When you invest in a mutual fund, you are not just choosing a scheme. You are also trusting the fund manager who decides where the fund’s money will be invested, when to rebalance the portfolio, and how to manage risk. 

A strong fund manager can bring discipline, experience, and a clear investment strategy to the scheme. But with so many AMCs, schemes, and performance numbers available, it can be confusing to understand who actually manages your money.

In this blog, we look at the Top 10 Mutual Fund Managers in India based on key performance data, AUM, fund houses, schemes managed, and long-term track record.

Top 10 Mutual Fund Managers in India Based on AUM and Performance 

According to data reported by The Economic Times, the list includes well-known fund managers such as Mittul Kalawadia, Rajeev Thakkar, Dinesh Balachandran, Manish Gunwani, Sankaran Naren, Rajat Chandak, Aditya Khemani, Sailesh Raj Bhan, Chirag Setalvad, and Taher Badshah.

Fund Manager	AMC	Schemes Managed	AUM / Asset Base	Key Performance Data
Mittul Kalawadia	ICICI Prudential Mutual Fund	4	₹71,298 crore	6-year CAGR: 22.78%, Sharpe: 1.16
Rajeev Thakkar	PPFAS Mutual Fund	6	₹1.47 lakh crore	6-year CAGR: 21.68%, Sharpe: 1.07
Dinesh Balachandran	SBI Mutual Fund	5	₹1.27 lakh crore	6-year CAGR: 24.19%, Sharpe: 1.08
Manish Gunwani	Bandhan Mutual Fund	7	₹48,839 crore	6-year CAGR: 25.64%, Sharpe: 1.07
Sankaran Naren	ICICI Prudential Mutual Fund	10	₹3.14 lakh crore	6-year CAGR: 23.3%, Sharpe: 1.07
Rajat Chandak	ICICI Prudential Mutual Fund	4	₹1.01 lakh crore	6-year CAGR: 19.38%, Sharpe: 1.04
Aditya Khemani	Invesco Mutual Fund	5	₹29,234 crore	6-year CAGR: 20.77%, Sharpe: 1.05
Sailesh Raj Bhan	Nippon India Mutual Fund	3	₹1.06 lakh crore	6-year CAGR: 19.58%, Sharpe: 1.08
Chirag Setalvad	HDFC Mutual Fund	3	₹1.39 lakh crore	6-year CAGR: 24.73%, Sharpe: 1.01
Taher Badshah	Invesco Mutual Fund	7	₹43,609 crore	6-year CAGR: 21.15%, Sharpe: 0.99

Note: The AUM, schemes managed, CAGR, Sharpe ratio, and other performance-related values may change over time as market conditions, fund portfolios, and AMC disclosures are updated. 

Interested in exploring mutual funds managed by these fund managers? Open a free Demat account and compare 3000+ mutual fund options across categories, returns, and risk levels. 

Who is a Mutual Fund Manager and What Do They Do? 

A mutual fund manager is the professional who manages a mutual fund scheme’s portfolio. Their role is to decide where the fund’s money should be invested, how much to allocate to each asset, and when the portfolio should be reviewed or rebalanced. 

Here are the key Responsibilities of a Fund Manager:

Responsibility	What It Means
Stock or asset selection	The fund manager chooses stocks, bonds, or other securities based on the scheme’s investment objective.
Portfolio allocation	They decide how much money should go into different sectors, companies, or asset classes.
Risk management	They monitor market risks, concentration risk, liquidity risk, and other factors that can affect the scheme.
Research and analysis	Fund managers study company financials, industry trends, valuations, and macroeconomic factors before making decisions.
Portfolio rebalancing	They adjust the portfolio when market conditions change or when a stock no longer fits the strategy.
Performance monitoring	They track how the scheme performs against its benchmark and category peers.

Why Are These Fund Managers Among India’s Leading Fund Managers?

The table above provides a snapshot of the data, but numbers alone do not explain a fund manager’s style. Each manager may follow a different approach to stock selection, valuation, risk, sector allocation, or long-term portfolio building. 

Here is a closer look at what makes these names important in India’s mutual fund industry. 

1. Mittul Kalawadia

• Experience: Over 10 years of experience in fund management and investment analysis.
• Current association: Associated with ICICI Prudential Asset Management Company Limited since January 2006.
• Previous roles: Worked as an Equity Research Analyst from October 2008 to February 2012.
• Early role: Handled Business Planning & MIS from January 2006 to September 2008.
• Education: Holds a B.Com from Mithibai College, an M.Com from the University of Mumbai, and a CA from ICAI.
• Investment approach: Known for disciplined stock selection, valuation comfort, and identifying opportunities where earnings potential looks reasonable.

2. Rajeev Thakkar

• Experience: More than three decades of experience across fund management, securities broking, merchant banking, investment banking, and corporate finance.
• Current role: Chief Investment Officer and Director at PPFAS Mutual Fund.
• Current association: Associated with PPFAS since 2001 and played an important role in building PPFAS Asset Management.
• Education: Chartered Accountant, Cost Accountant, and CFA Charterholder.
• Investment approach: Known for value-oriented investing, business quality, valuation discipline, and long-term compounding.

3. Dinesh Balachandran

• Experience: Over 22 years of experience in the investment industry.
• Current role: Head of Equity at SBI Mutual Fund.
• Current association: Associated with SBI Funds Management since 2012.
• Previous roles: Worked as a Senior Credit Analyst and later became Head of Research before taking on fund management responsibilities.
• Earlier experience: Worked with Fidelity Investments, USA, which adds a global research perspective to his profile.
• Education: B.Tech from IIT Bombay and M.S. from MIT, USA.
• Investment approach: Often associated with research-led investing, bottom-up stock selection, and long-term equity opportunities. 

4. Manish Gunwani

• Experience: Over 30 years of experience across equity research and fund management.
• Current role: Chief Investment Officer – Equity at Bandhan AMC.
• Current association: Joined Bandhan AMC in January 2023 to lead equity fund management.
• Previous role: Earlier served as Chief Investment Officer – Equities at Nippon India Mutual Fund.
• Education: B.Tech in Mechanical Engineering from IIT Madras.
• Investment approach: Known for equity research depth, portfolio leadership, and strengthening equity fund strategies at the AMC level.

5. Sankaran Naren

• Experience: Career spanning over three decades in financial services and fund management.
• Current role: Executive Director and Chief Investment Officer at ICICI Prudential Asset Management.
• Previous roles: Has worked with institutions such as HDFC Securities and ICICI Bank in senior market-linked roles.
• Education: Graduate of IIT Madras and IIM Calcutta.
• Investment approach: Known for a contrarian, valuation-conscious approach, with a focus on market cycles and asset allocation.
• Why investors track him: His views are closely followed for insights on valuations, investor behaviour, and cycle-based investing.

6. Rajat Chandak

• Experience: Associated with ICICI Prudential Asset Management Company Limited for over 18 years, since May 2008. 
• Current role: Senior Fund Manager / Portfolio Manager – Equities at ICICI Prudential AMC.
• Previous experience: Earlier worked as an equity analyst.
• Education: B.Com and PGDM in Finance.
• Investment approach: Focuses on fundamental research of companies in the Indian equity markets.

7. Aditya Khemani

• Experience: Over 19 years of experience in equity markets.
• Current role: Fund Manager – Equity at Invesco Asset Management India.
• Current association: Joined Invesco as Fund Manager – Equity on November 1, 2023.
• Previous associations: Worked with Motilal Oswal Mutual Fund, HSBC AMC, SBI Mutual Fund, ICICI Prudential AMC, and Morgan Stanley Advantage Services.
• Education: B.Com (Hons) and PGDM from IIM Lucknow.
• Investment approach: Focuses on quality businesses, cash-flow strength, and long-term scalability of companies.

8. Sailesh Raj Bhan

• Experience: Over 27 years of experience in the Indian equity markets.
• Current role: President and CIO – Equity Investments at Nippon India Mutual Fund.
• Current association: Has spent over 19 years at Nippon Life India Asset Management Limited.
• Fund management background: Has managed multiple flagship funds for long periods, including large-cap, multi-cap, and pharma-focused strategies.
• Education: MBA in Finance and CFA.
• Investment approach: Often associated with sustainable growth, sector rotation, earnings recovery, and long-term compounding opportunities.

9. Chirag Setalvad

• Experience: Over 22 years of experience, including fund management, equity research, and investment banking.
• Current association: Associated with HDFC AMC after earlier stints in investment and advisory roles.
• Previous roles: Worked with New Vernon Advisory Services, HDFC AMC, and ING Barings N.V.
• Education: B.Sc. in Business Administration from the University of North Carolina.
• Investment approach: Known for a disciplined, process-driven approach, with a focus on valuation awareness and portfolio diversification.

10. Taher Badshah

• Experience: Over 30 years of experience in the Indian equity markets.
• Current role: Chief Investment Officer at Invesco Asset Management India.
• Current association: Has been with Invesco Asset Management India for over 8 years.
• Previous roles: Earlier worked with Motilal Oswal Asset Management as Head of Equities and has also been associated with Kotak Mahindra Investment Advisors, ICICI Prudential AMC, and Alliance Capital Asset Management.
• Education: B.E. in Electronics from the University of Mumbai and MMS in Finance from S.P. Jain Institute of Management.
• Investment approach: Combines growth and value perspectives depending on the fund mandate, with attention to earnings growth and broader market opportunities.

Should You Choose a Mutual Fund Based on the Fund Manager? 

A fund manager’s experience and track record are important, but they should not be the only reasons to invest in a mutual fund. Investors should also check whether the scheme aligns with their financial goals, risk appetite, and investment horizon. 

Before choosing a fund, check:

• Scheme category: Large-cap, mid-cap, small-cap, flexi-cap, debt, hybrid, etc.
• Investment objective: Whether the fund matches your goal.
• Risk level: Check volatility and downside risk.
• Expense ratio: Higher costs can affect net returns.
• Portfolio holdings: See where the fund is actually investing.
• Benchmark performance: Compare returns with the relevant benchmark.
• Fund manager continuity: Frequent manager changes may affect consistency.

How to Evaluate a Mutual Fund Manager?

Investors should not judge a mutual fund manager only by one year of returns. A better approach is to check performance across different market phases, including bull markets, corrections, and sideways periods.

Here are the key factors to check when evaluating a fund manager: 

Factor	What to Look For
Long-term performance	Check 3-year, 5-year, and longer return trends instead of short-term gains
Risk-adjusted returns	Use metrics like the Sharpe ratio to understand returns compared to risk taken
Consistency	See whether the fund performs steadily across different market cycles
Investment style	Check whether the manager follows a value, growth, contra, quality, or blended strategy
Portfolio turnover	Very frequent changes may show aggressive reshuffling
Benchmark comparison	Compare performance with the scheme’s benchmark and category average
Downside protection	Observe how the fund performs during market corrections

How to Deal with a Fund Manager’s Exit? 

A fund manager’s exit does not always mean investors need to exit the fund immediately. Here is what they should check first:

• Check if the fund strategy has changed: See whether the fund still follows the same investment style, category, and risk approach.
• Review the new fund manager’s experience: Check their past fund management experience and whether they have managed similar funds.
• Track performance for a few quarters: Do not judge the fund only on short-term returns. Compare it with its benchmark and category average.
• Watch for major portfolio changes: Check if there are sudden changes in top holdings, sector allocation, or risk exposure.
• Recheck your investment goal: If the fund still aligns with your goal, time horizon, and risk appetite, there may be no need to exit solely because the fund manager has changed.

Final Thoughts 

A fund manager can influence how a mutual fund is built, reviewed, and adjusted across market cycles. But investors should avoid choosing a scheme solely because of a familiar name or past returns. The better approach is to check whether the fund’s objective, risk level, portfolio strategy, expense ratio, and investment horizon match your financial goals. Fund manager data can support your research, but the final decision should be based on the complete scheme profile.

Mutual Fund Managers in India: FAQs

Source: https://economictimes.indiatimes.com

Disclaimer: This content is for education and awareness purposes only and should not be considered investment advice or a recommendation. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.