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Summary: In September 2025, 13 ‘active’ mutual funds quietly got Rs 1,000 crore richer — each. We scanned every pure equity category to see which schemes investors can’t seem to get enough of. Here’s the full list…
If you ever wanted a sneak peek into where investors are putting their money, look no further than the mutual fund industry’s Assets under Management (AuM). Think of AuM as a mirror; it reflects not only how well a fund’s investments are doing, but also how much confidence investors have in it.
What exactly is AuM?
When we say a fund “grew in size”, we’re talking about its AuM, or total investor money managed by that fund. Imagine 10,000 investors putting Rs 5 each — the fund’s AuM is Rs 50,000.
But AuM isn’t static. It keeps moving, almost daily, based on the following two factors:
- Market movement: When stock prices in a fund’s portfolio go up, the value of its holdings — and therefore its AuM — rises.
- Investor flows: When new investors buy in (through SIPs or lumpsum), AuM rises. When investors redeem, it falls.
So, when a fund’s AuM goes up, it could mean one of two things: its portfolio has performed well, or new money is pouring in. In many cases, it’s both. That’s why tracking AuM trends gives you a real-time pulse of investor sentiment.
And last month, that pulse was racing, with 13 actively-managed funds (direct plans only) adding over Rs 1,000 crore each to their coffers.
Large-cap funds
Two large-cap funds crossed the Rs 1,000-crore inflow mark in September.
- Nippon India Large Cap Fund added Rs 1,451 crore (from Rs 45,012 crore AuM to Rs 46,463 crore)
- ICICI Prudential Large Cap Fund added Rs 1,195 crore (from Rs 71,839 crore AuM to Rs 73,034 crore)
HDFC Large Cap wasn’t far behind, with its net assets swelling by Rs 592 crore (Rs 37,659 crore to Rs 38,251 crore).
These are already giant funds, so absolute growth naturally looks impressive. So, to compare funds of different sizes, it’s useful to look at percentage growth. On that front, DSP Large Cap (3.49 per cent) and Invesco India Large Cap (3.35 per cent) were the month’s fastest growers.
Mid-cap funds
If there’s one category that Indian investors are obsessed with right now, it’s mid-caps. And the numbers prove it.
Three mid-cap funds alone added over Rs 900 crore in September:
- HDFC Mid-Cap Opportunities: Rs 1,750 crore (Rs 83,104 crore → Rs 84,854 crore)
- Kotak Emerging Equity: Rs 1,311 crore (Rs 56,988 crore → Rs 58,299 crore)
- Nippon India Mid Cap: Rs 943 crore (Rs 38,385 crore → Rs 39,328 crore)
On a percentage basis, meanwhile, Canara Robeco Mid Cap’s AuM jumped 11.3 per cent in one month (going from Rs 3,179 crore to Rs 3,538 crore), while Edelweiss Mid Cap grew 3.8 per cent.
Small-cap funds
After a volatile run earlier this year, investor enthusiasm for small caps has cooled slightly.
But the standout was Bandhan Small Cap Fund, which added Rs 1,176 crore, growing over 8 per cent in just one month (going from an AuM of Rs 14,561 crore to Rs 15,737 crore).
Next were HDFC Small Cap (Rs 533 crore) and Quant Small Cap (Rs 529 crore), both seeing steady inflows despite broader caution.
In percentage terms, Mirae Asset Small Cap (11 per cent) and Bajaj Finserv Small Cap (8.3 per cent) were the fastest growers among smaller funds. Clearly, the appetite for small caps isn’t gone; it’s just becoming more selective.
Flexi-cap funds
When investors want flexibility with proven management, they turn to this category, and Parag Parikh Flexi Cap continues to reign supreme. It added a massive Rs 4,683 crore in September (Rs 1,15,040 crore → Rs 1,19,723 crore).
HDFC Flexi Cap wasn’t far behind, growing Rs 3,624 crore (Rs 81,935 crore → Rs 85,559 crore).
Both funds grew over 4 per cent last month, which is remarkable for their size.
Among smaller peers, Helios Flexi Cap (10.7 per cent) and Invesco India Flexi Cap (9 per cent) clocked the fastest growth, while ICICI Prudential Flexi Cap added Rs 696 crore, a healthy 4 per cent rise.
For investors, the message is clear: the flexi-cap space is seeing broad-based inflows, with both veterans and new entrants gaining ground.
Focused funds
Two focused funds saw over Rs 1,000 crore inflows:
- SBI Focused Equity Fund: The fund added Rs 1,153 crore (3.05 per cent growth) last month
- HDFC Focused 30 Fund: The fund added Rs 1,088 crore (4.85 per cent growth) last month
ICICI Prudential Focused, meanwhile, added Rs 350 crore, growing 2.8 per cent.
The appeal here lies in conviction, with investors comfortable backing fund managers who pick just 25-30 stocks.
Large & Mid-cap funds
If you thought investor interest was limited to either extremes — large or small — the large & mid-cap category will surprise you.
- Motilal Oswal Large & Midcap Fund: Added Rs 1,149 crore (9.1 per cent growth)
- SBI Large & Midcap: Added Rs 817 crore
- Mirae Asset Large & Midcap: Added Rs 802 crore
- HDFC Large & Midcap: Added Rs 792 crore
- ICICI Prudential Large & Midcap: Added Rs 727 crore
Clearly, investors are rediscovering the “balanced middle”, with five funds adding more than Rs 700 crore last month.
Multi-cap funds
Two multi-cap funds crossed the Rs 1,000-crore mark in September:
- Nippon India Multi Cap: Rs 1,079 crore (Rs 46,215 crore → Rs 47,294 crore)
- Kotak Multi Cap: Rs 1,057 crore (Rs 19,227 crore → Rs 20,284 crore)
In percentage terms, Union Multi Cap (11.1 per cent) and UTI Multi Cap (7.2 per cent) grew fastest.
Additionally, Kotak Multi Cap deserves a special mention for managing 5.5 per cent growth despite its large base.
Value-oriented funds
While they don’t make headlines often, value and contra funds are slowly regaining investor interest.
- ICICI Prudential Value Discovery: Added Rs 1,694 crore (Rs 53,750 crore → Rs 55,444 crore)
- SBI Contra: Rs 552 crore
- Kotak Contra: Rs 222 crore (4.9 per cent growth — fastest in this category)
What these trends tell us
Despite market volatility and high valuations, inflows continue across the spectrum, especially into well-managed funds.
And yet, these numbers should also remind investors to look beyond sheer size. A growing AuM signals popularity, not necessarily future returns. Fund performance, consistency and portfolio quality still matter more than crowd momentum.
The bottom line
Investor money has a story to tell, and right now, it’s saying that Indian investors are confident, disciplined, and steadily diversifying.
If you’re wondering which of these growing funds actually fit your portfolio, and which ones you should avoid, that’s where Value Research Fund Advisor can help.
With personalised fund recommendations, portfolio insights, and clear guidance on balancing risk and return, it helps you build a portfolio that’s designed for the long run, not just the latest trend.
Because when the crowd is running in every direction, you need a compass, not a herd.
Also read: 6 equity funds just got a ratings upgrade. Own any?
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