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  5. Sankaran Naren to R. Srinivasan: 5 fund managers, 5 big portfolios; how have they performed in 5 years

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Sankaran Naren to R. Srinivasan: 5 fund managers, 5 big portfolios; how have they performed in 5 years

image Sangeeta Ojha
By Sangeeta Ojha

4 min read | Updated on September 10, 2026, 12:42 IST

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SUMMARY

Data from ACE MF shows a noticeable difference between the five fund managers in both assets under management (AUM) and their schemes’ returns.

5 fund managers, 5 big portfolios

AUM size and portfolio performance tell two very different stories.

The size of assets managed by a fund manager can tell you how much investor money they oversee, but it does not necessarily tell you who has delivered the strongest performance.

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Data from ACE MF shows a noticeable difference between the five fund managers in both assets under management (AUM) and their schemes’ returns.

Before reading further, please note that this is just for informational purposes only and not intended to recommend any of the schemes mentioned below. You should make an investment decision based on your personal financial goals and risk appetite.

Sankaran Naren manages the largest portfolio among the five, with ₹3.22 lakh crore across seven schemes. His portfolio includes schemes such as ICICI Prudential Bluechip Fund, ICICI Prudential Value Fund and ICICI Prudential Multi-Asset Allocation Fund.
According to ACE MF data, these schemes generated an average return of 10.44% over three years and 12.04% over five years.
However, it is R. Srinivasan who comes out on top on the longer-term return numbers. He manages ₹1.90 lakh crore across five schemes, including SBI Small Cap Fund and SBI Focused Fund.
His schemes delivered an average 13.79% return over three years and 13.11% over five years, the highest among the five managers in the ACE MF data.
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Shreyash Devalkar, who manages ₹1.28 lakh crore across six schemes, including Axis Midcap Fund, Axis Large Cap Fund and Axis Large & Mid Cap Fund, recorded average returns of 11.09% over three years and 5.73% over five years.
At Bandhan MF, Manish Gunwani manages ₹67,592 crore across seven schemes, including Bandhan Small Cap Fund and Bandhan Flexi Cap Fund. His schemes delivered an average 12.08% over three years and 10.23% over five years.
Meanwhile, Harsha Upadhyaya oversees ₹1 lakh crore across six schemes, including Kotak Flexicap Fund and Kotak Large & Midcap Fund. The schemes recorded average returns of 10.84% over three years and 5.49% over five years.
Fund HouseFund ManagerAUM (₹ Cr)Schemes1Y Max1Y Min1Y Avg3Y Max3Y Min3Y Avg5Y Max5Y Min5Y Avg
Kotak MFHarsha Upadhyaya1,00,189.62621.1461%1.0678%8.0632%18.6067%10.0895%10.8396%12.3641%9.8298%5.4948%
Bandhan MFManish Gunwani67,591.58719.6596%0.1884%7.4224%23.2087%8.6983%12.0766%18.7159%6.9149%10.2322%
SBI MFR. Srinivasan1,90,459.71515.6278%5.9342%10.5627%19.8023%11.0148%13.7901%20.0684%9.6335%13.1101%
ICICI Prudential MFSankaran Naren3,22,030.0575.5633%-3.3167%1.0454%13.7732%10.2066%10.4403%17.2753%10.8339%12.0410%
Axis MFShreyash Devalkar1,27,764.16611.8967%-1.5844%4.6712%18.4590%8.3567%11.0910%12.3921%5.0294%5.7319%
(Source: ACE MF. Returns represent the maximum, minimum and average performance of schemes managed by each fund manager. AUM is the latest figure in the ACE MF data shared.)

The takeaway is that AUM size and portfolio performance tell two very different stories. Naren manages the most money, but Srinivasan leads the group on average returns across the one-, three- and five-year periods.

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Disclaimer: This article is written purely for informational purposes and should not be considered investment advice from Upstox. Securities mentioned are illustrative and not recommendations. Investors should do their own research or consult a registered financial advisor before making investment decisions.

About The Author

image Sangeeta Ojha
Sangeeta Ojha is a business and finance journalist with experience across leading media platforms like Mint and India Today. She has built a reputation for covering a wide range of personal finance topics, including income tax, mutual funds, insurance, savings and investing.

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