Mutual funds
What the funds hold, and how quickly they could sell it
Balanced advantage funds say they move between equity and debt with valuations. We estimate their real net equity every day from their NAVs. Small- and mid-cap funds now disclose how many days they would need to sell half their portfolio.
For: mutual fund investors choosing between hybrid and small-cap funds, and advisers who need numbers behind fund labels.
Balanced advantage funds: estimated net equity (AUM-weighted)
59%
30 Sept 2026 · a year ago 58%
Higher than 67% of readings since 2018
Higher than 67% of readings since 2018
Arbitrage funds, same estimate (should be near 0)
7%
30 Sept 2026 · a year ago -3%
Higher than 100% of readings since 2018
Higher than 100% of readings since 2018
Small-cap funds: median days to sell half
5 days
Aug 2026 · a year ago 6 days
Mid-cap funds: median days to sell half
3 days
Aug 2026 · a year ago 4 days
Balanced advantage funds: net equity after hedges
Each day we regress a fund's last 60 daily returns on Nifty 50 and a 5-year G-sec index; the equity slope is its effective net equity. It is an estimate, checked against the funds' own monthly disclosures (median error 4.9 points across 26 schemes). Arbitrage funds, which should be near zero, are the control.
Estimated net equity of balanced advantage funds
Weekly, from June 2018. An estimate from NAV regressions, not a disclosure.
BAFs, AUM-weightedBAFs, median fundArbitrage funds (control)
Loading chart…
Source: AMFI daily NAV (all eras), AMFI quarterly scheme AUM; NSE Nifty 50 and Nifty 500 TRI; NSE 5-year G-sec index; disclosed portfolios (Data bank mf_scheme_exposure) for validation
For comparison: Nifty 50 trailing P/E
If allocation followed valuation, net equity would fall as P/E rises. Across funds the median correlation is −0.22: mostly not.
Loading chart…
Source: AMFI daily NAV (all eras), AMFI quarterly scheme AUM; NSE Nifty 50 and Nifty 500 TRI; NSE 5-year G-sec index; disclosed portfolios (Data bank mf_scheme_exposure) for validation
| Fund | AUM | Net equity (est.) | se | A year ago | Low since 2018 | High since 2018 | Disclosed |
|---|---|---|---|---|---|---|---|
| HDFC Balanced Advantage Fund | ₹1.0 lakh cr | 64% | 3.2 | 63% | 44% | 111% | – |
| ICICI Prudential Balanced Advantage Fund | ₹70,787 cr | 62% | 4.1 | 49% | 31% | 67% | 64% |
| SBI Balanced Advantage Fund | ₹40,549 cr | 51% | 3.1 | 56% | 27% | 59% | 55% |
| Kotak Balanced Advantage Fund | ₹16,987 cr | 57% | 3.4 | 58% | 26% | 71% | 64% |
| Edelweiss Balanced Advantage Fund | ₹12,896 cr | 56% | 4.5 | 68% | 32% | 84% | 83% |
| Nippon India Balanced Advantage Fund | ₹9,597 cr | 59% | 3.4 | 65% | 31% | 84% | – |
| Aditya Birla Sun Life Balanced Advantage Fund | ₹9,211 cr | 59% | 4.2 | 64% | 32% | 74% | – |
| Tata Balanced Advantage Fund | ₹8,873 cr | 58% | 4.0 | 57% | 33% | 62% | – |
| UTI - Unit Linked Insurance Plan | ₹4,943 cr | 34% | 3.5 | 43% | 22% | 50% | 37% |
| Baroda BNP Paribas Balanced Advantage Fund | ₹4,798 cr | 67% | 6.5 | 81% | 35% | 95% | 81% |
| Axis Balanced Advantage Fund | ₹3,759 cr | 59% | 2.5 | 57% | 26% | 67% | – |
| DSP Dynamic Asset Allocation Fund | ₹3,685 cr | 53% | 3.2 | 32% | 6% | 70% | 51% |
| NJ Balanced Advantage Fund | ₹3,413 cr | 44% | 4.9 | 62% | 32% | 69% | 59% |
| UTI Balanced Advantage Fund | ₹3,012 cr | 67% | 2.0 | 65% | 41% | 67% | 63% |
| Franklin India Balanced Advantage Fund | ₹2,785 cr | 56% | 4.5 | 49% | 38% | 60% | 62% |
| Parag Parikh Dynamic Asset Allocation Fund | ₹2,691 cr | 9% | 2.3 | 11% | 7% | 20% | 14% |
| BANDHAN Balanced Advantage Fund | ₹2,198 cr | 54% | 3.4 | 52% | 26% | 65% | 57% |
| WhiteOak Capital Balanced Advantage Fund | ₹2,152 cr | 54% | 3.6 | 61% | 37% | 72% | 65% |
| Mirae Asset Balanced Advantage Fund | ₹2,076 cr | 50% | 3.0 | 54% | 42% | 65% | 57% |
| Sundaram Dynamic Asset Allocation Fund | ₹1,651 cr | 58% | 5.1 | 61% | 45% | 68% | 61% |
| HSBC Balanced Advantage Fund | ₹1,502 cr | 51% | 3.8 | 41% | 33% | 63% | – |
| Union Balanced Advantage Fund | ₹1,231 cr | 63% | 5.9 | 62% | 25% | 78% | 70% |
| Bajaj Finserv Balanced Advantage Fund | ₹1,229 cr | 77% | 4.0 | 83% | 45% | 85% | – |
| Unifi Dynamic Asset Allocation Fund | ₹1,216 cr | 5% | 1.6 | -1% | -1% | 6% | -0% |
| Canara Robeco Balanced Advantage Fund | ₹1,148 cr | 64% | 3.8 | 62% | 48% | 76% | – |
| Invesco India Balanced Advantage Fund | ₹1,020 cr | 63% | 3.2 | 67% | 29% | 70% | 58% |
| quant Dynamic Asset Allocation Fund | ₹903 cr | 40% | 11.9 | 77% | 20% | 135% | – |
| Mahindra Manulife Balanced Advantage Fund | ₹886 cr | 57% | 5.2 | 74% | 44% | 86% | 65% |
| PGIM India Balanced Advantage Fund | ₹805 cr | 67% | 3.8 | 75% | 23% | 75% | 51% |
| Motilal Oswal Balanced Advantage Fund (MOFDYNAMIC) | ₹726 cr | 55% | 8.4 | 141% | 22% | 151% | 69% |
| LIC MF Balanced Advantage Fund | ₹677 cr | 56% | 9.7 | 61% | 39% | 89% | 71% |
| ITI Balanced Advantage Fund | ₹352 cr | 68% | 7.4 | 81% | 5% | 93% | 75% |
| Helios Balanced Advantage Fund | ₹302 cr | 62% | 7.2 | 81% | 54% | 93% | 67% |
| Samco Dynamic Asset Allocation Fund | ₹197 cr | 34% | 8.8 | 48% | 14% | 100% | 60% |
| BANK OF INDIA BALANCED ADVANTAGE FUND | ₹156 cr | 55% | 2.1 | 70% | 15% | 92% | – |
| Shriram Balanced Advantage Fund | ₹48.7 cr | 62% | 2.6 | 62% | 30% | 94% | 69% |
| The Wealth Company Balanced Advantage Fund | ₹45.9 cr | 53% | 7.0 | – | 46% | 68% | – |
Small- and mid-cap funds: days to sell
Since February 2024 every small- and mid-cap fund discloses a stress test: the days needed to sell 50% of its portfolio pro rata, after setting aside the least liquid 20%. The median hides the large funds, which are the illiquid ones, so the AUM-weighted figure is shown alongside.
Small-cap funds: days to sell half the portfolio
Monthly, AMFI disclosure.
Median small-cap fundAUM-weighted middle half (25th–75th percentile)
Loading chart…
Source: AMFI, Disclosure of risk parameters for mid-cap and small-cap schemes (monthly), via Data bank amfi_risk_parameters
Mid-cap funds: days to sell half the portfolio
Monthly, AMFI disclosure.
Median mid-cap fundAUM-weighted middle half (25th–75th percentile)
Loading chart…
Source: AMFI, Disclosure of risk parameters for mid-cap and small-cap schemes (monthly), via Data bank amfi_risk_parameters
| Category | Scheme | AUM | Days for 50% | A year ago | Days for 25% | Top-10 investors' share | Small-cap holdings | Cash |
|---|---|---|---|---|---|---|---|---|
| Mid Cap | HDFC Mid Cap Fund | ₹1.1 lakh cr | 37.0 | 37.0 | 18.0 | 1% | 17% | 7.1% |
| Mid Cap | Kotak Mid Cap Fund | ₹71,160 cr | 29.0 | 26.0 | 15.0 | 3% | 15% | 3.0% |
| Mid Cap | quant Mid Cap Fund | ₹8,043 cr | 21.0 | 21.0 | 11.0 | 1% | 8% | 1.5% |
| Mid Cap | SBI Midcap Fund | ₹24,509 cr | 17.0 | 28.0 | 9.0 | 1% | 16% | 3.5% |
| Mid Cap | Motilal Oswal Midcap Fund | ₹42,840 cr | 13.0 | 19.0 | 7.0 | 6% | 4% | 4.0% |
| Mid Cap | Nippon India Growth Mid Cap Fund | ₹52,302 cr | 11.0 | 10.0 | 6.0 | 3% | 12% | 1.3% |
| Mid Cap | Invesco India Mid Cap Fund | ₹15,927 cr | 11.0 | 4.0 | 6.0 | 3% | 18% | 1.9% |
| Mid Cap | Mirae Asset Midcap Fund | ₹20,842 cr | 10.0 | 7.0 | 5.0 | 4% | 16% | 1.4% |
| Mid Cap | DSP Midcap Fund | ₹21,015 cr | 7.0 | 8.0 | 4.0 | 2% | 11% | 4.2% |
| Mid Cap | Axis Midcap Fund | ₹35,108 cr | 7.0 | 9.0 | 4.0 | 1% | 6% | 7.2% |
| Mid Cap | UTI - Mid Cap Fund | ₹12,791 cr | 5.0 | 5.0 | 3.0 | 2% | 18% | 1.2% |
| Mid Cap | Edelweiss Mid Cap Fund | ₹19,924 cr | 5.0 | 3.0 | 2.0 | 4% | 13% | 4.7% |
| Mid Cap | HSBC Midcap Fund | ₹17,223 cr | 5.0 | 5.0 | 3.0 | 2% | 26% | 0.8% |
| Mid Cap | Franklin India Mid Cap Fund | ₹13,041 cr | 4.0 | 5.0 | 2.0 | 3% | 18% | 2.8% |
| Mid Cap | Sundaram Mid Cap Fund | ₹14,706 cr | 4.0 | 5.0 | 2.0 | 3% | 16% | 3.3% |
| Mid Cap | Aditya Birla Sun Life Midcap Fund | ₹6,966 cr | 3.0 | 3.0 | 2.0 | 4% | 25% | 1.9% |
| Mid Cap | ICICI Prudential Mid Cap Fund | ₹8,427 cr | 3.0 | 4.0 | 2.0 | 5% | 9% | 2.0% |
| Mid Cap | TATA MID CAP FUND | ₹6,240 cr | 3.0 | 3.0 | 2.0 | 3% | 7% | 1.2% |
| Mid Cap | PGIM India Midcap Fund | ₹11,128 cr | 3.0 | 4.0 | 1.0 | 1% | 10% | 3.1% |
| Mid Cap | Mahindra Manulife Mid Cap Fund | ₹5,408 cr | 2.0 | 2.0 | 1.0 | 8% | 14% | 2.3% |
| Mid Cap | WhiteOak Capital Mid Cap Fund | ₹7,506 cr | 2.0 | 2.0 | 1.0 | 4% | 22% | 1.2% |
| Mid Cap | Canara Robeco Mid Cap Fund | ₹5,231 cr | 2.0 | 2.0 | 1.0 | 2% | 7% | 4.9% |
| Mid Cap | Taurus Mid Cap Fund | ₹140 cr | 1.0 | 1.0 | 1.0 | 4% | 25% | 4.8% |
| Mid Cap | Union Midcap Fund | ₹2,006 cr | 1.0 | 1.0 | 1.0 | 4% | 15% | 1.9% |
| Mid Cap | ITI Mid Cap Fund | ₹1,534 cr | 1.0 | 1.0 | 1.0 | 4% | 15% | 2.0% |
| Mid Cap | Baroda BNP Paribas Mid Cap Fund | ₹2,658 cr | 1.0 | 2.0 | 1.0 | 3% | 15% | 4.1% |
| Mid Cap | BANDHAN Mid Cap Fund | ₹2,583 cr | 1.0 | 1.0 | 1.0 | 2% | 15% | 2.1% |
| Mid Cap | JM Mid cap Fund | ₹1,361 cr | 1.0 | 0.7 | 1.0 | 7% | 25% | 0.9% |
| Mid Cap | LIC MF Mid Cap Fund | ₹392 cr | 1.0 | 1.0 | 1.0 | 4% | 19% | 1.8% |
| Mid Cap | Helios Mid Cap Fund | ₹2,239 cr | 1.0 | 1.0 | 1.0 | 15% | 30% | 0.5% |
| Mid Cap | BANK OF INDIA MID CAP FUND | ₹767 cr | 1.0 | 1.0 | 1.0 | 13% | 21% | 1.6% |
| Mid Cap | TRUSTMF Mid Cap Fund | ₹598 cr | 1.0 | – | 1.0 | 9% | 25% | 5.6% |
| Mid Cap | THE WEALTH COMPANY MID CAP FUND | ₹171 cr | 1.0 | – | 1.0 | 5% | 16% | 7.2% |
| Mid Cap | Samco Mid Cap Fund | ₹81.1 cr | 0.0 | – | 0.0 | 12% | 2% | 1.5% |
| Small Cap | quant Small Cap Fund | ₹35,556 cr | 48.0 | 71.0 | 24.0 | 1% | 67% | 10.5% |
| Small Cap | HDFC Small Cap Fund | ₹41,877 cr | 46.0 | 60.0 | 23.0 | 4% | 73% | 10.3% |
| Small Cap | SBI Small Cap Fund | ₹42,631 cr | 43.0 | 55.0 | 22.0 | 0% | 85% | 11.8% |
| Small Cap | TATA SMALL CAP FUND | ₹13,084 cr | 42.0 | 50.0 | 21.0 | 2% | 86% | 6.3% |
| Small Cap | Kotak Small Cap Fund | ₹19,673 cr | 29.0 | 38.0 | 15.0 | 1% | 75% | 1.0% |
| Small Cap | DSP Small Cap Fund | ₹21,671 cr | 27.0 | 38.0 | 14.0 | 2% | 82% | 11.7% |
| Small Cap | Nippon India Small Cap Fund | ₹82,556 cr | 27.0 | 32.0 | 14.0 | 1% | 70% | 2.8% |
| Small Cap | BANDHAN Small Cap Fund | ₹34,282 cr | 16.0 | 10.0 | 8.0 | 2% | 70% | 13.3% |
| Small Cap | Axis Small Cap Fund | ₹31,449 cr | 14.0 | 18.0 | 7.0 | 1% | 75% | 7.6% |
| Small Cap | Invesco India Small Cap Fund | ₹15,799 cr | 13.0 | 7.0 | 7.0 | 5% | 66% | 4.8% |
| Small Cap | ICICI Prudential Small cap Fund | ₹9,821 cr | 12.0 | 14.0 | 6.0 | 2% | 93% | 2.5% |
| Small Cap | Franklin India Small Cap Fund | ₹14,742 cr | 11.0 | 15.0 | 6.0 | 2% | 84% | 2.9% |
| Small Cap | Canara Robeco Small Cap Fund | ₹14,651 cr | 10.0 | 10.0 | 5.0 | 3% | 73% | 4.1% |
| Small Cap | HSBC Small Cap Fund | ₹19,075 cr | 9.0 | 12.0 | 5.0 | 1% | 74% | 1.1% |
| Small Cap | Motilal Oswal Small Cap Fund | ₹8,172 cr | 8.0 | 14.0 | 4.0 | 7% | 80% | 7.0% |
| Small Cap | Sundaram Small Cap Fund | ₹4,158 cr | 5.0 | 6.0 | 3.0 | 3% | 81% | 4.1% |
| Small Cap | Edelweiss Small Cap Fund | ₹7,259 cr | 5.0 | 5.0 | 3.0 | 6% | 71% | 1.1% |
| Small Cap | UTI Small Cap Fund | ₹5,447 cr | 5.0 | 5.0 | 3.0 | 1% | 78% | 4.0% |
| Small Cap | Mahindra Manulife Small Cap Fund | ₹5,472 cr | 5.0 | 4.0 | 3.0 | 2% | 64% | 4.0% |
| Small Cap | Mirae Asset Small Cap Fund | ₹5,726 cr | 5.0 | 3.0 | 3.0 | 4% | 77% | 1.9% |
| Small Cap | Aditya Birla Sun Life Small Cap Fund | ₹6,229 cr | 3.0 | 5.0 | 2.0 | 3% | 80% | 5.2% |
| Small Cap | BANK OF INDIA SMALL CAP FUND | ₹3,328 cr | 3.0 | 2.0 | 2.0 | 3% | 77% | 13.9% |
| Small Cap | Bajaj Finserv Small Cap Fund | ₹2,652 cr | 3.0 | 2.0 | 2.0 | 4% | 88% | 1.7% |
| Small Cap | Abakkus Small Cap Fund | ₹2,833 cr | 3.0 | – | 2.0 | 7% | 79% | 11.7% |
| Small Cap | Union Small Cap Fund | ₹2,673 cr | 2.0 | 2.0 | 1.0 | 5% | 77% | 1.3% |
| Small Cap | PGIM India Small Cap Fund | ₹1,793 cr | 2.0 | 2.0 | 1.0 | 2% | 72% | 2.6% |
| Small Cap | LIC MF Small Cap Fund | ₹832 cr | 2.0 | 2.0 | 1.0 | 6% | 86% | 5.1% |
| Small Cap | ITI Small Cap Fund | ₹3,602 cr | 1.0 | 2.0 | 1.0 | 18% | 63% | 5.2% |
| Small Cap | QUANTUM SMALL CAP FUND | ₹265 cr | 1.0 | 1.0 | 1.0 | 4% | 83% | 7.8% |
| Small Cap | Baroda BNP Paribas Small Cap Fund | ₹1,308 cr | 1.0 | 3.0 | 1.0 | 3% | 74% | 3.4% |
| Small Cap | JM Small Cap Fund | ₹931 cr | 1.0 | 1.4 | 1.0 | 7% | 94% | 1.6% |
| Small Cap | TRUSTMF Small Cap Fund | ₹3,464 cr | 1.0 | 1.0 | 1.0 | 14% | 72% | 5.0% |
| Small Cap | Helios Small Cap Fund | ₹1,751 cr | 1.0 | – | 1.0 | 5% | 77% | 2.4% |
| Small Cap | THE WEALTH COMPANY SMALL CAP FUND | ₹130 cr | 1.0 | – | 1.0 | 6% | 73% | 6.7% |
| Small Cap | Groww Small Cap Fund | ₹773 cr | 1.0 | – | 0.2 | 9% | 77% | 10.5% |
| Small Cap | Samco Small Cap Fund | ₹197 cr | 0.1 | – | 0.1 | 11% | 75% | 3.4% |
Where money is flowing, by category
Balanced advantage funds
Net inflow, monthly.
Loading chart…
Source: IndiaDataHub (NSE, BSE, NSDL, AMFI, PFRDA, CDSL, NSDL depositories)
Arbitrage funds
Net inflow, monthly.
Loading chart…
Source: IndiaDataHub (NSE, BSE, NSDL, AMFI, PFRDA, CDSL, NSDL depositories)
Multi-asset funds
Net inflow, monthly.
Loading chart…
Source: IndiaDataHub (NSE, BSE, NSDL, AMFI, PFRDA, CDSL, NSDL depositories)