fund stands out among the larger fund houses for its strong passive orientation. It has 89 schemes, of which 65 are passive and only 24 are active. This means nearly three-fourths of its product shelf is passive.

Edelweiss MF also has more passive than active schemes, with 40 passive schemes against 34 active schemes.

The trend becomes even more visible among some newer-age fund houses. Zerodha Mutual Fund has 11 schemes, comprising four active and seven passive schemes. This makes passive products the majority of its product shelf. Angel One MF has gone even further, with all 11 of its schemes being passive and no active scheme.

Passive strategy gaining shelf space

The data suggests that passive investing has become an important part of product strategy for several AMCs.

Among the 50 fund houses analysed, 674 schemes are passive, ranging from ETFs and index funds to other passive strategies.

At the same time, a large group of AMCs continue to operate with predominantly active offerings. Franklin Templeton, Canara Robeco, Mahindra Manulife, WhiteOak Capital, Bank of India MF, ITI MF, JM Financial MF, Samco MF and PPFAS MF, among others, have no passive schemes as per June 2026 data.

The contrast shows that fund houses are following distinctly different approaches to product construction, with some building broad active and passive shelves while others remain focused largely on active management.

More schemes but assets remain concentrated

The expansion in the number of schemes has not translated into an evenly distributed asset base.

The largest fund houses continue to command substantially higher AUM. SBI MF, ICICI Prudential MF and HDFC MF together manage more than Rs. 33 lakh crore, based on the June 2026 data.

At the other end of the spectrum, several newer fund houses have expanded their product portfolios despite having relatively small asset bases.

The Cafemutual take

For distributors, the growing number of products also means a larger universe to evaluate. With passive schemes now accounting for roughly one in every three schemes, the distinction between active and passive products is becoming increasingly important when assessing the product shelf of an AMC.

The data ultimately shows an industry that is not only growing in assets but also becoming far more diverse in the number and type of products available to investors.

Here are the complete details across the fund houses:

Sr. no.	Fund house	Total no. of schemes	Active	Passive	AUM in June 2026
1	Kotak Mahindra Mutual Fund	119	61	58	590460
2	ICICI Prudential Mutual Fund	114	68	46	1114544
3	DSP Mutual Fund	108	65	43	229802
4	SBI Mutual Fund	105	54	51	1257352
5	HDFC Mutual Fund	104	55	49	935100
6	Aditya Birla Sun Life Mutual Fund	100	67	33	427675
7	Nippon India Mutual Fund	96	49	47	751519
8	Motilal Oswal Mutual Fund	89	24	65	142530
9	UTI Mutual Fund	84	47	37	392691
10	Axis Mutual Fund	77	42	35	369030
11	Bandhan Mutual Fund	74	48	26	204046
12	Edelweiss Mutual Fund	74	34	40	170951
13	Tata Mutual Fund	68	39	29	228538
14	Mirae Asset Mutual Fund	58	31	27	224952
15	Invesco Mutual Fund	50	38	12	146009
16	Baroda BNP Paribas Mutual Fund	47	41	6	53149
17	HSBC Mutual Fund	45	40	5	143007
18	LIC Mutual Fund	42	32	10	49535
19	Groww Mutual Fund	38	31	7	5106
20	Franklin Templeton Mutual Fund	35	35		126017
21	Sundaram Mutual Fund	34	33	1	76929
22	Union Mutual Fund	32	30	2	28098
23	Canara Robeco Mutual Fund	27	27		118728
24	Mahindra Manulife Mutual Fund	27	27		34786
25	quant Mutual Fund	26	25	1	95314
26	PGIM India Mutual Fund	25	24	1	26640
28	WhiteOak Capital Mutual Fund	23	23		15373
29	Bank of India Mutual Fund	23	23		37392
30	Bajaj Finserv Mutual Fund	21	17	4	15446
31	ITI Mutual Fund	21	21		33027
32	JM Financial Mutual Fund	17	17		11302
33	Jio BlackRock Mutual Fund	16	10	6	13205
34	Quantum Mutual Fund	15	11	4	17979
35	Samco Mutual Fund	14	14		3185
36	Navi Mutual Fund	12	8	4	2522
27	Zerodha Mutual Fund	11	4	7	9453
37	Angel One Mutual Fund	11	0	11	565
38	360 On Mutual Fund	11	8	3	13053
39	Trust Mutual Fund	11	11		5075
40	Shriram Mutual Fund	10	10		1161
41	Helios Mutual Fund	8	8		11103
42	Taurus Mutual Fund	8	8		1009
43	PPFAS Mutual Fund	7	7		160807
44	NJ Mutual Fund	7	7		6922
45	The Wealth Company Mutual Fund	6	5	1	1298
46	Abakkus Mutual Fund	4	4		5580
47	Choice Mutual Fund	4	1	3	83
48	Old Bridge Mutual Fund	3	3		3419
49	Unifi Mutual Fund	3	3		1497
50	Capitalmind Mutual Fund	1	1		569
Total		1965	1291	674	8314467

Source: Industry data, AMFI

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