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  • Passives Who are the top players in passive funds?

    Who are the top players in passive funds?

    SBI MF, Nippon India MF and ICICI Prudential MF lead in passives AUM.
    Suhail Chagla May 2, 2025

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    Cafemutual has analyzed the latest AUM data to identify the top players in the passive investing industry.

    Our analysis shows that SBI Mutual Fund, Nippon India Mutual Fund, and ICICI Prudential Mutual Fund are the top three players in passive funds.

    SBI Mutual Fund continues to lead the passive investing space with assets of Rs. 3.37 lakh crore. Passive investments account for close to 32% of the fund house’s total AUM.

    Nippon India Mutual Fund holds the second spot, with passive assets of about Rs. 1.64 lakh crore, and around 30% of its overall assets coming from passive funds. ICICI Prudential Mutual Fund ranks third with Rs. 1.51 lakh crore, deriving 17% of its total assets from passive funds.

    UTI Mutual Fund and Edelweiss Mutual Fund are next, with passive AUMs of Rs. 1.43 lakh crore and Rs. 77,700 crore, respectively. Edelweiss MF has more than 54% of its total AUM in passive products — one of the highest ratios among the top players.

    HDFC Mutual Fund manages close to Rs. 56,900 crore in passive AUM while Kotak Mutual Fund manages Rs. 35,800 crore.

    Others in the top ten list include Aditya Birla Sun Life Mutual Fund, Motilal Oswal Mutual Fund, and Tata Mutual Fund.

    The fund houses with the highest percentage of AUM coming from passives are Zerodha at 97%, Navi at 89%, and Groww at 56%.

    Let’s look at the table to know more:

    Fund house

    Index (In Rs. crore)

    Commodity ETFs (In Rs. crore)

    Other ETFs (In Rs. crore)

    FoF Overseas (In Rs. crore)

    Total Passive (In Rs. crore)

    Total AUM (In Rs. crore)

    Passive AUM in Percentage

    SBI

    29676.03

    8080.79

    298371.68

    923.03

    337051.53

    1061989.86

    31.74

    Nippon India

    6056.52

    25233.46

    132960.73

    0.00

    164250.71

    556530.10

    29.51

    ICICI Prudential

    62648.71

    11744.60

    76372.67

    206.28

    150972.26

    874334.19

    17.27

    UTI

    36688.50

    1969.26

    104198.24

    0.00

    142856.00

    338361.97

    42.22

    Edelweiss

    14330.99

    293.69

    58068.28

    5035.15

    77728.11

    142795.68

    54.43

    HDFC

    37571.52

    9361.26

    8663.92

    1263.83

    56860.53

    762539.43

    7.46

    Kotak

    12143.60

    8125.29

    11729.34

    3769.12

    35767.35

    477736.87

    7.49

    Aditya Birla Sun Life

    24236.32

    1661.16

    6155.55

    1088.77

    33141.80

    378506.38

    8.76

    Motilal Oswal

    16174.46

    0.00

    10025.37

    30.11

    26229.94

    91739.72

    28.59

    Tata

    16537.51

    640.44

    816.90

    0.00

    17994.85

    186009.39

    9.67

    DSP

    8159.98

    1082.82

    5504.00

    3150.75

    17897.54

    183223.15

    9.77

    Bandhan

    17340.09

    0.00

    27.02

    457.92

    17825.03

    164639.87

    10.83

    Mirae Asset

    1239.97

    758.47

    12826.19

    360.75

    15185.38

    182680.10

    8.31

    Axis

    7855.55

    1655.74

    2422.60

    2000.97

    13934.86

    314488.99

    4.43

    Navi

    4494.93

    0.00

    0.00

    1866.58

    6361.51

    7125.83

    89.27

    LIC

    475.55

    276.23

    5293.63

    0.00

    6045.41

    36054.37

    16.77

    Zerodha

    786.76

    217.14

    4139.16

    0.00

    5143.06

    5309.81

    96.86

    Franklin Templeton

    672.12

    0.00

    0.00

    4029.28

    4701.39

    106246.20

    4.42

    HSBC

    2502.13

    0.00

    0.00

    164.37

    2666.49

    119065.18

    2.24

    PGIM India

    26.62

    0.00

    0.00

    1456.43

    1483.08

    23449.60

    6.32

    Invesco

    120.16

    243.60

    85.42

    708.45

    1157.63

    104173.29

    1.11

    Groww

    420.44

    77.39

    418.90

    0.00

    916.72

    1594.05

    57.51

    Bajaj Finserv

    0.00

    0.00

    843.86

    0.00

    843.86

    20820.95

    4.05

    Baroda BNP Paribas

    241.54

    84.40

    3.99

    40.52

    370.44

    45002.91

    0.82

    Quantum

    0.00

    284.61

    62.05

    0.00

    346.66

    2594.85

    13.36

    Union MF

    0.00

    116.28

    0.00

    0.00

    116.28

    19699.41

    0.59

    Sundaram

    0.00

    0.00

    0.00

    115.67

    115.67

    64746.18

    0.18

    360 ONE

    76.40

    10.25

    0.89

    0.00

    87.54

    11231.15

    0.78

    Shriram

    0.00

    0.00

    26.88

    0.00

    26.88

    917.20

    2.93

    Mahindra Manulife

    0.00

    0.00

    0.00

    24.42

    24.42

    27089.82

    0.09

    Taurus

    5.14

    0.00

    0.00

    0.00

    5.14

    852.49

    0.60

     

    Index funds

    In terms of AUM in index funds, ICICI Prudential MF leads with Rs. 62,600 crore, followed by HDFC MF with Rs. 37,600 crore and UTI MF with Rs. 36,700 crore.

    SBI MF, with Rs. 29,700 crore, and Aditya Birla Sun Life MF, with Rs. 24,200 crore, are the next two on the list of index fund assets.

    Bandhan, Tata, Motilal Oswal, Edelweiss, and Kotak MF also feature in the top ten.

    Let’s look at the table below to know more:

     

    Fund house

    Index (In Rs. crore)

    ICICI Prudential

    62648.71

    HDFC

    37571.52

    UTI

    36688.50

    SBI

    29676.03

    Aditya Birla Sun Life

    24236.32

    Bandhan

    17340.09

    Tata

    16537.51

    Motilal Oswal

    16174.46

    Edelweiss

    14330.99

    Kotak

    12143.60

    DSP

    8159.98

    Axis

    7855.55

    Nippon India

    6056.52

    Navi

    4494.93

    HSBC

    2502.13

    Mirae Asset

    1239.97

    Zerodha

    786.76

    Franklin Templeton

    672.12

    LIC

    475.55

    Groww

    420.44

    Baroda BNP Paribas

    241.54

    Invesco

    120.16

    360 ONE

    76.40

    PGIM India

    26.62

    Taurus

    5.14

     

    ETFs

    In terms of ETF assets, SBI MF once again leads with Rs. 3.06 lakh crore. Nippon India MF ranks second with Rs. 1.58 lakh crore, while UTI MF occupies the third spot with ETF assets of Rs. 1.06 lakh crore.

    ICICI Prudential and Edelweiss follow, with Rs. 88,100 crore and Rs. 58,400 crore, respectively.

    Kotak, HDFC, Mirae Asset, Motilal Oswal, and Aditya Birla Sun Life round up the rest of the top ten.

    Let’s look at the table below to know more:

     

    Fund house

    Commodity ETFs (In Rs. crore)

    Other ETFs (In Rs. crore)

    Total ETFs

    SBI

    8080.79

    298371.68

    306452.47

    Nippon India

    25233.46

    132960.73

    158194.19

    UTI

    1969.26

    104198.24

    106167.50

    ICICI Prudential

    11744.60

    76372.67

    88117.27

    Edelweiss

    293.69

    58068.28

    58361.97

    Kotak

    8125.29

    11729.34

    19854.63

    HDFC

    9361.26

    8663.92

    18025.18

    Mirae Asset

    758.47

    12826.19

    13584.66

    Motilal Oswal

    0.00

    10025.37

    10025.37

    Aditya Birla Sun Life

    1661.16

    6155.55

    7816.71

    DSP

    1082.82

    5504.00

    6586.82

    LIC

    276.23

    5293.63

    5569.86

    Zerodha

    217.14

    4139.16

    4356.30

    Axis

    1655.74

    2422.60

    4078.34

    Tata

    640.44

    816.90

    1457.34

    Bajaj Finserv

    0.00

    843.86

    843.86

    Groww

    77.39

    418.90

    496.28

    Quantum

    284.61

    62.05

    346.67

    Invesco

    243.60

    85.42

    329.02

    Union MF

    116.28

    0.00

    116.28

    Baroda BNP Paribas

    84.40

    3.99

    88.39

    Bandhan

    0.00

    27.02

    27.02

    Shriram

    0.00

    26.88

    26.88

    360 ONE

    10.25

    0.89

    11.14

    To explore the ever-evolving world of Passives, join us on May 23 at Cafemutual Passives Conference at Taj Santacruz, Mumbai. Register now!

    To know more about Cafemutual Passives Conference 2025, click here! 

    Have a query or a doubt?
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    Cafemutual welcomes all mutual fund and insurance related questions. So write in to us at newsdesk@cafemutual.com

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