Highest Cash Holding by Fund Houses: PPFAS Mutual Fund Has the Highest Cash Holding of 22%

As of October 2025, several mutual fund houses and equity scheme categories have maintained significant cash positions, reflecting their portfolio strategies and liquidity preferences.  

The data reveals fund houses like PPFAS Mutual Fund and equity categories like contra and flexi cap holding the highest cash proportions relative to their equity allocations. 

PPFAS Mutual Fund Tops Cash Allocation Among Fund Houses 

PPFAS Mutual Fund holds the highest cash proportion among all fund houses, with ₹29,168 crore in cash against ₹1,02,423 crore in equity assets, translating to 22.17%. Quant Mutual Fund follows with ₹10,366 crore cash and 11.77% allocation, while Motilal Oswal Mutual Fund holds ₹8,461 crore in cash at 7.19% proportion.  

Other notable mentions include ICICI Prudential Mutual Fund and HDFC Mutual Fund, with respective cash totals of ₹32,824 crore and ₹28,739 crore, holding 6.53% and 6.34% in cash respectively. 

Top 5 Fund Houses by Cash Holdings as of October 2025 

• PPFAS: ₹29,168 crore (22.17%)
• Quant: ₹10,366 crore (11.77%)
• Motilal Oswal: ₹8,461 crore (7.19%)
• ICICI Prudential: ₹32,824 crore (6.53%)
• HDFC: ₹28,739 crore (6.34%) 

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Equity Scheme Categories with Highest Cash Proportions 

Among equity schemes, contra funds lead with 15.19% cash holdings amounting to ₹11,289 crore. Flexi cap funds follow with 9.81% at ₹52,413 crore. Small cap schemes hold ₹27,113 crore in cash, representing 7.28%. Focused, dividend yield, value, and thematic funds maintain over 5% cash levels, indicating a cautious or flexible investment strategy. 

Top Equity Schemes by Cash Holdings 

Parag Parikh Flexi Cap Fund holds ₹97,414 crore in cash, representing 22.56% of its total assets. SBI Contra Fund and SBI Small Cap Fund follow with 20.20% and 16.07% respectively. HDFC Focused Fund covers 14.67% while HDFC Flexi Cap Fund manages 12.84% in cash allocation. 

Conclusion 

Data from October 2025 highlights that PPFAS MF and contra equity schemes have the highest cash allocations. Fund houses and schemes across the board hold varying levels of cash to maintain flexibility, manage volatility or await deployment opportunities. 

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.