1st Jan 2022 marked the 9th anniversary of direct plan mutual funds. In this article, we list the most popular direct plan mutual funds – that is the ones with the largest AUM.
The AUM (asset under management) of mutual funds reported in most online portals is the total value. AUM of the regular plan (commissions removed before NAV declaration) plus AUM of the direct plan (no commissions).
Each quarter, the association of mutual funds in India (AMF) reports the average AUM per quarter. Domestic fund of funds AUM is reported separately to avoid double counting of assets. In this report, the AUM of the direct plan and regular plan mutual funds are reported separately. Also, under each plan, one can find out the AUM in dividend option and growth option. NB: Plans and options have distinct meanings for mutual funds and should not be used interchangeably!
We had recently used the same data source to discuss Which mutual funds do retail and high net worth investors choose?
The total average assets under management (AAUM) for the quarter of July – September 2021 (Rs in Lakhs) across the 15 fund categories listed below is Rs. 16,17,17,870.9 lakhs.
Join 32,000+ readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! (Link takes you to our email sign-up form)
🔥Enjoy massive discounts on our robo-advisory tool & courses! 🔥
- ELSS
- Flexi Cap Fund
- Focused Fund
- Large & Mid Cap Fund
- Large Cap Fund
- Mid Cap Fund
- Multi-Cap Fund
- Sectoral/ Thematic
- Small Cap Fund
- Value Fund
- Aggressive Hybrid Fund
- Arbitrage Fund
- Dynamic Asset Allocation or Balanced Advantage
- Equity Savings
- Multi-Asset Allocation
The total direct AUM across these categories is Rs. 3,52,75,091.32 Lakhs or 21.8% of the total AUM mentioned above.
About 31% of the total index fund AUM is in regular plans!
Note: The funds listed below are not investment recommendations.
Top 15 popular direct plan equity-oriented mutual funds (as of July-Sep 2021)
| Scheme NAV Name | Average AUM (Rs lakhs) |
| Kotak Equity Arbitrage Fund – Growth – Direct | 1411036 |
| Kotak Flexicap Fund – Growth – Direct | 995824.9 |
| Mirae Asset Large Cap Fund – Direct Plan – Growth | 982571.5 |
| ICICI Prudential Equity Arbitrage Fund – Direct Plan – Growth | 950681.7 |
| Axis Bluechip Fund – Direct Plan – Growth | 946538.6 |
| Parag Parikh Flexi Cap Fund – Direct Plan – Growth | 899871 |
| HDFC Flexi Cap Fund – Growth Option – Direct Plan | 764568.3 |
| SBI BLUE CHIP FUND-DIRECT PLAN -GROWTH | 761301.3 |
| Tata Arbitrage Fund-Direct Plan-Growth | 712056.4 |
| Nippon India Arbitrage Fund – Direct Plan Growth Plan – Growth Option | 695892.6 |
| Axis Long Term Equity Fund – Direct Plan – Growth Option | 685605.8 |
| ICICI Prudential Bluechip Fund – Direct Plan – Growth | 676844.1 |
| Mirae Asset Emerging Bluechip Fund – Direct Plan – Growth | 619820.2 |
| HDFC ARBITRAGE FUND – Wholesale Growth Option – Direct Plan | 603128.9 |
| Aditya Birla Sun Life Arbitrage Fund – Growth – Direct Plan | 586643.5 |
This is the AUM percentage break up of the top six funds.
| Fund | AUM (Rs. Lakhs) | % Share of AUM (for each fund) |
| Kotak Equity Arbitrage Fund – Growth | 1015484 | 41.0% |
| Kotak Equity Arbitrage Fund – Growth – Direct | 1411036 | 56.9% |
| Kotak Equity Arbitrage Fund -IDCW | 40230.23 | 1.6% |
| Kotak Equity Arbitrage Fund – IDCW – Direct | 12276.26 | 0.5% |
| Kotak Flexicap Fund – Growth | 2683735 | 71.0% |
| Kotak Flexicap Fund – Growth – Direct | 995824.9 | 26.4% |
| Kotak Flexicap Fund – IDCW | 88857.11 | 2.4% |
| Kotak Flexicap Fund – IDCW- Direct | 9440.6 | 0.2% |
| Mirae Asset Large Cap Fund – Direct Plan – Growth | 982571.5 | 34.4% |
| Mirae Asset Large Cap Fund – Growth Plan | 1817978 | 63.6% |
| Mirae Asset Large Cap Fund Direct IDCW | 8593.64 | 0.3% |
| Mirae Asset Large Cap Fund Regular IDCW | 49350.34 | 1.7% |
| ICICI Prudential Equity Arbitrage Fund – Direct Plan – Growth | 950681.7 | 64.2% |
| ICICI Prudential Equity Arbitrage Fund – Direct Plan – IDCW | 12627.47 | 0.9% |
| ICICI Prudential Equity Arbitrage Fund – Growth | 493278.7 | 33.3% |
| ICICI Prudential Equity Arbitrage Fund – IDCW | 24858.85 | 1.7% |
| Axis Bluechip Fund – Direct Plan – Growth | 946538.6 | 30.8% |
| Axis Bluechip Fund – Direct Plan – IDCW | 11501.25 | 0.4% |
| Axis Bluechip Fund – Regular Plan – Growth | 2075511 | 67.5% |
| Axis Bluechip Fund – Regular Plan – IDCW | 42965.64 | 1.4% |
| Parag Parikh Flexi Cap Fund – Direct Plan – Growth | 899871 | 64.8% |
| Parag Parikh Flexi Cap Fund – Regular Plan-Growth | 489612.8 | 35.2% |
The arbitrage fund AUM is likely from high networth investors. Parag Parikh Flexicap has the large direct chunk in the top six but much of is the AUM from their PMS which was wound up.
The top 15 direct plan small cap funds are listed below.
| Fund | Average AUM (Rs lakhs) |
| HDFC Small Cap Fund – Growth Option – Direct Plan | 425061.6 |
| SBI Small Cap Fund – Direct Plan – Growth | 317363.2 |
| Nippon India Small Cap Fund – Direct Plan Growth Plan – Growth Option | 302427.9 |
| Axis Small Cap Fund – Direct Plan – Growth | 283232 |
| DSP Small Cap Fund – Direct Plan – Growth | 160334 |
| Franklin India Smaller Companies Fund – Direct – Growth | 145407.8 |
| Kotak-Small Cap Fund – Growth – Direct | 130893.2 |
Top 15 popular regular plan equity-oriented mutual funds (as of July-Sep 2021)
| Fund | Average AUM (Rs lakhs) |
| SBI EQUITY HYBRID FUND – REGULAR PLAN -Growth | 3737761 |
| ICICI Prudential Balanced Advantage Fund – Growth | 2709485 |
| Kotak Flexicap Fund – Growth | 2683735 |
| HDFC Mid-Cap Opportunities Fund – Growth Plan | 2452795 |
| Axis Long Term Equity Fund – Regular Plan – Growth | 2385687 |
| HDFC Balanced Advantage Fund – IDCW Plan | 2264428 |
| ICICI Prudential Bluechip Fund – Growth | 2156021 |
| SBI BLUE CHIP FUND-REGULAR PLAN GROWTH | 2112357 |
| Axis Bluechip Fund – Regular Plan – Growth | 2075511 |
| Mirae Asset Large Cap Fund – Growth Plan | 1817978 |
| HDFC Flexi Cap Fund – Growth Plan | 1659869 |
| Aditya Birla Sun Life Frontline Equity Fund-Growth | 1630271 |
| ICICI Prudential Value Discovery Fund – Growth | 1566676 |
| HDFC Top 100 Fund – Growth Option – Regular Plan | 1511021 |
| HDFC Balanced Advantage Fund – Growth Plan | 1502955 |
The presence of many “balanced advantage funds” (whatever that means!) should come as no surprise considering how aggressively they are pushed. Their performance during the March 2020 crash can be seen here: These five equity hybrid funds fell 50% less than Nifty during the crash.
🔥Enjoy massive discounts on our courses, robo-advisory tool and exclusive investor circle! 🔥& join our community of 7000+ users!
Use our Robo-advisory Tool for a start-to-finish financial plan! ⇐ More than 2,500 investors and advisors use this!
Track your mutual funds and stock investments with this Google Sheet!
We also publish monthly equity mutual funds, debt and hybrid mutual funds, index funds and ETF screeners and momentum, low-volatility stock screeners.
- Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
- Have a question? Subscribe to our newsletter using the form below.
- Hit 'reply' to any email from us! We do not offer personalized investment advice. We can write a detailed article without mentioning your name if you have a generic question.
Join 32,000+ readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! (Link takes you to our email sign-up form)
About The Author
Dr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over ten years of experience publishing news analysis, research and financial product development. Connect with him via Twitter(X), Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! ⇐ More than 3,000 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market condition is!! Watch the first lecture for free! One-time payment! No recurring fees! Life-long access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
Our new course! Increase your income by getting people to pay for your skills! ⇐ More than 700 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner who wants more clients via online visibility or a salaried person wanting a side income or passive income, we will show you how to achieve this by showcasing your skills and building a community that trusts and pays you! (watch 1st lecture for free). One-time payment! No recurring fees! Life-long access to videos!
Our new book for kids: “Chinchu Gets a Superpower!” is now available!
Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook is for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
Do you want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or get the Tactical Buy/Sell timing tool!
We publish monthly mutual fund screeners and momentum, low-volatility stock screeners.
About freefincal & its content policy. Freefincal is a News Media Organization dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified with credible and knowledgeable sources before publication. Freefincal does not publish paid articles, promotions, PR, satire or opinions without data. All opinions will be inferences backed by verifiable, reproducible evidence/data. Contact information: letters {at} freefincal {dot} com (sponsored posts or paid collaborations will not be entertained)
Connect with us on social media
- Twitter @freefincal
- Subscribe to our YouTube Videos
- Posts feed via Feedburner.
Our publications
You Can Be Rich Too with Goal-Based Investing
Published by CNBC TV18, this book is meant to help you ask the right questions and seek the correct answers, and since it comes with nine online calculators, you can also create custom solutions for your lifestyle! Get it now.Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want
This book is meant for young earners to get their basics right from day one! It will also help you travel to exotic places at a low cost! Get it or gift it to a young earner.Your Ultimate Guide to Travel
This is an in-depth dive into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, and how travelling slowly is better financially and psychologically, with links to the web pages and hand-holding at every step. Get the pdf for Rs 300 (instant download)