HDFC, Quant and 3 other Mutual Funds with high cash holdings of up to ₹12,082 Cr as of November

SYNOPSIS: Active equity mutual funds held elevated cash buffers of 4.68% in November 2025 despite market highs, with top AMCs maintaining cautious positioning amid valuation concerns and evolving macro expectations.

In investing, a “cash buffer” refers to the portion of a mutual fund scheme that is held in cash or bank balances instead of investing in equities/stocks. Typically, fund managers deploy cash more aggressively during market upswings to capture returns. However, the relatively elevated cash levels suggest that managers are proceeding cautiously this time, preferring to invest gradually despite the ongoing market rally.

Industry data indicates that active equity mutual funds reduced their cash holdings marginally to 4.68 percent of assets in November 2025, compared with 4.79 percent in October. In absolute terms, cash reserves stood at around Rs. 2.02 lakh crore, as against Rs. 2.03 lakh crores in October 2025. 

The modest decline in cash holdings came even as Indian equities continued their upward momentum, supported by optimism around a potential India-US trade agreement and expectations that both global and domestic central banks may move toward interest rate cuts in the coming months.

Quant Mutual Fund

Founded in 1996, Quant Mutual Fund is among India’s oldest mutual funds, with over two decades of presence in the mutual fund industry. The AMC offers a broad range of investment products spanning multiple asset classes, catering to diverse investor needs.

Presently, the AUM of Quant Mutual Fund stands at Rs. 96,342 crores, and has 29 active schemes. The fund reported cash holdings of about Rs. 12,082 crore in November, accounting for 13.9 percent of AUM, up from Rs. 10,366 crore or 11.8 percent in October 2025.

ICICI Prudential Mutual Fund

ICICI Prudential Asset Management Company Limited is one of India’s leading AMCs, focused on transforming household savings into long-term investments through a wide range of practical and investor-centric solutions. The AMC operates as a joint venture between ICICI Bank – one of India’s most trusted financial institutions – and Prudential Plc, a global group with a strong presence across Asia and Africa in insurance and savings businesses.

Presently, the AUM of ICICI Prudential Mutual Fund stands at Rs. 10,89,372.8 crores, and has 104 active schemes. The fund reported cash holdings of about Rs. 25,904.3 crore in November, accounting for 5 percent of AUM, up from Rs. 26,856.4 crore or 5.3 percent in October.

PPFAS Mutual Fund

Established in 2012, PPFAS Asset Management Private Limited is the asset manager of PPFAS Mutual Fund. Presently, the AUM of PPFAS Mutual Fund stands at Rs. 1,48,568.4 crores, and has 6 active schemes. The fund reported cash holdings of about Rs. 28,991.7 crore in November, accounting for 21.4 percent of AUM, down from Rs. 29,168 crore or 22.2 percent in October.

SBI Mutual Fund

SBI Mutual Fund is managed by SBI Mutual Fund Trustee Company Private Limited, established under the Indian Trusts Act, 1882. It is one of the country’s oldest and largest mutual funds and operates as a joint venture between the SBI, India’s largest public-sector bank, and Amundi, a France-based global AMC.
Presently, the AUM of SBI Mutual Fund stands at Rs. 12,61,509 crores, and has 83 active schemes. The fund reported cash holdings of about Rs. 30,252.5 crore in November, accounting for 3.9 percent of AUM, down from Rs. 31,912.7 crore or 4.2 percent in October.

HDFC Mutual Fund

HDFC Asset Management Company Limited, or HDFC Mutual Fund, is currently the largest mutual fund house in India, and is also among the most profitable AMCs in the country.

Presently, the AUM of HDFC Mutual Fund stands at Rs. 9,39,182 crores, and has 80 active schemes. The fund reported cash holdings of about Rs. 30,287.6 crore in November, accounting for 6.6 percent of AUM, up from Rs. 28,739.3 crore or 6.3 percent in October.

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