6 Fund Houses Hold ₹10,000-Plus Crore Cash in January; HDFC Mutual Fund Tops the List

In January 2026, 6 asset management companies (AMCs) reported cash balances exceeding ₹10,000 crore, highlighting a notable shift in liquidity management across the mutual fund industry. 

Cash Holdings of Top 6 AMCs 

HDFC Mutual Fund recorded the highest cash balance at ₹31,510 crore, representing 6.87% of its total AUM. SBI Mutual Fund, the largest by assets, held ₹29,690 crore or 3.91% of its AUM.  

PPFAS Mutual Fund’s cash stood at ₹27,773 crore, with the Parag Parikh Flexi Cap Fund accounting for ₹27,023 crore of that amount. ICICI Prudential Mutual Fund reported ₹21,506 crore in cash, equal to 4.16% of its AUM.  

Axis Mutual Fund maintained ₹14,770 crore, making up 7.57% of its portfolio. Quant Mutual Fund held ₹13,125 crore, the highest proportion at 16.75% of its AUM. 

Overall Cash Trend in January 

Mutual funds reduced their cash allocation by ₹1,943 crore month‑on‑month, falling from ₹2.07 lakh crore in December 2025 to ₹2.05 lakh crore in January 2026.  

The cash‑to‑AUM ratio rose to 4.87% in January from 4.81% in December, indicating a modest increase in the share of assets held as cash. 

Read More: Domestic Investors Pour ₹1.14 Trillion Into AIFs Over 18 Months: Crisil Report! 

Conclusion 

The data shows that 6 AMCs each maintained cash balances above ₹10,000 crore in January, with HDFC Mutual Fund leading the list. The industry‑wide reduction in cash holdings and the slight rise in cash‑to‑AUM percentage reflect ongoing adjustments in liquidity strategies. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.