India’s biggest mutual fund schemes manage several lakh crores of investors’ money. The country’s biggest scheme by assets under management (AUM), Parag Parikh Flexi Cap Fund, manages over ₹1.41 lakh crore, followed by HDFC Balanced Advantage Fund.
But does the biggest fund also deliver the best returns? Here’s a look at how the top five mutual funds by AUM have performed over the past one, three, and five years.
Which are India’s 5 biggest mutual funds by AUM?
Assets Under Management (AUM) refers to the total market value of the investments managed by a mutual fund scheme. A higher AUM generally reflects a larger investor base and the fund’s popularity.
Here is the list of the top 5 funds by AUM.
| Fund Name | AUM (in ₹ Cr) |
| Parag Parikh Flexi Cap Fund | ₹1,41,447 |
| HDFC Balanced Advantage Fund | ₹1,04,016 |
| HDFC Flexi Cap Fund | ₹1,01,822 |
| HDFC Mid Cap Fund | ₹97,350 |
| ICICI Prudential Multi Asset Fund | ₹84,165 |
*AUM as on 31 May, 2026, Direct Plans, Source: Value Research
Parag Parikh Flexi Cap Fund is the country’s largest mutual fund scheme, with an AUM of ₹1.41 lakh crore, making it the only scheme on this list to cross ₹1.4 lakh crore.
It is followed by HDFC Balanced Advantage Fund with an AUM of ₹1.04 lakh crore, while HDFC Flexi Cap Fund ranks third at ₹1.02 lakh crore.
HDFC Mid Cap Fund occupies the fourth spot with assets of ₹97,350 crore, and ICICI Prudential Multi Asset Fund comes last with an AUM of ₹84,165 crore.
How these top 5 funds have performed over the years?
| Fund Name | 1-Yr Return | Value of ₹1,00,000 Invested | 3-Yr Return | Value of ₹1,00,000 Invested | 5-Yr Return | Value of ₹1,00,000 Invested |
| Parag Parikh Flexi Cap Fund | -3.30% | ₹96,700 | 14.62% | ₹1,50,594 | 14.65% | ₹1,98,103 |
| HDFC Balanced Advantage Fund | -0.04% | ₹99,960 | 14.65% | ₹1,50,712 | 15.85% | ₹2,08,667 |
| HDFC Flexi Cap Fund | 1.49% | ₹1,01,490 | 17.85% | ₹1,63,665 | 18.65% | ₹2,35,233 |
| HDFC Mid Cap Fund | 4.88% | ₹1,04,880 | 20.62% | ₹1,75,341 | 20.69% | ₹2,56,147 |
| ICICI Prudential Multi Asset Fund | 5.84% | ₹1,05,840 | 16.74% | ₹1,59,005 | 18.04% | ₹2,29,019 |
* CAGR Returns as on 1 July, 2026, Direct Plans, Source: Value Research
If you had invested ₹1 lakh in Parag Parikh Flexi Cap Fund one year ago, your investment would have fallen to around ₹96,700. On the other hand, ICICI Prudential Multi Asset Fund delivered the highest one-year return among these five funds, taking your ₹1 lakh investment to ₹1,05,840.
Over the last three years, Parag Parikh Flexi Cap Fund delivered the lowest CAGR among the five at 14.62%. In comparison, HDFC Mid Cap Fund posted the highest three-year CAGR of 20.62%.
Over the last five years, Parag Parikh Flexi Cap Fund again had the lowest CAGR at 14.65%. The highest five-year return came from HDFC Mid Cap Fund, which generated a 20.69% CAGR.
Among the five, ICICI Prudential Multi Asset Fund delivered the highest return over the last year, while HDFC Mid Cap Fund gave the highest returns over the last 3 and 5 years.
A higher AUM generally indicates strong investor participation and sustained inflows, but it should not be the sole factor while selecting a mutual fund.
Investors can also evaluate the fund’s long-term performance, investment strategy, risk profile, and expense ratio, and check whether it aligns with their financial goals before making an investment decision.
Disclaimer: This is purely for educational/ informational purposes and should not be taken as any sort of investment advice. Always consult a SEBI-registered advisor before making any investment decisions.
