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
Start With These Compare Pages
These are the strongest high-overlap pairs from the current indexed set and the best entry points for readers coming from the report.
Monthly Movers Worth Opening
Use these compare pages to inspect the pairs that changed the most in the latest tracked month.
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: 25
- Dropped stock signals: 7
- Biggest increases tracked: 25
- Sector shifts tracked: 25
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.