Seven Indian AMCs hold nearly $1 bn stake in Alphabet; PPFAS leads exposure

Alphabet Inc.’s entry into the elite $3 trillion market cap club on Monday (September 15) was cheered by investors worldwide, with the celebrations extending from Nasdaq to Dalal Street, where Indian mutual funds remain significant investors in Google’s parent.

According to Bloomberg data, seven Indian fund houses collectively hold 3.7 million shares of Alphabet, valued at $934 million as of Monday’s close. PPFAS Asset Management accounts for more than half of this exposure, while SBI Funds Management holds another 39%.

Alphabet now joins Nvidia, Microsoft and Apple as the only publicly traded companies valued above $3 trillion. Indian fund houses together have nearly $2 billion invested across these four giants, with Alphabet alone representing half the total. Their exposure in Microsoft stands at $642 million, followed by $184 million in Nvidia and $149 million in Apple.

Overall, nine of India’s 47 mutual fund houses have investments in one or more of these mega-cap stocks. Among them, Motilal Oswal AMC, ICICI Prudential AMC and Aditya Birla Sun Life AMC hold stakes in all four.

Together, the four companies command a combined market capitalisation of nearly $15 trillion — about 21% of the U.S. equity market. To put it in perspective, Microsoft, Apple, and Alphabet alone are worth over $10 trillion. That compares with the entire Chinese stock market at $12.7 trillion, while India, the fifth-largest, stands at $5.3 trillion.

Back home, the Indian mutual fund industry’s assets under management (AUM) hit a record ₹75.2 lakh crore in August 2025, powered by retail inflows even as foreign investors trimmed holdings. SIP collections for August stood at ₹28,265 crore, underscoring resilient domestic appetite.

Analysts note that passive fund inflows and strong SIP growth are also fueling momentum at mid-sized AMCs such as PPFAS Asset Management, WhiteOak and Motilal Oswal AMC.

Also Read: Alphabet breaks into $3 trillion league with Apple, Microsoft and Nvidia