The AUM (asset under management) of mutual funds reported in most online portals is the AUM of the regular plan (commissions removed before NAV declaration) plus the AUM of the direct plan (no commissions). This article lists the most popular direct plan mutual funds. That is the ones with the largest AUM.
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 assets. This reports the AUM of the direct and regular plan mutual funds separately. Also, under each plan, one can find the AUM in the dividend (IDCW) and growth options. NB: Plans and options have distinct meanings for mutual funds and should not be used interchangeably!
Let us now slice the AUM step by step. The data corresponds to Average Assets under Management (AAUM) for the quarter of October – December 2020 (Rs in Lakhs).
- Grand Total: Rs. 402675769.4 Lakhs (excluding domestic FoFs)
- ETF: Rs. 50563326.15 Lakhs (excluding domestic FOFs; these have no direct plan, regular plan, growth, or dividend options!). Aum share of ETFs: 12.55%
- Almost 3.77% of the total AUM is held in SBI-ETF Nifty 50.
- Regular Plan: Rs. 210472726.6 Lakhs. Aum share of regular plan MFs: 59.77%
- Direct Plan: Rs. 141639716.6 Lakhs. Aum share of direct plan MFs: 40.22%
We expect much of the direct plan AUM to be in liquid funds, money market funds and other debt funds. Let us inspect the top 50 direct plan funds.
The top 9 are short-term debt funds (The AUM is in Lakhs
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- SBI Liquid Fund – DIRECT PLAN -Growth 5016853.57
- HDFC Liquid Fund – Growth Option – Direct Plan 3987565.69
- ICICI Prudential Liquid Fund – Direct Plan-Growth 3145353.96
- Aditya Birla Sun Life Liquid Fund – Growth – Direct Plan 2997539.37
- Kotak Liquid – Growth – Direct 2651579.83
- UTI-Liquid Cash Plan – Direct Plan – Growth Option 2379785.48
- Nippon India Liquid Fund – Direct Plan Growth Plan – Growth Option 2175927.47
- Axis Liquid Fund – Direct Plan – Growth Option 2072693.19
- SBI OVERNIGHT FUND – DIRECT PLAN – GROWTH 1903734.61
At no 10 is Parag Parikh Flexi Cap Fund – Direct Plan-Growth with Rs. 1727404.88 Lakhs AUM. Making it the most popular direct plan equity mutual fund (we shall not consider arbitrage funds as equity funds for this classification). We have not consolidated growth and dividend (IDCW) options. Even if we did, the IDCW contributions from equity direct plan funds are too small to displace Parag Parikh Flexicap (which does not have an IDCW option).
There are nine equity funds if we consider the next 45 funds.
| Scheme Name | Average AUM |
| Axis Bluechip Fund – Direct Plan – Growth | 1216543 |
| Mirae Asset Large Cap Fund – Direct Plan – Growth | 1168819 |
| Kotak Flexicap Fund – Growth – Direct | 940412.9 |
| SBI BLUE CHIP FUND-DIRECT PLAN -GROWTH | 906744 |
| HDFC Flexi Cap Fund – Growth Option – Direct Plan | 864729.7 |
| ICICI Prudential Bluechip Fund – Direct Plan – Growth | 841726.7 |
| Mirae Asset Emerging Bluechip Fund – Direct Plan – Growth | 803763.6 |
| Axis Long Term Equity Fund – Direct Plan – Growth Option | 802786.7 |
| ICICI Prudential Balanced Advantage Fund – Direct Plan -Growth | 705882.3 |
The next 45 popular direct plan funds are tabulated below.
| Scheme Name | Average AUM |
| ICICI Prudential Savings Fund – Direct Plan – Growth | 1606308 |
| Tata Liquid Fund- Direct Plan-Growth Option | 1422676 |
| HDFC Overnight Fund – Growth Option – Direct Plan | 1366383 |
| HDFC Floating Rate Debt Fund – Direct Plan – Growth Option | 1326602 |
| IDFC Corporate Bond Fund – Direct Growth | 1280809 |
| Axis Bluechip Fund – Direct Plan – Growth | 1216543 |
| HDFC Corporate Bond Fund – Growth Option – Direct Plan | 1206842 |
| ICICI Prudential Overnight Fund – Direct Plan – Growth | 1196207 |
| ICICI Prudential Corporate Bond Fund – Direct Plan – Growth | 1190140 |
| Kotak Money Market Scheme – (Growth) – Direct | 1187089 |
| Aditya Birla Sun Life Floating Rate Fund-Direct Plan-Growth | 1183819 |
| Mirae Asset Large Cap Fund – Direct Plan – Growth | 1168819 |
| Aditya Birla Sun Life Money Manager Fund – Growth – Direct Plan | 1067542 |
| Kotak Equity Arbitrage Fund – Growth – Direct | 1066880 |
| HSBC Liquid Fund -Growth Direct | 1036929 |
| IDFC Cash Fund -Direct Plan-Growth | 1028646 |
| Kotak Savings Fund-Growth – Direct | 976392.9 |
| HDFC Money Market Fund – Growth Option – Direct Plan | 971174.7 |
| DSP Liquidity Fund – Direct Plan – Growth | 956129.5 |
| SBISAVINGS FUND – DIRECT PLAN – GROWTH | 942538.8 |
| Kotak Flexicap Fund – Growth – Direct | 940412.9 |
| ADITYA BIRLA SUN LIFE OVERNIGHT FUND-DIRECT PLAN-GROWTH | 915712.8 |
| SBI BLUE CHIP FUND-DIRECT PLAN -GROWTH | 906744 |
| Aditya Birla Sun Life Savings Fund – Growth – Direct Plan | 878217.7 |
| Nippon India Overnight Fund – Direct Plan – Growth Option | 876655.2 |
| ICICI Prudential Money Market Fund Option – Direct Plan -Growth | 870980.9 |
| Kotak Bond Short Term Plan-(Growth) – Direct | 866807.1 |
| HDFC Flexi Cap Fund – Growth Option – Direct Plan | 864729.7 |
| IDFC-IDFC Banking & PSU Debt Fund – Direct Growth | 850974.5 |
| ICICI Prudential Bluechip Fund – Direct Plan – Growth | 841726.7 |
| Kotak Overnight Fund -Direct Plan-Growth Option | 834619.3 |
| Axis Overnight Fund – Direct Plan – Growth Option | 826738.6 |
| Mirae Asset Emerging Bluechip Fund – Direct Plan – Growth | 803763.6 |
| Axis Long Term Equity Fund – Direct Plan – Growth Option | 802786.7 |
| SBI SHORT TERM DEBT FUND – DIRECT PLAN -GROWTH | 792440.1 |
| Axis Banking & PSU Debt Fund – Direct Plan – Growth Option | 792105.3 |
| HDFC Ultra Short Term Fund – Direct Plan-Growth Option | 789504 |
| Nippon India Money Market Fund – Direct Plan Growth Plan – Growth Option | 777463.6 |
| SBI MAGNUM ULTRA SHORT DURATION FUND – DIRECT PLAN – GROWTH | 765626.5 |
| Aditya Birla Sun Life Corporate Bond Fund – Growth – Direct Plan | 758799.2 |
| UTI – Overnight Fund – Direct Plan – Growth Option | 742623.9 |
| Nippon India Floating Rate Fund- Direct Plan Growth Plan – Growth Option | 734383.4 |
| HDFC Short TermDebt Fund – Growth Option – Direct Plan | 707242.2 |
| Aditya Birla Sun Life Nifty SDL Plus PSU Bond SEP 2026 60:40 Index Fund-Direct Growth | 707222.5 |
| ICICI Prudential Balanced Advantage Fund – Direct Plan -Growth | 705882.3 |
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