India Mutual Fund Overlap Report - 2026
1,100 funds analyzed across 25AMCs. Built from MFXray's current indexed overlap dataset and refreshed March 26, 2026.
Executive Summary
- 1,100 equity-oriented mutual funds tracked
- 63,476 individual stock positions parsed
- 300,048 overlap pairs computed in the pipeline
- 65.5% average overlap across the current indexed active-fund pair set
- 125 indexed active pairs exceed 40% overlap
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These are the strongest high-overlap pairs from the current indexed set and the best entry points for readers coming from the report.
Top 50 Most Overlapping Fund Pairs
Top 30 Most Commonly Held Stocks
| Stock | Sector | Held By | Avg Wt |
|---|---|---|---|
| HDFC Bank Limited | Banks | 519 (47%) | 7.05% |
| ICICI Bank Limited | Banks | 509 (46%) | 6.18% |
| State Bank of India | Banks | 481 (44%) | 4.54% |
| Bharti Airtel Limited | Telecom - Services | 470 (43%) | 3.55% |
| Infosys Limited | IT - Software | 457 (42%) | 3.84% |
| Reliance Industries Limited | Petroleum Products | 453 (41%) | 4.54% |
| Axis Bank Limited | Banks | 451 (41%) | 3.72% |
| Larsen & Toubro Limited | Construction | 427 (39%) | 3.41% |
| Maruti Suzuki India Limited | Automobiles | 427 (39%) | 2.58% |
| Mahindra & Mahindra Limited | Automobiles | 423 (38%) | 2.90% |
| Eternal Limited | Retailing | 403 (37%) | 2.24% |
| Kotak Mahindra Bank Limited | Banks | 397 (36%) | 3.05% |
| Bajaj Finance Limited | Finance | 366 (33%) | 2.42% |
| NTPC Limited | Power | 359 (33%) | 2.53% |
| Sun Pharmaceutical Industries Limited | Pharmaceuticals & Biotechnology | 353 (32%) | 2.44% |
| Tata Consultancy Services Limited | IT - Software | 349 (32%) | 3.04% |
| ITC Limited | Diversified FMCG | 343 (31%) | 2.50% |
| UltraTech Cement Limited | Cement & Cement Products | 339 (31%) | 1.73% |
| InterGlobe Aviation Limited | Transport Services | 336 (31%) | 1.82% |
| Bharat Electronics Limited | Aerospace & Defense | 335 (30%) | 2.44% |
| Tech Mahindra Limited | IT - Software | 324 (29%) | 1.60% |
| Hindustan Unilever Limited | Diversified FMCG | 309 (28%) | 2.26% |
| Shriram Finance Ltd | Finance | 299 (27%) | 1.99% |
| Tata Steel Limited | Ferrous Metals | 299 (27%) | 1.93% |
| Titan Company Limited | Consumer Durables | 299 (27%) | 1.89% |
| TVS Motor Company Limited | Automobiles | 292 (27%) | 2.22% |
| SBI Life Insurance Company Limited | Insurance | 291 (26%) | 1.57% |
| Hindalco Industries Limited | Non - Ferrous Metals | 285 (26%) | 1.82% |
| Apollo Hospitals Enterprise Limited | Healthcare Services | 279 (25%) | 1.70% |
| HCL Technologies Limited | IT - Software | 274 (25%) | 2.21% |
Category-Wise Average Overlap
| Category | Funds | Within | Cross |
|---|---|---|---|
| Debt - Other | 59 | 72.0% | 0.0% |
| Thematic | 57 | 80.1% | 78.3% |
| Mid Cap | 56 | 95.3% | 67.4% |
| Banking & Finance | 45 | 76.8% | 79.1% |
| Index - Large Cap | 44 | 91.0% | 73.4% |
| Small Cap | 43 | 99.7% | 0.0% |
| Index - Other | 32 | 96.5% | 76.7% |
| Technology | 32 | 98.5% | 75.8% |
| Value/Contra | 31 | 95.3% | 62.3% |
| Consumption | 29 | 82.3% | 0.0% |
| Multi Cap | 29 | 99.8% | 72.5% |
| Momentum | 25 | 86.1% | 61.1% |
| Flexi Cap | 25 | 99.7% | 70.2% |
| International | 25 | 99.7% | 0.0% |
| Balanced Advantage | 24 | 0.0% | 0.0% |
| Large Cap | 24 | 64.3% | 66.6% |
| Healthcare | 24 | 75.6% | 0.0% |
| ELSS | 23 | 0.0% | 64.0% |
| Multi Asset | 23 | 0.0% | 60.8% |
| Equity - Other | 22 | 0.0% | 76.1% |
Averages are computed from MFXray's current indexed overlap pair set, not from every possible long-tail combination.
Monthly Change Highlights
Latest month in the dataset: 2026-02
- New stock signals: 0
- Dropped stock signals: 0
- Biggest increases tracked: 0
- Sector shifts tracked: 0
AMC Coverage
| AMC | Funds | Avg Holdings |
|---|---|---|
| ICICI | 94 | 60 |
| Kotak | 89 | 49 |
| ABSL | 81 | 49 |
| Motilal | 71 | 82 |
| Axis | 69 | 56 |
| HDFC | 68 | 85 |
| SBI | 68 | 55 |
| Nippon | 66 | 62 |
| DSP | 54 | 44 |
| Mirae | 49 | 94 |
| Tata | 48 | 50 |
| Edelweiss | 44 | 61 |
| Baroda BNP | 38 | 41 |
| Franklin | 35 | 36 |
| Invesco | 35 | 40 |
| Groww | 32 | 84 |
| LIC | 29 | 59 |
| Quant | 25 | 21 |
| Mahindra | 24 | 45 |
| PGIM | 22 | 44 |
| Bajaj | 20 | 46 |
| Canara Robeco | 15 | 62 |
| Samco | 12 | 44 |
| PPFAS | 6 | 45 |
| Shriram | 6 | 61 |
Methodology and Data Source
All data is sourced from SEBI-mandated monthly portfolio disclosures published by individual AMCs. MFXray refreshes the dataset monthly and computes pair overlap from stock-level holdings, excluding debt, cash-like instruments, and treasury positions.
For calculation details, exclusions, and refresh cadence, see Methodology.
Last updated: March 26, 2026.