Top 5 Mutual Funds with Over ₹15,000 Crore Cash in Their Portfolio – January 2025

Mutual funds strategically manage their cash holdings based on market conditions, liquidity needs, and investor inflows and outflows. By January 2025, 5 major mutual funds held over ₹15,000 crore in cash within their portfolios. While the overall cash allocation increased from 5.17% in December to 5.32% in January, the absolute cash holdings saw a marginal decline of ₹596 crore.

Let’s take a closer look at these 5 mutual funds and their respective cash positions.

SBI Mutual Fund 

SBI Mutual Fund, the largest asset manager in India, maintained a cash balance of ₹33,626 crore in January 2025. This accounted for 5% of its total Assets Under Management (AUM). With an equity AUM of ₹6.39 lakh crore.

ICICI Prudential Mutual Fund

ICICI Prudential Mutual Fund had approximately ₹23,808 crore in cash, representing 5.89% of its total AUM in January 2025. The fund’s equity AUM stood at ₹3.80 lakh crore.

HDFC Mutual Fund 

HDFC Mutual Fund’s cash allocation amounted to ₹22,191 crore, making up 6.10% of its total AUM. In terms of equity investments, it managed an AUM of ₹3.41 lakh crore during the same period.

PPFAS Mutual Fund

PPFAS Mutual Fund stood out with the highest proportion of cash relative to its total AUM. It held ₹18,277 crore in cash, equating to 19.39% of its total AUM. Its equity AUM was recorded at ₹75,997 crore in January 2025.

Axis Mutual Fund 

Axis Mutual Fund held a little over ₹16,000 crore in cash, which accounted for 8.61% of its total AUM. The fund had an equity AUM of ₹1.69 lakh crore.

Trends in Mutual Fund Cash Holdings

1. Overall Increase in Allocation: The total cash allocation across these mutual funds increased slightly to 5.32% in January from 5.17% in December.
2. Absolute Decline in Cash Reserves: Despite the rise in allocation percentage, the total cash holdings decreased by ₹596 crore on a monthly basis.
3. Varying Cash Management Strategies: PPFAS Mutual Fund had the highest cash ratio at 19.39%, while SBI Mutual Fund had the largest absolute cash reserve at ₹33,626 crore.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/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 in the securities market are subject to market risks, read all the related documents carefully before investing.