Parag Parikh Flexi Cap Fund is the most popular direct plan equity MF

Published: January 15, 2023 at 6:00 am

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


Get free money management solutions delivered to your mailbox! Subscribe to get posts via email!



    🔥Enjoy massive discounts on our robo-advisory tool & courses! 🔥
    1. SBI Liquid Fund – DIRECT PLAN -Growth 5016853.57
    2. HDFC Liquid Fund – Growth Option – Direct Plan 3987565.69
    3. ICICI Prudential Liquid Fund – Direct Plan-Growth 3145353.96
    4. Aditya Birla Sun Life Liquid Fund – Growth – Direct Plan 2997539.37
    5. Kotak Liquid – Growth – Direct 2651579.83
    6. UTI-Liquid Cash Plan – Direct Plan – Growth Option 2379785.48
    7. Nippon India Liquid Fund – Direct Plan Growth Plan – Growth Option 2175927.47
    8. Axis Liquid Fund – Direct Plan – Growth Option 2072693.19
    9. 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 NameAverage AUM
    Axis Bluechip Fund – Direct Plan – Growth1216543
    Mirae Asset Large Cap Fund – Direct Plan – Growth1168819
    Kotak Flexicap Fund – Growth – Direct940412.9
    SBI BLUE CHIP FUND-DIRECT PLAN -GROWTH906744
    HDFC Flexi Cap Fund – Growth Option – Direct Plan864729.7
    ICICI Prudential Bluechip Fund – Direct Plan – Growth841726.7
    Mirae Asset Emerging Bluechip Fund – Direct Plan – Growth803763.6
    Axis Long Term Equity Fund – Direct Plan – Growth Option802786.7
    ICICI Prudential Balanced Advantage Fund – Direct Plan -Growth705882.3

    The next 45 popular direct plan funds are tabulated below.

    Scheme NameAverage AUM
    ICICI Prudential Savings Fund – Direct Plan – Growth1606308
    Tata Liquid Fund- Direct Plan-Growth Option1422676
    HDFC Overnight Fund – Growth Option – Direct Plan1366383
    HDFC Floating Rate Debt Fund – Direct Plan – Growth Option1326602
    IDFC Corporate Bond Fund – Direct Growth1280809
    Axis Bluechip Fund – Direct Plan – Growth1216543
    HDFC Corporate Bond Fund – Growth Option – Direct Plan1206842
    ICICI Prudential Overnight Fund – Direct Plan – Growth1196207
    ICICI Prudential Corporate Bond Fund – Direct Plan – Growth1190140
    Kotak Money Market Scheme – (Growth) – Direct1187089
    Aditya Birla Sun Life Floating Rate Fund-Direct Plan-Growth1183819
    Mirae Asset Large Cap Fund – Direct Plan – Growth1168819
    Aditya Birla Sun Life Money Manager Fund – Growth – Direct Plan1067542
    Kotak Equity Arbitrage Fund – Growth – Direct1066880
    HSBC Liquid Fund -Growth Direct1036929
    IDFC Cash Fund -Direct Plan-Growth1028646
    Kotak Savings Fund-Growth – Direct976392.9
    HDFC Money Market Fund – Growth Option – Direct Plan971174.7
    DSP Liquidity Fund – Direct Plan – Growth956129.5
    SBISAVINGS FUND – DIRECT PLAN – GROWTH942538.8
    Kotak Flexicap Fund – Growth – Direct940412.9
    ADITYA BIRLA SUN LIFE OVERNIGHT FUND-DIRECT PLAN-GROWTH915712.8
    SBI BLUE CHIP FUND-DIRECT PLAN -GROWTH906744
    Aditya Birla Sun Life Savings Fund – Growth – Direct Plan878217.7
    Nippon India Overnight Fund – Direct Plan – Growth Option876655.2
    ICICI Prudential Money Market Fund Option – Direct Plan -Growth870980.9
    Kotak Bond Short Term Plan-(Growth) – Direct866807.1
    HDFC Flexi Cap Fund – Growth Option – Direct Plan864729.7
    IDFC-IDFC Banking & PSU Debt Fund – Direct Growth850974.5
    ICICI Prudential Bluechip Fund – Direct Plan – Growth841726.7
    Kotak Overnight Fund -Direct Plan-Growth Option834619.3
    Axis Overnight Fund – Direct Plan – Growth Option826738.6
    Mirae Asset Emerging Bluechip Fund – Direct Plan – Growth803763.6
    Axis Long Term Equity Fund – Direct Plan – Growth Option802786.7
    SBI SHORT TERM DEBT FUND – DIRECT PLAN -GROWTH792440.1
    Axis Banking & PSU Debt Fund – Direct Plan – Growth Option792105.3
    HDFC Ultra Short Term Fund – Direct Plan-Growth Option789504
    Nippon India Money Market Fund – Direct Plan Growth Plan – Growth Option777463.6
    SBI MAGNUM ULTRA SHORT DURATION FUND – DIRECT PLAN – GROWTH765626.5
    Aditya Birla Sun Life Corporate Bond Fund – Growth – Direct Plan758799.2
    UTI – Overnight Fund – Direct Plan – Growth Option742623.9
    Nippon India Floating Rate Fund- Direct Plan Growth Plan – Growth Option734383.4
    HDFC Short TermDebt Fund – Growth Option – Direct Plan707242.2
    Aditya Birla Sun Life Nifty SDL Plus PSU Bond SEP 2026 60:40 Index Fund-Direct Growth707222.5
    ICICI Prudential Balanced Advantage Fund – Direct Plan -Growth705882.3
    Do share this article with your friends using the buttons below.

    🔥Enjoy massive discounts on our courses and robo-advisory tool! 🔥
    Use our Robo-advisory Excel Tool for a start-to-finish financial plan! More than 1000 investors and advisors use this!
    New Tool! => Track your mutual funds and stocks investments with this Google Sheet!
    • Follow us on Google News.
    • Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
    • Join our YouTube Community and explore more than 1000 videos!
    • Have a question? Subscribe to our newsletter with this form.
    • 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.

    Get free money management solutions delivered to your mailbox! Subscribe to get posts via email!



      Explore the site! Search among our 2000+ articles for information and insight!

      About The Author

      Pattabiraman editor freefincalDr 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 nine years of experience publishing news analysis, research and financial product development. Connect with him via Twitter or 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 3000 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 what 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 you 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!
      Both boy and girl version covers of Chinchu gets a superpower
      Both boy and girl version covers of Chinchu gets a superpower.
      Most investor problems can be traced to a lack of informed decision-making. We have all made bad decisions and money mistakes when we started earning and spent years undoing these mistakes. Why should our children go through the same pain? What is this book about? As parents, what would it be if we had to groom one ability in our children that is key not only to money management and investing but to any aspect of life? My answer: Sound Decision Making. So in this book, we meet Chinchu, who is about to turn 10. What he wants for his birthday and how his parents plan for it and teach him several key ideas of decision making and money management is the narrative. What readers say!
      Feedback from a young reader after reading Chinchu gets a Superpower (small version)
      Feedback from a young reader after reading Chinchu gets a Superpower!
      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 for those interested in getting side income via content writing. It is available at a 50% discount for Rs. 500 only!
      Want to check if the market is overvalued or undervalued? Use our market valuation tool (it will work with any index!), or you buy the new 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 from credible and knowledgeable sources before publication. Freefincal does not publish any paid articles, promotions, PR, satire or opinions without data. All opinions presented will only 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
      Our publications

      You Can Be Rich Too with Goal-Based Investing

      You can be rich too with goal based investingPublished 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 Gamechanger: Forget Start-ups, Join Corporate and Still Live the Rich Life you wantThis 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

      Travel-Training-Kit-Cover-new This is an in-depth dive analysis 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)