4 fund houses accounted for half of FY26 folio additions: Amfi data

Equity performance and gold ETF demand helped Nippon, HDFC, ICICI Pru, and Tata widen lead

Four fund houses — Nippon India, HDFC, ICICI Prudential, and Tata — accounted for more than half of the mutual fund (MF) industry’s folio additions in 2025-26 (FY26), indicating that incremental retail investor flows were concentrated among select fund houses and schemes. 

The four fund houses added a net 24 million accounts in FY26, accounting for 51 per cent of the total additions of 46.8 million, according to data from the Association of Mutual Funds in India. The strong pace of folio additions by these players was driven by robust performance in the equity space, distribution strength, and their dominant positions in the passive segment. 

Gold and silver exchange-traded funds (ETFs) were among the leading categories in terms of folio additions in FY26, as investors sought to ride the record rally in precious metals. Gold ETFs alone added 5.4 million folios in FY26, compared with 18.9 million added by all active equity schemes combined. 

Tata MF, which recorded 62 per cent growth in its folios in FY26, credited the surge to strong traction in its precious metals ETFs and fund of funds. “We saw strong traction in gold and silver ETFs, aided by competitive cost and rising investor participation in passive products,” said Anand Vardarajan, chief business officer, Tata MF. 

In 2024-25, Tata MF ranked sixth in terms of folio additions. Nippon India, HDFC, and ICICI Prudential have consistently featured among the top five in recent years, backed by the performance of their equity and hybrid schemes and strong distribution networks. In previous years, Motilal Oswal MF and Quant MF were among the leading players in folio additions. 

Saugata Chatterjee, president and deputy chief executive officer at Nippon India MF, said the strong folio growth reflected increasing investor maturity and distributor support during a year marked by equity market volatility. “The momentum has been driven by increasing systematic investment plan adoption, improving investor awareness, and sustained education initiatives that encourage disciplined, long-term investing. Equally important has been the unwavering support of our advisors, financial technology platforms, and distributor partners, who continue to play a vital role in guiding investors through different market cycles and expanding participation across geographies,” he said. 

Nippon India MF also benefited from the rush into precious metals, given its leadership in the passive space, especially gold and silver funds. Motilal Oswal MF, SBI MF, Parag Parikh Financial Advisory Services, and Bandhan MF were among the other leading players, each adding more than 2 million accounts in FY26. 

According to experts, while folio data points to rising investor participation, it offers only a partial picture of the industry and fund houses’ growth trajectories. “The steady increase in MF folios is a testament to the expanding investor base and deepening reach of the industry. While folio numbers indicate broadening participation, they should be viewed alongside inflow data to gain a more accurate picture of the industry’s true growth trajectory,” said Piyush Gupta, director, Crisil Intelligence. 

While most fund houses recorded growth in folios, a few saw declines. Quant MF’s folio count shrank by 800,000, while Navi MF, PGIM India MF, JM Financial MF, and Samco MF saw declines of up to 200,000 folios.