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It states that assets minus liabilities equals stockholders' equity. Theoretically, stockholders' equity (also known as shareholders' equity, or book value), is the value left over for shareholders if a company (or any entity) would utilize its assets to meet is liability obligations. The rest is equity.
Equity is direct investing shares of company which represents ownership in company. You may have 1 shares directly in your name, and you can consider yourself as owner of that company limited by your shares.
In mutual fund you give fund to asset management companies, which in turn invest in some shares, those investment will be in the name of asset management company.
in this case you are indirect investor in that company and not owner of the company.