Nvidia’s sharp share-price decline has brought the exposure of Indian mutual funds and exchange-traded funds (ETFs) to the US chipmaker under scrutiny. Thirteen Indian mutual fund schemes and ETFs hold direct Nvidia shares, with allocations ranging from less than 1% to more than 12% of their portfolios. The highest exposure identified by Moneycontrol’s analysis of October 2026 portfolio data was in Mirae Asset S&P 500 Top 50 ETF, at 12.12%.
The development is important for Indian investors because a fall in Nvidia shares can affect the net asset value (NAV) of schemes holding the stock. Nvidia shares fell 6.04% to $163.23 in early US trading on November 12, 2026, amid uncertainty surrounding the company’s leadership transition. The stock was also nearly 33% below its 52-week high of $243.37. The impact on Indian mutual funds, however, depends on each scheme’s allocation, other portfolio holdings and currency movements.
Nvidia Shares Fall Nearly 33% From Their 52-Week High
Nvidia shares came under significant selling pressure following developments surrounding the company’s leadership.
The stock fell 6.04% to $163.23 in early US trading on November 12, compared with the previous closing price of $173.73. The decline represented a loss of $10.50 per share during the reported trading period.
The shares had previously reached a 52-week high of $243.37, putting the latest price approximately 33% below that level.
The selloff coincided with the reported resignation of Nvidia co-founder and CEO Jensen Huang. Chief Financial Officer Colette Kress took charge as interim CEO as the company began a leadership transition.
The developments created uncertainty among investors about Nvidia’s future leadership, strategic direction and growth expectations.
For Indian investors, the decline matters because several domestic mutual fund schemes hold Nvidia shares directly through international investment mandates or diversified portfolios.
13 Indian Mutual Fund Schemes and ETFs Hold Nvidia Shares
An analysis of ACE MF’s October 2026 portfolio data by Moneycontrol identified 13 Indian mutual fund schemes and ETFs with direct exposure to Nvidia.
The allocations ranged from 0.63% to 12.12% of scheme assets.
Mirae Asset S&P 500 Top 50 ETF had the highest reported exposure, followed by Mirae Asset NYSE FANG+ ETF. Nasdaq-focused schemes also had significant allocations because Nvidia is an important constituent of major US technology indices.
The exposure is not limited to international index funds. Several actively managed Indian mutual funds also hold Nvidia shares.
Indian Mutual Funds With Nvidia Exposure
The following scheme allocations are drawn from October 2026 portfolio disclosures reported by Moneycontrol and Mint. Some reported percentages differ slightly between data providers, so investors should check the latest factsheets before relying on an exact figure.
| Mutual fund scheme | Nvidia portfolio allocation |
|---|---|
| Mirae Asset S&P 500 Top 50 ETF | 12.12%* |
| Mirae Asset NYSE FANG+ ETF | 10.02%* |
| Motilal Oswal NASDAQ 100 ETF | 8.02% |
| ICICI Prudential NASDAQ 100 Index Fund | 8.02% |
| Motilal Oswal S&P 500 Index Fund | 7.56% |
| Aditya Birla Sun Life International Equity Fund | 4.91% |
| Edelweiss Technology Fund | 4.74% |
| DSP Multi Asset Allocation Fund | 1.44% |
| Axis Innovation Fund | 1.36% |
| Franklin India Technology Fund | 1.35% |
| DSP Value Fund | 0.91%* |
| ICICI Prudential US Bluechip Equity Fund | 0.66% |
| Axis Large & Mid Cap Fund | 0.63% |
<text color=”secondary” size=”xs”>*Moneycontrol’s reported allocations. Other figures are based on the October 2026 holdings table published by Mint using Value Research data. Differences between data providers can arise from portfolio data, reporting dates and calculation methods.</text>
The table shows that exposure varies considerably across schemes. Investors holding multiple funds may also have overlapping Nvidia exposure, particularly if their portfolios include Nasdaq 100, S&P 500 and technology-focused products.
Which Funds Have the Highest Nvidia Exposure?
Mirae Asset S&P 500 Top 50 ETF had the highest Nvidia allocation in Moneycontrol’s analysis, with 12.12% of its portfolio invested in the chipmaker.
Mirae Asset NYSE FANG+ ETF followed with 10.02%.
Both funds invest in portfolios containing major US technology companies, making Nvidia an important component of their holdings.
Motilal Oswal NASDAQ 100 ETF and ICICI Prudential NASDAQ 100 Index Fund each had approximately 8.02% exposure.
Motilal Oswal S&P 500 Index Fund had an allocation of 7.56%.
These figures illustrate why investors in international index products can experience changes in NAV when a major constituent experiences a sharp price movement.
Unlike a fund holding hundreds of equally weighted stocks, an index fund’s exposure depends on the composition and weighting methodology of its underlying benchmark.
How Nvidia’s Stock Decline Can Affect Mutual Fund NAVs
The direct impact of Nvidia’s share-price movement on a mutual fund depends largely on the stock’s weight in the scheme’s portfolio.
For example, consider a fund with 12% of its assets invested in Nvidia.
If Nvidia shares decline by 10%, the fund would experience an approximate 1.2% negative contribution from that holding, assuming all other investments and currency movements remain unchanged.
A fund with only 0.6% exposure would experience an approximate 0.06% direct impact under the same assumptions.
Illustrative Impact of a 10% Nvidia Decline
| Nvidia allocation in fund | Approximate direct portfolio impact |
|---|---|
| 12% | -1.20% |
| 10% | -1.00% |
| 8% | -0.80% |
| 5% | -0.50% |
| 1% | -0.10% |
| 0.6% | -0.06% |
These calculations are illustrations, not predictions of actual NAV changes. Other stocks in the portfolio may rise or fall at the same time.
For international funds, currency movements can also influence returns. If the rupee strengthens against the US dollar, the rupee value of overseas investments can decline even when the underlying US stock price remains unchanged.
Similarly, a weaker rupee can increase the rupee value of overseas holdings.
Passive and Active Funds Face Different Exposure Risks
The Indian schemes holding Nvidia shares include both passive and actively managed funds.
Passive funds track an underlying index such as the Nasdaq 100, S&P 500 or NYSE FANG+. Their holdings generally reflect the index composition and weightings.
This means fund managers cannot independently remove Nvidia from the portfolio simply because its share price becomes volatile. Changes generally depend on index rebalancing or changes in the benchmark’s composition.
Actively managed funds have more flexibility.
For example, an actively managed international equity or technology fund can reduce its Nvidia allocation if the fund manager believes the stock’s risk or valuation has changed.
However, this flexibility does not guarantee that an active fund will avoid losses. Its performance also depends on the manager’s decisions and the behaviour of other portfolio holdings.
What Should Indian Mutual Fund Investors Monitor?
Investors should examine their overall exposure to Nvidia rather than focusing only on individual fund names.
Someone holding several international ETFs and technology funds may have greater combined exposure to the chipmaker than expected.
Several factors deserve attention:
Portfolio overlap: Investors should check whether multiple schemes hold Nvidia and other large US technology companies. Overlapping holdings can increase concentration risk.
Nvidia allocation: A fund with a 12% allocation has greater direct exposure to the stock than one with a 1% allocation.
International diversification: Funds investing across several countries and industries may have different risk profiles from narrowly focused technology funds.
Currency movements: Changes in the rupee-dollar exchange rate can affect returns from overseas investments.
Latest portfolio disclosures: The holdings discussed in the reports reflect October-end 2026 data. Fund managers may have changed their positions since then.
A temporary decline in one stock does not automatically mean that an investor should sell a mutual fund. The decision should also consider investment objectives, time horizon, risk tolerance and the fund’s overall portfolio.
The Bigger Picture
Nvidia’s share-price decline demonstrates how developments involving a single global technology company can affect Indian mutual fund investors through international investment products. The exposure is particularly visible in funds tracking major US indices, where Nvidia represents a significant portfolio component. Investors who hold multiple international schemes may unknowingly accumulate overlapping exposure to the same large technology stocks.
The episode also highlights the importance of examining portfolio concentration rather than relying only on a fund’s name or category. A diversified international fund can still have substantial exposure to a handful of large companies. For investors, understanding individual stock weightings, currency risks and the latest portfolio disclosures is essential when assessing the impact of global market volatility.
Looking Ahead
The performance of Indian mutual funds holding Nvidia shares will depend on the chipmaker’s stock-price recovery, developments surrounding its leadership transition and investor expectations for the global AI industry. Any further volatility in Nvidia could affect schemes with larger allocations more significantly, while funds with smaller holdings may experience a more limited direct impact. Currency movements and changes in other portfolio investments will also influence actual NAV performance.
For Indian investors, the latest episode is a reminder to review the holdings of international ETFs and mutual funds periodically. The October 2026 portfolio figures provide a useful starting point, but they should not be treated as current holdings indefinitely. Investors should consult the latest fund factsheets and consider their overall portfolio exposure before making decisions based on a single company’s stock-price movement.
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