Top Fund Managers in India

Over the past three decades, India's mutual fund industry has gone from strength to strength to reach new heights, and as a result, some fund managers have become the foundation of the ecosystem. They are invaluable to both seasoned and novice investors due to their well-organised procedures, extensive market knowledge, and capacity to consistently produce risk-adjusted returns.

The top fund managers in India are highlighted in this guide, along with their accomplishments and the traits and duties that characterise exceptional fund management.

Performance Table of Best Fund Managers in India

Overview of Best Mutual Fund Managers in India

Over the past three decades, the mutual fund industry in India has undergone significant change, and a number of fund managers have become industry leaders thanks to their steady performance and methodical investment strategies. In this article, we have considered the best fund managers who manage total AUM of more than ₹1,00,000 crore.

Sankaran Naren

With over 26 years of experience and assets under management (AUM) of ₹5,23,446 crores across 16 schemes, Sankaran Naren of ICICI Prudential Mutual Fund is one of the most well-known fund managers in India. His ability to handle different market cycles and create wealth for investors is demonstrated by his consistent track record of delivering 1-year returns of 22.06%, 3-year returns of 19.89%, and 5-year returns of 23.32%.

Srinivasan Ramamurthy

Srinivasan Ramamurthy at HDFC Mutual Fund ranks among the highest performers, managing ₹1,53,889 crores across 8 schemes. He joined HDFC Mutual Fund in 2007 after prior roles at Canara Robeco and Sundaram AMC, bringing expertise in portfolio construction and risk management. Ramamurthy manages large hybrid funds, focusing on balanced advantage strategies that dynamically allocate between equity and debt based on valuations. His tenure spans over 15 years, contributing to HDFC's growth in multi-asset categories.

R. Srinivasan

With 30 years of experience, R. Srinivasan from SBI Mutual Fund oversees ₹1,14,343 crores in 14 schemes. His flagship schemes, such as the SBI Small Cap Fund, have produced 16–18% CAGR over a ten-year period. He is renowned for his bottom-up approach to stock selection, which emphasises quality companies and fair valuations.

Harsha Upadhyaya

With a 3-year CAGR of 14.96% in his flagship Kotak Flexi Cap Fund, Harsha manages assets worth over ₹1,95,293.04 crore across 14 schemes. Mr. Harsha has more than two decades of rich experience spread over Equity Research and Fund Management. His prior stints have been with companies such as DSP BlackRock, UTI Asset Management, Reliance Group, and SG Asia Securities.

Manish Gunwani

Mr. Manish Gunwani serves as the Chief Investment Officer - Equity at Bandhan AMC with AUM of ₹45,163 crore across 7 schemes. Mr. Gunwani has over 30 years of rich experience, covering the entire gamut of equity research as well as fund management. In his previous assignment, Mr. Gunwani was the Chief Investment Officer - Equities at Nippon India Mutual Fund where he was responsible for equity AUM exceeding ₹1,20,000 crores.

Other well-known fund managers include Chirag Setalvad from HDFC Mutual Fund, Shridatta Bhandwaldar from Canara Robeco Mutual Fund, and Nishit Patel from ICICI Prudential. Each of these managers brings distinctive investment philosophies and reliable performance records to their respective fund houses.

*As of December 9, 2025.

Why Do Fund Managers Play an Important Role?

Fund managers are the backbone of the mutual fund industry, responsible for shaping investor outcomes through informed decision-making, professional expertise, and disciplined processes. Their role is critical for several reasons.

Expertise and Professional Management

Fund managers possess deep knowledge of financial markets, developed through years of studying economic indicators, corporate fundamentals, and market behavior. Most retail investors lack the time or analytical skill to evaluate markets at this level. By applying their expertise, fund managers deploy investor capital strategically to maximise returns while managing risk.

Portfolio Optimisation and Risk Control

A core responsibility of fund managers is maintaining a balance between generating returns and preserving capital. They must ensure adequate liquidity within the fund to meet investor redemptions without selling assets at unfavorable prices. Risk management, controlling volatility, avoiding concentration, and preparing for market stress are central to their role.

Consistent Performance and Long-Term Wealth Creation

The best fund managers deliver results across market cycles, not just in bull markets. They follow disciplined investment processes rather than reacting to short-term trends. This consistency helps investors grow wealth steadily over time.

Regulatory Adherence

Fund managers operate under strict SEBI and AMFI regulations. Compliance prevents excessive risk-taking and ensures investor protection. Every investment decision must align with regulatory limits and the fund’s mandate.

Strategic Navigation of Market Dynamics

Fund managers constantly track market movements, economic trends, and global developments. Their ability to adjust strategies in changing environments, while staying true to core principles, distinguishes successful managers from average ones.

Trust and Accountability

Investors entrust fund managers with their savings. This fiduciary duty requires managers to act with integrity, maintain transparency, and prioritiese investor interest above all else.

How Do Mutual Fund Managers Invest?

To make disciplined and well-informed decisions, fund managers adhere to a systematic, research-driven investment process. Financial statements, industry trends, competition, macroeconomic indicators, and worldwide developments are all thoroughly investigated and analysed at the outset. Before considering a company for investment, they evaluate its business model, management calibre, valuation, and growth potential.

The majority of fund managers combine top-down (economy and sector-focused) and bottom-up (company-focused) strategies. This ensures that the portfolio is in line with general market and economic trends while assisting them in identifying strong businesses. To identify risks and identify new opportunities, they also assess market cycles, sectoral shifts, regulatory changes, and international events.

Once potential investments are identified, managers construct the portfolio by deciding sector allocations, stock weights, and the overall mix between equities, debt, gold, and other assets, depending on the fund’s mandate. Some managers further refine buy and sell decisions using technical analysis, while income-oriented managers emphasise companies with stable dividend payouts. Others may adopt contrarian or value strategies by picking undervalued stocks with strong fundamentals and long-term recovery potential.

Fund managers continuously monitor holdings and market conditions, rebalancing the portfolio whenever necessary to ensure it stays aligned with objectives. Throughout the process, they strictly adhere to SEBI and AMFI regulations. Although analysts provide research and insights, the final decision rests with the fund manager, and co-manager structures help reduce dependency on a single individual.

Conclusion

Fund managers play a pivotal role in India’s evolving financial ecosystem. The best mutual fund managers have shown that disciplined processes, deep research, experience, and integrity lead to consistent wealth creation.

Investors should evaluate fund managers based on track records, philosophy, experience, fund house strength, expenses, and adaptability. Understanding how managers invest, balancing bottom-up stock picking with macro awareness, helps investors choose wisely.

As India’s markets grow and new opportunities emerge, selecting the right fund manager will remain crucial for achieving long-term, superior risk-adjusted returns.