Technology Funds Outsmart IT Index And Broader Market

by Hansraj Agrawal | Nov 15, 2025 | Share Market

The landscape of what constitutes technology in the Indian markets has witnessed considerable change over the past 4-5 years. It is no longer synonymous with the top few IT companies or the odd telecom firm that mutual funds tracking the segment used to invest in.

At a time when Indian IT, especially the frontline top-tier ones, face the heat of weak client spends and AI-related business as well as workforce disruption, several other tech-related segments have fared reasonably well to lift the investment backet.

International equities (mostly the US) have added to the charm.

We now have specialised IT/KPO firms from the mid/small cap segments, quick commerce companies, online marketplaces, fintechs, aggregators and the like that have made the transition from being start-ups to marginally profitable listed entities.

In this regard, from a mutual fund angle, there are 12 schemes under technology/digital categories available to investors. However, only five of these funds have a track record of more than three years.

Aditya Birla Sun Life Digital India, Franklin India Technology, SBI Technology Opportunities and ICICI Prudential Technology have been around for more than 20 years (with different names in earlier avatars, but with the same theme). Tata Digital India is just a month shy of completing 10 years.

We track the performance of these funds to analyse what worked and what didn’t over the years.

Beating benchmarks comprehensively

Given that technology funds invest in a fairly varied basket, we have taken two benchmarks to gauge the performance of these funds. Apart from Nifty IT TRI, we have also considered the broader market Nifty 500 TRI for comparing the performance and measuring the consistency of technology schemes.

We considered the 5-year rolling returns from January 2013 to November 2025 for the direct plans of Aditya Birla Sun Life Digital India, Franklin India Technology, SBI Technology Opportunities and ICICI Prudential Technology. In the case of Tata Digital India, 5-year rolling data from December 2015 to November 2025 was analysed.

For benchmarking the performance of these schemes, we reviewed the 5-year rolling returns for the Nifty IT TRI and Nifty 500 TRI over the aforementioned periods.

Aditya Birla Sun Life Digital India fund outperformed the Nifty IT TRI all the time and the Nifty 500 TRI during 95 per cent of the time.

Franklin India Technology fund was ahead of the Nifty IT TRI for 53 per cent of the time and outperformed the Nifty 500 TRI for 84 per cent of the time.

ICICI Prudential Technology delivered higher returns than the Nifty IT TRI for 95 per cent of the time over January 2013 to November 2025, and surpassed the Nifty 500 TRI for 92 per cent of the time.

SBI Technology Opportunities fund outperformed the Nifty IT TRI for 78 per cent of the time and the Nifty 500 TRI for 89 per cent of the time.

Tata Digital India fund surpassed the Nifty IT TRI for 100 per cent of the time and the Nifty 500 TRI for 97 per cent of the time over December 2015-November 2025 on a 5-year rolling return basis.

When 10-year monthly SIPs returns (XIRR) are considered, SBI Technology has delivered 21.2 per cent, ICICI Prudential Technology 20.7 per cent, Aditya Birla Sun Life Digital India 20.1 per cent and Franklin India Technology 19.9 per cent.

The Nifty IT TRI and Nifty 500 TRI indices gave around 15 per cent return over this period.

Tata Digital India has given 20.7 per cent XIRR on monthly SIPs from the time of the commencement of its operations in December 2015.

A wider portfolio

In the last couple of years, there has been considerable action around AI and disruptions in client spends, especially on discretionary projects. Frontline IT companies such as TCS, Infosys, HCL Technologies, Wipro and Tech Mahindra haven’t found the going easy with many recording low single-digit revenue growth.

Technology funds that used to load up these stocks earlier have loosened up and sought to look for opportunities elsewhere. So much so, the weightage for some of these stocks is in low single digits for many funds.

The action on the mid-cap IT/KPO front has been quite healthy in recent years. Firms such as Persistent, Coforge, EClerx Services, Sagility India, Mastek, LTI Mindtree, Sonata Software and Cigniti Technologies have all recorded healthy growth in financials much ahead of the industry and stock prices too have risen sharply. Funds have taken stakes in some of these firms and even increased holdings in a few substantially.

Bharti Airtel/Bharti Hexacom are other common additions from the telecom stable.

Some firms that are into parts of data centre operations also have funds investing in them.

Ecommerce/quick commerce firms such as Swiggy and Eternal, too, add to the variety of stocks in these funds. Firms such as PB Fintech and Paytm are other examples.

Taking cue from the technology rally, especially in the US, many stocks from overseas have found their way into technology funds.

So, Microsoft, Nvidia, Amazon, Netflix, Cognizant, Alphabet and Meta are some holdings that have been in and out of these portfolios.

From an investor’s perspective, technology funds can be a diversifier outside their core portfolio. Only minor portions must be allocated to such sector/thematic funds.

Tata Digital India would be our first choice in the space, followed by Aditya Birla Sun Life Digital India and ICICI Prudential Technology.

Published on November 15, 2025

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The great alpha fade in active large-cap funds. Time to exit?

by Hansraj Agrawal | Nov 15, 2025 | Share Market

In recent years, the landscape of actively managed large-cap equity mutual funds has witnessed a striking erosion in alpha generation, with fund managers increasingly struggling to outperform their designated benchmarks. A bl.portfolio analysis reveals a sobering reality: among the 22 active large-cap funds examined, 12 failed to beat their benchmarks 100 per cent of the time when assessed through rolling five-year returns derived from seven years of NAV data. We delve into the underlying dynamics driving this persistent underperformance and explore the strategic recalibrations investors may consider as they navigate this evolving terrain.

Key reasons behind underperformance

SEBI’s recategorisation and restricted universe: In 2018, SEBI mandated that active large-cap funds must invest at least 80 per cent of their portfolio in the top 100 stocks by market capitalisation. This narrowed the investable universe, reducing flexibility for fund managers to scout beyond the obvious names. Consequently, many funds began hugging their benchmarks, limiting their ability to generate alpha.

Mandatory TRI benchmarking: Earlier, funds were compared against price indices, which excluded dividends. The shift to Total Return Index (TRI) benchmarking — which assumes reinvestment of dividends — raised the performance bar. Passive indices now reflect higher returns, making it harder for active funds to beat them consistently.

Higher cost: Expense ratios for active funds have ranged from 1.6–2.6 per cent for regular plans and 0.4–2.4 per cent for direct plans. Over long horizons, this cost differential compounds significantly, further eroding the net returns of active funds.

Missed opportunities: Compliance norms and internal risk frameworks often prevent aggressive sector or stock bets, limiting upside during thematic rallies. The PSU banking rally of 2022–2023 saw the sector index soar nearly 70 per cent, but many large-cap funds held minimal PSU exposure owing to past underperformance and governance concerns, hurting returns. Similarly, Adani group stocks delivered exponential gains in 2021 and 2023, which funds avoided while benchmarks benefited, widening the performance gap.

Nifty Next 50 factor: The Nifty Next 50 — companies ranked 51–100 by market cap — was once a strong alpha source, outperforming the Nifty 50 from 2014–17 with 17–18 per cent CAGR versus 11–12 per cent. Its modest 12–15 per cent weight in Nifty 100 allowed active funds to tactically benefit. But post-2020, valuation excesses, governance issues, sector concentration (including Adani volatility) and high beta hurt performance, while the Nifty 50’s stability drew flows, diluting this alpha lever.

Tactical mid- and small-cap allocation: Beyond the mandated 80 per cent large-cap exposure, funds can tactically allocate to mid- and small-caps. Funds that used this leeway beyond 80 per cent prospered; however, many stayed almost fully invested in large-caps, missing the opportunity.

Nearly half the funds also maintained a conservative approach to portfolio churn — 14 of 33 recorded an average turnover ratio below 50 per cent over the past seven years, limiting responsiveness to market shifts. Cash calls were similarly restrained, averaging 4.7 per cent versus 5.1 per cent for mid-cap and 6.5 per cent for small-cap peers. While cash buffers help cushion drawdowns, their limited use reduced flexibility.

Above all, equity market corrections over the past 7–8 years have been short-lived, creating an unfavourable environment for active managers. Mature businesses often realise their potential during prolonged bear phases — periods when active stock-picking can shine. Without such downturns, the scope to generate alpha has narrowed considerably.

What our study shows

The objective of the study was to determine the percentage of underperformance of funds against their benchmarks. We compiled rolling return performance for the one-, three- and five-year timeframes using seven years of NAV history. These returns were compared with the respective benchmarks (11 funds benchmarked to BSE 100 TRI and 22 to Nifty 100 TRI). We then counted how many times each fund fell short of its benchmark across the rolling periods.

One-year rolling returns: Across 2,193 data points from 24 funds with at least a seven-year track record, underperformance ranged between 27–79 per cent. Funds with the highest underperformance included LIC MF (79 per cent), Axis (76 per cent), Taurus and Union (73 per cent), and PGIM India and UTI (70 per cent). ICICI Pru, Nippon India, Kotak and Invesco India delivered the least underperformance (27–37 per cent).

Three-year rolling returns: Across 1,462 observations, the highest underperformance was seen in PGIM India (100 per cent), Mirae Asset (100 per cent), LIC MF (98 per cent), Union (96 per cent), Groww (92 per cent) and Axis (90 per cent). ICICI Pru, Nippon India and HDFC large-cap funds fared relatively better.

Five-year rolling returns: For 732 observations, 12 funds showed 100 per cent underperformance: Axis, Bandhan, DSP, Groww, HSBC, LIC MF, Mirae Asset, PGIM India, SBI, Taurus, Union and UTI. In contrast, Nippon India and ICICI Pru had no underperformance, while Kotak (14 per cent) and HDFC Large Cap (18 per cent) fared better.

What should you do?

The findings raise a fundamental question: why should investors continue paying higher expense ratios for active large-cap funds when many have persistently lagged their benchmarks, while low-cost passive options reliably deliver market returns? The case for selective pruning is compelling.

Funds that have displayed sustained, broad-based underperformance across one-, three- and five-year rolling periods — including LIC MF, PGIM India, Union, Axis, Mirae Asset, Groww, UTI and Taurus — merit a reassessment. Several of these were once category favourites, but their prolonged inability to beat the index undermines the rationale for staying invested. Investors may consider exiting such schemes and reallocating capital more efficiently.

Conversely, a handful of active large-cap funds — ICICI Pru, Nippon India, Kotak, HDFC and Invesco India — have demonstrated relative resilience, containing their underperformance and displaying better benchmark-capture ratios. Investors wishing to retain active exposure can evaluate these funds, focusing on consistency, portfolio construction and downside control.

For those prioritising simplicity, low costs and predictable index-linked outcomes, passive products such as Nifty 100 and BSE 100 index funds or ETFs offer an attractive alternative. With minimal tracking error and significantly lower fees, passive strategies can serve as a core allocation — particularly in a segment where alpha has structurally diminished.

Published on November 15, 2025

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Mutual Funds returns

by Hansraj Agrawal | Nov 15, 2025 | Share Market

EQUITY – VALUE FUNDS

Bandhan Value Fund

151.3

10302

1.7

0.7

5.3

17.8

25.6

16.1

0.86

HYBRID – AGGRESSIVE HYBRID FUNDS

BOI AXA Mid & Small Cap Eq&Debt

38.2

1326

2.0

0.7

3.0

18.8

21.5

–

0.62

EQUITY – LARGE CAP FUNDS

Canara Robeco Large Cap Fund

64.7

17234

1.6

0.5

9.0

15.1

16.3

14.5

0.63

HYBRID – EQUITY SAVINGS FUNDS

Edelweiss Equity Savings Fund

26.0

1028

1.6

0.6

10.2

11.3

10.5

9.3

0.96

HYBRID – BALANCED ADVANTAGE FUNDS

HDFC Balanced Advantage Fund

534.2

106494

1.3

0.7

8.5

18.4

22.2

15.3

1.17

EQUITY – TAX SAVING (ELSS) FUNDS

HDFC ELSS Tax saver

1454.7

17194

1.7

1.1

10.9

21.1

24.0

14.6

1.01

EQUITY – FLEXI CAP FUNDS

HDFC Flexi Cap Fund

2066.3

91041

1.4

0.7

12.2

21.6

26.5

16.6

1.07

EQUITY – FOCUSED FUNDS

HDFC Focused Fund

238.2

25140

1.6

0.6

11.7

21.4

27.0

14.9

1.15

EQUITY – LARGE & MID CAP FUNDS

HDFC Large and Mid Cap Fund

350.6

28487

1.6

0.8

9.2

20.2

24.8

15.2

0.85

EQUITY – MID CAP FUNDS

HDFC Mid Cap Fund

203.3

89383

1.4

0.7

11.8

26.2

28.3

18.6

0.96

HYBRID – BALANCED ADVANTAGE FUNDS

ICICI Prudential Balanced Advantage Fund

76.6

68450

1.4

0.9

11.2

13.3

13.6

11.5

1.11

EQUITY – DIVIDEND YIELD FUNDS

ICICI Prudential Dividend Yield Equity Fund

54.9

6232

1.8

0.6

11.8

23.2

28.5

16.4

1.12

HYBRID – AGGRESSIVE HYBRID FUNDS

ICICI Prudential Equity & Debt Fund

408.7

48071

1.5

0.9

12.7

19.1

24.7

16.3

1.24

EQUITY – FOCUSED FUNDS

ICICI Prudential Focused Equity Fund

96.0

13471

1.7

0.6

14.9

22.2

24.5

16.1

0.91

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

ICICI Prudential Infrastructure Fund

199.6

8232

1.8

1.1

9.1

26.7

35.0

17.9

1.22

EQUITY – LARGE & MID CAP FUNDS

ICICI Prudential Large & Mid Cap Fund

1052.4

25753

1.6

0.7

14.1

21.4

26.0

16.6

1.01

EQUITY – LARGE CAP FUNDS

ICICI Prudential Large Cap Fund

114.9

75863

1.4

0.9

11.3

18.0

20.0

15.1

0.82

EQUITY – SECTOR – IT FUNDS

ICICI Prudential Technology Fund

202.1

15272

1.7

1.0

-2.9

13.3

18.7

17.2

0.50

EQUITY – VALUE FUNDS

ICICI Prudential Value Fund

493.0

57935

1.5

1.0

12.4

21.4

25.6

15.9

1.12

HYBRID – CONSERVATIVE HYBRID FUNDS

Kotak Debt Hybrid Fund

59.2

3124

1.7

0.5

5.7

10.0

10.4

9.4

0.96

EQUITY – MID CAP FUNDS

Motilal Oswal Midcap Fund

103.1

37501

1.5

0.7

0.8

26.4

31.3

18.1

0.86

EQUITY – SECTOR – BANKING FUNDS

Nippon India Banking & Financial Services Fund

655.8

7543

1.8

1.0

17.3

18.2

22.6

14.6

0.72

EQUITY – THEMATIC – CONSUMPTION FUNDS

Nippon India Consumption Fund

201.8

2801

1.9

0.6

5.6

15.5

22.2

14.3

0.79

EQUITY – MID CAP FUNDS

Nippon India Growth Mid Cap Fund

4267.6

41268

1.5

0.7

8.9

25.3

27.9

18.5

0.87

EQUITY – LARGE CAP FUNDS

Nippon India Large Cap Fund

93.6

48871

1.5

0.7

10.4

18.8

22.8

15.0

0.88

EQUITY – SMALL CAP FUNDS

Nippon India Small Cap Fund

170.0

68969

1.4

0.6

1.1

22.6

31.2

20.5

0.83

EQUITY – FLEXI CAP FUNDS

Parag Parikh Flexi Cap Fund

86.3

125800

1.3

0.6

9.3

20.8

21.1

17.7

0.87

HYBRID – AGGRESSIVE HYBRID FUNDS

Quant Aggressive Hybrid Fund

438.0

2129

2.0

0.8

8.3

11.7

21.1

16.0

0.77

EQUITY – TAX SAVING (ELSS) FUNDS

Quant ELSS Tax Saver Fund

381.5

12444

1.6

0.6

5.4

14.9

26.1

20.9

0.71

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Quant Infrastructure Fund

38.4

3303

1.9

0.7

1.6

17.0

31.1

19.5

0.78

EQUITY – SMALL CAP FUNDS

Quant Small Cap Fund

260.6

30504

1.6

0.7

0.2

23.5

32.9

19.5

0.78

HYBRID – CONSERVATIVE HYBRID FUNDS

SBI Conservative Hybrid Fund

74.5

9953

1.5

1.1

7.5

10.3

10.6

9.1

1.11

EQUITY – TAX SAVING (ELSS) FUNDS

SBI ELSS Tax Saver Fund

447.9

31783

1.6

0.9

7.1

23.3

24.2

15.2

0.90

HYBRID – EQUITY SAVINGS FUNDS

Sundaram Equity Savings Fund

72.0

1171

2.1

0.6

8.0

11.2

12.3

9.6

0.89

EQUITY – FOCUSED FUNDS

360 ONE Focused Fund

47.8

7448

1.8

0.8

5.9

15.7

18.5

16.4

0.64

HYBRID – BALANCED ADVANTAGE FUNDS

Aditya Birla SL Bal Advantage

108.7

8617

1.8

0.7

9.5

12.6

11.5

0.82

EQUITY – LARGE CAP FUNDS

Aditya Birla Sun Life Large Cap Fund

543.8

31016

1.6

1.0

9.7

15.2

17.7

13.3

0.68

EQUITY – SMALL CAP FUNDS

AXIS Small Cap Fund

107.7

27066

1.6

0.6

6.2

19.1

25.0

18.7

0.79

EQUITY – TAX SAVING (ELSS) FUNDS

Bandhan ELSS Tax Saver Fund

156.9

7215

1.7

0.7

7.4

15.5

21.9

15.5

0.76

EQUITY – LARGE & MID CAP FUNDS

Bandhan Large & Mid Cap Fund

140.6

11799

1.7

0.6

12.1

23.7

24.4

16.8

0.82

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

BOI AXA Manufacturing & Infra

58.8

659

2.2

0.6

9.1

24.9

27.6

17.7

0.78

EQUITY – THEMATIC – CONSUMPTION FUNDS

Canara Robeco Consumer Trends Fund

112.6

2000

2.1

0.8

7.3

16.2

19.6

16.5

0.67

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Canara Robeco Infrastructure Fund

163.7

936

2.3

1.0

7.2

25.2

30.6

16.3

0.90

EQUITY – TAX SAVING (ELSS) FUNDS

DSP ELSS Tax Saver Fund

143.4

17241

1.6

0.7

8.1

19.5

21.6

16.4

0.78

EQUITY – SMALL CAP FUNDS

DSP Small Cap Fund

198.4

16868

1.7

0.8

4.5

20.7

25.6

17.0

0.69

HYBRID – AGGRESSIVE HYBRID FUNDS

Edelweiss Aggressive Hybrid Fund

65.0

3317

1.9

0.4

9.4

16.8

18.4

13.0

0.88

HYBRID – BALANCED ADVANTAGE FUNDS

Edelweiss Balanced Advantage Fund

52.2

13239

1.7

0.5

7.5

12.3

13.2

11.1

0.71

EQUITY – MID CAP FUNDS

Edelweiss Mid Cap Fund

104.2

12647

1.7

0.4

9.6

24.9

27.8

18.7

0.82

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Franklin Build India Fund

145.6

3088

2.0

1.0

7.1

26.9

30.3

17.8

0.95

EQUITY – DIVIDEND YIELD FUNDS

Franklin India Dividend Yield Fund

139.4

2417

2.1

1.2

1.7

17.3

22.9

15.5

1.00

EQUITY – TAX SAVING (ELSS) FUNDS

Franklin India ELSS Tax Saver Fund

1506.8

6788

1.8

1.0

6.0

18.0

21.3

13.9

0.75

EQUITY – FLEXI CAP FUNDS

Franklin India Flexi Cap Fund

1673.6

19796

1.7

0.9

6.9

18.0

21.9

14.5

0.78

EQUITY – FOCUSED FUNDS

Franklin India Focused Equity Fund

111.0

12669

1.8

1.0

7.7

15.9

21.4

14.3

0.76

HYBRID – CONSERVATIVE HYBRID FUNDS

HDFC Hybrid Debt Fund

83.2

3379

1.8

1.2

5.8

10.1

10.6

8.9

1.10

EQUITY – LARGE CAP FUNDS

HDFC Large Cap Fund

1170.7

39779

1.6

1.0

7.5

15.7

19.5

13.7

0.77

EQUITY – VALUE FUNDS

HSBC Value Fund

113.4

14342

1.7

0.8

8.5

23.5

24.5

16.5

0.78

HYBRID – CONSERVATIVE HYBRID FUNDS

ICICI Prudential Regular Savings Fund

77.6

3376

1.7

1.0

8.8

10.2

9.6

9.5

1.14

EQUITY – SECTOR – BANKING FUNDS

Invesco India Financial Services Fund

144.1

1516

2.1

0.8

16.2

20.9

19.2

16.2

0.57

HYBRID – AGGRESSIVE HYBRID FUNDS

JM Aggressive Hybrid Fund

122.0

816

2.3

0.7

0.8

19.4

19.3

12.9

0.76

EQUITY – FLEXI CAP FUNDS

JM Flexicap Fund

98.2

6080

1.8

0.5

-2.1

20.8

23.4

17.3

0.78

HYBRID – AGGRESSIVE HYBRID FUNDS

Kotak Aggressive Hybrid Fund

63.8

8402

1.7

0.5

7.0

15.0

17.5

13.5

0.78

HYBRID – EQUITY SAVINGS FUNDS

Kotak Equity Savings Fund

27.1

9023

1.8

0.7

9.0

11.8

11.1

9.6

0.97

EQUITY – LARGE CAP FUNDS

Kotak Large Cap Fund

591.7

10900

1.7

0.6

9.9

15.3

17.2

13.4

0.63

EQUITY – TAX SAVING (ELSS) FUNDS

Mirae Asset ELSS Tax Saver Fund

51.0

27069

1.5

0.6

12.1

17.2

19.2

–

0.68

EQUITY – TAX SAVING (ELSS) FUNDS

Motilal Oswal ELSS Tax Saver Fund

53.1

4515

1.8

0.6

5.2

24.9

23.5

17.2

0.60

HYBRID – BALANCED ADVANTAGE FUNDS

Nippon India Balanced Advantage Fund

181.5

9662

1.7

0.6

8.4

12.4

13.1

10.9

0.84

EQUITY – FOCUSED FUNDS

Nippon India Focused Fund

124.2

8712

1.8

1.1

9.4

14.5

20.4

14.2

0.71

EQUITY – VALUE FUNDS

Nippon India Value Fund

234.1

9173

1.8

1.1

8.6

21.9

24.3

16.0

0.80

EQUITY – LARGE & MID CAP FUNDS

Nippon India Vision Large & Mid Cap Fund

1508.2

6690

1.9

1.2

9.7

21.0

22.1

13.6

0.77

EQUITY – FLEXI CAP FUNDS

PGIM India Flexi Cap Fund

37.2

6399

1.8

0.4

9.5

13.0

17.2

14.2

0.57

EQUITY – MID CAP FUNDS

PGIM India Midcap Fund

65.2

11581

1.7

0.5

7.4

13.6

22.2

15.6

0.70

EQUITY – MID CAP FUNDS

Quant Mid Cap Fund

213.3

8525

1.8

0.7

-1.2

16.4

26.2

17.0

0.75

EQUITY – TAX SAVING (ELSS) FUNDS

Quantum ELSS Tax Saver Fund

125.8

224

2.1

0.9

3.8

16.4

18.2

13.0

0.77

EQUITY – THEMATIC – CONSUMPTION FUNDS

SBI Consumption Opportunities Fund

311.1

3259

2.0

0.9

-1.7

14.6

23.0

15.4

0.80

HYBRID – EQUITY SAVINGS FUNDS

SBI Equity Savings Fund

24.4

5993

1.6

1.0

6.7

11.5

11.0

9.2

0.75

EQUITY – LARGE & MID CAP FUNDS

SBI Large & Midcap Fund

647.9

35514

1.6

0.8

11.0

17.3

22.4

15.6

0.85

EQUITY – LARGE CAP FUNDS

SBI Large Cap Fund

95.0

54688

1.6

0.8

9.0

13.9

16.9

13.1

0.68

EQUITY – MID CAP FUNDS

SBI Midcap Fund

235.7

23036

1.7

0.9

3.3

16.8

24.4

14.9

0.82

EQUITY – SECTOR – IT FUNDS

SBI Technology Opportunities Fund

224.1

4934

1.9

0.9

4.5

16.2

20.5

17.1

0.59

EQUITY – SECTOR – BANKING FUNDS

Sundaram Financial Services Opportunities Fund

108.0

1601

2.1

0.8

15.4

18.3

19.0

15.0

0.62

EQUITY – FLEXI CAP FUNDS

Union Flexi Cap Fund

52.1

2414

2.0

0.9

7.9

15.1

18.0

13.6

0.62

HYBRID – AGGRESSIVE HYBRID FUNDS

UTI Aggressive Hybrid Fund

414.8

6596

1.9

1.2

7.3

16.3

18.7

12.8

0.88

EQUITY – LARGE & MID CAP FUNDS

UTI Large & Mid Cap Fund

185.4

5291

1.9

1.0

8.4

21.5

24.3

14.7

0.86

EQUITY – SECTOR – BANKING FUNDS

Aditya Birla SL Bank & Fin Serv

63.9

3606

2.0

1.1

17.2

16.0

17.9

14.9

0.56

EQUITY – THEMATIC – CONSUMPTION FUNDS

Aditya Birla Sun Life Consumption Fund

220.4

6526

1.8

0.8

7.2

14.8

18.4

15.6

0.65

EQUITY – SECTOR – IT FUNDS

Aditya Birla Sun Life Digital India Fund

173.3

4747

1.9

0.9

-4.9

12.6

17.6

17.1

0.46

EQUITY – FLEXI CAP FUNDS

Aditya Birla Sun Life Flexi Cap Fund

1869.8

24443

1.7

0.9

11.4

17.3

18.5

14.8

0.65

EQUITY – FOCUSED FUNDS

Aditya Birla Sun Life Focused Fund

146.9

8062

1.8

0.9

9.4

16.1

17.3

13.5

0.66

HYBRID – CONSERVATIVE HYBRID FUNDS

Aditya Birla Sun Life Regular Savings Fund

68.5

1547

1.8

0.9

8.4

9.2

10.3

8.8

1.06

HYBRID – BALANCED ADVANTAGE FUNDS

Axis Balanced Advantage Fund

21.6

3721

1.9

0.7

7.9

14.1

12.6

–

0.73

HYBRID – AGGRESSIVE HYBRID FUNDS

Bandhan Aggressive Hybrid Fund

26.9

1365

2.1

0.8

12.2

15.8

17.0

–

0.68

EQUITY – FOCUSED FUNDS

Bandhan Focused Fund

90.0

2086

2.1

0.8

7.6

18.8

16.9

13.5

0.53

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Bandhan Infrastructure Fund

49.6

1625

2.1

0.9

0.1

26.0

31.3

16.4

0.79

EQUITY – LARGE CAP FUNDS

Bandhan Large Cap Fund

79.9

2017

2.0

0.9

9.9

16.5

16.9

13.7

0.59

EQUITY – TAX SAVING (ELSS) FUNDS

Bank of India ELSS Tax Saver

162.5

1417

2.0

0.7

0.2

17.0

19.7

16.0

0.55

HYBRID – AGGRESSIVE HYBRID FUNDS

Baroda BNP Paribas Aggressive Hybrid Fund

28.3

1256

2.1

0.5

5.0

14.0

15.4

–

0.64

EQUITY – LARGE CAP FUNDS

Baroda BNP Paribas Large Cap Fund

224.5

2729

2.0

0.8

5.1

15.2

16.6

13.3

0.61

EQUITY – MID CAP FUNDS

Baroda BNP Paribas Mid Cap Fund

104.7

2276

2.0

0.6

7.4

20.0

24.0

15.7

0.74

HYBRID – CONSERVATIVE HYBRID FUNDS

Canara Robeco Conservative Hybrid Fund

97.9

941

1.8

0.7

5.7

8.2

7.9

0.72

EQUITY – TAX SAVING (ELSS) FUNDS

Canara Robeco ELSS Tax Saver

180.4

9073

1.7

0.6

7.2

14.8

18.1

15.0

0.64

HYBRID – AGGRESSIVE HYBRID FUNDS

Canara Robeco Equity Hybrid Fund

369.5

11403

1.7

0.6

7.6

13.6

14.5

12.7

0.64

EQUITY – FLEXI CAP FUNDS

Canara Robeco Flexi Cap Fund

350.3

13799

1.7

0.5

9.5

15.4

17.2

14.4

0.62

EQUITY – LARGE & MID CAP FUNDS

Canara Robeco Large and Mid Cap Fund

258.4

26269

1.6

0.6

6.5

16.1

18.7

15.7

0.64

HYBRID – AGGRESSIVE HYBRID FUNDS

DSP Aggressive Hybrid Fund

362.8

11910

1.7

0.6

7.3

15.8

15.5

12.9

0.67

HYBRID – BALANCED ADVANTAGE FUNDS

DSP Dynamic Asset Allocation Fund

28.4

3636

1.9

0.7

8.5

12.2

10.0

9.2

0.66

HYBRID – EQUITY SAVINGS FUNDS

DSP Equity Savings Fund

22.2

3841

1.5

0.6

6.2

10.1

10.3

–

0.93

EQUITY – FLEXI CAP FUNDS

DSP Flexi Cap Fund

105.3

12198

1.7

0.7

6.1

17.4

18.2

14.8

0.60

EQUITY – FOCUSED FUNDS

DSP Focused Fund

55.8

2638

2.0

0.9

8.1

18.0

16.9

12.7

0.60

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

DSP India T.I.G.E.R. Fund

319.2

5506

1.9

0.7

1.1

25.7

30.8

17.0

0.88

EQUITY – LARGE & MID CAP FUNDS

DSP Large & Mid Cap Fund

634.8

16530

1.7

0.6

7.8

20.0

21.2

15.9

0.75

EQUITY – LARGE CAP FUNDS

DSP Large Cap Fund

485.0

6934

1.8

0.9

8.5

17.7

16.9

12.4

0.67

HYBRID – CONSERVATIVE HYBRID FUNDS

DSP Regular Savings Fund

59.7

180

1.2

0.5

7.6

10.0

8.7

7.3

0.82

EQUITY – FLEXI CAP FUNDS

Edelweiss Flexi Cap Fund

39.5

3006

1.9

0.4

7.0

18.3

20.1

15.2

0.67

EQUITY – LARGE & MID CAP FUNDS

Edelweiss Large & Mid Cap Fund

89.1

4347

1.8

0.4

6.7

17.6

20.2

15.2

0.67

EQUITY – LARGE CAP FUNDS

Edelweiss Large Cap Fund

86.5

1408

2.1

0.6

7.7

15.0

16.6

13.6

0.62

HYBRID – AGGRESSIVE HYBRID FUNDS

Franklin India Aggressive Hybrid Fund

276.1

2355

2.0

0.9

7.1

14.5

15.9

11.9

0.75

HYBRID – CONSERVATIVE HYBRID FUNDS

Franklin India Conservative Hybrid Fund

92.2

205

1.4

0.8

7.2

9.4

8.5

7.6

0.79

EQUITY – LARGE CAP FUNDS

Franklin India Large Cap Fund

1058.1

7925

1.8

1.1

8.8

14.5

16.5

11.9

0.63

HYBRID – EQUITY SAVINGS FUNDS

HDFC Equity Savings Fund

67.5

5823

1.9

0.9

6.9

10.2

11.9

9.9

0.97

HYBRID – AGGRESSIVE HYBRID FUNDS

HDFC Hybrid Equity Fund

120.7

24684

1.7

1.0

7.8

12.3

15.8

11.2

0.77

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HDFC Infrastructure Fund

48.6

2586

2.0

1.1

6.5

26.9

32.8

12.1

0.97

EQUITY – SMALL CAP FUNDS

HDFC Small Cap Fund

142.5

38412

1.5

0.7

6.2

22.1

28.8

18.5

0.81

EQUITY – VALUE FUNDS

HDFC Value Fund

770.0

7609

1.8

1.0

10.2

18.9

21.2

14.6

0.74

HYBRID – CONSERVATIVE HYBRID FUNDS

HSBC Conservative Hybrid Fund

61.8

151

2.2

1.2

6.1

9.9

8.3

7.7

0.57

HYBRID – EQUITY SAVINGS FUNDS

HSBC Equity Savings Fund

34.6

759

1.5

0.7

7.7

13.9

12.9

9.2

0.66

EQUITY – FLEXI CAP FUNDS

HSBC Flexi Cap Fund

223.7

5267

1.9

1.2

6.2

19.6

19.4

14.0

0.59

EQUITY – SMALL CAP FUNDS

HSBC Small Cap Fund

80.6

16548

1.7

0.6

-3.2

19.6

28.3

18.5

0.70

EQUITY – SECTOR – BANKING FUNDS

ICICI Prudential Banking & Financial Services Fund

138.7

10593

1.8

1.0

16.0

15.9

18.6

14.8

0.62

EQUITY – TAX SAVING (ELSS) FUNDS

ICICI Pru Long Term Equity

965.6

14844

1.7

1.1

10.4

16.2

19.4

13.7

0.73

HYBRID – EQUITY SAVINGS FUNDS

ICICI Prudential Equity Savings Fund

23.1

16994

1.0

0.5

8.1

9.0

9.4

8.4

1.46

EQUITY – MID CAP FUNDS

ICICI Prudential Midcap Fund

312.3

6964

1.9

1.0

14.1

22.6

26.0

16.4

0.79

EQUITY – SMALL CAP FUNDS

ICICI Prudential Smallcap Fund

87.3

8622

1.8

0.8

3.1

17.2

26.2

15.9

0.86

HYBRID – BALANCED ADVANTAGE FUNDS

Invesco India Balanced Advantage Fund

54.9

1091

2.1

0.8

5.8

12.6

11.8

10.0

0.58

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Invesco India Infrastructure Fund

62.4

1527

2.1

0.8

24.3

28.4

17.3

0.78

EQUITY – LARGE & MID CAP FUNDS

Invesco India Large & Mid Cap Fund

102.5

9034

1.8

0.6

14.1

24.3

22.4

16.4

0.69

EQUITY – LARGE CAP FUNDS

Invesco India Largecap Fund

71.5

1686

2.0

0.7

9.1

17.0

17.8

13.5

0.60

EQUITY – MID CAP FUNDS

Invesco India Midcap Fund

185.1

9320

1.7

0.5

16.0

27.2

26.9

18.6

0.77

EQUITY – TAX SAVING (ELSS) FUNDS

JM ELSS Tax Saver Fund

50.6

224

2.4

1.1

6.4

20.3

20.9

16.6

0.68

EQUITY – VALUE FUNDS

JM Value Fund

97.5

1012

2.2

1.0

-1.4

21.9

23.1

17.0

0.74

EQUITY – TAX SAVING (ELSS) FUNDS

Kotak ELSS Tax Saver Fund

117.4

6449

1.8

0.6

4.2

15.3

19.0

14.8

0.65

EQUITY – FLEXI CAP FUNDS

Kotak Flexicap Fund

87.3

56040

1.4

0.6

11.6

16.7

17.7

14.5

0.62

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Kotak Infra & Economic Reform

66.4

2425

2.0

0.7

3.1

21.3

29.8

16.3

0.82

EQUITY – LARGE & MID CAP FUNDS

Kotak Large & Midcap Fund

351.4

29516

1.6

0.5

8.0

18.8

21.0

16.0

0.72

EQUITY – MID CAP FUNDS

Kotak Midcap Fund

138.1

60385

1.4

0.4

7.2

21.5

25.8

18.2

0.81

EQUITY – SMALL CAP FUNDS

Kotak Small Cap Fund

256.2

18024

1.6

0.5

-3.8

15.8

24.4

17.3

0.71

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

LIC MF Infrastructure Fund

50.1

1054

2.2

0.8

3.6

28.0

28.8

16.3

0.79

EQUITY – TAX SAVING (ELSS) FUNDS

Mahindra Manulife ELSS Tax Saver Fund

29.3

970

2.1

0.6

9.1

14.4

19.2

–

0.68

HYBRID – EQUITY SAVINGS FUNDS

Mahi Manu Eq Sav Dhan San Yojana

21.1

544

2.4

0.7

7.4

9.7

10.8

–

0.69

EQUITY – MID CAP FUNDS

Mahindra Manulife Mid Cap Fund

34.0

4192

1.9

0.5

5.8

24.0

26.8

–

0.77

HYBRID – AGGRESSIVE HYBRID FUNDS

Mirae Asset Aggressive Hybrid Fund

33.2

9425

1.7

0.4

10.1

13.5

14.7

13.1

0.66

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mirae Asset Great Consumer Fund

96.2

4769

1.8

0.4

7.5

17.2

20.6

16.1

0.68

EQUITY – LARGE & MID CAP FUNDS

Mirae Asset Large & Midcap Fund

156.9

42981

1.5

0.6

11.4

17.2

19.5

17.9

0.66

EQUITY – LARGE CAP FUNDS

Mirae Asset Large Cap Fund

116.9

41088

1.5

0.5

10.4

13.0

15.4

14.1

0.58

EQUITY – FLEXI CAP FUNDS

Motilal Oswal Flexi Cap Fund

62.3

14319

1.7

0.9

6.5

21.8

17.8

13.8

0.54

HYBRID – AGGRESSIVE HYBRID FUNDS

Nippon India Aggressive Hybrid Fund

107.6

4081

2.0

1.1

8.1

15.0

17.7

10.4

0.81

EQUITY – TAX SAVING (ELSS) FUNDS

Nippon India ELSS Tax Saver Fund

132.2

15513

1.7

1.0

7.8

17.5

21.4

11.6

0.74

EQUITY – TAX SAVING (ELSS) FUNDS

PGIM India ELSS Tax Saver Fund

35.6

782

2.2

0.7

8.3

12.8

18.2

–

0.67

EQUITY – FOCUSED FUNDS

Quant Focused Fund

87.2

975

2.2

0.8

1.8

14.1

20.1

14.6

0.62

EQUITY – LARGE & MID CAP FUNDS

Quant Large & Mid Cap Fund

116.5

3549

1.9

0.7

1.7

16.4

22.7

16.5

0.68

EQUITY – SECTOR – BANKING FUNDS

SBI Banking & Financial Services Fund

45.2

9273

1.8

0.8

21.6

19.7

18.6

17.4

0.58

HYBRID – AGGRESSIVE HYBRID FUNDS

SBI Equity Hybrid Fund

311.9

81952

1.4

0.7

15.8

14.3

15.6

12.6

0.78

EQUITY – FOCUSED FUNDS

SBI Focused Fund

374.3

40824

1.6

0.8

15.5

17.0

18.6

15.2

0.70

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

SBI Infrastructure Fund

49.7

4788

1.9

1.1

1.0

21.7

26.2

16.4

0.85

HYBRID – AGGRESSIVE HYBRID FUNDS

Sundaram Aggressive Hybrid Fund

165.5

7333

1.8

0.7

7.2

12.6

14.9

12.7

0.67

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram ELSS Tax Saver Fund

525.6

1398

2.2

1.7

10.0

14.9

18.6

14.4

0.69

EQUITY – FOCUSED FUNDS

Sundaram Focused Fund

162.4

1097

2.3

1.3

3.0

12.9

17.0

13.7

0.58

EQUITY – MID CAP FUNDS

Sundaram Mid Cap Fund

1436.4

13236

1.7

0.9

9.8

24.2

25.7

15.6

0.78

EQUITY – SMALL CAP FUNDS

Sundaram Small Cap Fund

265.6

3496

1.9

0.9

6.6

21.1

26.4

14.3

0.71

EQUITY – SECTOR – BANKING FUNDS

Tata Banking and Financial Services Fund

44.9

3125

1.9

0.5

17.9

17.2

–

0.55

HYBRID – EQUITY SAVINGS FUNDS

Tata Equity Savings Fund

56.2

272

1.1

0.5

7.2

9.8

9.4

7.8

0.88

EQUITY – THEMATIC – CONSUMPTION FUNDS

Tata India Consumer Fund

46.1

2660

2.0

0.7

5.4

18.8

19.5

–

0.60

EQUITY – LARGE & MID CAP FUNDS

Tata Large & Mid Cap Fund

526.3

8829

1.8

0.7

3.5

13.4

17.8

13.7

0.68

EQUITY – LARGE CAP FUNDS

Tata Large Cap Fund

519.6

2790

2.0

1.0

8.9

14.6

17.8

12.7

0.67

EQUITY – MID CAP FUNDS

Tata Mid Cap Fund

447.7

5283

1.8

0.6

7.2

21.4

23.3

16.2

0.74

EQUITY – VALUE FUNDS

Templeton India Value Fund

733.0

2260

2.0

0.9

5.6

17.4

25.0

14.8

0.91

HYBRID – BALANCED ADVANTAGE FUNDS

Union Balanced Advantage Fund

20.7

1374

2.2

1.0

7.7

10.4

9.6

–

0.61

EQUITY – TAX SAVING (ELSS) FUNDS

Union ELSS Tax Saver Fund

66.8

922

2.3

1.4

8.0

15.3

18.7

13.4

0.66

EQUITY – SMALL CAP FUNDS

Union Small Cap Fund

50.4

1790

2.1

1.0

5.4

18.2

25.4

15.7

0.64

HYBRID – CONSERVATIVE HYBRID FUNDS

UTI Conservative Hybrid Fund

70.4

1710

1.8

1.2

6.7

9.7

9.8

8.3

0.93

EQUITY – DIVIDEND YIELD FUNDS

UTI Dividend Yield Fund

180.7

3904

2.0

1.5

4.5

20.1

20.7

14.6

0.76

EQUITY – LARGE CAP FUNDS

UTI Large Cap Fund

281.5

13241

1.7

0.9

8.4

12.3

15.1

12.5

0.56

EQUITY – MID CAP FUNDS

UTI Mid Cap Fund

306.2

12101

1.8

0.9

4.6

16.9

21.1

14.6

0.63

EQUITY – VALUE FUNDS

UTI Value Fund

172.3

10058

1.8

1.2

6.7

17.9

19.8

14.4

0.75

HYBRID – BALANCED ADVANTAGE FUNDS

UTI-Unit Linked Insurance Plan

42.5

5323

1.6

1.0

7.0

9.0

9.2

8.1

0.57

EQUITY – DIVIDEND YIELD FUNDS

Aditya Birla Sun Life Dividend Yield Fund

453.8

1490

2.2

1.4

19.1

21.6

13.0

0.72

HYBRID – AGGRESSIVE HYBRID FUNDS

Aditya Birla Sun Life Equity Hybrid ’95 Fund

1562.6

7559

1.9

1.1

8.1

13.6

14.7

11.0

0.61

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Aditya Birla Sun Life Infrastructure Fund

96.6

1162

2.3

1.4

4.7

23.7

28.2

14.6

0.78

EQUITY – MID CAP FUNDS

Aditya Birla Sun Life Midcap Fund

800.6

6271

1.9

1.0

6.4

19.7

23.5

14.1

0.72

HYBRID – CONSERVATIVE HYBRID FUNDS

Axis Conservative Hybrid Fund

30.5

273

2.2

1.1

6.9

7.3

6.9

0.54

HYBRID – EQUITY SAVINGS FUNDS

Axis Equity Savings Fund

22.7

924

2.3

1.1

6.6

9.9

9.8

8.7

0.63

EQUITY – FLEXI CAP FUNDS

Axis Flexi Cap Fund

27.1

13319

1.7

0.7

8.1

13.9

14.7

–

0.48

EQUITY – MID CAP FUNDS

Axis Midcap Fund

114.8

32069

1.6

0.6

7.5

18.9

20.5

16.7

0.64

HYBRID – BALANCED ADVANTAGE FUNDS

Bandhan Balanced Advantage Fund

24.9

2320

2.0

0.8

7.4

11.1

10.3

9.0

0.48

HYBRID – EQUITY SAVINGS FUNDS

Bandhan Equity Savings Fund

31.8

356

1.1

0.2

6.3

7.7

7.8

6.6

0.81

EQUITY – FLEXI CAP FUNDS

Bandhan Flexi Cap Fund

215.3

7645

1.9

1.1

10.3

15.4

17.5

12.0

0.61

EQUITY – LARGE & MID CAP FUNDS

BOI Large & Mid Cap Equity Fund

90.1

437

2.3

0.8

6.6

16.5

18.5

13.1

0.59

EQUITY – SECTOR – BANKING FUNDS

Baroda BNP Paribas Bank&Fin Serv

49.6

339

2.4

0.8

16.0

16.2

13.0

0.51

EQUITY – TAX SAVING (ELSS) FUNDS

Baroda BNP Paribas ELSS Tax Saver Fund

98.7

935

2.2

1.0

7.7

18.6

17.2

13.3

0.56

EQUITY – FOCUSED FUNDS

Baroda BNP Paribas Focused Fund

22.4

708

2.3

0.5

5.7

13.7

15.7

–

0.47

EQUITY – TAX SAVING (ELSS) FUNDS

Edelweiss Long Term Equity

115.1

440

2.3

0.7

8.9

16.4

18.0

12.6

0.60

EQUITY – LARGE & MID CAP FUNDS

Franklin India Large & Mid Cap Fund

196.0

3688

2.0

1.3

8.8

17.0

19.6

12.4

0.68

EQUITY – MID CAP FUNDS

Franklin India Mid Cap Fund

2811.9

12770

1.8

0.9

7.2

22.3

22.5

15.7

0.69

EQUITY – SMALL CAP FUNDS

Franklin India Small Cap Fund

170.8

13790

1.7

0.9

0.1

21.8

27.2

16.0

0.73

HYBRID – BALANCED ADVANTAGE FUNDS

HSBC Balanced Advantage Fund

43.9

1588

2.1

0.9

4.9

11.8

9.8

8.4

0.55

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC ELSS Tax saver Fund

138.2

4215

1.9

1.2

7.6

19.8

19.2

14.2

0.58

EQUITY – LARGE CAP FUNDS

HSBC Large Cap Fund

484.7

1893

2.1

1.3

5.3

14.1

15.2

13.2

0.52

EQUITY – MID CAP FUNDS

HSBC Midcap Fund

406.9

12370

1.7

0.6

8.7

25.1

23.4

16.8

0.61

HYBRID – AGGRESSIVE HYBRID FUNDS

Invesco India Aggressive Hybrid Fund

22.7

818

2.2

0.7

4.3

15.8

14.8

–

0.59

EQUITY – TAX SAVING (ELSS) FUNDS

Invesco India ELSS Tax Saver Fund

126.1

2866

1.9

0.8

2.8

16.5

17.0

13.9

0.53

EQUITY – FOCUSED FUNDS

JM Focused Fund

20.4

310

2.4

0.7

3.3

18.5

18.0

14.1

0.59

EQUITY – LARGE CAP FUNDS

JM Large Cap Fund

158.4

487

2.4

0.8

3.4

15.3

15.9

11.8

0.56

EQUITY – TAX SAVING (ELSS) FUNDS

LIC MF ELSS Tax Saver

153.9

1114

2.2

1.0

4.3

15.5

16.4

12.8

0.60

EQUITY – FOCUSED FUNDS

LIC MF Focused Fund

21.4

176

2.5

1.6

5.4

10.8

14.4

–

0.50

EQUITY – LARGE & MID CAP FUNDS

LIC MF Large & Midcap Fund

39.1

3152

1.9

0.6

4.1

16.6

18.4

15.2

0.62

EQUITY – LARGE CAP FUNDS

LIC MF Large Cap Fund

57.3

1499

2.1

1.0

8.5

11.7

13.7

11.5

0.49

HYBRID – AGGRESSIVE HYBRID FUNDS

Navi Aggressive Hybrid Fund

21.1

126

2.3

0.6

7.3

12.8

13.7

–

0.60

HYBRID – CONSERVATIVE HYBRID FUNDS

Nippon India Conservative Hybrid Fund

59.7

918

1.9

1.1

9.7

9.1

8.8

5.8

1.25

EQUITY – VALUE FUNDS

Quantum Value Fund

126.7

1206

2.1

1.1

3.7

16.5

18.2

13.0

0.76

EQUITY – FLEXI CAP FUNDS

SBI Flexicap Fund

112.4

23168

1.7

0.8

7.1

13.3

16.5

13.4

0.62

EQUITY – SMALL CAP FUNDS

SBI Small Cap Fund

171.8

36945

1.6

0.8

-0.3

14.5

22.5

18.3

0.72

HYBRID – BALANCED ADVANTAGE FUNDS

Sundaram Balanced Advantage Fund

36.0

1728

2.1

0.6

6.9

10.7

10.2

8.1

0.53

EQUITY – THEMATIC – CONSUMPTION FUNDS

Sundaram Consumption Fund

100.4

1643

2.2

1.3

6.3

16.4

18.4

14.7

0.64

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Sundaram Infrastructure Advantage Fund

98.1

968

2.4

1.9

8.4

22.3

26.5

14.9

0.77

EQUITY – LARGE & MID CAP FUNDS

Sundaram Large and Mid Cap Fund

88.1

6998

1.8

0.8

7.2

16.3

19.6

14.8

0.63

HYBRID – AGGRESSIVE HYBRID FUNDS

Tata Aggressive Hybrid Fund

448.1

4156

1.9

1.0

5.9

11.5

14.7

10.5

0.66

EQUITY – SECTOR – IT FUNDS

Tata Digital India Fund

47.3

11794

1.7

0.4

-9.4

12.9

18.4

–

0.46

EQUITY – TAX SAVING (ELSS) FUNDS

Tata ELSS Fund

46.0

4717

1.8

0.7

7.1

15.2

18.3

14.6

0.63

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Tata Infrastructure Fund

170.2

2136

2.1

1.1

-4.3

18.5

26.7

15.3

0.74

EQUITY – VALUE FUNDS

Tata Value Fund

361.5

8882

1.8

0.8

4.9

19.8

20.1

15.8

0.69

EQUITY – LARGE CAP FUNDS

Union Largecap Fund

24.2

476

2.5

1.7

7.6

12.7

15.2

–

0.55

EQUITY – SECTOR – BANKING FUNDS

UTI Banking and Financial Services Fund

197.2

1347

2.1

1.1

17.1

15.9

17.5

12.4

0.57

EQUITY – FLEXI CAP FUNDS

UTI Flexi Cap Fund

327.7

25757

1.7

1.0

5.6

10.3

13.2

12.8

0.42

EQUITY – THEMATIC – CONSUMPTION FUNDS

UTI India Consumer Fund

59.5

735

2.4

1.6

6.2

14.1

16.3

12.1

0.54

EQUITY – TAX SAVING (ELSS) FUNDS

Aditya Birla Sun Life ELSS Tax Saver Fund

62.4

15682

1.7

1.0

10.5

14.5

13.3

11.6

0.45

HYBRID – EQUITY SAVINGS FUNDS

Aditya Birla Sun Life Equity Savings Fund

22.7

921

1.0

0.5

9.3

9.1

9.0

8.1

0.52

EQUITY – LARGE & MID CAP FUNDS

Aditya Birla Sun Life Large & Mid Cap Fund

917.3

5867

1.9

1.2

7.5

14.1

15.4

12.5

0.44

EQUITY – SMALL CAP FUNDS

Aditya Birla Sun Life Small Cap Fund

87.5

5127

1.9

0.9

3.0

18.8

22.2

13.6

0.58

EQUITY – VALUE FUNDS

Aditya Birla Sun Life Value Fund

128.0

6304

1.9

1.0

3.6

19.9

22.0

13.0

0.60

EQUITY – TAX SAVING (ELSS) FUNDS

Axis ELSS Tax Saver Fund

98.2

35172

1.5

0.8

7.9

13.5

13.3

12.8

0.40

EQUITY – FOCUSED FUNDS

Axis Focused Fund

55.8

12581

1.7

0.8

7.6

10.8

11.1

12.7

0.33

EQUITY – LARGE CAP FUNDS

Axis Large Cap Fund

62.0

33827

1.6

0.7

8.6

11.5

12.3

12.8

0.42

HYBRID – CONSERVATIVE HYBRID FUNDS

Bandhan Conservative Hybrid Fund

32.5

102

2.0

1.0

6.4

7.6

6.3

6.7

0.42

HYBRID – BALANCED ADVANTAGE FUNDS

Bank of India Balanced Advantage Fund

25.7

144

2.3

1.0

7.0

10.4

11.3

7.5

0.50

HYBRID – CONSERVATIVE HYBRID FUNDS

Baroda BNP Paribas Conser Hybrid

45.4

823

2.0

0.5

6.5

8.4

7.4

0.59

EQUITY – MID CAP FUNDS

DSP Midcap Fund

150.5

19609

1.7

0.7

7.0

19.5

18.3

15.5

0.56

EQUITY – SECTOR – IT FUNDS

Franklin India Technology Fund

521.0

1951

2.0

1.0

-1.7

21.1

17.3

16.5

0.49

EQUITY – LARGE CAP FUNDS

Groww Largecap Fund

44.2

132

2.5

1.2

8.4

13.5

14.2

12.0

0.50

HYBRID – AGGRESSIVE HYBRID FUNDS

HSBC Aggressive Hybrid Fund

57.2

5663

1.9

0.8

8.0

15.8

14.7

11.4

0.49

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HSBC Infrastructure Fund

47.2

2372

2.1

1.1

0.8

23.5

28.2

16.4

0.76

EQUITY – THEMATIC – CONSUMPTION FUNDS

ICICI Prudential FMCG Fund

477.8

1949

2.1

1.3

0.7

7.9

14.1

11.9

0.56

HYBRID – AGGRESSIVE HYBRID FUNDS

LIC MF Aggressive Hybrid Fund

199.9

537

2.5

1.4

6.8

13.1

12.2

9.6

0.51

EQUITY – SECTOR – BANKING FUNDS

LIC MF Banking & Financial Services Fund

22.2

285

2.5

1.2

17.6

12.5

14.9

9.7

0.47

EQUITY – FLEXI CAP FUNDS

LIC MF Flexi Cap Fund

104.0

1075

2.3

1.3

7.7

16.1

15.2

10.7

0.48

EQUITY – MID CAP FUNDS

LIC MF Midcap Fund

29.5

348

2.5

1.4

4.4

19.7

20.6

–

0.59

EQUITY – SMALL CAP FUNDS

LIC MF Small Cap Fund

30.3

647

2.4

1.0

-3.6

17.6

26.3

–

0.66

HYBRID – BALANCED ADVANTAGE FUNDS

Motilal Oswal Balanced Advantage Fund

20.4

955

2.3

1.0

-3.5

9.7

7.9

–

0.24

EQUITY – FOCUSED FUNDS

Motilal Oswal Focused Fund

44.3

1532

2.1

1.0

-2.1

9.3

11.0

11.1

0.31

EQUITY – LARGE & MID CAP FUNDS

Navi Large & Midcap Fund

36.1

319

2.3

0.5

5.3

12.9

18.1

–

0.60

HYBRID – EQUITY SAVINGS FUNDS

Nippon India Equity Savings Fund

16.3

849

1.8

0.7

5.9

8.7

9.0

4.8

0.74

HYBRID – AGGRESSIVE HYBRID FUNDS

PGIM India Aggressive Hybrid Equity Fund

132.5

216

2.3

0.8

9.1

12.6

12.5

9.3

0.48

EQUITY – LARGE CAP FUNDS

PGIM India Large Cap Fund

349.9

609

2.4

0.8

10.1

11.8

13.7

11.2

0.48

EQUITY – DIVIDEND YIELD FUNDS

Sundaram Dividend Yield Fund

138.8

920

2.3

1.1

3.9

16.2

18.5

15.1

0.70

EQUITY – FLEXI CAP FUNDS

Taurus Flexi Cap Fund

229.1

364

2.6

3.4

14.0

15.9

10.2

0.51

EQUITY – MID CAP FUNDS

Taurus Mid Cap Fund

123.8

133

2.6

2.1

5.9

18.0

20.1

15.3

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

UTI ELSS Tax Saver Fund

209.6

3778

1.9

0.9

5.8

12.9

16.0

12.8

0.54

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

UTI Infrastructure Fund

145.5

2221

2.2

1.9

7.8

19.8

24.3

13.8

0.78

EQUITY – THEMATIC – MNC FUNDS

Aditya Birla Sun Life MNC Fund

–

1352.6

3735

2.0

1.3

1.5

12.9

11.5

9.0

0.39

HYBRID – AGGRESSIVE HYBRID FUNDS

Axis Aggressive Hybrid Fund

–

21.0

1581

2.2

1.1

7.5

11.0

12.0

–

0.48

EQUITY – LARGE & MID CAP FUNDS

Axis Large & Mid Cap Fund

–

33.5

15453

1.7

0.6

7.9

18.8

20.0

–

0.62

HYBRID – CONSERVATIVE HYBRID FUNDS

Bank of India Conservative Hybrid Fund

–

34.8

2.1

1.2

5.3

7.6

10.8

7.6

0.94

EQUITY – SMALL CAP FUNDS

Bank of India Small Cap Fund

–

46.8

2016

2.0

0.7

-0.8

20.3

26.7

–

0.67

HYBRID – BALANCED ADVANTAGE FUNDS

Baroda BNP Paribas Balanced Advantage Fund

–

25.2

4545

1.9

0.7

9.8

14.1

13.5

–

0.62

EQUITY – THEMATIC – CONSUMPTION FUNDS

Baroda BNP Paribas India Consumption Fund

–

32.1

1552

2.1

0.6

4.8

15.9

18.2

–

0.62

EQUITY – MULTI CAP FUNDS

Baroda BNP Paribas Multi Cap Fund

–

291.3

3108

2.0

0.9

3.9

18.8

21.9

14.7

0.67

EQUITY – SMALL CAP FUNDS

Canara Robeco Small Cap Fund

–

38.8

13285

1.7

0.5

0.4

16.4

26.3

–

0.75

EQUITY – SECTOR – PHARMA FUNDS

DSP Healthcare Fund

–

39.9

3144

1.9

0.6

-1.2

21.4

17.6

–

0.58

EQUITY – SMALL CAP FUNDS

Edelweiss Small Cap Fund

–

44.2

5297

1.8

0.4

3.4

20.4

27.4

–

0.79

HYBRID – EQUITY SAVINGS FUNDS

Franklin India Equity Savings Fund

–

16.7

687

1.1

0.3

6.3

8.1

9.2

–

0.70

HYBRID – AGGRESSIVE HYBRID FUNDS

Groww Aggressive Hybrid Fund

–

21.2

2.4

1.4

5.7

11.7

12.5

–

0.53

EQUITY – TAX SAVING (ELSS) FUNDS

Groww ELSS Tax Saver Fund

–

20.1

2.3

0.9

3.1

13.4

14.5

–

0.49

EQUITY – VALUE FUNDS

Groww Value Fund

–

27.8

2.3

0.9

10.6

16.6

17.3

10.8

0.65

EQUITY – LARGE & MID CAP FUNDS

HSBC Large & Mid Cap Fund

–

27.6

4613

1.9

0.8

6.0

20.2

20.3

–

0.55

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC Tax Saver Equity Fund

–

96.0

246

2.5

1.8

6.0

18.5

19.7

14.0

0.62

EQUITY – MULTI CAP FUNDS

ICICI Prudential Multicap Fund

–

808.7

16067

1.7

0.9

6.5

19.8

22.6

15.0

0.83

EQUITY – SECTOR – PHARMA FUNDS

ICICI Prudential Pharma Healthcare and Diagnostics (P.H.D) Fund

–

40.7

6437

1.9

1.0

8.4

27.6

20.6

–

0.73

EQUITY – CONTRA FUNDS

Invesco India Contra Fund

–

137.8

20173

1.6

0.5

6.0

19.5

20.6

16.5

0.71

HYBRID – EQUITY SAVINGS FUNDS

Invesco India Equity Savings Fund

–

17.0

438

2.3

0.7

3.8

10.8

8.8

–

0.51

EQUITY – MULTI CAP FUNDS

Invesco India Multicap Fund

–

129.8

4228

1.9

0.7

2.1

17.9

20.4

14.2

0.62

EQUITY – SMALL CAP FUNDS

Invesco India Smallcap Fund

–

42.4

8720

1.7

0.4

7.4

25.3

29.7

–

0.79

HYBRID – BALANCED ADVANTAGE FUNDS

Kotak Balanced Advantage Fund

–

21.0

17874

1.7

0.6

7.6

11.9

11.5

–

0.69

EQUITY – CONTRA FUNDS

Kotak Contra Fund

–

154.7

4921

1.8

0.6

7.6

20.6

21.8

16.6

0.77

HYBRID – CONSERVATIVE HYBRID FUNDS

LIC MF Conservative Hybrid Fund

–

83.2

2.3

1.4

5.6

6.6

6.2

6.5

0.41

EQUITY – DIVIDEND YIELD FUNDS

LIC MF Dividend Yield Fund

–

31.4

698

2.3

0.7

7.0

21.5

20.8

–

0.68

HYBRID – EQUITY SAVINGS FUNDS

LIC MF Equity Savings Fund

–

28.2

2.3

1.2

9.9

9.5

9.3

7.1

0.56

EQUITY – SECTOR – PHARMA FUNDS

LIC MF Healthcare Fund

–

30.1

2.5

1.2

3.3

20.4

14.2

–

0.46

EQUITY – VALUE FUNDS

LIC MF Value Fund

–

24.5

211

2.5

1.4

1.3

13.9

17.7

–

0.50

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mahindra Manulife Consumption Fund

–

23.2

563

2.4

0.6

5.0

15.6

18.0

–

0.63

EQUITY – LARGE CAP FUNDS

Mahindra Manulife Large Cap Fund

–

23.6

738

2.3

0.6

8.2

13.4

16.5

–

0.62

EQUITY – MULTI CAP FUNDS

Mahindra Manulife Multi Cap Fund

–

36.4

6055

1.8

0.4

9.1

19.5

23.7

–

0.70

HYBRID – EQUITY SAVINGS FUNDS

Mirae Asset Equity Savings Fund

–

20.8

1732

1.4

0.4

9.7

11.2

11.4

–

0.84

EQUITY – SECTOR – PHARMA FUNDS

Mirae Asset Healthcare Fund

–

38.8

2821

1.9

0.5

5.1

20.8

17.5

–

0.58

EQUITY – TAX SAVING (ELSS) FUNDS

Navi ELSS Tax Saver Fund

–

29.7

2.3

0.4

5.0

12.8

14.7

–

0.49

EQUITY – FLEXI CAP FUNDS

Navi Flexi Cap Fund

–

23.6

263

2.2

0.6

5.6

12.7

16.2

–

0.56

EQUITY – MULTI CAP FUNDS

Nippon India Multi Cap Fund

–

303.7

49314

1.5

0.7

7.1

21.9

28.1

15.4

0.95

EQUITY – SECTOR – PHARMA FUNDS

Nippon India Pharma Fund

–

519.2

8346

1.8

0.9

4.3

21.6

17.7

13.6

0.60

HYBRID – EQUITY SAVINGS FUNDS

PGIM India Equity Savings Fund

–

50.2

1.3

0.6

6.6

7.2

8.1

7.2

0.99

EQUITY – FLEXI CAP FUNDS

Quant Flexi Cap Fund

–

100.3

6890

1.8

0.7

4.1

16.2

26.2

19.3

0.72

EQUITY – MULTI CAP FUNDS

Quant Multi Cap Fund

–

628.3

9323

1.7

0.6

-1.0

11.2

22.1

17.6

0.59

EQUITY – CONTRA FUNDS

SBI Contra Fund

–

394.4

49218

1.5

0.8

6.2

20.1

27.8

16.6

1.12

EQUITY – SECTOR – PHARMA FUNDS

SBI Healthcare Opportunities Fund

–

434.0

4082

1.9

0.9

5.0

24.6

19.3

11.7

0.70

EQUITY – THEMATIC – MNC FUNDS

SBI MNC Fund

–

361.5

5962

1.9

1.3

-0.6

8.0

13.4

10.8

0.45

HYBRID – AGGRESSIVE HYBRID FUNDS

Shriram Aggressive Hybrid Fund

–

32.4

2.4

0.9

5.2

11.2

11.7

9.8

0.46

EQUITY – TAX SAVING (ELSS) FUNDS

Shriram ELSS Tax Saver Fund

–

21.6

2.3

0.8

-0.8

10.7

12.4

–

0.35

EQUITY – FLEXI CAP FUNDS

Shriram Flexi Cap Fund

–

20.7

138

2.4

0.8

-1.3

10.9

13.0

–

0.37

HYBRID – CONSERVATIVE HYBRID FUNDS

Sundaram Conservative Hybrid Fund

–

29.8

1.9

0.9

4.5

7.1

7.9

6.8

0.73

EQUITY – MULTI CAP FUNDS

Sundaram Multi Cap Fund

–

392.0

2928

2.0

0.9

8.8

17.3

21.0

15.5

0.70

EQUITY – VALUE FUNDS

Sundaram Value Fund

–

226.2

1481

2.3

1.7

9.0

13.0

17.3

12.2

0.65

HYBRID – BALANCED ADVANTAGE FUNDS

Tata Balanced Advantage Fund

–

20.9

9906

1.7

0.4

6.0

10.9

12.1

–

0.82

EQUITY – FLEXI CAP FUNDS

Tata Flexi Cap Fund

–

24.8

3618

1.9

0.6

9.9

16.0

16.1

–

0.58

EQUITY – SECTOR – PHARMA FUNDS

Tata India Pharma & Healthcare Fund

–

30.9

1325

2.1

0.6

5.0

21.9

17.8

–

0.61

EQUITY – SMALL CAP FUNDS

Tata Small Cap Fund

–

38.2

11792

1.7

0.3

-7.5

18.1

27.0

–

0.79

EQUITY – SECTOR – BANKING FUNDS

Taurus Banking & Financial Services Fund

–

55.4

2.4

1.6

12.2

13.3

15.2

13.4

0.51

EQUITY – TAX SAVING (ELSS) FUNDS

Taurus ELSS Tax Saver Fund

–

188.3

2.4

1.8

4.6

16.5

17.1

13.8

0.64

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Taurus Infrastructure Fund

–

69.2

2.5

2.0

5.5

19.0

22.6

15.4

0.65

EQUITY – LARGE CAP FUNDS

Taurus Large Cap Fund

–

163.2

2.6

2.4

7.9

13.9

15.8

10.4

0.49

HYBRID – EQUITY SAVINGS FUNDS

Union Equity Savings Fund

–

17.1

140

2.0

1.5

5.6

8.2

7.7

–

0.56

EQUITY – VALUE FUNDS

Union Value Fund

–

29.1

362

2.5

1.3

8.5

18.2

20.4

–

0.72

HYBRID – EQUITY SAVINGS FUNDS

UTI Equity Savings Fund

–

18.8

746

1.6

0.6

7.8

10.6

11.3

–

0.98

EQUITY – SECTOR – PHARMA FUNDS

UTI Healthcare Fund

–

289.8

1125

2.3

1.3

4.0

23.7

17.4

12.1

0.57

EQUITY – THEMATIC – MNC FUNDS

UTI MNC Fund

–

405.8

2904

2.0

1.3

5.4

13.7

15.0

10.4

0.53

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Fund Call: Bandhan Aggressive Hybrid Fund

by Hansraj Agrawal | Nov 8, 2025 | Share Market

Aggressive hybrid funds aim to strike a balance between capital growth and stability. Typically, they invest about 65–80 per cent of their assets in equities and the remaining 20–35 per cent in debt instruments. This blend allows investors to participate in market upswings while cushioning their portfolios against volatility—making these funds suitable for those seeking steady yet moderate-risk growth.

Bandhan Aggressive Hybrid Fund (BAHF) stands out for its strong comeback in recent times. Although it currently holds a 3-star rating as per bl.portfolio Star Track mutual fund ratings, BAHF’s performance has shown a marked turnaround over the past 15–18 months. It has emerged as one of the top two performers in its category over the last one-year period.

Equity Strategy

BAHF maintains its equity allocation consistently toward the higher end of the prescribed range, typically between 75 and 80 per cent. The fund’s equity investment philosophy rests on three pillars — a long-term outlook, reasonable diversification, and deep research. It evaluates businesses over a three-to-five-year horizon and typically holds stocks for five to six years, provided the original investment thesis remains valid. Diversification is maintained by holding around 55–60 companies, ensuring balanced exposure across sectors and themes. The fund focuses on parameters such as return on equity, growth potential, management quality and healthy capital allocation for adding to its portfolio.

The portfolio is currently overweight on three broad themes — consumer discretionary, domestic cyclicals, and healthcare. Within domestic cyclicals, sectors such as real estate, cement, banking, non-banking finance, insurance, and capital markets remain key focus areas. Lower interest rates and personal tax cuts have improved purchasing power, and several banks have already reported a revival in credit growth during the latter half of the year. These trends, the fund manager believes, support the outlook for domestic-oriented industries.

The fund dynamically balances risk across large-, mid-, and small-cap segments based on valuations. After mid- and small-cap corrections in early 2025, exposure to these segments increased; however, as they later outperformed, the portfolio gradually shifted toward large-caps, continually adjusting to the evolving risk–reward landscape. Its broader allocation remains roughly two-thirds in large-caps and the rest in mid- and small-cap stocks.

Debt allocation

On the fixed-income side, the debt portion — roughly 20–25 per cent — is managed dynamically but conservatively. The fund takes duration calls based on the interest-rate cycle. Over the last five years, the portfolio’s Macaulay duration has ranged between one and seven years.

Investments include a mix of government securities, corporate bonds, and money market instruments. As per the latest portfolio data, the fund has allocated about 13 per cent to corporate debt and 6 per cent to government securities. There has been minimal exposure to non-AAA instruments — typically nil to four per cent at most over the past five years — as the fund does not focus on taking credit risk. Currently, it holds 1.5 per cent in AA+ rated bonds issued by Aadhar Housing Finance, Godrej Housing Finance, and Muthoot Finance.

The fund’s equity portion is managed by Prateek Poddar, while the debt portion is managed by Harshal Joshi.

Performance

The fund’s performance during 2022 and 2023 was close to the category average. However, it has delivered strong returns over the past 18 months, driven by timely portfolio moves and favourable market conditions. For instance, it increased exposure to consumer discretionary stocks ahead of GST-like incentives, anticipating a demand recovery supported by softer interest rates, good monsoons, and tax cuts. Holdings such as InterGlobe Aviation, Mahindra & Mahindra, Amber Enterprises India, and Greenply Industries contributed positively to performance.

However, performance measured by the three-year rolling returns over the past seven years shows that the fund broadly matched the category average (15.3 per cent versus 15.5 per cent). Returns are compound annualised. Notably, the fund delivered returns of over 12 per cent in 89 per cent of the rolling periods and exceeded 15 per cent in nearly 45 per cent of them.

From a cost perspective, the regular plan comes with an expense ratio of 2.14 per cent, slightly higher than the category average of 2 per cent. For investors opting for the direct plan, the expense ratio is 0.79 per cent, marginally lower than the category average of 0.81 per cent. The ideal investment horizon is 3-5 years.

Published on November 8, 2025

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SEBI’s mutual fund fee revamp: What investors need to know

by Hansraj Agrawal | Nov 8, 2025 | Share Market

It’s been a choppy week for listed asset management stocks after SEBI floated a consultation paper (https://tinyurl.com/sebimfregs) to simplify and tighten how mutual funds charge investors. Some AMC scrips fell roughly up to 5 per cent in about a week’s time since the paper came out, as the market priced in lower profitability if parts of the proposal stick.

For mutual fund investors, though, the key questions are narrower and more practical: What exactly is SEBI changing, how might AMCs and distributors respond and what likely impact will be on your costs after implementation? We focus on those investor-level effects and highlight the specifics.

Changes in fees

SEBI has proposed big shifts.

First, it wants to make expense ratios cleaner and more comparable. The TER, which is the fee investors pay for fund management and operating costs, will now exclude statutory levies such as GST, stamp duty, STT and CTT. These will appear separately, outside the TER. At the same time, SEBI has standardised how TER must be defined and disclosed. Fund houses will have to show the full breakdown of all expenses charged to investors under clear cost heads. This ensures greater transparency even though the headline TER itself may look slightly lower.

Second, the TER slabs themselves are being trimmed. SEBI has proposed a reduction of about 10-15 basis points for open-ended funds and a slightly steeper cut for some close-ended categories. A basis point (bp) is one-hundredth of a per cent, so the change may appear small but effectively lowers the ceiling on what fund houses can charge within each asset-size band. In practice, this means two funds of similar size will now have to operate under tighter cost limits. For investors, the immediate reduction may seem modest, but over time it nudges the industry toward leaner, more cost-efficient operations.

Third, SEBI has sharply reduced the brokerage and transaction costs that can be charged to a scheme. These are now capped at 2 basis points for cash-market trades (earlier 12 bps of trade value) and 1 bp for derivatives (earlier 5 bps). The intent is to ensure investors bear only the true cost of trade execution, not additional services sometimes bundled into brokerage, such as research or corporate access. This change will matter most for high-turnover categories like arbitrage funds and some active-equity schemes, where brokerage formed a meaningful share of total expenses.

Fourth, SEBI plans to remove the additional 5-basis-point charge that fund houses could levy when a scheme had an exit load. This move simplifies the fee structure and eliminates small add-ons that quietly raised investor costs. To neutralise the removal of the old 5-bps exit-load add-on, SEBI has built that amount into the base limits for the first two AUM slabs before recalibrating overall TER limits downwards. The change looks minor but sets an important precedent: Small levies, when stacked over time, blur cost transparency.

At the same time, SEBI is considering allowing fund houses to introduce performance-linked fees — where charges rise or fall depending on how well the fund performs against its benchmark. The detailed rules for this variable-fee model are yet to be announced.

Investor cost implications

The TER-ex-levies presentation is cleaner and future-proofs you against tax changes being masked inside TER. Yet, your total outflow may not fall much if levies are simply itemised outside TER while base fees settle near the new slab ceilings. Some experts indicate the earnings hit for AMCs is significant if they absorb these changes; naturally, they will explore offsets Previous experience suggests some proposals could get debated extensively.

Here are some likely AMC and distributor behaviours you should anticipate.

Re-pricing and mix shifts: AMCs may maintain headline TERs close to new limits, then emphasise categories with inherently higher permissible fees (certain thematic/hybrid funds) to protect revenue. For you, that shows up as stronger marketing of “premium” strategies. Guard against style-drift in your portfolio.

Lean execution and more electronic trading: With a 2/1 bp execution cap, expect AMCs to consolidate broker panels and route more flow through low-touch channels. Short-term execution variance in small caps could blip; long-run impact on returns should be minor for diversified investors.

Distributor economics: If AMCs cannot fully absorb the hit, regular-plan commissions could tighten at the margin. Expect greater push toward direct plans and digital service models over time. That’s not bad for savvy investors but can reduce hand-holding for first-timers.

Product design, new launches

Beyond the headline fee items, the SEBI consultation paper contains three changes with tangible investor effects.

* NFO costs to be borne by AMCs (till allotment): Launch-phase ads/printing/registrar costs cannot be charged to the scheme. Practically, this should discourage me-too NFOs and make launches more selective. The adjustment may appear as fewer splashy campaigns and leaner promotions. This is not a negative if you prefer funds with proven track records.

* Winding-up cost hygiene: Only genuine closure-related costs (custody, audit, investor communication) may hit the scheme during wind-up; management and distribution fees are excluded. That improves net recovery for investors if a scheme shuts. If there’s resistance from the industry, it will likely be about what counts as “closure cost.” Investors should monitor winding-up notices for itemised charges.

* AMC “other business” with guardrails: AMCs can run PMS/advisory or similar non-MF activities, but via segregated units with trustee oversight to limit conflicts. For you, the idea is that mutual fund investors aren’t disadvantaged versus high-fee, non-pooled clients. If compliance is weak, the risk is resource diversion. Here again, rely on trustee reports and mandated disclosures to surface any red flags.

SEBI has also proposed an update in how fund houses share information. AMCs can now send reports and updates digitally instead of relying on print. Scheme-change notices in newspapers will be replaced by mandatory website updates and digital alerts. Half-yearly portfolio statements, which duplicated monthly disclosures, will also be discontinued. These steps cut paperwork and speed communication, but investors must ensure their email and mobile details are current as digital delivery becomes the main channel.

Published on November 8, 2025

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Gold To Retain Position As A Core Defensive Asset In Investor Portfolios: Mahesh Patil

by Hansraj Agrawal | Oct 18, 2025 | Share Market

Mahesh Patil, CIO, Aditya Birla Sun Life AMC

Economic cues appear mixed for India. Steady domestic GDP growth, revival in consumption due to GST reforms and income tax cuts, and modest inflation are positive indicators. On the other hand, continuing penal US trade tariffs, geopolitical tensions, and AI-led disruptions are all hurting. How should retail investors read these mixed signals?

India is emerging from a lean phase of slower growth that has played out over the past year. Some factors such as the GST reforms, income tax cuts, and earlier rate reductions are clearly positive and are expected to stimulate economic activity. However, other challenges continue to weigh on growth, particularly the punitive trade tariffs of around 50 per cent, which are hurting exporters. There is hope that a trade resolution will materialise by the end of December, bringing tariffs down, which would help restore competitiveness. These opposing forces mean that the pace of recovery is likely to be slow, gradual, and somewhat sluggish in the immediate term, possibly through the September quarter, before picking up as the year progresses.

Corporate earnings have also felt the impact of weaker nominal GDP growth, which recently touched a low of around 8.8 per cent, leading to earnings expansion in only the mid-single digits for several quarters. However, based on our bottom-up analysis, earnings growth is expected to recover to double digits, closer to around 11–12 per cent, in the second half of the year. This improvement should lend stability to the equity markets, which have underperformed global peers. For retail investors, this period of volatility presents an opportunity to gradually build equity exposure with a three- to five-year perspective, as valuations in several segments have corrected meaningfully.

Gold and silver have been rallying relentlessly for extended periods. How sustainable is this rally? Are there hidden concerns being ignored?

Gold and silver have both enjoyed a stellar run this year, with gold gaining around 65 per cent and silver more than 80 per cent in rupee terms. The rally has been underpinned by a weaker US dollar, which has fallen by nearly 10 per cent during the year, leading global investors to shift funds into real assets such as precious metals. In addition, many central banks, including those of China and other large economies, have been diversifying their reserves away from dollar-denominated assets and increasing their holdings of gold, creating structural demand even as supply remains constrained. Silver, meanwhile, has seen its own surge in demand from the renewable energy, electronics and battery sectors.

Geopolitical tensions and trade uncertainties have also reinforced the safe-haven appeal of gold and silver. While the demand from central banks is likely to continue, the risk premium embedded in prices may moderate as the global environment stabilises. Nonetheless, gold is expected to retain its position as a core defensive asset in investor portfolios.

Despite the correction in mid- and small-caps, their valuations continue to be at a premium to large-caps. Is this a cause for concern?

While the broader market has corrected meaningfully, mid- and small-cap stocks, which had reached elevated valuations earlier, continue to trade at a premium relative to large-caps. Mid-cap valuations remain elevated compared to historical averages, largely due to limited supply and increased domestic participation. The scarcity value of quality mid-cap names has kept these valuations high.

From a risk-reward standpoint, large-caps appear more favourably positioned in the near term. Mid- and small-caps valuation, despite the correction in the last year, are still trading 15-20 per cent above their long-term averages, while large-cap valuations are closer to historical norms. In a period of global uncertainty and softer domestic growth, the stability and earnings predictability of large-caps makes them the safer choice. That said, as the economy regains traction over the next year, mid- and small-caps could bounce back with a long-term perspective on improved earnings visibility.

Which segments or sectors of the market are you positive on for the foreseeable future?

We remain constructive on domestic consumption-oriented sectors that stand to benefit from policy and fiscal measures such as GST cuts, lower interest rates, personal income tax reductions, and the expected implementation of the Eighth Pay Commission next year. These factors together should boost discretionary spending and consumption demand.

Accordingly, we are positive on consumer discretionary sectors such as retail, automobiles, travel, and durables. Among contrarian plays, the cement and FMCG sectors, which underperformed last year, appear well-positioned to recover as demand strengthens. Within defensives, hospitality and insurance are expected to do well. Furthermore, we see opportunities in private sector banks and select non-banking financial companies, supported by improving retail credit growth and healthy balance sheets.

The RBI has maintained a neutral stance despite benign inflation, with no rate cuts expected immediately. G-Sec yields have inched up again. What would be a good bond strategy for investors?

The RBI’s Monetary Policy Committee (MPC) kept the repo rate unchanged at 5.5 per cent with a neutral stance, signalling a dovish pause amid easing inflation and global uncertainties. FY26 inflation has been revised down to 2.6 per cent, supported by low food and core prices, while recent GST rate cuts are expected to further ease price pressures. The central bank is taking a cautious approach, awaiting clarity on US tariffs and trade developments before considering further action.

The RBI is also monitoring the rupee, which has weakened towards 89 against the dollar, and a cautious rate stance helps contain further currency pressure. With inflation under control and growth support measures in place, December could mark the start of a rate-cut cycle, providing a boost to bonds — where 10 year yields may ease toward 6.25 per cent.

Published on October 18, 2025

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