Five Hybrid Funds Make Their Mark In India's Top 10 Mutual Fund Schemes

India's most popular mutual fund schemes include some of its top hybrid schemes, with a total of five hybrid funds being ranked among the country's 10 largest equity and hybrid schemes by Assets Under Management (AUM). 

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Collectively, these five hybrid schemes have around ₹4.35 lakh crore of their assets under management. Also on the list are some of the country's largest flexi-cap, mid-cap, small-cap, and large-cap funds. 

Leading the way is Parag Parikh Flexi Cap Fund that has ₹1,47,405 crore under management as of August 31, 2026. The HDFC Flexi Cap Fund has ₹1,13,606 crore of its assets under management, followed by HDFC Mid Cap Fund with ₹1,08,325 crore. 

These are followed by several hybrid schemes that include HDFC Balanced Advantage Fund with ₹1,07,296 crore of AUM. Then there is SBI Aggressive Hybrid Fund with ₹88,668 crore, and the ICICI Prudential Multi Asset Allocation Fund with ₹87,833 crore. 

In the seventh place is the Nippon India Small Cap Fund, which has ₹82,580 crore of its assets under management. The ICICI Prudential Large Cap Fund has ₹80,206 crore of its AUM. 

The remaining two places are held by hybrid schemes. Kotak Arbitrage Fund manages ₹75,712 crore, while ICICI Prudential Balanced Advantage Fund has an AUM of ₹75,399 crore. 

SIP Returns paint a completely different story 

The ranking changes drastically when the mutual funds are ranked according to their SIP returns instead of their size. 

Nippon India Small Cap Fund gave a three year SIP return of 10.45%, which is the best among all the 10 mutual fund schemes. The SIP returns for the same mutual fund were 17.41% in five years and 22.12% in 10 years. 

HDFC Mid Cap Fund provided a return of 9.52% in three years and 17.47% in five years. The SIP return over ten years was 19.24% for HDFC Mid Cap Fund. 

HDFC Flexi Cap Fund gave SIP returns of 7.64% in three years, 14.48% in five years and 16.92% in ten years. 

Parag Parikh Flexi Cap Fund gave SIP returns of 4.61% in three years, 11.17% in five years and 16.77% in ten years. 

ICICI Prudential Large Cap Fund gave returns of 1.93%, 8.93% and 13.11% over three, five and ten years respectively. 

How the hybrid funds fared 

Among the five hybrid schemes, ICICI Prudential Multi Asset Allocation Fund recorded SIP returns of 8.61% over three years, 13.54% over five years and 16.14% over 10 years. These were the highest returns among the five hybrid funds across all three periods covered by the data. 

SBI Aggressive Hybrid Fund returned 7.61% over three years, 10.26% over five years and 12.23% over 10 years. 

ICICI Prudential Balanced Advantage Fund recorded SIP returns of 7.35%, 10.03% and 11.43% over the same periods. 

HDFC Balanced Advantage Fund’s three-year SIP return stood at 3.86%. The return increased to 11.07% over five years and 14.35% over 10 years. 

Kotak Arbitrage Fund recorded a three-year SIP return of 7.07%, while the five-year figure stood at 7.27%. Its 10-year SIP return was 6.63%. 

The figures show that the amount of money managed by a scheme does not necessarily move in line with its SIP return record. The AUM data is as of August 31, 2026, while the SIP return figures are as of September 27, 2026, according to Value Research data cited in the report.