Mutual funds since 2020: Major reshuffling in league tables

The mutual fund industry has changed dramatically in the six years since June 2020. And nowhere is this change more visible than at the top of the AUM league table.

A Cafemutual comparison of the 50 largest schemes in June 2020 and June 2026 shows that only four of today’s top 10 schemes were also among the top 10 six years ago. The churn remains significant further down the table highlighting only 10 of the current top 20 and 22 of the current top 50 were part of the corresponding groups in June 2020.

In other words, more than half of today’s top 50 schemes were not among the top 50 six years ago.

The reshuffling has coincided with the rise of ETFs, diversified equity funds and hybrid strategies, while liquid funds, which dominated the top of the table in 2020, have steadily lost their earlier positions.

The top of the table looks completely different

The change is particularly striking at the very top.

HDFC Liquid Fund, which was the industry’s largest scheme in June 2020 with AUM of Rs. 76,722 crore, has slipped to 15th position in June 2026, with AUM of Rs. 52,628 crore.

At the same time, SBI Nifty 50 ETF, which was already the second-largest scheme in June 2020, has moved to No. 1 with AUM of Rs. 2.07 lakh crore.

SBI BSE Sensex ETF has climbed from sixth to third, while UTI Nifty 50 ETF has moved from 17th to fifth position.

Perhaps the most striking new entrant is Parag Parikh Flexi Cap Fund. With just Rs. 23,036 crore in AUM in June 2020, it was outside the top 50. Six years later, it has become the second largest scheme with AUM of Rs.1.41 lakh crore.

Liquid funds lose their pole position

The decline of liquid funds is one of the clearest signs of this change.

In June 2020, four of the industry’s top five schemes were liquid funds. These included HDFC Liquid Fund, SBI Liquid Fund, ICICI Prudential Liquid Fund and Aditya Birla Sun Life Liquid Fund.

Six years later, there is not a single liquid fund in the top five. HDFC Liquid Fund has fallen from No. 1 to No. 15. SBI Liquid Fund Direct, however, remains among the largest schemes at No. 7, while several other liquid funds continue to feature in the top 50.

The important change, therefore, is not that liquid funds have disappeared. Rather, they no longer occupy the commanding positions they held in 2020. Equity, hybrid and passive schemes have taken over several of those positions.

ETFs enter the big league

The rise of passive funds seems to be the most visible structural change.

There are now 10 ETFs among the top 50 schemes, spanning equity, gold and silver, while in June 2020, there were only four ETFs in the top 50 list. These included SBI Nifty 50 ETF, SBI BSE SENSEX ETF, UTI Nifty 50 ETF and CPSE ETF.

The current 10 ETFs in the list include SBI Nifty 50 ETF, SBI BSE Sensex ETF, UTI Nifty 50 ETF, Nippon India ETF Nifty 50 BeES, Nippon India Gold BeES, UTI BSE Sensex ETF, ICICI Prudential Nifty 50 ETF, ICICI Prudential BSE Sensex ETF, Nippon India Silver ETF and ICICI Prudential Gold ETF.

Among these, Nippon India ETF Nifty 50 BeES, for instance, has risen from 200th position to ninth, while Nippon India Gold BeES has moved from 154th to 11th. ICICI Prudential Nifty 50 ETF has moved from 250th to 24th, while the ICICI Prudential BSE Sensex ETF has jumped from 250th to 41st.

This means passive funds are no longer a peripheral presence at the top of the industry. They now account for a sizeable part of the industry’s biggest asset pools.

Active funds have produced new winners too

The reshuffling is not simply an active-versus-passive story. A number of active equity funds have also climbed sharply up the rankings.

Parag Parikh Flexi Cap is the standout example. During the same time period, this fund has grown to Rs. 1.41 lakh crore.

Other active schemes have also made major jumps.

Nippon India Small Cap Fund has moved from 87th position to 16th, Kotak Mid Cap Fund from 120th to 18th and Nippon India Multi Cap Fund from 86th to 23rd. ICICI Prudential Multi Asset Allocation Fund has made an even bigger leap, moving from 89th position to 10th.

So, while ETFs have clearly gained prominence, active fund management has also produced several of the industry’s new AUM leaders.

The big funds are getting bigger

There is another interesting finding hidden behind this reshuffling. While the identity of the largest schemes has changed considerably, the largest schemes collectively account for a greater share of industry AUM.

The top 50 schemes accounted for 29% of industry AUM in June 2026, compared with 26% in June 2020.

The increase is even more pronounced at the top.

The top 10 schemes accounted for 11.22% of industry AUM in June 2026, compared with 8.09% six years earlier. The top five accounted for 7.3%, compared with 5% in June 2020.

In absolute terms, the AUM of the top 50 schemes jumped from around Rs. 6.39 lakh crore to Rs. 24.17 lakh crore.

Data snapshot

Indicator	June 2020	June 2026
Industry AUM	Rs. 24.62 lakh crore	Rs. 83.14 lakh crore
Top 50 share of industry AUM	26%	29%
Top 10 share	8.09%	11.22%
Top 5 share	5%	7.3%
Top 50 AUM	Rs. 6.39 lakh crore	Rs. 24.17 lakh crore

Source: AMFI

Here are the complete details of top 50 funds in the industry:

Ranking in June 2026	Scheme	Ranking in June 2020	AUM in June 2026	AUM in June 2020	Change	% change
1	SBI Nifty 50 ETF	2	206968	60009	146959	244.90
2	Parag Parikh Flexi Cap Fund	250	140607	3036	137571	4290.42
3	SBI BSE SENSEX ETF	6	117387	22941	94445	411.68
4	SBI AGGRESIVE HYBRID FUND	7	74293	22591	51702	228.86
5	UTI Nifty 50 ETF	17	69369	14648	54721	373.58
6	HDFC Mid Cap Fund	19	68032	14407	53625	372.21
7	SBI Liquid Fund –	3	66056	43472	22584	51.95
8	HDFC Flexi Cap Fund	33	65309	10545	54764	519.35
9	Nippon India ETF Nifty 50 BeES	200	63032	2839	60193	2119.88
10	ICICI Prudential Multi Asset Allocation Fund	89	61712	5589	56123	1004.13
11	Nippon India ETF Gold BeES	154	55583	3785	51798	1368.35
12	UTI BSE Sensex ETF	71	53661	6420	47241	735.88
13	HDFC Balanced Advantage Fund	29	53482	11138	42344	380.17
14	ICICI Prudential Balanced Advantage Fund	13	52984	18264	34720	190.10
15	HDFC Liquid Fund	1	52628	76722	-24093	-31.40
16	Nippon India Small Cap Fund	87	49639	5618	44021	783.57
17	ICICI Prudential Large Cap Fund (erstwhile Bluechip Fund)	20	49386	13536	35849	264.84
18	Kotak Mid Cap Fund	120	47411	4508	42903	951.77
19	Axis Liquid Fund	12	45697	19315	26382	136.59
20	Aditya Birla Sun Life Liquid Fund	5	45411	26485	18926	71.46
21	ICICI Prudential Liquid Fund	4	44677	37555	7122	18.96
22	Kotak Arbitrage Fund	105	43687	4990	38697	775.51
23	Nippon India Multi Cap Fund-	86	41034	5652	35381	625.95
24	ICICI Prudential Nifty 50 ETF	250	40723	1447	39276	2713.96
25	ICICI Prudential Value Fund (erstwhile Value Discovery Fund)	41	39008	9485	29523	311.25
26	Kotak Liquid Fund – Direct Plan	8	37261	22014	15246	69.26
27	Kotak Flexi Cap Fund	14	37061	17930	19131	106.70
28	SBI Large Cap FUND	21	36458	13212	23247	175.96
29	SBI Balanced Advantage Fund		35843	–	–	–
30	Nippon India Growth Mid Cap Fund	121	35190	4382	30808	703.05
31	HDFC Flexi Cap Fund	99	34740	5461	29279	536.16
32	ICICI Prudential Aggressive Hybrid Fund	44	33398	9012	24386	270.60
33	Nippon India Large Cap Fund	72	32937	6264	26673	425.83
34	SBI CONTRA FUND	250	31764	746	31018	4158.52
35	Nippon India Silver ETF		31737	–	–	–
36	SBI FOCUSED FUND	75	31343	6167	25176	408.26
37	Tata Money Market Fund	250	30851	207	30644	14788.80
38	Nippon India Liquid Fund	11	30401	19575	10826	55.31
39	Kotak Money Market Fund	76	29265	6143	23122	376.41
40	SBI LARGE & MIDCAP FUND	250	29202	1421	27780	1954.32
41	ICICI Prudential BSE Sensex ETF	250	29153	27	29126	106166.62
42	HDFC Balanced Advantage Fund	10	28143	19728	8415	42.66
43	SBI Money Market Fund – Direct Plan	135	27626	4141	23485	567.11
44	Kotak Arbitrage Fund	81	27096	5979	21117	353.16
45	HDFC Mid Cap	205	26844	2788	24056	862.81
46	ICICI Prudential Corporate Bond Fund	38	26757	9852	16905	171.60
47	UTI Liquid Fund	9	26534	20215	6319	31.26
48	HDFC Large Cap Fund		26433	10419	16014	153.70
49	ICICI Prudential Gold ETF	250	26432	1311	25122	1916.94
50	ICICI Prudential Large Cap Fund (erstwhile Bluechip Fund)	66	26286.49	6656	19630.49	294.92928

Source: AMFI