Mumbai: Indian mutual funds increased their overseas investments by nearly 24% in 2025-26, taking their foreign assets to $10.2 billion by the end of March 2026, according to the Reserve Bank of India’s annual Survey of Foreign Liabilities and Assets of Mutual Funds.
The survey, covering 53 mutual funds and their asset management companies, showed that overseas equity holdings rose 37.5% year-on-year to ₹93,602 crore in March 2026, from ₹68,072 crore a year earlier.
The US was the biggest destination, accounting for 63.5% of mutual funds’ overseas equity holdings. Their US equity holdings rose 36.5% to ₹59,403 crore. Luxembourg and Ireland followed, accounting for 20.2% and 10.7%, respectively.
Mutual funds also increased their equity holdings in Canada and mainland China, which rose 416.3% and 52.2%, respectively, although from much smaller bases.
Meanwhile, mutual funds’ foreign liabilities increased 3.3% to $31.5 billion (₹2.98 lakh crore) by March 2026. The increase was mainly due to a rise in the market value of Indian mutual fund units held by non-residents.
The market value of such holdings increased 14.2% to ₹2.98 lakh crore, from ₹2.61 lakh crore a year earlier. At face value, these holdings rose 16.4% to ₹73,471 crore.
The UAE accounted for the largest share of non-resident holdings at market value, at 20.6%, followed by the US at 11.9%, the UK at 9.7% and Singapore at 7.2%. Together, the four accounted for nearly half of mutual fund units held by non-residents. As overseas assets grew faster than foreign liabilities, net foreign liabilities declined to $21.3 billion in March 2026 from $22.3 billion a year earlier.
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