Trust Mutual Fund
- Company typePrivate
- Founded2021
- HeadquartersMumbai, India
- Headcount51–100
- GTM typeB2C
- OfferingServices
What Trust Mutual Fund does
Trust Mutual Fund, operated by TRUST Asset Management Private Limited, is a privately held Indian mutual fund asset management company headquartered in Mumbai. Founded in 2021 (firmographic founding year listed as 2019), it initially built a debt franchise — Liquid, Overnight, Short Duration, Corporate Bond, and Money Market funds — before entering the equities market in April 2024 with the launch of the Flexi Cap and Small Cap funds, followed by Multi Cap, Mid Cap (NFO March 2026), and Large & Mid Cap (NFO June 2026) funds, plus an Arbitrage fund and a Fixed Maturity Plan, bringing the product line to 11 active schemes.
The firm's investment process is built around branded proprietary frameworks: Terminal Value Investing (the LIM pillars — Leadership, Intangibles, Megatrends) and GARV (Growth at Reasonable Valuations) for equity stock selection, and LimitedACTIV (a model-portfolio methodology co-developed with CRISIL for Corporate Bond, Money Market, and Short Duration funds). The investment team is led by CIO Mihir Vora (~30 years of experience) and includes fund managers Saurabh Kataria (18 years), Aakash Manghani (14 years), Jalpan Shah (20 years), Shradhanjali Panda (17 years), and Sachin Parekh. Custody and fund accounting are handled by Deutsche Bank AG, registrar services by KFin Technologies, and statutory audit by Haribhakti & Co. LLP.
Trust Mutual Fund generates revenue through management fees (Total Expense Ratio) on Assets Under Management, which exceeded Rs 4,200 crore (~$450 million) as of March 31, 2026. Distribution is multi-channel: a direct digital stack (transact.trustmf.com, online.trustmf.com, ISIP across 32 banks), an empaneled distributor network with cobranded collateral support, and a 9-branch pan-India physical footprint spanning Mumbai, Bangalore, Kolkata, New Delhi, Lucknow, Ahmedabad, Hyderabad, Pune, and Jaipur. The Choti SIP product (Rs 250/month) and the Get Curious investor-education platform target retail investor acquisition.
Trust Mutual Fund firmographics
Firmographics- Name
- Trust Mutual Fund
- Legal name
- TRUST Asset Management Private Limited
- Website
- https://trustmf.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Ownership category
- akta.pro rank
Trust Mutual Fund industry classification
Industry- Product category
- Mutual Fund Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Equity Mutual Funds (Active) (FSAAAEAA)
- akta.pro secondary industries
- Fixed Income Mutual Funds (FSAAAEAB), Money Market Funds (FSAAAEAC)
Keywords
Where Trust Mutual Fund is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices10 records
Markets served
Trust Mutual Fund business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- Management Fees / Total Expense Ratio (TER): Trust Mutual Fund generates revenue through management fees charged as a percentage of Assets Under Management (AUM). The fund's Total Expense Ratio (TER) covers management fees, custody fees, registrar & transfer agent fees, investor communication expenses, and advertising expenses. TER is disclosed on the website and is fungible within SEBI-prescribed limits.
- AUM-based Revenue: Revenue scales with Assets Under Management. The fund reported AUM exceeding Rs 4,200 crore as of March 31, 2026, with equity schemes accounting for approximately Rs 4,692 crore across Flexi Cap (Rs 1,043 crore), Small Cap (Rs 1,890 crore), Mid Cap (Rs 241 crore), and Multi Cap (Rs 527 crore).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Monthly | Minimum lump-sum investment of Rs 1,000 for most equity and hybrid schemes; Rs 100 for certain SIPs |
| Subscription | Annual | Direct Plan vs Regular Plan with different expense structures |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels7 records
Trust Mutual Fund product offering
Product offeringCore offering
Trust Mutual Fund is an Indian asset management company that offers a diversified portfolio of mutual fund schemes across equity (Flexi Cap, Mid Cap, Small Cap, Multi Cap, Arbitrage) and debt (Liquid, Corporate Bond, Money Market, Short Duration, Overnight, Fixed Maturity Plan) categories. The schemes are managed by an investment team led by CEO Sandeep Bagla and CIO Mihir Vora, employing proprietary investment approaches including Terminal Value Investing+, GARV, and LimitedACTIV methodologies.
Product overview
Trust Mutual Fund operates as an Indian asset management company offering a diversified portfolio of mutual fund schemes across equity and debt categories. The product lineup consists of 4 equity funds (Flexi Cap, Mid Cap, Small Cap, Multi Cap, Arbitrage) and 6 debt funds (Liquid, Corporate Bond, Money Market, Short Duration, Overnight, Fixed Maturity Plan), managed by an investment team led by CEO Sandeep Bagla and CIO Mihir Vora. The schemes employ proprietary investment approaches including Terminal Value Investing+, Growth at Reasonable Valuations (GARV), and LimitedACTIV methodologies. Assets under management exceeded Rs 4,200 crore as of March 31, 2026.
Differentiator
Problem solved
Functional benefit
Products and services
- TRUSTMF Flexi Cap Fund Open-ended dynamic equity scheme investing across large cap, mid cap, and small cap stocks. Follows Terminal Value Investing+ and Growth at Reasonable Valuations (GARV) approaches, with a focused portfolio of high-conviction stocks for retail investors seeking long-term capital appreciation.
- TRUSTMF Mid Cap Fund Open-ended equity scheme predominantly investing in mid cap stocks, targeting companies ranked 101st to 250th by market capitalization. Employs GARV and LIM proprietary strategies to identify quality mid-cap opportunities at reasonable valuations.
- TRUSTMF Small Cap Fund Open-ended equity scheme predominantly investing in small cap stocks. Follows Terminal Value Investing+ and GARV approaches with deep in-house research to select under-researched small-cap companies for long-term wealth creation.
- TRUSTMF Multi Cap Fund Open-ended equity scheme investing in large cap, mid cap, and small cap stocks, offering built-in diversification with high active share as a key driver for generating potential alpha for retail investors.
- TRUSTMF Arbitrage Fund Open-ended scheme investing in arbitrage opportunities in cash and derivatives segment of the equity market with a fully hedged portfolio, offering tax-efficient returns for investors in higher tax slabs.
- TRUSTMF Liquid Fund Open-ended liquid scheme with relatively low interest rate risk and low credit risk, providing reasonable returns with high liquidity through investments in high quality debt and money market instruments for short-term parking of funds.
- TRUSTMF Corporate Bond Fund Open-ended debt scheme predominantly investing in AA+ and above rated corporate bonds with relatively high interest rate risk and moderate credit risk. Uses the unique LimitedACTIV methodology in partnership with CRISIL for model portfolio construction and rebalancing.
- TRUSTMF Money Market Fund
Quantifiable outcome
- TRUSTMF Small Cap Fund - Dir - Growth returned 21.85% since inception (4 Nov 2024) vs benchmark Nifty Smallcap 250 TRI at 1.53% as of May 2026
- +3 more outcomes
Companies that use Trust Mutual Fund
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles2 records
Trust Mutual Fund technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Trust Mutual Fund partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- KFin Technologies LimitedcoreKFin Technologies Limited serves as the Registrar and Transfer Agent (RTA) for Trust Mutual Fund, providing investor transaction processing, KYC management, and folio administration services. Located at Karvy Selenium Tower B, Gachibowli, Hyderabad. SEBI Registration No. INR000000221. Multiple Designated Investor Service Centres (DISC) across India support investor servicing.
- Deutsche Bank AGcoreDeutsche Bank AG serves as Custodian and Fund Accountant for all schemes of Trust Mutual Fund. Registered with SEBI (Registration No. IN/CUS/003). Provides custody of securities and fund accounting services from its Mumbai office at HDB House, Hazarimal Somani Marg, Fort, Mumbai - 400001.
- Haribhakti and Co. LLPcoreHaribhakti and Co. LLP serves as the Statutory Auditor for Trust Mutual Fund. Located at 705 Leela Business Park, Andheri Kurla Road, Andheri (E), Mumbai - 400059. Provides independent audit services for fund financial statements.
- CRISILcoreCRISIL partners with Trust Mutual Fund for its LimitedACTIV methodology applied to debt schemes. CRISIL is engaged for construction and periodic rebalancing of model portfolio and universe, back testing, and ongoing investment process validation for Corporate Bond Fund, Money Market Fund, and Short Duration Fund.
Scale indicators5 records
Recent moves7 records
Expansion highlights6 records
Trust Mutual Fund competitors and assessment
Company assessmentDirect peers
- PPFAS Mutual Fund: Boutique Indian AMC known for philosophy-driven active equity investing (Parag Parikh Flexi Cap Fund). Highly comparable to Trust Mutual Fund in scale, philosophy-led differentiation, and focus on long-term value investing in mid and small-cap segments.
- Quantum Mutual Fund: Mid-sized Indian AMC offering actively managed equity and debt mutual fund schemes with a research-driven, value-oriented philosophy. Comparable as a similarly scaled Indian AMC focused on differentiated active management rather than passive or sector products.
- Motilal Oswal Mutual Fund: Indian AMC known for concentrated mid-cap and small-cap focused equity offerings with active management philosophy. Highly relevant peer given Trust Mutual Fund's parallel focus on mid-cap, small-cap, and multi-cap active strategies using proprietary research frameworks.
- Axis Mutual Fund: Mid-to-large Indian AMC offering active equity and debt mutual fund schemes with strong institutional and retail distribution. Comparable as a competitor in active equity and debt categories, with broader product depth but similar go-to-market orientation.
- DSP Mutual Fund: Established mid-sized Indian AMC offering active equity funds with a research-led investment approach. Comparable in size tier and as a competitor in active equity mutual fund categories where Trust Mutual Fund is building share.
Broad incumbents
- Kotak Mahindra Mutual Fund: Large established Indian AMC offering a comprehensive suite of equity, debt, and hybrid mutual fund products. Comparable as a multi-product Indian AMC, though significantly larger in AUM and distribution reach than Trust Mutual Fund.
- Nippon India Mutual Fund: One of India's largest AMCs with extensive equity and debt mutual fund offerings across market capitalizations. Comparable as a competitor in mid-cap and small-cap active equity categories, though operating at significantly greater scale.
- HDFC Mutual Fund: Largest Indian AMC by AUM with broad equity, debt, and hybrid mutual fund offerings. Represents the dominant incumbent competitor; Trust Mutual Fund competes against HDFC's distribution and brand advantage across all scheme categories.
- ICICI Prudential Mutual Fund: Top-tier Indian AMC with diversified active and passive mutual fund offerings. Comparable as a full-spectrum competitor across Trust Mutual Fund's equity and debt product categories, operating at materially greater scale.
- SBI Mutual Fund: India's largest AMC by AUM with the most extensive distribution network via State Bank of India branches. Sets the competitive benchmark for retail investor reach and AUM scale against which Trust Mutual Fund's growth must be measured.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Trust Mutual Fund social profiles
Digital presenceTrust Mutual Fund financial estimates
Financial estimateRevenue estimate
Valuation estimate
Trust Mutual Fund leadership team
Management profileNumber of profiles
Profiles7 records
Trust Mutual Fund funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Trust Mutual Fund M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Trust Mutual Fund
What does Trust Mutual Fund do?
Trust Mutual Fund is an Indian asset management company that offers a diversified portfolio of mutual fund schemes across equity (Flexi Cap, Mid Cap, Small Cap, Multi Cap, Arbitrage) and debt (Liquid, Corporate Bond, Money Market, Short Duration, Overnight, Fixed Maturity Plan) categories. The schemes are managed by an investment team led by CEO Sandeep Bagla and CIO Mihir Vora, employing proprietary investment approaches including Terminal Value Investing+, GARV, and LimitedACTIV methodologies.
Is Trust Mutual Fund a public or private company?
Trust Mutual Fund is a private company. It is classified as management employee owned and is currently operating.
When was Trust Mutual Fund founded?
Trust Mutual Fund was founded in 2021. It employs 51 to 100 people.
Where is Trust Mutual Fund based?
Trust Mutual Fund is headquartered in Mumbai, India, in the Asia region.
How does Trust Mutual Fund make money?
Two revenue lines are on record. Management Fees / Total Expense Ratio (TER) is the primary driver. The others are AUM-based Revenue.
Who are Trust Mutual Fund's main competitors?
Direct peers on record are PPFAS Mutual Fund, Quantum Mutual Fund, Motilal Oswal Mutual Fund, Axis Mutual Fund and DSP Mutual Fund. Broad incumbents are Kotak Mahindra Mutual Fund, Nippon India Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund and SBI Mutual Fund.
Does Trust Mutual Fund have an API?
No public API is recorded for Trust Mutual Fund.
What industry is Trust Mutual Fund in?
Trust Mutual Fund's product category is Mutual Fund Asset Management. Its primary akta.pro industry code is FSAAAEAA, Equity Mutual Funds (Active), with a secondary code of FSAAAEAB, Fixed Income Mutual Funds. Its NAICS code is 523940 and its SIC code is 6282.