Not all active mutual funds invest actively.
Some closely resemble their benchmark.
Others build portfolios that are completely different.
Using portfolio disclosures as of 31 May 2026, Gajamudra Analytics identified the equity mutual funds with the highest Active Share.
| Fund | Category | Active Share |
|---|---|---|
| Franklin India Technology Fund | Sectoral / Thematic | 97% |
| ICICI Prudential US Bluechip Equity Fund | Sectoral / Thematic | 97% |
| Aditya Birla Sun Life International Equity Fund | Sectoral / Thematic | 95% |
| NJ ELSS Tax Saver Scheme | ELSS | 95% |
| quant PSU Fund | Sectoral / Thematic | 94% |
| Kotak Special Opportunities Fund | Sectoral / Thematic | 94% |
| Samco ELSS Tax Saver Fund | ELSS | 94% |
| quant Teck Fund | Sectoral / Thematic | 93% |
| Nippon India Japan Equity Fund | Sectoral / Thematic | 93% |
| Edelweiss Recently Listed IPO Fund | Sectoral / Thematic | 93% |
| ICICI Prudential Pharma Healthcare & Diagnostics Fund | Sectoral / Thematic | 93% |
| ICICI Prudential Commodities Fund | Sectoral / Thematic | 92% |
| Samco Flexicap Fund | Flexi Cap | 92% |
| Motilal Oswal Digital India Fund | Sectoral / Thematic | 92% |
| Nippon India Taiwan Equity Fund | Sectoral / Thematic | 92% |
Note: FoFs, ETFs and arbitrage funds have been excluded from this ranking.
Key Takeaways
- Sectoral & Thematic funds dominate the list because they naturally deviate from broad-market benchmarks.
- Two ELSS funds also rank among India's most active portfolios.
- Samco Flexicap Fund is the highest-ranked diversified Flexi Cap fund in this analysis.
A higher Active Share doesn't mean a fund is better. It simply indicates that the fund manager is making more independent investment decisions rather than closely tracking the benchmark.
Research Methodology
This analysis is based on disclosed portfolio holdings as of JUNE 2026. Rankings are for research and educational purposes only and should not be treated as investment recommendations.
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