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Brutal year for stock picking spurs trillion-dollar fund exodus

Brutal year for stock picking spurs trillion-dollar fund exodus

by | Dec 27, 2025 | Share Market


The last thing a diversified fund manager wants is to run a portfolio dominated by just seven technology companies — all American, all megacap, clustered in the same corner of the economy.

Yet as the S&P 500 pushed to fresh records this week, investors were again forced to confront a painful reality: Keeping pace with the market has largely meant owning little else.

A small, tightly linked group of tech super stocks accounted for an outsize share of returns in 2025, extending a pattern in place for the better part of a decade. What stood out wasn’t simply that the winners remained largely the same, but the degree to which the gap started to seriously strain investor patience.

Frustration dictated how money moved. Around $1 trillion was pulled from active equity mutual funds over the year, according to estimates from Bloomberg Intelligence using ICI data, marking an 11th year of net outflows and, by some measures, the steepest of the cycle. By contrast, passive equity exchange-traded funds got more than $600 billion.

The exits happened gradually as the year progressed, with investors reassessing whether to pay for portfolios that looked meaningfully different from the index, only to be forced to live with the consequences when that difference didn’t pay off.

“The concentration makes it harder for active managers to do well,” said Dave Mazza, chief executive officer of Roundhill Investments. “If you do not benchmark weight the Magnificent Seven, then you’re likely taking risk of underperformance.”

Contrary to pundits who thought they saw an environment where stock picking could shine, it was a year in which the cost of deviating from the benchmark remained stubbornly high. 

Narrow Participation

On many days in the first half of the year, fewer than one in five stocks rose alongside the broader market, according to data compiled by BNY Investments. Narrow participation isn’t unusual in itself, but its persistence matters. When gains are repeatedly driven by a tiny few, spreading bets more widely stops helping and starts hurting relative performance.

The same dynamic was visible at the index level. Throughout the year, the S&P 500 outperformed its equal-weighted version, which assigns the same importance to a smallish retailer as it does to Apple Inc. 

For investors assessing active strategies, that translated into a simple arithmetic problem: Choose one that is underweight the largest stocks and risk falling behind, or go with another that holds them in close proportion to the index, and struggle to justify paying for an approach that is little different than a passive fund.

In the US, 73 per cent of equity mutual funds have trailed their benchmarks this year, according BI’s Athanasios Psarofagis, the fourth most in data going back to 2007. The underperformance worsened after the recovery from April’s tariff scare as enthusiasm over artificial intelligence cemented leadership for the tech cohort.

There were exceptions, but they required investors to accept very different risks. One of the most striking came from Dimensional Fund Advisors LP, whose $14 billion International Small Cap Value Portfolio returned just over 50% this year, outpacing not only its benchmark but also the S&P 500 and the Nasdaq 100.

The structure of that portfolio is telling. It holds roughly 1,800 stocks, almost all outside the US, with heavy exposure to financials, industrials and materials. Rather than trying to navigate around the US large-cap index, it largely stepped outside it.

“This year provides a really good lesson,” said Joel Schneider, the firm’s deputy head of portfolio management for North America. “Everyone knows that global diversification makes sense, but it’s really hard to stay disciplined and actually maintain that. Choosing yesterday’s winners is not the right approach.”

Sticking With Winners

One manager who stuck with her convictions was Margie Patel of the Allspring Diversified Capital Builder Fund, which has returned some 20% this year thanks to bets on chipmakers Micron Technology Inc. and Advanced Micro Devices Inc.

“A lot of people like to be closet or quasi indexers. They like to have some exposure in all sectors even if they’re not convinced that they are going to outperform,” Patel said on Bloomberg TV. In contrast, her view is that “the winners are going to stay winners.”

The propensity of big stocks to get bigger made 2025 a banner year for would-be bubble hunters. The Nasdaq 100 trades at more than 30 times earnings and around six times sales, at or near historical highs. Dan Ives, the Wedbush Securities analyst who started an AI-focused ETF (IVES) in 2025 and saw it swell to nearly $1 billion, says valuations like those may test nerves, but are no reason to bail on the theme. 

“There are going to be white-knuckle moments. That just creates the opportunities,” he said in an interview. “We believe this tech bull market goes for another two years. To us, it’s about trying to find who the derivative beneficiaries are, and that’s how we’re going to continue to navigate this fourth industrial revolution from an investing perspective.”

Thematic Investing

Other successes leaned into concentration of a different kind. VanEck’s Global Resources Fund returned almost 40 per cent this year, benefiting from demand linked to alternative energy, agriculture and base metals. The fund, launched in 2006, owns companies such as Shell Plc, Exxon Mobil Corp. and Barrick Mining Corp., and is run by teams that include geologists and engineers alongside financial analysts. 

“When you are an active manager, it allows you to pursue big themes,” said Shawn Reynolds, who has managed the fund for 15 years, a geologist himself. But that approach, too, demands conviction and tolerance for volatility — qualities that many investors have shown less appetite for after several years of uneven results.

By the end of 2025, the lesson for investors was not that active management had stopped working, nor that the index had solved the market. It was simpler, and more uncomfortable. After another year of concentrated gains, the price of being different remained high, and for many, the willingness to keep paying it had worn thin.

Still, Osman Ali of Goldman Sachs Asset Management believes there is “alpha” to be found not just in Big Tech. The global co-head of quantitative investment strategies relies on the firm’s proprietary model, which ranks and analyzes roughly 15,000 stocks worldwide on a daily basis.

The system, built around the team’s investment philosophy, has helped deliver gains of some 40% across its international large-cap, international small-cap and tax-managed funds on a total return basis.

“The markets will always give you something,” he said, “You just have to look in a very dispassionate, data-driven way.”

More stories like this are available on bloomberg.com

Published on December 27, 2025



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Canara Robeco Flexicap fund: Driving Performance Via Bluechips

by | Dec 27, 2025 | Share Market


While the recovery in the frontline large-cap indices seems firm after the corrective and sideways phase of the past 15 months, the broader benchmarks and lower market cap constituents are still considerably in the red.

Despite the correction, valuations aren’t in the inexpensive zone for mid and small-caps, though there are pockets of attractive opportunities available. With a resurgent and reasonably valued large-cap space, the time may be ripe to go with a flexicap fund from a long-term perspective.

Canara Robeco Flexicap (Canara Robeco Equity Diversified earlier) is a fund with a strong track record of over 22 years.

Over the years, it has demonstrated consistently healthy performances over the longer investment terms of five years or more.

Investors can buy units of the fund with a 7-10-year perspective. Taking the systematic investment plan (SIP) route may be advisable, by directing proceeds to specific financial goals.

Sturdy outperformance

Canara Robeco Flexicap’s performance over the past decade has been healthy with point-to-point returns of 15.5 per cent compounded annually over this period.

When five-year rolling returns over the period January 2013 to December 2025 are considered, the fund has delivered mean returns of 15.8 per cent. The Nifty 500 TRI gave 14.7 per cent average returns over the above-mentioned timeframe.

On a 5-year rolling returns basis over the 13-year period indicated earlier, Canara Robeco Flexicap has beaten the Nifty 500 TRI over 76 per cent of the times.

The scheme has given more than 12 per cent for nearly 82 per cent of the time and in excess of 15 per cent for nearly 59 per cent of the time on 5-year rolling basis over the 13-year period (Jan 2013-Dec 2025).

Canara Robeco Flexicap’s returns (XIRR) on monthly SIPs over the past 10 years are fairly robust at 16.5 per cent. A similar SIP in the Nifty 500 TRI would have returned 15.7 per cent over this period.

All return figures pertain to the direct plan of the fund.

The fund has an upside capture ratio of nearly 97.5, indicating that its NAV rises less than the benchmark during rallies. But more importantly, it has a downside capture ratio of 85.9, indicating that the scheme’s NAV falls a lot less than the benchmark during corrections. A score of 100 indicates that a fund performs in line with its benchmark. This inference is based on data from December 2020-December 2025.

Leaning on large-caps

Canara Robeco Flexicap has stuck to keeping its portfolio heavy on large-cap stocks across market cycles. In fact, it has increased large-cap exposure from 70-odd per cent a year or so back to around 75 per cent in the recent portfolio. Mid-cap exposure is kept in the early to mid-teen percentages, while small-caps generally account for low single digits, making the portfolio reasonably moderate on risks.

This large-cap bias has helped the fund remain resilient during the broader market falls and also in the early recovery in many bluechips over the past 12-15 months. The fund takes cash positions of only about 3 per cent and does not go too defensive during corrections.

Canara Robeco Flexicap has a mix of both value and growth styles of investing in its choice of sectors and stocks.

Banks have always been the top sector holdings across market phases. Like with its large-cap bias, a higher exposure to banks has helped the fund’s performance given the sector’s sound run in the last 18 months.

Surprisingly, software companies have also figured prominently in the portfolio despite the underperformance from the larger names in the space in the last couple of years. However, in the past year, it has taken exposure in mid-tier IT companies that have done well.

Retailing is a segment that the fund has upped stakes in after the correction in the space. It has expanded the scope for the sector with investments in ecommerce and physical retail firms.

Automobiles also occupy a significant portion in Canara Robeco Flexicap’s holdings. Exposure is restricted to the top car and two-wheeler companies in the segment.

Pharmaceutical and biotechnology firms are other important holdings across timeframes.

The fund is suitable for investors with an above-average risk appetite looking for steady long-term outperformance. Taking the SIP route would be useful in averaging costs, especially during volatile market phases.

Published on December 27, 2025



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Canara Robeco Flexicap fund: Driving Performance Via Bluechips

Canara Robeco Flexicap fund: Driving Performance Via Bluechips

by | Dec 27, 2025 | Share Market


While the recovery in the frontline large-cap indices seems firm after the corrective and sideways phase of the past 15 months, the broader benchmarks and lower market cap constituents are still considerably in the red.

Despite the correction, valuations aren’t in the inexpensive zone for mid and small-caps, though there are pockets of attractive opportunities available. With a resurgent and reasonably valued large-cap space, the time may be ripe to go with a flexicap fund from a long-term perspective.

Canara Robeco Flexicap (Canara Robeco Equity Diversified earlier) is a fund with a strong track record of over 22 years.

Over the years, it has demonstrated consistently healthy performances over the longer investment terms of five years or more.

Investors can buy units of the fund with a 7-10-year perspective. Taking the systematic investment plan (SIP) route may be advisable, by directing proceeds to specific financial goals.

Sturdy outperformance

Canara Robeco Flexicap’s performance over the past decade has been healthy with point-to-point returns of 15.5 per cent compounded annually over this period.

When five-year rolling returns over the period January 2013 to December 2025 are considered, the fund has delivered mean returns of 15.8 per cent. The Nifty 500 TRI gave 14.7 per cent average returns over the above-mentioned timeframe.

On a 5-year rolling returns basis over the 13-year period indicated earlier, Canara Robeco Flexicap has beaten the Nifty 500 TRI over 76 per cent of the times.

The scheme has given more than 12 per cent for nearly 82 per cent of the time and in excess of 15 per cent for nearly 59 per cent of the time on 5-year rolling basis over the 13-year period (Jan 2013-Dec 2025).

Canara Robeco Flexicap’s returns (XIRR) on monthly SIPs over the past 10 years are fairly robust at 16.5 per cent. A similar SIP in the Nifty 500 TRI would have returned 15.7 per cent over this period.

All return figures pertain to the direct plan of the fund.

The fund has an upside capture ratio of nearly 97.5, indicating that its NAV rises less than the benchmark during rallies. But more importantly, it has a downside capture ratio of 85.9, indicating that the scheme’s NAV falls a lot less than the benchmark during corrections. A score of 100 indicates that a fund performs in line with its benchmark. This inference is based on data from December 2020-December 2025.

Leaning on large-caps

Canara Robeco Flexicap has stuck to keeping its portfolio heavy on large-cap stocks across market cycles. In fact, it has increased large-cap exposure from 70-odd per cent a year or so back to around 75 per cent in the recent portfolio. Mid-cap exposure is kept in the early to mid-teen percentages, while small-caps generally account for low single digits, making the portfolio reasonably moderate on risks.

This large-cap bias has helped the fund remain resilient during the broader market falls and also in the early recovery in many bluechips over the past 12-15 months. The fund takes cash positions of only about 3 per cent and does not go too defensive during corrections.

Canara Robeco Flexicap has a mix of both value and growth styles of investing in its choice of sectors and stocks.

Banks have always been the top sector holdings across market phases. Like with its large-cap bias, a higher exposure to banks has helped the fund’s performance given the sector’s sound run in the last 18 months.

Surprisingly, software companies have also figured prominently in the portfolio despite the underperformance from the larger names in the space in the last couple of years. However, in the past year, it has taken exposure in mid-tier IT companies that have done well.

Retailing is a segment that the fund has upped stakes in after the correction in the space. It has expanded the scope for the sector with investments in ecommerce and physical retail firms.

Automobiles also occupy a significant portion in Canara Robeco Flexicap’s holdings. Exposure is restricted to the top car and two-wheeler companies in the segment.

Pharmaceutical and biotechnology firms are other important holdings across timeframes.

The fund is suitable for investors with an above-average risk appetite looking for steady long-term outperformance. Taking the SIP route would be useful in averaging costs, especially during volatile market phases.

Published on December 27, 2025



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Mutual Funds returns

Mutual Funds returns

by | Dec 27, 2025 | Share Market


DEBT – DYNAMIC BOND FUNDS

360 ONE Dynamic Bond Fund

5

23.3

652

0.5

0.3

8.4

8.9

8.2

6.8

3.87

DEBT – CORPORATE BOND FUNDS

Aditya Birla Sun Life Corporate Bond Fund

5

115.9

30554

0.5

0.3

7.4

8.0

7.7

6.3

–

DEBT – DYNAMIC BOND FUNDS

Aditya Birla Sun Life Dynamic Bond

5

47.3

1915

1.2

0.6

7.1

7.9

7.5

6.7

21.89

DEBT – ULTRA SHORT DURATION FUNDS

Aditya Birla Sun Life Savings Fund

5

565.8

23785

0.6

0.3

7.5

7.6

7.5

6.2

11.23

DEBT – MEDIUM DURATION FUNDS

Axis Strategic Bond Fund

5

28.9

1941

1.3

0.7

8.3

8.5

8.1

6.7

51.00

DEBT – CREDIT RISK FUNDS

Baroda BNP Paribas Credit Risk Fund

5

22.9

199

1.6

0.9

8.2

8.1

7.8

9.4

58.43

DEBT – ULTRA SHORT DURATION FUNDS

Baroda BNP Paribas Ultra Short Duration Fund

5

1588.1

1071

0.5

0.3

7.1

7.2

7.2

6.0

1.41

DEBT – BANKING AND PSU FUNDS

ICICI Prudential Banking & PSU Debt Fund

5

33.7

9721

0.7

0.4

7.7

7.8

7.6

6.3

–

DEBT – FLOATER FUNDS

ICICI Prudential Floating Interest Fund

5

438.7

7340

0.9

0.3

7.8

7.9

7.8

6.3

9.77

DEBT – GILT FUNDS

ICICI Prudential Gilt Fund

5

104.7

9215

1.1

0.6

6.8

7.5

7.7

6.1

–

DEBT – LOW DURATION FUNDS

ICICI Prudential Savings Fund

5

561.9

30206

0.6

0.4

7.8

7.8

7.8

6.3

8.41

DEBT – SHORT DURATION FUNDS

ICICI Prudential Short Term Fund

5

62.1

23702

1.1

0.5

8.1

7.9

7.7

6.3

9.58

DEBT – BANKING AND PSU FUNDS

Kotak Banking and PSU Debt Fund

5

67.3

5701

0.8

0.4

7.7

7.9

7.5

6.0

–

DEBT – CORPORATE BOND FUNDS

Nippon India Corporate Bond Fund

5

61.7

11276

0.8

0.4

7.8

8.1

7.8

6.5

–

DEBT – MONEY MARKET FUNDS

Nippon India Money Market Fund

5

4282.5

24261

0.4

0.2

7.5

7.6

7.5

6.2

–

DEBT – ULTRA SHORT DURATION FUNDS

Nippon India Ultra Short Duration Fund

5

4145.6

13682

1.1

0.4

6.8

7.0

6.9

6.6

18.78

DEBT – GILT FUNDS

SBI Gilt Fund

5

66.4

11033

1.0

0.5

4.8

6.7

7.0

5.7

–

DEBT – LOW DURATION FUNDS

UTI Low Duration Fund

5

3661.8

3184

0.4

0.3

7.6

7.6

7.5

7.1

8.70

DEBT – MEDIUM TO LONG DURATION FUNDS

UTI Medium to Long Duration Fund

5

74.3

313

1.6

1.2

5.7

7.1

6.8

8.0

4.87

DEBT – MONEY MARKET FUNDS

UTI Money Market Fund

5

3182.9

22198

0.2

0.1

7.5

7.6

7.6

6.2

–

DEBT – SHORT DURATION FUNDS

UTI Short Duration Fund

5

32.6

3374

0.8

0.4

7.4

7.6

7.4

6.9

4.18

DEBT – BANKING AND PSU FUNDS

Aditya Birla SL Bank & PSU Debt

4

376.3

9235

0.7

0.4

7.4

7.6

7.4

5.9

–

DEBT – MONEY MARKET FUNDS

Aditya Birla Sun Life Money Manager Fund

4

381.8

32711

0.4

0.2

7.4

7.6

7.5

6.2

–

DEBT – SHORT DURATION FUNDS

Aditya Birla Sun Life Short Term Fund

4

49.0

11363

1.0

0.4

7.8

7.9

7.5

6.1

9.97

DEBT – GILT FUNDS

Axis Gilt Fund

4

25.8

599

0.8

0.4

5.4

7.6

7.4

5.4

–

DEBT – MONEY MARKET FUNDS

Axis Money Market Fund

4

1476.6

24194

0.3

0.2

7.5

7.6

7.5

6.2

–

DEBT – SHORT DURATION FUNDS

Axis Short Duration Fund

4

31.9

12692

0.9

0.4

8.1

8.0

7.6

6.0

5.20

DEBT – LOW DURATION FUNDS

Axis Treasury Advantage Fund

4

3192.4

7365

0.7

0.4

7.5

7.6

7.4

6.0

6.19

DEBT – GILT FUNDS

Baroda BNP Paribas Gilt Fund

4

43.0

1327

0.5

0.1

5.6

7.5

7.4

5.1

–

DEBT – GILT FUNDS

DSP Gilt Fund

4

96.2

1345

1.2

0.6

4.5

7.2

7.1

5.5

–

DEBT – LOW DURATION FUNDS

DSP Low Duration Fund

4

20.4

6551

0.6

0.3

7.2

7.3

7.2

5.8

–

DEBT – GILT FUNDS

Edelweiss Government Securities

4

24.6

155

1.2

0.5

4.0

6.7

6.6

5.3

–

DEBT – BANKING AND PSU FUNDS

HDFC Banking and PSU Debt Fund

4

23.6

5835

0.8

0.4

7.5

7.6

7.4

5.8

–

DEBT – CORPORATE BOND FUNDS

HDFC Corporate Bond Fund

4

33.4

36382

0.6

0.4

7.4

7.9

7.7

6.1

–

DEBT – FLOATER FUNDS

HDFC Floating Rate Debt Fund

4

51.6

15773

0.5

0.3

8.0

8.1

7.9

6.5

9.87

DEBT – LOW DURATION FUNDS

HDFC Low Duration Fund

4

59.5

25757

1.0

0.5

7.3

7.3

7.2

5.9

11.37

DEBT – SHORT DURATION FUNDS

HDFC Short Term Debt Fund

4

33.0

18412

0.7

0.4

7.9

8.1

7.8

6.1

7.79

DEBT – ULTRA SHORT DURATION FUNDS

HDFC Ultra Short Term Fund

4

15.6

18875

0.7

0.4

7.0

7.2

7.1

5.9

4.44

DEBT – ULTRA SHORT DURATION FUNDS

HSBC Ultra Short Duration Fund

4

1393.8

4059

0.4

0.2

7.0

7.2

7.1

5.9

–

DEBT – DYNAMIC BOND FUNDS

ICICI Prudential All Seasons Bond Fund

4

37.8

14983

1.3

0.6

7.3

7.7

7.6

6.4

20.85

DEBT – MEDIUM TO LONG DURATION FUNDS

ICICI Prudential Bond Fund

4

41.0

2921

1.0

0.6

6.7

7.7

7.6

5.8

–

DEBT – CORPORATE BOND FUNDS

ICICI Prudential Corporate Bond Fund

4

30.8

35278

0.6

0.4

8.0

8.0

7.8

6.4

–

DEBT – CREDIT RISK FUNDS

ICICI Prudential Credit Risk Fund

4

33.2

5936

1.4

0.8

9.4

8.9

8.4

7.3

61.91

DEBT – MEDIUM DURATION FUNDS

ICICI Prudential Medium Term Bond Fund

4

46.5

5796

1.4

0.7

9.0

8.5

8.0

6.7

36.24

DEBT – MONEY MARKET FUNDS

ICICI Prudential Money Market Fund

4

391.6

36029

0.3

0.2

7.5

7.6

7.5

6.2

–

DEBT – ULTRA SHORT DURATION FUNDS

ICICI Prudential Ultra Short Term Fund

4

28.6

19711

0.8

0.4

7.1

7.3

7.2

6.0

9.84

DEBT – CORPORATE BOND FUNDS

Kotak Corporate Bond Fund

4

3883.8

19195

0.7

0.4

7.9

8.1

7.6

6.1

–

DEBT – MEDIUM DURATION FUNDS

Kotak Medium Term Fund

4

23.6

2083

1.6

0.7

8.8

8.8

8.0

6.4

36.52

DEBT – BANKING AND PSU FUNDS

Nippon India Banking and PSU Fund

4

21.3

5582

0.8

0.4

7.4

7.6

7.3

5.8

–

DEBT – CREDIT RISK FUNDS

Nippon India Credit Risk Fund

4

36.3

1013

1.5

0.7

8.9

8.6

8.3

8.5

61.11

DEBT – DYNAMIC BOND FUNDS

Nippon India Dynamic Bond Fund

4

38.1

4242

0.8

0.4

7.2

8.0

7.6

5.6

–

DEBT – LOW DURATION FUNDS

Nippon India Low Duration Fund

4

3858.4

12254

1.0

0.4

7.3

7.3

7.1

5.9

8.29

DEBT – SHORT DURATION FUNDS

Nippon India Short Duration Fund

4

54.4

9796

1.0

0.4

7.9

7.9

7.6

6.1

7.12

DEBT – DYNAMIC BOND FUNDS

Quantum Dynamic Bond Fund

4

21.7

118

1.0

0.5

6.1

7.5

7.4

6.0

–

DEBT – MEDIUM TO LONG DURATION FUNDS

SBI Medium to Long Duration Fund

4

71.7

2169

1.5

0.8

6.0

7.0

7.1

5.6

22.87

DEBT – MONEY MARKET FUNDS

Tata Money Market Fund

4

4870.7

40598

0.4

0.2

7.4

7.5

7.5

6.2

–

DEBT – ULTRA SHORT DURATION FUNDS

UTI Ultra Short Duration Fund

4

4358.8

4788

1.0

0.3

6.7

6.9

6.9

6.2

6.56

DEBT – GILT FUNDS

Aditya Birla Sun Life Government Sec

3

80.5

1837

1.1

0.5

3.2

5.9

6.3

4.9

–

DEBT – MEDIUM TO LONG DURATION FUNDS

Aditya Birla Sun Life Income Fund

3

126.8

2165

1.1

0.7

5.3

6.8

6.7

5.3

–

DEBT – LOW DURATION FUNDS

Aditya Birla Sun Life Low Duration Fund

3

675.8

15556

1.2

0.4

7.0

7.0

6.9

5.7

11.67

DEBT – CORPORATE BOND FUNDS

Axis Corporate Bond Fund

3

17.6

10089

1.0

0.4

8.0

8.0

7.6

6.0

–

DEBT – DYNAMIC BOND FUNDS

Axis Dynamic Bond Fund

3

30.3

1203

0.6

0.3

7.2

7.8

7.4

5.6

–

DEBT – ULTRA SHORT DURATION FUNDS

Axis Ultra Short Duration Fund

3

15.1

6924

1.2

0.4

6.6

6.8

6.7

5.5

8.91

DEBT – BANKING AND PSU FUNDS

Bandhan Banking and PSU Fund

3

25.2

12818

0.7

0.4

7.2

7.3

7.1

5.7

–

DEBT – LOW DURATION FUNDS

Bandhan Low Duration Fund

3

39.7

7046

0.7

0.3

7.2

7.2

7.2

5.8

–

DEBT – SHORT DURATION FUNDS

Bandhan Short Duration Fund

3

58.6

10530

0.8

0.3

7.5

7.6

7.4

5.7

–

DEBT – ULTRA SHORT DURATION FUNDS

Bandhan Ultra Short Duration Fund

3

15.7

4483

0.5

0.3

7.0

7.2

7.1

5.8

–

DEBT – CORPORATE BOND FUNDS

Baroda BNP Paribas Corporate Bond Fund

3

28.3

492

0.6

0.2

8.4

8.3

7.9

5.4

–

DEBT – DYNAMIC BOND FUNDS

Baroda BNP Paribas Dynamic Bond Fund

3

45.9

196

1.7

0.7

4.6

6.3

6.5

4.9

–

DEBT – SHORT DURATION FUNDS

Baroda BNP Paribas Short Duration Fund

3

30.0

308

1.1

0.4

7.6

7.6

7.4

5.8

1.65

DEBT – LOW DURATION FUNDS

Canara Robeco Savings Fund

3

43.4

1388

0.5

0.2

7.3

7.3

7.2

5.7

–

DEBT – BANKING AND PSU FUNDS

DSP Banking & PSU Debt Fund

3

24.6

4154

0.6

0.3

6.9

7.7

7.4

5.7

–

DEBT – MONEY MARKET FUNDS

DSP Savings Fund

3

54.2

8628

0.4

0.2

7.1

7.2

7.2

5.8

–

DEBT – ULTRA SHORT DURATION FUNDS

DSP Ultra Short Fund

3

3500.1

4250

1.0

0.3

6.8

6.8

6.8

5.4

7.81

DEBT – BANKING AND PSU FUNDS

Edelweiss Banking and PSU Debt Fund

3

25.3

476

0.7

0.4

7.4

7.7

7.3

5.8

–

DEBT – BANKING AND PSU FUNDS

Franklin India Banking & PSU Debt Fund

3

23.2

485

0.5

0.2

7.9

7.8

7.5

5.9

10.77

DEBT – CORPORATE BOND FUNDS

Franklin India Corporate Debt Fund

3

102.7

1309

0.8

0.3

9.1

8.3

7.8

6.0

8.83

DEBT – FLOATER FUNDS

Franklin India Floating Rate Fund

3

42.0

317

1.0

0.3

8.0

8.1

7.8

6.2

16.05

DEBT – MONEY MARKET FUNDS

Franklin India Money Market Fund

3

51.8

4422

0.3

0.1

7.5

7.5

7.5

6.0

–

DEBT – CREDIT RISK FUNDS

HDFC Credit Risk Debt Fund

3

24.8

7013

1.6

1.0

7.8

8.0

7.6

6.7

56.36

DEBT – DYNAMIC BOND FUNDS

HDFC Dynamic Debt Fund

3

90.1

758

1.4

0.8

4.6

6.6

6.6

5.8

–

DEBT – GILT FUNDS

HDFC Gilt Fund

3

55.8

2939

0.9

0.5

5.3

6.9

7.0

5.0

–

DEBT – MEDIUM DURATION FUNDS

HDFC Medium Term Debt Fund

3

57.9

3885

1.3

0.7

7.6

7.8

7.5

6.1

29.81

DEBT – MONEY MARKET FUNDS

HDFC Money Market Fund

3

5895.6

37517

0.4

0.2

7.4

7.5

7.4

6.1

–

DEBT – DYNAMIC BOND FUNDS

HSBC Dynamic Bond Fund

3

29.9

170

0.8

0.2

5.8

7.2

6.9

4.9

–

DEBT – MEDIUM DURATION FUNDS

HSBC Medium Duration Fund

3

21.0

788

1.0

0.4

8.0

8.0

7.7

6.1

32.14

DEBT – SHORT DURATION FUNDS

HSBC Short Duration Fund

3

27.2

4539

0.7

0.3

7.8

7.6

7.3

5.5

–

DEBT – CORPORATE BOND FUNDS

Invesco India Corporate Bond Fund

3

3266.4

8043

0.7

0.3

7.7

7.9

7.5

5.7

–

DEBT – LOW DURATION FUNDS

Invesco India Low Duration Fund

3

3898.8

1742

0.6

0.3

7.3

7.4

7.2

5.8

8.40

DEBT – MONEY MARKET FUNDS

Invesco India Money Market Fund

3

3139.6

5326

0.4

0.2

7.2

7.3

7.2

5.8

–

DEBT – ULTRA SHORT DURATION FUNDS

Invesco India Ultra Short Duration Fund

3

2774.1

1603

0.8

0.2

6.9

7.1

7.0

5.6

9.66

DEBT – LOW DURATION FUNDS

JM Low Duration Fund

3

38.2

181

0.9

0.4

7.3

7.3

7.0

5.6

9.68

DEBT – MEDIUM TO LONG DURATION FUNDS

Kotak Bond Fund

3

77.6

2052

1.7

0.7

5.4

6.8

6.7

4.9

–

DEBT – SHORT DURATION FUNDS

Kotak Bond Short Term Fund

3

53.5

18538

1.1

0.4

7.4

7.5

7.1

5.5

–

DEBT – DYNAMIC BOND FUNDS

Kotak Dynamic Bond Fund

3

38.0

2779

1.3

0.6

5.9

7.5

7.1

5.4

–

DEBT – FLOATER FUNDS

Kotak Floating Rate Fund

3

1563.2

2993

0.6

0.3

8.3

8.2

7.9

6.3

9.86

DEBT – LOW DURATION FUNDS

Kotak Low Duration Fund

3

3441.5

15809

1.2

0.4

7.1

7.2

7.0

5.7

9.88

DEBT – MONEY MARKET FUNDS

Kotak Money Market Fund

3

4632.5

36157

0.4

0.2

7.4

7.5

7.5

6.2

–

DEBT – ULTRA SHORT DURATION FUNDS

Kotak Savings Fund

3

44.1

16008

0.8

0.4

6.9

7.0

7.0

5.7

6.65

DEBT – MEDIUM TO LONG DURATION FUNDS

LIC MF Medium to Long Duration Fund

3

73.4

201

1.2

0.2

6.1

7.6

7.2

5.2

–

DEBT – ULTRA SHORT DURATION FUNDS

Mahindra Manulife Ultra Short Duration Fund

3

1415.5

200

0.7

0.3

6.8

7.1

7.0

5.7

2.51

DEBT – FLOATER FUNDS

Nippon India Floater Fund

3

46.6

8388

0.7

0.4

8.0

8.1

7.8

6.2

–

DEBT – GILT FUNDS

Nippon India Gilt Fund

3

38.0

1862

1.3

0.5

3.9

6.3

6.4

4.6

–

DEBT – MEDIUM TO LONG DURATION FUNDS

Nippon India Medium to Long Duration Fund

3

90.3

418

1.5

0.7

5.0

6.5

6.6

4.9

–

DEBT – GILT FUNDS

PGIM India Gilt Fund

3

30.2

105

1.4

0.6

4.1

6.4

6.4

4.8

–

DEBT – ULTRA SHORT DURATION FUNDS

PGIM India Ultra Short Duration Fund

3

35.0

209

1.1

0.4

6.4

6.6

6.6

5.4

–

DEBT – BANKING AND PSU FUNDS

SBI Banking and PSU Fund

3

3199.5

4213

0.8

0.4

7.5

7.6

7.2

5.4

–

DEBT – CORPORATE BOND FUNDS

SBI Corporate Bond Fund

3

16.0

25054

0.8

0.4

7.8

7.8

7.4

5.7

–

DEBT – CREDIT RISK FUNDS

SBI Credit Risk Fund

3

47.1

2182

1.6

0.9

8.0

8.0

8.1

6.7

65.26

DEBT – DYNAMIC BOND FUNDS

SBI Dynamic Bond Fund

3

36.2

4707

1.4

0.6

5.7

7.1

7.1

5.5

–

DEBT – LOW DURATION FUNDS

SBI Low Duration Fund

3

3594.7

16698

1.0

0.4

7.1

7.2

7.0

5.6

0.94

DEBT – MEDIUM DURATION FUNDS

SBI Medium Duration Fund

3

52.6

6946

1.2

0.7

7.6

7.8

7.6

6.0

37.95

DEBT – SHORT DURATION FUNDS

SBI Short Term Debt Fund

3

33.1

17716

0.9

0.4

7.9

7.8

7.4

5.7

4.74

DEBT – ULTRA SHORT DURATION FUNDS

SBI Ultra Short Duration Fund

3

6153.7

15624

0.6

0.4

7.0

7.2

7.1

5.8

1.76

DEBT – BANKING AND PSU FUNDS

Sundaram Banking & PSU Fund

3

44.3

377

0.4

0.3

7.7

7.8

7.5

5.6

–

DEBT – CORPORATE BOND FUNDS

Sundaram Corporate Bond Fund

3

41.3

773

0.6

0.3

7.7

7.8

7.3

5.8

–

DEBT – MONEY MARKET FUNDS

Sundaram Money Market Fund

3

15.5

2051

0.3

0.2

7.4

7.4

7.3

6.0

–

DEBT – SHORT DURATION FUNDS

Sundaram Short Duration Fund

3

45.5

194

0.9

0.3

7.4

7.6

7.3

5.7

2.59

DEBT – GILT FUNDS

Tata Gilt Securities Fund

3

78.3

1288

1.4

0.3

4.8

6.4

6.8

4.7

–

DEBT – LOW DURATION FUNDS

Tata Treasury Advantage Fund

3

4048.2

3656

0.6

0.2

7.2

7.3

7.2

5.8

–

DEBT – CORPORATE BOND FUNDS

UTI Corporate Bond Fund

3

16.9

5747

0.6

0.3

7.9

7.8

7.5

5.9

–

DEBT – CREDIT RISK FUNDS

UTI Credit Risk Fund

3

17.6

261

1.6

0.9

7.3

7.6

7.2

9.3

65.89

DEBT – DYNAMIC BOND FUNDS

UTI Dynamic Bond Fund

3

31.5

457

1.6

0.7

6.3

7.4

7.0

8.4

–

DEBT – GILT FUNDS

UTI Gilt Fund

3

63.5

561

0.9

0.6

5.4

7.0

6.9

5.2

–

DEBT – FLOATER FUNDS

Aditya Birla Sun Life Floating Rate Fund

2

359.1

13191

0.5

0.2

7.7

7.8

7.7

6.3

–

DEBT – BANKING AND PSU FUNDS

Axis Banking & PSU Debt Fund

2

2709.1

13712

0.6

0.3

7.6

7.6

7.2

5.7

–

DEBT – CREDIT RISK FUNDS

Axis Credit Risk Fund

2

22.2

366

1.6

0.8

8.8

8.4

7.9

6.8

68.02

DEBT – CORPORATE BOND FUNDS

Bandhan Corporate Bond Fund

2

19.7

15865

0.7

0.3

7.5

7.5

7.3

5.6

–

DEBT – GILT FUNDS

Bandhan Gilt Fund

2

35.4

2275

1.1

0.5

4.2

7.1

7.0

4.9

–

DEBT – ULTRA SHORT DURATION FUNDS

BOI Ultra Short Duration

2

3247.6

166

0.9

0.3

6.5

6.5

6.5

5.4

16.38

DEBT – LOW DURATION FUNDS

Baroda BNP Paribas Low Duration Fund

2

41.2

288

1.0

0.3

7.0

6.9

6.9

5.5

5.25

DEBT – MONEY MARKET FUNDS

Baroda BNP Paribas Money Market Fund

2

1422.1

6018

0.4

0.2

7.4

7.3

7.2

5.7

–

DEBT – GILT FUNDS

Canara Robeco Gilt Fund

2

75.4

146

1.3

0.5

3.9

6.2

6.3

4.6

–

DEBT – MEDIUM TO LONG DURATION FUNDS

Canara Robeco Income Fund

2

55.8

121

1.9

0.8

4.5

6.0

5.9

4.2

–

DEBT – MEDIUM DURATION FUNDS

DSP Bond Fund

2

83.9

320

0.8

0.4

7.8

7.7

7.5

5.7

–

DEBT – SHORT DURATION FUNDS

DSP Short Term Fund

2

47.8

3970

1.0

0.4

7.3

7.4

7.2

5.5

–

DEBT – DYNAMIC BOND FUNDS

DSP Strategic Bond Fund

2

3381.4

1368

1.2

0.5

4.3

7.0

7.3

5.2

–

DEBT – MEDIUM TO LONG DURATION FUNDS

HDFC Income Fund

2

58.8

887

1.4

0.8

5.6

7.2

6.8

4.7

–

DEBT – CORPORATE BOND FUNDS

HSBC Corporate Bond Fund

2

75.3

6262

0.6

0.3

8.1

8.0

7.5

5.7

–

DEBT – MONEY MARKET FUNDS

HSBC Money Market Fund

2

27.2

6012

0.3

0.2

7.3

7.4

7.2

5.7

–

DEBT – GILT FUNDS

Invesco India Gilt Fund

2

2842.8

314

1.3

0.5

4.3

6.9

6.8

4.7

–

DEBT – SHORT DURATION FUNDS

Invesco India Short Duration Fund

2

3665.9

994

1.1

0.4

7.6

7.7

7.2

5.3

4.36

DEBT – CREDIT RISK FUNDS

Kotak Credit Risk Fund

2

30.5

720

1.7

0.8

8.8

7.9

7.5

5.7

59.25

DEBT – GILT FUNDS

Kotak Gilt Fund

2

95.2

3340

1.5

0.5

2.4

5.2

5.9

4.5

–

DEBT – BANKING AND PSU FUNDS

LIC MF Banking & PSU Fund

2

35.7

1888

0.8

0.3

7.6

7.6

7.3

5.5

–

DEBT – LOW DURATION FUNDS

LIC MF Low Duration Fund

2

40.7

1987

1.0

0.3

6.9

7.0

6.8

5.6

2.57

DEBT – ULTRA SHORT DURATION FUNDS

LIC MF Ultra Short Duration Fund

2

1357.0

195

1.0

0.3

6.5

6.6

6.4

5.3

2.68

DEBT – DYNAMIC BOND FUNDS

Mirae Asset Dynamic Bond Fund

2

16.6

117

1.0

0.2

7.0

7.1

6.7

4.7

–

DEBT – LOW DURATION FUNDS

Mirae Asset Low Duration Fund

2

2325.7

2842

0.9

0.2

7.2

7.2

7.0

5.6

4.24

DEBT – SHORT DURATION FUNDS

Mirae Asset Short Duration Fund

2

16.2

719

1.1

0.2

7.5

7.5

7.1

5.5

2.09

DEBT – MEDIUM DURATION FUNDS

Nippon India Medium Duration Fund

2

16.2

134

1.0

0.5

9.7

9.0

8.3

8.8

29.14

DEBT – DYNAMIC BOND FUNDS

PGIM India Dynamic Bond Fund

2

2654.6

100

1.7

0.4

5.2

7.0

6.7

5.0

–

DEBT – MONEY MARKET FUNDS

PGIM India Money Market Fund

2

1367.1

294

0.5

0.2

7.1

7.2

7.1

5.7

–

DEBT – MONEY MARKET FUNDS

SBI Savings Fund

2

42.7

36650

0.6

0.3

7.1

7.2

7.1

5.8

–

DEBT – LOW DURATION FUNDS

Sundaram Low Duration Fund

2

3557.4

383

1.2

0.4

6.9

7.0

6.8

5.6

3.41

DEBT – SHORT DURATION FUNDS

Tata Short Term Bond Fund

2

49.0

3392

1.2

0.3

6.8

7.1

7.0

5.3

–

DEBT – ULTRA SHORT DURATION FUNDS

Tata Ultra Short Term Fund

2

14.6

6031

1.2

0.3

6.6

6.8

6.7

5.4

6.25

DEBT – CORPORATE BOND FUNDS

Union Corporate Bond Fund

2

15.7

571

0.7

0.4

7.7

7.8

7.4

5.5

–

DEBT – BANKING AND PSU FUNDS

UTI Banking & PSU Fund

2

22.6

812

0.5

0.3

7.9

7.7

7.4

7.0

–

DEBT – ULTRA SHORT DURATION FUNDS

WhiteOak Capital Ultra Short Duration Fund

2

1398.1

576

1.0

0.5

6.4

6.6

6.5

5.5

–

DEBT – CREDIT RISK FUNDS

Bandhan Credit Risk Fund

1

16.8

255

1.7

0.7

6.3

6.7

6.5

5.3

55.33

DEBT – DYNAMIC BOND FUNDS

Bandhan Dynamic Bond Fund

1

34.0

2544

1.6

0.7

3.8

6.7

6.6

4.5

–

DEBT – MEDIUM DURATION FUNDS

Bandhan Medium Duration Fund

1

46.6

1406

1.4

0.7

6.7

7.1

6.9

4.8

–

DEBT – MEDIUM TO LONG DURATION FUNDS

Bandhan Medium to Long Duration Fund

1

65.2

482

2.0

1.3

4.3

6.0

6.0

4.0

–

DEBT – MONEY MARKET FUNDS

Bandhan Money Market Fund

1

41.6

14346

0.4

0.1

7.4

7.2

7.1

5.6

–

DEBT – CORPORATE BOND FUNDS

Canara Robeco Corporate Bond Fund

1

22.2

113

1.0

0.4

6.3

6.8

6.6

5.1

–

DEBT – DYNAMIC BOND FUNDS

Canara Robeco Dynamic Bond Fund

1

29.3

105

1.8

0.7

3.7

5.5

5.5

4.1

–

DEBT – SHORT DURATION FUNDS

Canara Robeco Short Duration Fund

1

26.0

435

1.0

0.4

7.0

7.0

6.8

5.2

–

DEBT – ULTRA SHORT DURATION FUNDS

Canara Robeco Ultra Short Term Fund

1

3901.2

568

1.0

0.3

6.5

6.6

6.5

5.2

–

DEBT – CORPORATE BOND FUNDS

DSP Corporate Bond Fund

1

16.5

2751

0.5

0.3

7.7

7.7

7.3

5.4

–

DEBT – MONEY MARKET FUNDS

Edelweiss Money Market Fund

1

29.3

1889

0.7

0.1

6.9

6.9

6.7

5.3

–

DEBT – GILT FUNDS

Franklin India Government Securities

1

59.5

187

1.2

0.6

5.5

6.4

6.1

4.6

–

DEBT – BANKING AND PSU FUNDS

HSBC Banking and PSU Debt Fund

1

24.9

4413

0.6

0.2

7.6

7.4

7.1

5.2

–

DEBT – GILT FUNDS

HSBC Gilt Fund

1

65.8

295

1.6

0.5

3.5

5.7

5.6

3.9

–

DEBT – LOW DURATION FUNDS

HSBC Low Duration Fund

1

29.5

1270

0.9

0.4

8.6

8.0

7.7

6.1

11.83

DEBT – BANKING AND PSU FUNDS

Invesco India Banking and PSU Fund

1

2324.4

171

0.6

0.3

7.3

7.7

7.3

5.2

–

DEBT – SHORT DURATION FUNDS

LIC MF Short Duration Fund

1

14.9

270

1.3

0.4

7.1

7.2

6.9

5.0

3.88

DEBT – LOW DURATION FUNDS

Mahindra Manulife Low Duration Fund

1

1681.8

617

1.1

0.3

7.0

7.0

6.9

5.5

8.80

DEBT – ULTRA SHORT DURATION FUNDS

Motilal Oswal Ultra Short Term Fund

1

16.9

566

1.0

0.3

5.5

5.7

5.7

4.6

–

DEBT – ULTRA SHORT DURATION FUNDS

Sundaram Ultra Short Duration Fund

1

2751.7

2363

1.5

0.2

6.0

6.2

6.2

4.9

1.32

DEBT – FLOATER FUNDS

UTI Floater Fund

1

1538.8

1462

0.9

0.4

7.1

7.0

7.0

5.5

–

DEBT – CREDIT RISK FUNDS

Aditya Birla Sun Life Credit Risk Fund

–

23.3

1094

1.7

0.8

13.5

12.6

10.7

9.1

56.15

DEBT – MEDIUM DURATION FUNDS

Aditya Birla Sun Life Medium Term Plan

–

41.2

2864

1.6

0.8

11.1

10.7

9.4

11.9

37.75

DEBT – FLOATER FUNDS

Bandhan Floater Fund

–

13.3

307

0.8

0.1

7.7

7.8

7.4

–

14.80

DEBT – GILT FUND WITH 10 YEAR CONSTANT DURATION

Bandhan Gilt with 10 year constant duration

–

46.7

350

0.5

0.3

7.7

8.6

8.2

5.4

–

DEBT – CREDIT RISK FUNDS

Bank of India Credit Risk Fund

–

12.6

107

1.4

1.0

6.4

6.3

6.0

25.9

60.34

DEBT – SHORT DURATION FUNDS

Bank of India Short Term Income Fund

–

27.5

248

1.0

0.5

7.1

8.1

7.3

10.1

8.13

DEBT – GILT FUND WITH 10 YEAR CONSTANT DURATION

DSP 10Y G-Sec Fund

–

22.1

52

0.5

0.3

6.6

7.7

7.7

4.8

–

DEBT – CREDIT RISK FUNDS

DSP Credit Risk Fund

–

50.8

209

1.2

0.4

21.2

14.3

14.7

11.1

57.79

DEBT – FLOATER FUNDS

DSP Floater Fund

–

13.6

521

0.5

0.3

7.6

8.3

8.2

–

–

DEBT – DYNAMIC BOND FUNDS

Groww Dynamic Bond Fund

–

1470.8

78

1.3

0.5

4.1

5.4

5.4

4.5

–

DEBT – SHORT DURATION FUNDS

Groww Short Duration Fund

–

2138.4

135

1.0

0.3

7.5

7.1

6.5

4.8

–

DEBT – CREDIT RISK FUNDS

HSBC Credit Risk Fund

–

33.2

523

1.6

1.0

20.4

13.5

11.1

8.4

63.02

DEBT – MEDIUM TO LONG DURATION FUNDS

HSBC Medium to Long Duration Fund Fund

–

42.6

49

1.3

0.7

5.5

6.5

6.2

4.1

–

DEBT – GILT FUND WITH 10 YEAR CONSTANT DURATION

ICICI Prudential Constant Maturity Gilt Fund

–

25.2

2582

0.4

0.3

7.7

8.4

8.1

5.7

–

DEBT – LONG DURATION FUNDS

ICICI Prudential Long Term Bond Fund

–

90.3

1068

1.0

0.4

5.1

7.5

7.3

4.7

–

DEBT – CREDIT RISK FUNDS

Invesco India Credit Risk Fund

–

1982.2

155

1.5

0.3

9.3

8.3

9.4

6.6

52.63

DEBT – BANKING AND PSU FUNDS

ITI Banking & PSU Debt Fund

–

13.4

37

0.7

0.2

6.9

7.2

6.9

5.7

–

DEBT – DYNAMIC BOND FUNDS

JM Dynamic Bond Fund

–

42.4

60

1.0

0.4

7.1

7.5

7.1

5.6

–

DEBT – MEDIUM TO LONG DURATION FUNDS

JM Medium to Long Duration Fund

–

63.1

31

1.1

0.6

6.7

7.3

7.0

4.7

–

DEBT – GILT FUNDS

LIC MF Gilt Fund

–

59.1

57

1.5

1.7

2.9

5.5

5.8

4.2

–

DEBT – DYNAMIC BOND FUNDS

Mahindra Manulife Dynamic Bond Fund

–

14.5

94

1.6

0.4

6.1

7.1

6.7

4.7

2.69

DEBT – SHORT DURATION FUNDS

Mahindra Manulife Short Duration Fund

–

13.1

78

1.3

0.3

7.2

7.3

7.1

–

5.82

DEBT – BANKING AND PSU FUNDS

Mirae Asset Banking and PSU Fund

–

13.3

45

0.8

0.4

7.0

7.4

7.1

5.4

–

DEBT – CORPORATE BOND FUNDS

Mirae Asset Corporate Bond Fund

–

13.1

46

0.7

0.2

7.4

7.7

7.2

–

–

DEBT – ULTRA SHORT DURATION FUNDS

Mirae Asset Ultra Short Duration Fund

–

1348.4

2441

0.4

0.2

7.2

7.4

7.3

6.0

2.26

DEBT – LONG DURATION FUNDS

Nippon India Nivesh Lakshya LD

–

17.9

9420

0.6

0.3

4.4

7.7

7.5

5.2

–

DEBT – CORPORATE BOND FUNDS

PGIM India Corporate Bond Fund

–

44.3

88

1.0

0.2

7.4

7.5

7.1

5.7

–

DEBT – GILT FUND WITH 10 YEAR CONSTANT DURATION

SBI Constant Maturity 10 Year Gilt Fund

–

64.9

1850

0.6

0.3

7.0

8.0

7.8

5.4

–

DEBT – FLOATER FUNDS

SBI Floating Rate Debt Fund

–

13.6

793

0.4

0.3

7.0

7.6

7.6

6.1

–

DEBT – MEDIUM DURATION FUNDS

Sundaram Medium Duration Fund

–

70.3

36

1.8

1.1

5.8

6.0

5.8

3.9

2.76

DEBT – BANKING AND PSU FUNDS

TRUSTMF Banking & PSU Fund

–

1303.6

131

0.7

0.2

7.4

7.4

7.1

–

–

DEBT – DYNAMIC BOND FUNDS

Union Dynamic Bond Fund

–

23.3

104

1.6

1.3

4.1

6.2

6.3

4.2

–

DEBT – MEDIUM DURATION FUNDS

UTI Medium Duration Fund

–

18.7

40

1.5

0.8

6.6

7.1

6.8

5.8

22.28

SOLUTION ORIENTED – CHILDREN’S FUNDS

Axis Children’s Fund

–

26.5

931

2.3

1.4

5.2

11.0

10.1

10.2

0.37

SOLUTION ORIENTED – RETIREMENT FUNDS

Franklin India Retirement Fund

–

221.4

522

2.3

1.5

4.3

10.3

8.9

8.4

0.53

SOLUTION ORIENTED – CHILDREN’S FUNDS

HDFC Children’s Fund

–

297.9

10632

1.7

0.9

2.2

14.9

15.6

13.6

0.71

SOLUTION ORIENTED – RETIREMENT FUNDS

HDFC Retirement Savings-Hybrid-Eq

–

39.4

1748

2.1

0.9

4.8

14.7

14.6

–

0.68

SOLUTION ORIENTED – RETIREMENT FUNDS

HDFC Retirement Savings Fund – Equity Plan

–

51.5

7055

1.8

0.7

4.5

18.3

20.9

–

0.82

SOLUTION ORIENTED – RETIREMENT FUNDS

HDFC Retire Savings-Hybrid-Debt

–

22.0

162

2.2

1.1

5.0

8.8

7.8

–

0.73

SOLUTION ORIENTED – CHILDREN’S FUNDS

ICICI Prudential Children’s Fund

–

330.0

1424

2.2

1.4

6.8

18.0

16.1

12.5

0.72

SOLUTION ORIENTED – CHILDREN’S FUNDS

LIC MF Children’s Fund

–

32.7

16

2.5

1.6

-4.6

11.3

9.8

8.7

0.32

SOLUTION ORIENTED – RETIREMENT FUNDS

LIC MF Unit Linked Insurance Scheme

–

36.4

467

2.4

1.4

2.5

10.4

11.3

10.1

0.46

SOLUTION ORIENTED – RETIREMENT FUNDS

Nippon Ind Retire-Income Gene

–

20.2

150

2.1

1.0

3.0

8.2

6.3

7.0

0.37

SOLUTION ORIENTED – RETIREMENT FUNDS

Nippon Ind Retire-Wealth Cre

–

28.9

3244

1.9

1.0

0.5

17.2

16.7

11.0

0.55

SOLUTION ORIENTED – CHILDREN’S FUNDS

SBI Mag Children’s Benefit – Sav

–

110.9

132

1.2

0.9

3.5

12.4

11.3

11.3

1.10

SOLUTION ORIENTED – CHILDREN’S FUNDS

Tata Children’s Fund

–

61.1

367

2.6

2.1

1.3

13.2

14.4

11.3

0.49

SOLUTION ORIENTED – RETIREMENT FUNDS

Tata Retirement Savings Con

–

32.0

174

2.2

1.0

3.7

8.6

6.7

7.9

0.38

SOLUTION ORIENTED – RETIREMENT FUNDS

Tata Retirement Savings Fund Moderate Plan

–

64.9

2191

2.0

0.6

1.1

15.1

12.6

12.4

0.45

SOLUTION ORIENTED – RETIREMENT FUNDS

Tata Retirement Savings Progre

–

65.5

2129

2.0

0.5

-1.2

16.1

13.2

13.1

0.41

SOLUTION ORIENTED – CHILDREN’S FUNDS

UTI Children’s Equity Fund

–

85.5

1180

2.2

1.2

2.9

13.4

13.5

12.7

0.44

SOLUTION ORIENTED – CHILDREN’S FUNDS

UTI Children’s Hybrid Fund

–

40.8

4559

1.7

1.6

4.8

9.6

9.5

8.6

0.61

SOLUTION ORIENTED – RETIREMENT FUNDS

UTI Retirement Fund

–

50.9

4791

1.7

1.1

6.0

12.4

12.2

9.7

0.88



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Portfolio Stability With Dividend Yield Funds

Portfolio Stability With Dividend Yield Funds

by | Dec 20, 2025 | Share Market


In the past 15 months, despite the frontline large-cap indices nearing or even touching their previous highs, the broader markets are still witnessing considerable churn with mid and small-caps mostly on a corrective mode.

Companies that are reasonably consistent in delivering steady cashflows and healthy dividend yield once they become mature are preferred for such environments. However, many sectors, especially from the large-cap space that fall into this category have had a rough run in the past 18 months. These include fast moving consumer goods, information technology and consumer discretionary segments.

Despite this underperformance from key segments over the past year and a half, dividend yield funds have largely done well over this phase and in general over the long term.

Five funds in the category have a track record in excess of 10 years, while a couple more have been operational for at least five years.

Read on for more on how dividend yield funds have managed to churn their portfolios smartly, straddle market caps while having a leash on risks and invest in newer avenues for better returns and yields.

Yielding more

Some of the relative older funds in the dividend yield category are ICICI Prudential Dividend Yield, Franklin India Dividend Yield, Aditya Birla Sun Life Dividend Yield, UTI Dividend Yield and Sundaram Dividend Yield. HDFC Dividend Yield and LIC MF Dividend Yield have been around for a little over five years. Four other schemes in the category are more recent in their operations.

Since dividend yield funds invest across market caps, we take the Nifty 500 TRI as the benchmark for gauging their performance over the years.

When 5-year rolling returns over December 2015 to December 2025 are considered, the mean returns scored by four of the five dividend yield funds – ICICI Prudential, Franklin India, Sundaram and UTI – ranged between 17.2 per cent and 19.9 per cent.

The Nifty 500 TRI delivered mean returns of 16.6 per cent over the aforementioned period.

Only Aditya Birla Sun Life Dividend Yield fell behind marginally, at 16.3 per cent on five-year rolling over the 10-year timeframe indicated earlier.

For HDFC and LIC MF dividend funds, we considered 3-year rolling returns over the past five years (December 2020 to December 2025). They returned 23.8 per cent and 22.9 per cent, respectively, on an average over this period. The benchmark Nifty 500 TRI delivered 17.4 per cent in this timeframe.

When monthly SIPs over the past 10 years are taken for the five longer track record funds, the returns (XIRR) are in the range of 16.2 per cent to almost 20 per cent.

An SIP in the Nifty 500 TRI would have given 15.5 per cent in the same timeframe.

One key aspect to check for dividend yield funds is their ability to contain downsides during market corrections.

The downside capture ratio of the seven funds taken up here range from 52.8 to 95.6, going by data for the direct plans from December 2020 to December 2025. This data clearly show that their NAVs fall less than their benchmark during periods when indices fall. A score of 100 shows that a fund moves in line with its benchmark.

Mixing segments smartly

As mentioned, some of the dividend paying defensives have been on the decline in recent years.

However, the better performing dividend yield funds upped stakes in banks and financial services companies that had a good run in the past 15 months. In addition, funds increased exposures to power and pharmaceutical stocks that delivered reasonably in this timeframe.

One avenue explored by funds has been real estate investment trusts (REITs), which have delivered 14-31 per cent returns in the past one year and also delivered dividends in excess of 5 per cent. Franklin India Dividend, for instance, had almost 10 per cent exposure to REITs/InvITs in its recent portfolio.

Though dividend yield funds tend to invest across market caps, there has been a tendency to increase large-cap exposure for a few funds, which provided stability and also better performance. ICICI Prudential Dividend Yield, Sundaram Dividend Yield and HDFC Dividend Yield are funds that followed this route with 67-74 per cent exposure to large-cap stocks.

For investors, Franklin India Dividend Yield and ICICI Prudential Dividend Yield are the best in the category and can be considered for the long term via the SIP route to coincide with specific goals.

It is important to note that dividend yield strategy could underperform in a secular growth market.

Published on December 20, 2025



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A practical guide to small-cap fund investing

A practical guide to small-cap fund investing

by | Dec 20, 2025 | Share Market


Small-cap funds have become the fastest-growing equity segment in India’s mutual fund industry. Over the past five years, investor accounts in this category have surged by nearly 450 per cent, from about 50 lakh to 2.7 crore as of November 2025. This sharp rise in retail participation raises an important question: are investors allocating to small-cap funds based on a clear understanding of risk, or are they merely chasing recent performance?

The small-cap universe largely comprises early-stage businesses with lower market capitalisation, limited liquidity, higher earnings volatility, relatively weaker governance structures, and greater sensitivity to economic cycles. These structural characteristics make small-caps inherently riskier than mid- and large-cap companies.

While small-cap investing can create meaningful wealth over long periods, it comes with pronounced volatility and behavioural challenges. For retail investors, recognising and preparing for these risks is critical before committing capital. Here, we outline two of the most significant risks in small-cap funds and present a disciplined framework to navigate this volatile but potentially rewarding segment.

Large drawdowns

One of the most defining characteristics of small-cap investing is the severity of drawdowns during market downturns. Maximum drawdown, which measures the peak-to-trough decline in portfolio value, is consistently higher for small-cap indices and funds than for their mid-cap and large-cap counterparts.

During the global financial crisis, the Nifty Smallcap 250 Total Return Index (TRI) witnessed a drawdown of about 76 per cent, compared with declines of 73 per cent for the Nifty Midcap 150 and 61 per cent for the Nifty 100. Similarly, during the Covid-19 market crash, the small-cap index fell nearly 59 per cent, while mid-cap and large-cap indices declined by about 43 per cent and 38 per cent, respectively. Large-cap indices typically experienced relatively lower drawdowns, reflecting stronger balance sheets, superior liquidity, and higher institutional ownership.

The implication for investors is clear: small-cap funds demand a much higher emotional and financial tolerance for volatility. Deep drawdowns not only erode portfolio value but also test your discipline. Many investors exit near market bottoms, converting temporary paper losses into permanent capital loss. Only investors who can remain invested through sharp equity drawdowns stand a realistic chance of benefiting from small-cap investing over the long term.

Prolonged periods of underperformance

Another frequently underappreciated risk is the tendency of small-caps to undergo extended phases of underperformance. While small-caps can deliver sharp and outsized returns during favourable cycles, these bursts are often followed by long stretches of muted or even negative performance. Although similar cycles occur in large-cap and mid-cap segments, the magnitude and volatility of underperformance are significantly higher in small caps.

Between January 2008 and June 2014, the Nifty Smallcap 250 index remained largely range-bound, oscillating between 1,000 and 4,000 points, and took nearly 6.4 years to surpass its January 2008 peak. An investor entering via a lump-sum investment at the peak would have earned virtually no returns over this period. While large-cap and mid-cap indices also experienced sluggish performance during the same timeframe, price swings and drawdowns were far more severe in small-caps.

Volatility metrics reinforce this observation. On an annualised basis, the standard deviation of the small-cap index during the period stood at around 37 per cent, compared with 28 per cent for large-cap indices and 34 per cent for mid-cap indices. Higher volatility not only deepens drawdowns but also prolongs recovery periods, increasing both financial stress and behavioural fatigue.

SIPs: helpful, but not a silver bullet

SIP outcomes during such periods offer a more nuanced perspective. Systematic investing tends to work during downturns by accumulating a higher number of units at lower prices. During the 2008–2014 period, while lump-sum delivered zero return, SIPs in the Nifty Smallcap 250 generated an annualised return of about 17 per cent, comparable to the 18 per cent delivered by the Nifty Midcap 150 and higher than the 15 per cent from the Nifty 100. At the fund level, small-cap funds delivered SIP returns of around 18.6 per cent, compared with 14 per cent for large-cap funds and 19.3 per cent for mid-cap funds.

A similar pattern was observed between January 2018 and May 2021, a 3.3-year phase during which the small-cap index delivered virtually zero returns. Despite this, SIP investors in the small-cap index earned an annualised return of about 22 per cent, broadly in line with mid-cap SIP returns of 23 per cent and ahead of large-cap SIP returns of 17 per cent. Funds performed relatively better, with large-cap, mid-cap, and small-cap funds delivering SIP returns of approximately 15 per cent, 21 per cent, and 25 per cent, respectively.

However, SIPs should not be viewed as a guaranteed risk-mitigation tool. Investors often assume that time alone smooths returns, but SIP rolling return data suggests otherwise. During prolonged downturns in small-caps, even disciplined SIP investors can experience extended periods of subdued or below-average outcomes. For example, seven-year SIP rolling returns for the small-cap index briefly turned negative for three to four months during the Covid-19 sell-off, while comparable SIPs in large-cap and mid-cap indices largely avoided negative territory due to more stable earnings and broader diversification. Six out of 10 small-cap funds too delivered negative seven-year SIP returns during April 2020.

Another notable phase spans January 2008 to April 2020, during which the Nifty Smallcap 250 index delivered a near-zero point-to-point return but witnessed sharp swings before staging a powerful rally post-April 2020. A comparison of SIP returns during the period shows that the Smallcap Index delivered 4.5 per cent, lagging the Nifty 100’s 7.8 per cent. Despite the strong post-2020 rally, prolonged volatility caused small-cap SIPs to underperform large-caps over this cycle, highlighting extended phases where patience does not necessarily translate into superior returns.

The message is small-cap investing requires patience, resilience, and a willingness to endure long stretches of disappointment even when investing through SIPs.

A practical framework for retail investors

Assess your risk tolerance: Can you withstand 30–60 per cent drawdowns without selling? Can you stay invested through three to five years of relative underperformance versus large-caps? If the answer is no, your small-cap exposure should be limited or avoided altogether.

Maintain a long investment horizon: Small-caps are long-duration equity assets. A minimum horizon of 7–10 years is essential to absorb cyclicality, allow earnings to compound, and give fund managers time to navigate liquidity and valuation cycles.

Size your allocation prudently: Small-caps should be treated as a satellite allocation rather than a core holding. For most retail investors, 5–15 per cent of the equity portfolio is sufficient. Conservative investors may cap exposure at the lower end, while aggressive investors with long horizons may allocate more. The objective is to capture upside without allowing small-cap cycles to dominate overall portfolio outcomes.

Prefer SIPs over lump-sum investments: SIPs help investors average into volatile assets, reduce timing risk, and enforce behavioural discipline. Lump-sum investments are better suited to periods following sharp market corrections, when valuations have clearly reset, the phases that are difficult for most retail investors to identify consistently. For smaller investors, disciplined SIPs, supplemented by step-ups during salary increases or tactical additions during market dislocations, are more practical.

Rebalance periodically: Rebalancing is critical to risk management. Sharp outperformance in small-caps can inflate portfolio weights and distort asset allocation. Periodic rebalancing — typically annually — helps lock in gains, restore target allocation, and align the portfolio with evolving goals.

Choose wisely between active and index funds: The small-cap space offers active funds, passive index funds, and smart-beta strategies. Active funds charge higher fees relatively but aim to generate alpha through stock selection and risk management. Index funds offer cost efficiency but fully replicate index volatility. Smart-beta funds apply rule-based tilts toward factors such as momentum or quality. Your choice should reflect conviction in manager skill, sensitivity to costs, and preference for simplicity.

Several active small-cap funds have delivered superior results over full market cycles. Investors may also consider consistently rated four- and five-star funds under the bl.portfolio Mutual Fund Star Track Ratings as part of their evaluation framework.

Published on December 20, 2025



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