SBI Mutual Fund Review: Top Schemes, AUM & Returns

SBI Mutual Fund, set up on 29 June 1987, is a joint venture between State Bank of India and Amundi, and manages a total AUM of ₹13,16,223.67 crore across 93 schemes. It holds the distinction of being India's second mutual fund after the Unit Trust of India, with 39 years of operation spanning equity, debt, hybrid, and thematic categories. This review covers the fund house's background, milestones, leadership team, and top-ranked schemes.

Key takeaways

• SBI Mutual Fund was set up on 29 June 1987 and formally incorporated on 7 February 1992, giving it a 39-year track record in Indian asset management.
• Total AUM stands at ₹13,16,223.67 crore (approximately ₹13.16 lakh crore) across 93 schemes.
• The fund house is a joint venture between State Bank of India and Amundi, a French asset management firm.
• SBI MF pioneered India's first Contra fund and India's first ESG fund.
• Among top-ranked schemes, the SBI Healthcare Opportunities Fund delivered 3-year returns of 23.00% and SBI Children's Fund – Investment Plan delivered 20.19% over the same period.

What Is SBI Mutual Fund?

SBI Mutual Fund is governed by SBI Mutual Fund Trustee Company Private Limited, a trust constituted under the Trust Act of 1882. It operates as a joint venture between State Bank of India and Amundi — a French asset management company created through a collaboration between Crédit Agricole and Société Générale. In July 2004, SBI divested a 37% stake in the fund and brought Amundi on board as a strategic partner. The fund is registered with the Securities and Exchange Board of India (SEBI).

Key fund house details are summarised below:

History and Notable Milestones

When SBI Mutual Fund was set up on 29 June 1987, the Unit Trust of India — which had started in 1963 — was the only mutual fund in the country, making SBI MF India's second. The fund was formally incorporated on 7 February 1992.

The fund house has several industry firsts to its name:

• India's first Contra Fund: The SBI Contra Fund was the first contrarian mutual fund to be launched by an Indian asset manager.
• India's first ESG Fund: SBI MF introduced India's first Environment, Social and Governance (ESG) fund, directing resources into sustainable investments across major markets.
• Daiwa Mutual Fund acquisition: In 2013, SBI Mutual Fund acquired Daiwa Mutual Fund, part of Japan's Daiwa Group.
• EPFO's first mutual fund investment: In 2015, the Employees' Provident Fund Organisation made its first-ever mutual fund investment in India — ₹5,000 crore — channelled through SBI MF's Sensex ETFs.

Leadership and Fund Management Team

• Managing Director & CEO: Debasish Mishra
• MD: Vinay M Tonse
• CIO – Equity: Rama Iyer Srinivasan
• CIO – Debt: Rajeev Radhakrishnan
• Compliance Officer: Ms. Vinaya Datar

Top 10 SBI Mutual Fund Schemes

The schemes below are ranked by Invo Wealth's internal quality score. Returns and risk metrics are shown separately so you can assess both the reward and the downside of each fund.

Trailing Returns

The table below shows 6-month, 1-year, 3-year, and 5-year trailing returns for each scheme:

Performance data as of 5 September 2026.

Risk Metrics

The table below shows annualised volatility, maximum drawdown, and the Sortino ratio for each scheme:

Key observations from the data:

• The SBI Healthcare Opportunities Fund leads on the Sortino ratio (1.48), with 3-year and 5-year returns of 23.00% and 17.10% respectively.
• The SBI Children's Fund – Investment Plan returned 20.19% over three years with a Sortino of 1.24 and a maximum drawdown of -15.89%.
• The SBI PSU Fund posted the highest 5-year return at 22.58%, but also carries the steepest volatility (25.08%) and maximum drawdown (-24.59%) in the list.
• The SBI Gilt Fund is the most defensive option, with a 5-year return of 5.74%, volatility of 3.20%, and a maximum drawdown of -3.35%.
• The SBI Conservative Hybrid Fund balances moderate returns (5-year: 8.24%) with limited downside risk (maximum drawdown: -3.19%).

How to Invest in SBI Mutual Fund

Starting a SIP in SBI Mutual Fund is straightforward: invest through the fund house's official website using your folio number, through any SEBI-registered online platform, or via a mobile application. Sign up on Invo Wealth to access complete portfolio insights and invest in mutual funds aligned with your financial goals and risk profile.

To grow your SIP amount over time, most fund houses including SBI MF offer a Step-up (Top-up) SIP facility, which lets you increase the instalment amount periodically. Confirm availability for your specific scheme first and use a Step-up SIP Calculator to decide the revised amount.

To cancel a SIP, place a Cancel SIP request online via the fund house's website — log in with your folio number — or contact your investment platform or agent directly.

Conclusion

With a 39-year history, ₹13.16 lakh crore in AUM, and 93 schemes spanning gilt, hybrid, equity, and thematic categories, SBI Mutual Fund covers a wide range of investor risk profiles. Its record of industry firsts and a seasoned leadership team add further credibility. Review the returns and risk data above carefully in the context of your own investment goals before committing capital.