Mutual Fund Portfolio Analysis: Comparing India’s Biggest Funds, Their Holdings and Stock Overlap
Investing in multiple mutual funds is often seen as a way to diversify a portfolio. But do different schemes necessarily mean exposure to different companies? Two funds may follow different investment mandates and have different fund managers, yet hold many of the same stocks.
To examine how much their portfolios actually differ, we compare five of India's largest actively managed equity mutual fund schemes using their September 2026 portfolio disclosures. The analysis looks at common stock holdings, portfolio overlap, sector allocations and concentration to understand where these funds converge, where they diverge, and what the findings mean for investors.
How We Selected and Compared the Funds
We selected the five largest actively managed domestic equity mutual fund schemes by total assets under management (AUM) as of September 30, 2026. Hybrid funds, index funds, exchange-traded funds (ETFs) and overseas funds were excluded. The analysis uses portfolio disclosures for the same month-end date. We compare stock-level holdings and weights, sector allocations, portfolio overlap and concentration to assess how closely the schemes resemble one another. Portfolio weights are measured as a percentage of scheme net assets.
Five Schemes in Our Analysis
The analysis covers five actively managed equity mutual fund schemes across four categories: flexi-cap, mid-cap, small-cap and large-cap.
Mutual Fund Scheme
Category
AUM as of September 30, 2026
Parag Parikh Flexi Cap Fund
Flexi Cap
₹1,45,070.50 crore
HDFC Flexi Cap Fund
Flexi Cap
₹1,08,546.98 crore
HDFC Mid Cap Fund
Mid Cap
₹1,01,856.06 crore
Nippon India Small Cap Fund
Small Cap
₹80,905 crore
ICICI Prudential Large Cap Fund
Large Cap
₹76,352 crore
Portfolio Comparison of Five Equity Mutual Funds
Portfolio Metric
Parag Parikh Flexi Cap
HDFC Flexi Cap
HDFC Mid Cap Opportunities
Nippon India Small Cap
ICICI Prudential Large Cap
Largest equity holding
HDFC Bank Ltd.
ICICI Bank Ltd.
Federal Bank Ltd.
TD Power Systems Ltd.
ICICI Bank Ltd.
Weight of largest equity holding
7.75%
8.80%
3.98%
1.88%
8.92%
Largest sector
Financial Services
Financial Services
Financial Services
Industrials
Financial Services
Largest sector allocation
26.71%
34.93%
25.85%
23.89%
34.28%
The comparison shows that Financial Services is the largest sector in four of the five funds, while Industrials leads Nippon India Small Cap Fund. The weight of each fund’s largest equity holding also varies considerably, from 1.88% for TD Power Systems in Nippon India Small Cap to 8.92% for ICICI Bank in ICICI Prudential Large Cap.
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Top Holdings of Five Equity Mutual Funds
Parag Parikh Flexi Cap
HDFC Flexi Cap
HDFC Mid Cap Opportunities
Nippon India Small Cap
ICICI Prudential Large Cap
HDFC Bank (7.75%)
ICICI Bank (8.80%)
Federal Bank (3.98%)
TD Power Systems (1.88%)
ICICI Bank (8.92%)
Power Grid (5.60%)
Axis Bank (6.11%)
AU Small Finance Bank (3.94%)
Bharat Heavy Electricals (1.77%)
HDFC Bank (8.44%)
ITC (5.49%)
HDFC Bank (6.03%)
Max Financial Services (3.52%)
HDFC Bank (1.75%)
Reliance Industries (5.46%)
Coal India (5.39%)
State Bank of India (3.94%)
Ipca Laboratories (3.43%)
Apar Industries (1.74%)
Bharti Airtel (4.21%)
ICICI Bank (5.24%)
Eternal (3.46%)
Glenmark Pharmaceuticals (3.07%)
ACME Solar Holdings (1.33%)
Axis Bank (4.14%)
Do These Funds Actually Invest Differently?
The initial comparison reveals both similarities and differences. HDFC Bank and ICICI Bank feature among the leading holdings of multiple funds, while Financial Services is the dominant sector in four portfolios. These common exposures suggest that funds with different investment mandates can still share some underlying investments.
However, the leading holdings also differ. Parag Parikh Flexi Cap features Power Grid, ITC and Coal India among its top five, whereas Nippon India Small Cap’s leading positions include TD Power Systems, Bharat Heavy Electricals and Apar Industries. Their largest individual stock weights also differ, indicating varying levels of exposure to their respective leading holdings.
Do These Funds Own the Same Stocks?
Despite belonging to different categories, the five mutual funds share several prominent stock holdings. HDFC Bank appears among the top five holdings of four funds, while ICICI Bank features in three. Axis Bank appears in two funds.
Common Stock
Number of Funds
HDFC Bank
4
ICICI Bank
3
Axis Bank
2
How Concentrated Are These Portfolios?
The proportion of a fund’s portfolio held in its ten largest stocks provides another measure of concentration. September 2026 portfolio data shows a clear difference between the funds: Parag Parikh Flexi Cap allocated 49.6% of its net assets to its top ten holdings, compared with 43.7% for HDFC Flexi Cap and 31.3% for HDFC Mid Cap Fund. Nippon India Small Cap was less concentrated, with its top ten accounting for 14.5% of net assets.
Fund
Top 10 holdings (% of net assets)
Parag Parikh Flexi Cap
49.60%
HDFC Flexi Cap
43.7%
HDFC Mid Cap Opportunities
31.3%
Nippon India Small Cap
14.5%
ICICI Prudential Large Cap
45.7%
This comparison shows that the funds differ substantially in how much they allocate to their largest positions. However, lower top-ten concentration does not automatically mean lower risk: a fund’s sector exposure, underlying securities and market-cap allocation also matter.
Are Their Sector Allocations Really Different?
Financial Services is the largest sector allocation in four of the five funds, ranging from 25.85% in HDFC Mid Cap Opportunities to 34.93% in HDFC Flexi Cap. Nippon India Small Cap differs, with Industrials accounting for the largest share at 23.89%.
This suggests that, despite differences in fund categories and stock selection, several funds share a strong exposure to Financial Services. Nippon India Small Cap’s higher allocation to Industrials provides a point of distinction .
Sector Allocation: Where Do the Funds Differ?
Financial Services is the largest sector for Parag Parikh Flexi Cap, HDFC Flexi Cap, HDFC Mid Cap and ICICI Prudential Large Cap. Nippon India Small Cap differs, with Capital Goods as its largest sector. Using a common sector classification, the allocation ranges from 17.1% in Nippon India Small Cap’s Financial Services exposure to 36.8% in HDFC Flexi Cap.
Fund
Largest sector
Allocation
Parag Parikh Flexi Cap
Financial Services
36.3%
HDFC Flexi Cap
Financial Services
34.93%
HDFC Mid Cap Opportunities
Financial Services
28.2%
Nippon India Small Cap
Capital Goods
23.89%
ICICI Prudential Large Cap
Financial Services
35.6%*
The comparison suggests that four funds share a dominant Financial Services exposure, while Nippon India Small Cap has a different sector tilt. These differences reflect portfolio positioning, but they do not by themselves establish how much the funds overlap at the individual-stock level.
Actionable Insights: What Does Portfolio Overlap Mean for Investors?
The five funds share prominent holdings, with HDFC Bank appearing among the top five in four funds and ICICI Bank in three. Financial Services is also the largest sector in four of the five portfolios. However, these similarities do not establish the extent of overall portfolio overlap.
A precise overlap percentage requires comparing the complete stock holdings and their portfolio weights across funds using disclosures from the same date. Until that calculation is completed, investors should look beyond the number of funds they own and assess whether each fund adds distinct stock and sector exposure to their overall portfolio.