Five Hybrid Funds Feature Among India’s 10 Largest Equity and Hybrid Schemes

Key Takeaways

• Five of India’s 10 largest equity and hybrid mutual fund schemes by assets under management are hybrid funds, according to Value Research data as of August 31, 2026. 
• The five hybrid schemes in the top 10 together manage around ₹4.35 lakh crore. 
• Separately, AMFI data showed the broader hybrid fund category managing ₹11.67 lakh crore as of July 2026, equivalent to 13.6% of total mutual fund industry assets. 

Hybrid mutual funds now account for five of the 10 largest equity and hybrid schemes in India by assets under management, reflecting the scale that multi-asset investment strategies have built within the domestic mutual fund industry. 

According to Value Research data cited by Mint, the five hybrid schemes among the 10 largest collectively managed approximately ₹4.35 lakh crore as of August 31, 2026. 

HDFC Balanced Advantage Fund was the largest hybrid scheme in the group, with AUM of ₹1,07,296 crore. SBI Aggressive Hybrid Fund followed with ₹88,668 crore, while ICICI Prudential Multi Asset Allocation Fund managed ₹87,833 crore. 

Kotak Arbitrage Fund had AUM of ₹75,712 crore and ICICI Prudential Balanced Advantage Fund managed ₹75,399 crore. 

The overall ranking was led by Parag Parikh Flexi Cap Fund, with ₹1,47,405 crore in assets, followed by HDFC Flexi Cap Fund at ₹1,13,606 crore and HDFC Mid Cap Fund at ₹1,08,325 crore. 

Hybrid Fund Assets Have Expanded 

Separate AMFI data cited by The Economic Times showed that the broader hybrid fund segment managed ₹11.67 lakh crore as of July 2026. That represented 13.6% of total mutual fund industry assets and was 108% higher than the category's assets in August 2023. 

Nearly 17% of assets held by individual mutual fund investors were invested through hybrid schemes. 

Hybrid funds combine allocations to more than one asset class, although their underlying strategies vary considerably. The category includes balanced advantage, aggressive hybrid, multi-asset allocation and arbitrage strategies, among others. 

The latest AUM rankings therefore show that some of India's largest mutual fund pools are no longer concentrated solely in pure-equity categories. Hybrid strategies have also accumulated sizeable assets as the industry's overall investor base and product range have expanded.