Mutual Funds Holding Max Financial Services Limited

Financial Services189 fundsISIN INE180A01020

As of 30 September 2026, 189 Indian mutual funds hold Max Financial Services Limited (Financial Services), led by DSP Banking & Financial Services Fund at 4.18% of its net assets, per the AMCs' SEBI-mandated monthly disclosures.

As of 30 September 2026, 189 Indian mutual fund schemes disclose a holding in Max Financial Services Limited (Financial Services). The table below lists every fund holding this stock along with its weight as a percentage of the fund's net assets (% to NAV), sorted from the highest conviction position downward.

Holding Analysis

Across the 189 funds holding Max Financial Services Limited, the average position size is 1.1% of net assets. The highest-conviction holder is DSP Banking & Financial Services Fund (Thematic), at 4.18%. Equity funds account for 93 of the 189 holders, with the rest spread across 2 other categories. Over the last month, 3 funds initiated a new position and 15 funds exited, with the largest weight change at Union Arbitrage Fund (-1.35pp to 0.65%).

Fund Activity Last Month

How funds changed their Max Financial Services Limited position between their two latest monthly disclosures. Weights are % to NAV; weight moves can also reflect price changes, not only buying or selling.

3 started a position15 exited10 increased15 reduced

New Positions

Invesco India Smallcap Fund at 1.44%
DSP Value Fund at 1%
The Wealth Company Arbitrage Fund at 0.4%

Complete Exits

Bandhan Multi-Factor Fund was 1.98%
TRUSTMF Mid Cap Fund was 1.6%
LIC MF MULTI CAP FUND was 1.09%
Helios Mid Cap Fund was 1.06%
Bandhan Multi Cap Fund was 0.77%
Union Balanced Advantage Fund was 0.76%
Union Multi Asset Allocation Fund was 0.74%
JM Arbitrage Fund was 0.67%
Union Flexi Cap Fund was 0.64%
Groww ELSS Tax Saver Fund was 0.52%
Invesco India Elss Tax Saver Fund was 0.5%
Union Aggressive Hybrid Fund was 0.47%
JioBlackRock Arbitrage Fund was 0.31%
Helios Small Cap Fund was 0.26%
Aditya Birla Sun Life Equity Hybrid '95 Fund was 0.21%

Weight Increased

Fund	Weight	Change
Nippon India Innovation Fund	1% → 1.77%	▲ +0.77
ICICI Prudential Innovation Fund	1.17% → 1.67%	▲ +0.5
Bajaj Finserv Flexi Cap Fund	0.99% → 1.42%	▲ +0.43
ICICI Prudential Banking & Financial Services Fund	1.16% → 1.57%	▲ +0.41
Aditya Birla Sun Life Multi Asset Allocation Fund	0.47% → 0.83%	▲ +0.36
NIPPON INDIA EQUITY SAVINGS FUND	0.41% → 0.74%	▲ +0.33
DSP Multicap Fund	3.31% → 3.55%	▲ +0.24
WhiteOak Capital Banking & Financial Services Fund	1.85% → 2.06%	▲ +0.21
ICICI Prudential Flexicap Fund	0.36% → 0.55%	▲ +0.19
Groww Banking & Financial Services Fund	1.77% → 1.91%	▲ +0.14

Weight Reduced

Fund	Weight	Change
Union Arbitrage Fund	2% → 0.65%	▼ -1.35
Mirae Asset Midcap Fund	1.82% → 0.87%	▼ -0.95
Baroda BNP Paribas Large & Mid Cap Fund	2.19% → 1.61%	▼ -0.58
Bandhan Arbitrage Fund	0.89% → 0.32%	▼ -0.57
Baroda BNP Paribas Banking & Financial Services Fund	1.37% → 0.8%	▼ -0.57
Baroda BNP Paribas Innovation Fund	1.98% → 1.44%	▼ -0.54
UTI Large & Mid Cap Fund	1.29% → 0.77%	▼ -0.52
Sundaram Arbitrage Fund	0.86% → 0.36%	▼ -0.5
UTI - Banking and Financial Services Fund	1.69% → 1.19%	▼ -0.5
Union Large & Midcap Fund	2.16% → 1.7%	▼ -0.46
Groww Multicap Fund	2.41% → 1.97%	▼ -0.44
Union Value Fund	1.48% → 1.11%	▼ -0.37
Union Elss Tax Saver Fund	1.53% → 1.17%	▼ -0.36
UTI Aggressive Hybrid Fund	0.59% → 0.26%	▼ -0.33
Bajaj Finserv Multi Cap Fund	2.34% → 2.03%	▼ -0.31

Funds Holding Max Financial Services Limited

#	Fund	AMC	Category	% to NAV
1	DSP Banking & Financial Services Fund	DSP Mutual Fund	Thematic	4.18%
2	HDFC Mid Cap Fund	HDFC Mutual Fund	Equity	3.79%
3	DSP Multicap Fund	DSP Mutual Fund	Equity	3.55%
4	Franklin India Large & Mid Cap Fund	Franklin Templeton Mutual Fund	Equity	3.48%
5	Invesco India Midcap Fund	Invesco Mutual Fund	Equity	3.15%
6	WhiteOak Capital Mid Cap Fund	WhiteOak Capital Mutual Fund	Equity	3.11%
7	TATA MID CAP FUND	Tata Mutual Fund	Equity	2.81%
8	Bank of India Mid Cap Fund	Bank of India Mutual Fund	Equity	2.65%
9	Mahindra Manulife Banking & Financial Services Fund	Mahindra Manulife Mutual Fund	Thematic	2.59%
10	Union Midcap Fund	Union Mutual Fund	Equity	2.59%
11	CANARA ROBECO BANKING AND FINANCIAL SERVICES FUND	Canara Robeco Mutual Fund	Thematic	2.49%
12	DSP Mid Cap Fund	DSP Mutual Fund	Equity	2.48%
13	Groww Value Fund	Groww Mutual Fund	Equity	2.47%
14	LIC MF BANKING AND FINANCIAL SERVICES FUND	LIC Mutual Fund	Thematic	2.42%
15	Aditya Birla Sun Life Midcap Fund	Aditya Birla Sun Life Mutual Fund	Equity	2.41%
16	NIPPON INDIA BANKING & FINANCIAL SERVICES FUND	Nippon India Mutual Fund	Thematic	2.27%
17	Baroda BNP Paribas Health and Wellness Fund	Baroda BNP Paribas Mutual Fund	Thematic	2.21%
18	Bank of India Banking & Financial Services Fund	Bank of India Mutual Fund	Thematic	2.16%
19	Aditya Birla Sun Life Large & Mid Cap Fund	Aditya Birla Sun Life Mutual Fund	Equity	2.14%
20	WhiteOak Capital Large & Mid Cap Fund	WhiteOak Capital Mutual Fund	Equity	2.14%
21	CANARA ROBECO MID CAP FUND	Canara Robeco Mutual Fund	Equity	2.13%
22	Bandhan Financial Services Fund	Bandhan Mutual Fund	Thematic	2.07%
23	DSP ELSS Tax Saver Fund	DSP Mutual Fund	Equity	2.06%
24	WhiteOak Capital Banking & Financial Services Fund	WhiteOak Capital Mutual Fund	Thematic	2.06%
25	DSP Flexi Cap Fund	DSP Mutual Fund	Equity	2.04%
26	Bajaj Finserv Multi Cap Fund	Bajaj Finserv Mutual Fund	Equity	2.03%
27	DSP Large & Mid Cap Fund	DSP Mutual Fund	Equity	1.98%
28	HSBC Financial Services Fund	HSBC Mutual Fund	Thematic	1.98%
29	Groww Multicap Fund	Groww Mutual Fund	Equity	1.97%
30	Mahindra Manulife Mid Cap Fund	Mahindra Manulife Mutual Fund	Equity	1.92%
31	Groww Banking & Financial Services Fund	Groww Mutual Fund	Thematic	1.91%
32	UTI - Mid Cap Fund	UTI Mutual Fund	Equity	1.9%
33	JM Large and Midcap Fund	JM Financial Mutual Fund	Equity	1.81%
34	Bank Of India Mid Cap Tax Fund Series 2	Bank of India Mutual Fund	Equity	1.79%
35	Sundaram Mid Cap Fund	Sundaram Mutual Fund	Equity	1.79%
36	Nippon India Innovation Fund	Nippon India Mutual Fund	Thematic	1.77%
37	PGIM INDIA MIDCAP FUND	PGIM India Mutual Fund	Equity	1.75%
38	Union Focused Fund	Union Mutual Fund	Equity	1.75%
39	Edelweiss Financial Services Fund	Edelweiss Mutual Fund	Thematic	1.73%
40	WhiteOak Capital ESG Best-In-Class Strategy Fund	WhiteOak Capital Mutual Fund	Thematic	1.72%
41	DSP India T.I.G.E.R. Fund	DSP Mutual Fund	Thematic	1.71%
42	Union Large & Midcap Fund	Union Mutual Fund	Equity	1.7%
43	ICICI Prudential Innovation Fund	ICICI Prudential Mutual Fund	Thematic	1.67%
44	Baroda BNP Paribas Large & Mid Cap Fund	Baroda BNP Paribas Mutual Fund	Equity	1.61%
45	TATA BANKING & FINANCIAL SERVICES FUND	Tata Mutual Fund	Thematic	1.61%
46	The Wealth Company Mid Cap Fund	The Wealth Company Mutual Fund	Equity	1.59%
47	ICICI Prudential Banking & Financial Services Fund	ICICI Prudential Mutual Fund	Thematic	1.57%
48	CANARA ROBECO CONSUMPTION FUND	Canara Robeco Mutual Fund	Thematic	1.56%
49	HDFC Banking & Financial Services Fund	HDFC Mutual Fund	Thematic	1.51%
50	JM ELSS Tax Saver Fund	JM Financial Mutual Fund	Equity	1.51%
51	Nippon India Multi Cap Fund	Nippon India Mutual Fund	Equity	1.51%
52	Invesco India Large Mid Cap Fund	Invesco Mutual Fund	Equity	1.5%
53	Bank of India Aggressive Hybrid Fund	Bank of India Mutual Fund	Hybrid	1.48%
54	Baroda BNP Paribas Innovation Fund	Baroda BNP Paribas Mutual Fund	Thematic	1.44%
55	Baroda BNP Paribas Services Fund	Baroda BNP Paribas Mutual Fund	Thematic	1.44%
56	Invesco India Smallcap Fund	Invesco Mutual Fund	Equity	1.44%
57	Bajaj Finserv Flexi Cap Fund	Bajaj Finserv Mutual Fund	Equity	1.42%
58	WhiteOak Capital Multi Cap Fund	WhiteOak Capital Mutual Fund	Equity	1.42%
59	Baroda BNP Paribas Mid Cap Fund	Baroda BNP Paribas Mutual Fund	Equity	1.4%
60	CANARA ROBECO MULTI ASSET ALLOCATION FUND	Canara Robeco Mutual Fund	Hybrid	1.36%
61	Baroda BNP Paribas ELSS Tax Saver Fund	Baroda BNP Paribas Mutual Fund	Equity	1.35%
62	HDFC Large and Mid Cap Fund	HDFC Mutual Fund	Equity	1.35%
63	Nippon India Growth Mid Cap Fund	Nippon India Mutual Fund	Equity	1.34%
64	Invesco India Financial Services Fund	Invesco Mutual Fund	Thematic	1.33%
65	Mahindra Manulife Innovation Opportunities Fund	Mahindra Manulife Mutual Fund	Thematic	1.3%
66	Union Largecap Fund	Union Mutual Fund	Equity	1.3%
67	DSP Small Cap Fund	DSP Mutual Fund	Equity	1.29%
68	PGIM INDIA MULTI CAP FUND	PGIM India Mutual Fund	Equity	1.29%
69	WhiteOak Capital Quality Equity Fund	WhiteOak Capital Mutual Fund	Equity	1.24%
70	Bajaj Finserv Banking and Financial Services Fund	Bajaj Finserv Mutual Fund	Thematic	1.23%
71	Bank Of India Mid Cap Tax Fund Series 1	Bank of India Mutual Fund	Equity	1.23%
72	Sundaram Multi Cap Fund	Sundaram Mutual Fund	Equity	1.21%
73	Franklin India Mid Cap Fund	Franklin Templeton Mutual Fund	Equity	1.19%
74	UTI - Banking and Financial Services Fund	UTI Mutual Fund	Thematic	1.19%
75	Kotak Midcap Fund	Kotak Mahindra Mutual Fund	Equity	1.18%
76	Bandhan Large & Mid Cap Fund	Bandhan Mutual Fund	Equity	1.17%
77	Edelweiss Large & Mid Cap Fund	Edelweiss Mutual Fund	Equity	1.17%
78	Nippon India ELSS Tax Saver Fund	Nippon India Mutual Fund	Thematic	1.17%
79	Union Elss Tax Saver Fund	Union Mutual Fund	Equity	1.17%
80	Aditya Birla Sun Life Multi-Cap Fund	Aditya Birla Sun Life Mutual Fund	Equity	1.15%
81	CANARA ROBECO ELSS TAX SAVER	Canara Robeco Mutual Fund	Equity	1.13%
82	TATA BALANCED ADVANTAGE FUND	Tata Mutual Fund	Hybrid	1.12%
83	CANARA ROBECO ELSS - TAX SAVER FUND	Canara Robeco Mutual Fund	Equity	1.11%
84	ITI Mid Cap Fund	ITI Mutual Fund	Equity	1.11%
85	Union Value Fund	Union Mutual Fund	Equity	1.11%
86	Baroda BNP Paribas Multi Cap Fund	Baroda BNP Paribas Mutual Fund	Equity	1.09%
87	PGIM INDIA SMALL CAP FUND	PGIM India Mutual Fund	Equity	1.09%
88	ITI Multi Cap Fund	ITI Mutual Fund	Equity	1.08%
89	NIPPON INDIA VALUE FUND	Nippon India Mutual Fund	Equity	1.08%
90	TATA MULTI ASSET ALLOCATION FUND	Tata Mutual Fund	Hybrid	1.08%
91	DSP Dynamic Asset Allocation Fund	DSP Mutual Fund	Hybrid	1.07%
92	HDFC Value Fund	HDFC Mutual Fund	Equity	1.06%
93	Bank of India ELSS Tax Saver Fund	Bank of India Mutual Fund	Equity	1.03%
94	WhiteOak Capital ELSS Tax Saver Fund	WhiteOak Capital Mutual Fund	Equity	1.03%
95	ITI Arbitrage Fund	ITI Mutual Fund	Hybrid	1.02%
96	CANARA ROBECO MULTI CAP FUND	Canara Robeco Mutual Fund	Equity	1%
97	DSP Value Fund	DSP Mutual Fund	Equity	1%
98	CANARA ROBECO FLEXICAP FUND	Canara Robeco Mutual Fund	Equity	0.99%
99	WhiteOak Capital Large Cap Fund	WhiteOak Capital Mutual Fund	Equity	0.97%
100	Aditya Birla Sun Life Elss Tax Saver Fund	Aditya Birla Sun Life Mutual Fund	Equity	0.96%
101	Sundaram Flexi Cap Fund	Sundaram Mutual Fund	Equity	0.95%
102	WhiteOak Capital Flexi Cap Fund	WhiteOak Capital Mutual Fund	Equity	0.94%
103	Sundaram ELSS Tax Saver Fund	Sundaram Mutual Fund	Equity	0.92%
104	Edelweiss Mid Cap Fund	Edelweiss Mutual Fund	Equity	0.91%
105	Union Multicap Fund	Union Mutual Fund	Equity	0.9%
106	Bandhan Mid Cap Fund	Bandhan Mutual Fund	Equity	0.89%
107	Mirae Asset Midcap Fund	Mirae Asset Mutual Fund	Equity	0.87%
108	Navi Large & Midcap Fund	Navi Mutual Fund	Equity	0.87%
109	PGIM INDIA LARGE AND MIDCAP FUND	PGIM India Mutual Fund	Equity	0.87%
110	CANARA ROBECO EQUITY HYBRID FUND	Canara Robeco Mutual Fund	Hybrid	0.84%
111	Kotak Banking and Financial Services Fund	Kotak Mahindra Mutual Fund	Thematic	0.84%
112	Mahindra Manulife Aggressive Hybrid Fund	Mahindra Manulife Mutual Fund	Hybrid	0.84%
113	Aditya Birla Sun Life Multi Asset Allocation Fund	Aditya Birla Sun Life Mutual Fund	Hybrid	0.83%
114	CANARA ROBECO AGGRESSIVE HYBRID FUND	Canara Robeco Mutual Fund	Hybrid	0.81%
115	Baroda BNP Paribas Banking & Financial Services Fund	Baroda BNP Paribas Mutual Fund	Thematic	0.8%
116	UTI Large & Mid Cap Fund	UTI Mutual Fund	Equity	0.77%
117	HDFC Multi Cap Fund	HDFC Mutual Fund	Equity	0.76%
118	ITI Flexi Cap Fund	ITI Mutual Fund	Equity	0.75%
119	Aditya Birla Sun Life Flexi Cap Fund	Aditya Birla Sun Life Mutual Fund	Equity	0.74%
120	Mahindra Manulife Multi Cap Fund	Mahindra Manulife Mutual Fund	Equity	0.74%
121	NIPPON INDIA EQUITY SAVINGS FUND	Nippon India Mutual Fund	Hybrid	0.74%
122	LIC MF EQUITY SAVINGS FUND	LIC Mutual Fund	Hybrid	0.71%
123	Kotak Flexicap Fund	Kotak Mahindra Mutual Fund	Equity	0.7%
124	WhiteOak Capital Arbitrage Fund	WhiteOak Capital Mutual Fund	Hybrid	0.7%
125	Union Equity Savings Fund	Union Mutual Fund	Hybrid	0.69%
126	DSP Business Cycle Fund	DSP Mutual Fund	Thematic	0.68%
127	Bajaj Finserv Balanced Advantage Fund	Bajaj Finserv Mutual Fund	Hybrid	0.66%
128	Edelweiss Multi Cap Fund	Edelweiss Mutual Fund	Equity	0.65%
129	Union Arbitrage Fund	Union Mutual Fund	Hybrid	0.65%
130	Mahindra Manulife Large & Mid Cap Fund	Mahindra Manulife Mutual Fund	Equity	0.64%
131	HDFC Equity Savings Fund	HDFC Mutual Fund	Hybrid	0.55%
132	ICICI Prudential Flexicap Fund	ICICI Prudential Mutual Fund	Equity	0.55%
133	SBI Conservative Hybrid Fund	SBI Mutual Fund	Hybrid	0.54%
134	JioBlackRock Flexi Cap Fund	Jio BlackRock Mutual Fund	Equity	0.51%
135	WhiteOak Capital Balanced Advantage Fund	WhiteOak Capital Mutual Fund	Hybrid	0.51%
136	Bandhan Innovation Fund	Bandhan Mutual Fund	Thematic	0.5%
137	WhiteOak Capital Aggressive Hybrid Fund	WhiteOak Capital Mutual Fund	Hybrid	0.49%
138	UTI Multi Asset Allocation Fund	UTI Mutual Fund	Hybrid	0.45%
139	Shriram Flexi Cap Fund	Shriram Mutual Fund	Equity	0.43%
140	Baroda BNP Paribas Equity Savings Fund	Baroda BNP Paribas Mutual Fund	Hybrid	0.42%
141	Groww Aggressive Hybrid Fund	Groww Mutual Fund	Hybrid	0.42%
142	Shriram ELSS Tax Saver Fund	Shriram Mutual Fund	Equity	0.42%
143	Mahindra Manulife Balanced Advantage Fund	Mahindra Manulife Mutual Fund	Hybrid	0.41%
144	WhiteOak Capital Balanced Hybrid Fund	WhiteOak Capital Mutual Fund	Hybrid	0.41%
145	The Wealth Company Arbitrage Fund	The Wealth Company Mutual Fund	Hybrid	0.4%
146	Union Small Cap Fund	Union Mutual Fund	Equity	0.4%
147	Sundaram Arbitrage Fund	Sundaram Mutual Fund	Hybrid	0.36%
148	Baroda BNP Paribas Conservative Hybrid Fund	Baroda BNP Paribas Mutual Fund	Hybrid	0.35%
149	SBI Arbitrage Opportunities Fund	SBI Mutual Fund	Hybrid	0.35%
150	Zerodha Life Cycle Fund 2041	Zerodha Mutual Fund	Hybrid	0.35%
151	Bandhan Arbitrage Fund	Bandhan Mutual Fund	Hybrid	0.32%
152	Samco Dynamic Asset Allocation Fund	Samco Mutual Fund	Hybrid	0.31%
153	Zerodha Life Cycle Fund 2036	Zerodha Mutual Fund	Hybrid	0.3%
154	NIPPON INDIA LARGE CAP FUND	Nippon India Mutual Fund	Equity	0.26%
155	UTI Aggressive Hybrid Fund	UTI Mutual Fund	Hybrid	0.26%
156	Mirae Asset Arbitrage Fund	Mirae Asset Mutual Fund	Hybrid	0.25%
157	WhiteOak Capital Multi Asset Allocation Fund	WhiteOak Capital Mutual Fund	Hybrid	0.24%
158	ICICI Prudential Arbitrage Fund	ICICI Prudential Mutual Fund	Hybrid	0.23%
159	Aditya Birla Sun Life Regular Savings Fund	Aditya Birla Sun Life Mutual Fund	Hybrid	0.22%
160	HDFC Arbitrage Fund	HDFC Mutual Fund	Hybrid	0.22%
161	Zerodha Life Cycle Fund 2031	Zerodha Mutual Fund	Hybrid	0.22%
162	Aditya Birla Sun Life Conservative Hybrid Fund	Aditya Birla Sun Life Mutual Fund	Hybrid	0.21%
163	HSBC Equity Savings Fund	HSBC Mutual Fund	Hybrid	0.21%
164	Mirae Asset Equity Savings Fund	Mirae Asset Mutual Fund	Hybrid	0.21%
165	Franklin India Equity Savings Fund	Franklin Templeton Mutual Fund	Hybrid	0.2%
166	HSBC Arbitrage Fund	HSBC Mutual Fund	Hybrid	0.2%
167	Bank Of India Conservative Hybrid Fund	Bank of India Mutual Fund	Hybrid	0.19%
168	WhiteOak Capital Equity Savings Fund	WhiteOak Capital Mutual Fund	Hybrid	0.17%
169	Nippon India Vision Large & Mid Cap Fund	Nippon India Mutual Fund	Equity	0.16%
170	Bandhan Multi Asset Allocation Fund	Bandhan Mutual Fund	Hybrid	0.15%
171	Edelweiss Arbitrage Fund	Edelweiss Mutual Fund	Hybrid	0.15%
172	DSP Arbitrage Fund	DSP Mutual Fund	Hybrid	0.13%
173	UTI Quant Fund	UTI Mutual Fund	Equity	0.13%
174	Bajaj Finserv Arbitrage Fund	Bajaj Finserv Mutual Fund	Hybrid	0.12%
175	Aditya Birla Sun Life Arbitrage Fund	Aditya Birla Sun Life Mutual Fund	Hybrid	0.11%
176	JioBlackRock Sector Rotation Fund	Jio BlackRock Mutual Fund	Thematic	0.09%
177	SBI Arbitrage Fund	SBI Mutual Fund	Hybrid	0.09%
178	Axis Arbitrage Fund	Axis Mutual Fund	Hybrid	0.08%
179	ICICI Prudential Balanced Advantage Fund	ICICI Prudential Mutual Fund	Hybrid	0.07%
180	SBI Equity Savings Fund	SBI Mutual Fund	Hybrid	0.07%
181	Motilal Oswal Arbitrage Fund	Motilal Oswal Mutual Fund	Hybrid	0.05%
182	HSBC Midcap Fund	HSBC Mutual Fund	Equity	0.03%
183	Unifi Dynamic Asset Allocation Fund	Unifi Mutual Fund	Hybrid	0.03%
184	Edelweiss Multi Asset Allocation Fund	Edelweiss Mutual Fund	Hybrid	0.01%
185	ICICI Prudential Equity Savings Fund	ICICI Prudential Mutual Fund	Hybrid	0%
186	Kotak Arbitrage Fund	Kotak Mahindra Mutual Fund	Hybrid	0%
187	Nippon India Arbitrage Fund	Nippon India Mutual Fund	Hybrid	0%
188	TATA ARBITRAGE FUND	Tata Mutual Fund	Hybrid	0%
189	UTI - Arbitrage Fund	UTI Mutual Fund	Hybrid	0%

Want to interpret these weights? Read How to Read a Mutual Fund's Monthly Portfolio Disclosure, or look up terms like % to NAV and conviction in the glossary.

Source: SEBI-mandated monthly portfolio disclosures by Indian AMCs. Percentages are of each fund's net assets on its latest disclosure date. For information only, not investment advice.