HDFC AMC: Leading Play on Mutual Fund Resilience Story

by Hansraj Agrawal | Jan 24, 2026 | Share Market

The markets continue to be in a state of flux as they have been for the past 16 months as US trade tariffs, geopolitical escalations and FPI outflows have prevailed on investor sentiments over revival in domestic demand, healthy GDP growth and low inflation. While large-caps experience periodic slides, the broader markets have taken it on their chin with many pockets in the mid- and small-caps spiralling down.

In this regard, one segment has remained resilient despite its strong linkages to the market’s fortunes. Asset and wealth management companies continue to receive inflows.

The ₹80.2-lakh crore mutual fund industry continues to grow at a fairly healthy clip. And the larger players (especially the bank-backed ones) have received a bigger share of SIP and fixed income inflows from investors.

Equity funds’ AUM has risen 19.2 per cent in the last one year to ₹58.7 lakh crore, as of December 2025, while debt fund assets have risen 21.9 per cent to ₹21.5 lakh crore. SIP AUM has risen 22 per cent in the past 12 months to ₹16.6 lakh crore.

And a key beneficiary and one of the largest in the space has been HDFC Asset Management Company (HDFC AMC). The third largest company in the mutual funds space manages ₹9.2 lakh crore as of December 2025.

We had given a hold in the stock in June 2024 at ₹1,966 (pre 1:1 bonus price of ₹3,913), mainly as markets were at all-time highs, and a more careful approach was necessary while approaching market-linked companies, as valuations were not inexpensive. The stock rallied to ₹2,946-levels in August 2025 and has since corrected 18 per cent to ₹2,430-level currently.

At this price, the HDFC AMC stock trades at about 31 times its likely per share earnings for FY27. This multiple is at a discount to ICICI Prudential AMC’s forward price earnings ratio of about 35 times – the company actually came at a discount to HDFC AMC during the IPO in December 2025, but has since rallied 35 per cent from the upper-band price.

On a market capitalisation to AUM basis, HDFC AMC is available at around 11 per cent compared to 13 per cent for ICICI Prudential AMC as per their December 2025 assets.

Given the discount in valuation multiples, investors can accumulate the shares of HDFC AMC from a three-year perspective, especially on declines linked to the broader market.

Solid AUM growth, steep rise in systematic transactions (SIPs + STPs), healthy rise in customer base that sticks on to investments for the long term and expanding market share in actively-managed equity schemes are positives for the company.

In the PMS and alternatives spaces, too, HDFC AMC is making with higher commitments from investors and newer mandates.

In the 9MFY26 period, the company’s revenues from operations increased 18 per cent over 9MFY25 to ₹3,068 crore. Net profits rose 23 per cent over the same period to ₹2,236 crore.

The company’s EBITDA margin has been ranging from 77 per cent to 80 per cent over the years, among the highest in the industry.

Scoring across metrics

HDFC AMC runs several large-sized funds across categories that have done exceedingly well over longer time-frames of 15-20 years. HDFC Balanced Advantage (₹1.08-lakh crore AUM), HDFC Flexicap (₹96,295 crore) and HDFC Midcap (₹92,642 crore) are among the largest in their categories. The large-, large- and mid-cap, focused, small-cap command AUMs of ₹26,000-40,000 crore. Most of its schemes feature in the top quartile of performers over the years.

HDFC AMC has a 12.8 per cent AUM market share in the industry (excluding ETFs) and a 13 per cent share in actively-managed equity-oriented assets.

The equity mix in the company’s AUM is now 66 per cent (December 2025 QAAUM: quarterly average assets under management), as against the industry average of 56.5 per cent.

In recent years, SEBI has looked to steadily reduce charges on mutual funds, especially equity schemes when asset sizes swell. However, despite these lower charges, the company managed a yield (revenue to average AUM) of 46 basis points in 9MFY26, broadly in line with the levels seen in the past two-three years. This yield is the second-highest among listed peers and is among the highest in the industry. The operating margin (as a percentage of QAAUM) has still remained stable or marginally increased at 36 basis points.

Further, HDFC AMC’s SIP AUM stood at ₹2,21,200 crore as of December 2026, up 24.5 per cent year on year, faster than the industry’s growth rate of 22 per cent.

SIP market share has risen from 13 per cent in December 2024 to 13.3 per cent in December 2025.

Monthly systematic transactions (SIP and STP) have risen nearly 24 per cent to ₹4,730 crore as of December 2025.

HDFC AMC’s unique investors increased from 12.6 million in December 2024 to 15.4 million in December 2025. Their share has risen from 24 per cent of the industry to 26 per cent currently. With 96 per cent of the fund house’s transactions being done digitally, operational costs are low.

The company’s alternatives businesses (PMS and AIF) have seen AUM increase from ₹5,000 crore to ₹8,400 crore in the last one year. Recently, the company has been awarded mandates from the Employees’ Provident Fund Organisation (EPFO) and the Seaman’s Provident Fund Organisation (SPFO).

The key risk to the company’s healthy run would be a prolonged bear market and leading to sulking investor sentiments, resulting in lower inflows.

Published on January 24, 2026

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SIF Review: ICICI Prudential iSIF Equity Ex-Top 100 Long-Short Fund and iSIF Hybrid Long-Short Fund

by Hansraj Agrawal | Jan 24, 2026 | Share Market

Specialised Investment Funds (SIFs) sit between mutual funds and PMS/AIFs, offering added portfolio tools at a ₹10-lakh minimum investment.

ICICI Prudential MF has launched iSIF Equity Ex-Top 100 Long-Short Fund and iSIF Hybrid Long-Short Fund; the NFOs close January 30. Here is a detailed review.

Long-short equity

A long-short approach means the fund buys stocks it finds attractive (going long) and uses limited shorts to offset risk. Shorting is essentially a way to profit if a stock falls, or to reduce the impact of market declines, so the portfolio can stay invested with potentially lower swings.

Ex-Top 100 Long-Short means the strategy focusses on stocks outside the large-cap/top-100 bucket (mid- and small-caps as per the AMFI large-cap definition).

The SIF can buy selected mid-/small-caps and also take limited ‘short’ positions using derivatives, up to 25 per cent short exposure through unhedged derivative positions in Ex-Top 100 stocks.

Mid-/small-caps can surge in upcycles but give back sharply in downcycles; the long-short structure aims to manage that volatility while staying invested.

Its benchmark will be Nifty 500 TRI; exit load is 1 per cent if redeemed within 12 months, nil thereafter. As per the AMC, the offering is subject to LTCG rate of 12.5 per cent with holding period of 12 months.

You can get the mid-/small-cap ‘long’ exposure through existing mutual fund categories, but the differentiator here is the built-in unhedged short book. A DIY alternative — pairing a mid-/small-cap fund with your own hedges, will shift the burden of execution and risks to the investor.

Investors should note that in rallies, long-short funds can lag long-only equity as hedges cap some upside. In declines, they may cushion drawdowns if hedges work, but they can still lose money if positioning is wrong. In choppy markets, outcomes depend on stock selection and hedge execution. In sharp, fast reversals, they can underperform if hedges are put on/off at the wrong time.

A long-short equity fund is best viewed as a risk-management wrapper around equity exposure, not a return shortcut. The long book seeks growth from chosen stocks; the short book is meant to cushion drawdowns, reduce froth-risk in overheated pockets, and smooth the ride. Outcomes will depend heavily on manager skill, costs, and how actively the short book is used. Investors should treat it as a satellite allocation within a diversified plan.

Long-short hybrid

ICICI Prudential’s iSIF Hybrid Long-Short Fund is built on a hybrid strategy that evaluates opportunities across equity and debt, and can use derivatives in both, with the aim of smoother outcomes and lower volatility across market phases.

In normal conditions, the strategy plans to keep about two-thirds to three-fourths in shares, and about one-fourth to one-third in debt and cash, with a small slice (up to 10 per cent) in InvIT units. It can also use derivatives extensively for hedging and portfolio management; unhedged equity exposure is permitted up to 25 per cent of net assets (intended allocation <10 per cent). Net equity exposure (excluding arbitrage-hedged positions) can range from -7.5 per cent to +75 per cent. So, it can dial equity risk down sharply when needed or keep it fairly high when opportunities look good.

On stock selection, it says it will pick individual stocks based on fundamentals, run the debt side mainly for steady interest income with occasional duration calls. It may also take opportunities in events such as IPOs, QIPs, blocks or buybacks when they look attractive.

Allocation calls will be based on various parameters, mainly based on market triggers and market dynamics. The SIF’s equity positioning is framed around the Nifty 50 price-to-book (P/B). When valuations are undervalued (P/B below 3), it keeps net equity high (65-75 per cent) and uses low derivatives (0-10 per cent). In a range-bound phase (P/B 3.0-3.7), it runs a balanced stance with net equity at 25-65 per cent and derivatives at 0-40 per cent. When valuations look overvalued (P/B above 3.7), it cuts net equity to 0-25 per cent and raises derivative allocation sharply (40-100 per cent) to manage risk. As on December 31, 2025, Nifty 50 P/B was 3.55.

The hybrid SIF carries an exit load of 1 per cent if redeemed within 12 months (nil thereafter). This is an interval strategy so redemptions/switch-outs are offered only twice a week. Per the AMC, the offering is subject to STCG at 20 per cent up to 12 months and LTCG at 12.5 per cent beyond 12 months.

You can build a broad analogue of this offering by combining a hybrid/balanced fund plus arbitrage/derivative-income and a high-quality debt fund, but the differentiator is the ability to vary net equity exposure and use derivatives overlays within one mandate.

In rising markets, it may lag pure equity (and sometimes even an equity long-short). In declines, it may hold up better than equity-heavy funds. Sideways or choppy markets can sometimes be a better environment because the debt can add carry while the equity long-short part tries to benefit from stock selection and relative opportunities. In rate-shock phases, there can be a trade-off. If yields rise quickly, debt prices can fall even as the strategy is managing equity risk; if yields fall, the debt part may support returns.

Think of it as ‘hybrid first, long-short second’. The core is an equity-plus-debt portfolio, and the long-short toolkit is mainly used to dial equity risk up or down. It suits investors who want equity plus debt in one fund and are okay with the manager using hedges and limited shorts to manage swings.

Published on January 24, 2026

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Parag Parikh Large Cap Fund NFO: Should You Invest?

by Hansraj Agrawal | Jan 24, 2026 | Share Market

In the broader market corrections over the past 16 months, large-caps have been far more resilient than mid/small-cap stocks.

As stable bluechips with steady cashflows, ability to withstand macro headwinds and generally strong business models have helped them stay a bit more insulated. That said, some large-caps, too, have suffered corrections due to elevated valuations.

The large-cap mutual fund category has been a bit of an average to modest segment as many schemes tend to find it challenging even to match standard benchmark returns.

Consistently beating the Nifty 100 TRI or Nifty 50 TRI has been a rarity with only a handful able to do so over longer timeframes of 5-10 years.

Amidst this background, one of India’s most popular asset management companies that also runs the largest flexicap scheme in the country is rolling out its only other equity offering – a large-cap mutual fund.

The Parag Parikh Large Cap new fund offer (NFO) is open for subscription till January 30, 2026. It promises a low-cost strategy to invest in India’s largest companies.

Should you be investing in this new fund. Read on for our take:

Index plus derivatives

The Parag Parikh Large Cap fund is benchmarked to the Nifty 100 TRI. The top 100 large-cap companies represented 76 per cent of the profit pool among the top 500 listed firms by market capitalisation as of November 2025.

The scheme is expected to work like an index, and not as a heavy churner in search of higher returns

Broadly, five strategies would be applied by the new fund.

First, single-stock futures would be used. So, if a company’s futures price for the near-month trades is lower than what prevails in the cash market, the fund may use futures to create exposure more efficiently via stock-futures arbitrage.

Second, as with stocks earlier, index futures, too, would be deployed if there is an arbitrage opportunity between cash and derivatives markets.

Third, if a Nifty 100 company merges with another firm, the fund may buy the stock at a discount to the merger ratio at a different date for better execution.

Fourth, when the Nifty 100 constituents change, the fund may rebalance gradually and not immediately after the index date for more favourable stock prices.

The fifth strategy is using a low active share. So, when there are corporate actions such as demergers or special situations, the fund may decide on its entries and exits in a phased manner to reduce impact costs while keeping overall active share low (under 10 per cent, according to the fund presentation).

The expense ratio has been kept quite low. It is 0.15 per cent for the direct plan and 0.55 per cent for the regular plan of the new fund. These figures include additional expenses and exclude GST on management fees.

What should investors do?

Barring the stock and index arbitrage parts, and possibly the index rebalancing strategy periodically, there is no certainty on mergers or special situations happening on an ongoing basis, especially when the universe comprises the relatively stable large-caps.

The entire ability of the fund to match or exceed the index returns hinges on the successful execution of the stock and index arbitrage derivative strategies.

In fact, the fund presentation itself says the fund may not suit those wanting to outperform the index significantly or for those looking for active strategies based on fundamentals.

There is no model or backtested data shared, so gauging the likely performance is not possible.

From a longer investment timeframe standpoint, only 13 out of 24 active large-cap funds have outperformed the Nifty 100 TRI on a point-to-point basis over the past 10 years (as of Jan 21, 2026).

On a monthly SIP basis over the past 10 years, the figure improves to 15 out of 24 funds outperforming the benchmark.

For most investors, ICICI Prudential Large Cap and Nippon India Large Cap must be the top choices and can be the core part of their portfolios. Canara Robeco Large Cap and Invesco India Large Cap are other reasonably sound options.

Parag Parikh Mutual Fund’s flexicap scheme has a great track record and a strong value-driven philosophy. Incidentally, that scheme is large-cap heavy.

Given that the new Parag Parikh Large Cap fund seeks to be more of an index-like scheme with arbitrage opportunities potentially providing the kicker, it remains to be seen if the strategy would pay off.

Only investors willing to bet on the fund house under all circumstances and those not seeking anything significantly more than the Nifty 100 should allot small sums to the NFO. Others can wait out for the scheme to develop a track record before taking exposure, especially as there are established schemes with solid performance records available.

Published on January 24, 2026

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Inside The Latest MF Rating Update

by Hansraj Agrawal | Jan 24, 2026 | Share Market

The latest edition of the bl.portfolio Star Track Mutual Fund Ratings is now live. The objective of the framework is straightforward: to simplify mutual fund selection by helping investors navigate over 1,800 schemes across 39 categories and asset classes, and to identify funds that have delivered consistent performance and are well suited to long-term investment goals.

The ratings are derived from an in-depth assessment of a fund’s historical performance, incorporating both returns and risk. The methodology rests on two core pillars, rolling returns and the Sortino ratio, to evaluate consistency across market cycles and exposure to downside risk. Rolling returns capture the stability of performance over time, while the Sortino ratio measures risk-adjusted returns by focusing exclusively on negative volatility.

For equity and hybrid funds, one-, three-, and five-year rolling returns are analysed using seven years of NAV data. Debt schemes are assessed using one-, two-, and three-year rolling returns based on five years of NAV history. To reflect recent trends, one-year trailing returns are also included. The final composite score assigns a 60 per cent weight to historical returns, 30 per cent to the Sortino ratio, and 10 per cent to trailing returns. Based on these scores, funds are ranked on a five-star scale, with five stars indicating the strongest performers and one star the weakest, enabling investors to quickly identify consistently high-quality funds.

Rating exclusions

Funds with an average corpus of less than ₹100 crore are excluded from the rating process. Equity and hybrid schemes with less than seven years of track record, and debt funds with less than five years of history, are also not considered. Categories with fewer than five eligible schemes, as well as funds that have undergone a significant change in mandate or portfolio strategy, are excluded.

Certain categories are excluded due to a lack of comparability. For instance, multi-asset funds were not rated, as schemes within the category follow distinct investment approaches, making meaningful comparison difficult. Multi-cap funds, being a relatively new category, were also excluded since most schemes do not yet have a sufficient track record under the revised allocation norms, barring the Invesco India Multi Cap Fund. Additionally, debt funds that reported partial recoveries from distressed assets, resulting in NAV spikes of more than 7 per cent post-recovery, were excluded to avoid distortions in performance assessment.

Retirement funds and children’s funds are not rated, as investment styles within these categories are not uniform. Passive funds are excluded, as return-based metrics are not suitable for evaluating their performance. Liquid and arbitrage funds, which are primarily used as short-term parking options for surplus cash, are also not rated.

What’s updated?

Launched in October 2018, the bl.portfolio Star Track Mutual Fund Ratings follow a disciplined biannual review cycle, with updates released in January and July based on data as of December-end and June-end, respectively. In the latest update, using data as of December 31, 2025, the framework evaluated 475 schemes across 31 actively managed mutual fund categories.

Among these, 41 schemes retained their five-star ratings from June to December 2025, underscoring sustained strength across performance metrics. In equities, consistent performers included Parag Parikh Flexi Cap, ICICI Prudential Large & Mid Cap, HDFC Flexi Cap, ICICI Prudential Large Cap, Nippon India Large Cap, Canara Robeco Large Cap, and Nippon India Small Cap. In hybrids, ICICI Prudential Equity & Debt, Bank of India Mid & Small Cap Equity & Debt, HDFC Balanced Advantage, and Baroda BNP Paribas Balanced Advantage held on to their top ratings. The debt segment also saw steady names such as 360 ONE Dynamic Bond, ICICI Prudential Savings, Nippon India Money Market, ICICI Prudential Banking & PSU Debt, Nippon India Corporate Bond, ICICI Prudential Gilt, and SBI Gilt Fund remain in the five-star bracket.

Upgrades were equally notable, with 12 funds moving up from four to five stars. Equity examples include JM Flexi Cap, Quant Mid Cap, Edelweiss Mid Cap, DSP ELSS Tax Saver, Bandhan Large & Mid Cap, and HSBC Value Fund. ICICI Prudential Regular Savings rose to five stars in the hybrid category, while ICICI Prudential Corporate Bond, HDFC Floating Rate Debt, and UTI Dynamic Bond Fund achieved the same in debt.

On the flip side, 14 schemes slipped from five to four stars. Equity funds such as Motilal Oswal Midcap, ICICI Prudential Balanced Advantage, Nippon India Growth Mid Cap, HDFC ELSS Tax Saver, and Bandhan Value Fund were among those downgraded, while Aditya Birla Sun Life Dynamic Bond, Kotak Banking & PSU Debt, and Axis Strategic Bond Fund eased a notch in the debt space.

Several funds also staged meaningful recoveries, climbing from two or three stars to four stars. These included Mahindra Manulife Mid Cap, Bank of India ELSS Tax Saver, Quant Large & Mid Cap, JM ELSS Tax Saver, Canara Robeco ELSS Tax Saver, Edelweiss Flexi Cap, and Invesco India Midcap Fund.

Prudent play

The framework highlights funds that deliver steady outperformance with controlled risk, helping investors stay focused on long-term wealth creation rather than short-term gains. Investors should prioritise four- and five-star funds that fit their asset allocation, risk appetite, time horizon, and goals. Temporary underperformance need not trigger exits if ratings remain strong, but funds slipping to two stars or below warrant review to prune persistent laggards.

Published on January 24, 2026

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Mutual Funds returns

by Hansraj Agrawal | Jan 24, 2026 | Share Market

EQUITY – LARGE & MID CAP FUNDS

Bandhan Large & Mid Cap Fund

132.9

13636

1.7

0.6

7.8

21.4

19.9

16.4

0.69

HYBRID – AGGRESSIVE HYBRID FUNDS

BOI AXA Mid & Small Cap Eq&Debt

36.5

1349

2.0

0.7

0.3

16.6

18.1

–

0.53

HYBRID – BALANCED ADVANTAGE FUNDS

Baroda BNP Paribas Balanced Advantage Fund

24.4

4748

1.9

0.8

7.3

12.9

11.3

–

0.51

EQUITY – THEMATIC – CONSUMPTION FUNDS

Canara Robeco Consumer Trends Fund

104.0

2025

2.1

0.8

1.3

14.7

14.4

16.2

0.51

EQUITY – LARGE CAP FUNDS

Canara Robeco Large Cap Fund

62.3

17493

1.6

0.5

6.7

14.1

12.7

14.6

0.48

EQUITY – TAX SAVING (ELSS) FUNDS

DSP ELSS Tax Saver Fund

139.7

17609

1.6

0.7

7.9

18.3

17.9

16.6

0.65

HYBRID – EQUITY SAVINGS FUNDS

Edelweiss Equity Savings Fund

25.8

1195

1.6

0.6

7.8

10.8

9.3

0.81

EQUITY – MID CAP FUNDS

Edelweiss Mid Cap Fund

99.4

13650

1.7

0.4

5.6

24.6

22.9

18.8

0.69

HYBRID – BALANCED ADVANTAGE FUNDS

HDFC Balanced Advantage Fund

519.6

108205

1.3

0.7

6.6

16.5

18.5

15.7

0.96

EQUITY – FLEXI CAP FUNDS

HDFC Flexi Cap Fund

2020.6

96295

1.3

0.7

12.3

20.1

22.1

17.5

0.89

EQUITY – FOCUSED FUNDS

HDFC Focused Fund

231.3

26537

1.6

0.6

11.1

19.7

22.8

15.4

0.97

EQUITY – LARGE & MID CAP FUNDS

HDFC Large and Mid Cap Fund

333.0

28980

1.6

0.8

5.9

18.4

19.7

15.5

0.70

EQUITY – MID CAP FUNDS

HDFC Mid Cap Fund

196.7

92642

1.4

0.7

9.3

24.2

24.0

18.8

0.82

EQUITY – VALUE FUNDS

HSBC Value Fund

109.6

14753

1.7

0.7

8.1

21.4

20.7

16.6

0.67

EQUITY – DIVIDEND YIELD FUNDS

ICICI Prudential Dividend Yield Equity Fund

53.1

6400

1.8

0.6

9.6

21.3

23.3

17.0

0.94

HYBRID – AGGRESSIVE HYBRID FUNDS

ICICI Prudential Equity & Debt Fund

397.9

49641

1.5

0.9

11.0

17.9

20.4

16.4

1.03

EQUITY – FOCUSED FUNDS

ICICI Prudential Focused Equity Fund

93.7

14569

1.7

0.6

15.3

21.4

19.9

16.5

0.75

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

ICICI Prudential Infrastructure Fund

185.8

8134

1.9

1.2

4.3

22.1

28.2

18.1

1.01

EQUITY – LARGE & MID CAP FUNDS

ICICI Prudential Large & Mid Cap Fund

1004.6

27745

1.6

0.8

9.0

19.4

21.3

16.5

0.84

EQUITY – LARGE CAP FUNDS

ICICI Prudential Large Cap Fund

110.4

78502

1.4

0.9

8.9

16.4

16.3

15.2

0.66

EQUITY – SECTOR – PHARMA FUNDS

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

37.4

6456

1.9

1.0

-2.5

25.0

16.4

–

0.59

HYBRID – CONSERVATIVE HYBRID FUNDS

ICICI Prudential Regular Savings Fund

77.2

3359

1.7

1.0

7.2

9.8

8.8

9.5

1.01

EQUITY – VALUE FUNDS

ICICI Prudential Value Fund

480.8

61272

1.5

1.0

11.2

19.5

21.4

16.4

0.96

EQUITY – FLEXI CAP FUNDS

JM Flexicap Fund

91.9

5463

1.8

0.6

-5.8

18.4

18.0

16.9

0.59

HYBRID – CONSERVATIVE HYBRID FUNDS

Kotak Debt Hybrid Fund

58.8

3108

1.7

0.5

4.2

9.5

9.0

9.5

0.79

EQUITY – THEMATIC – CONSUMPTION FUNDS

Nippon India Consumption Fund

185.9

2761

1.9

0.6

-1.2

14.3

16.1

13.3

0.59

EQUITY – LARGE CAP FUNDS

Nippon India Large Cap Fund

89.7

50876

1.5

0.7

8.0

17.3

18.2

15.2

0.70

EQUITY – SMALL CAP FUNDS

Nippon India Small Cap Fund

154.5

68287

1.4

0.6

-4.8

18.7

24.7

20.0

0.68

EQUITY – FLEXI CAP FUNDS

Parag Parikh Flexi Cap Fund

85.0

133309

1.3

0.6

6.9

20.2

18.6

18.1

0.76

HYBRID – AGGRESSIVE HYBRID FUNDS

Quant Aggressive Hybrid Fund

404.8

2078

2.1

0.8

3.5

9.3

15.5

15.2

0.59

EQUITY – TAX SAVING (ELSS) FUNDS

Quant ELSS Tax Saver Fund

346.4

12403

1.7

0.7

1.4

12.0

19.2

19.7

0.56

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Quant Infrastructure Fund

33.9

3080

2.0

0.7

-8.4

12.1

22.9

18.4

0.61

EQUITY – MID CAP FUNDS

Quant Mid Cap Fund

190.5

8057

1.8

0.8

-11.5

11.4

19.2

15.9

0.56

EQUITY – SMALL CAP FUNDS

Quant Small Cap Fund

229.5

29785

1.6

0.8

-6.3

16.1

25.7

17.9

0.65

EQUITY – TAX SAVING (ELSS) FUNDS

SBI ELSS Tax Saver Fund

434.1

32609

1.6

0.9

5.1

21.8

19.7

15.6

0.74

EQUITY – SECTOR – IT FUNDS

SBI Technology Opportunities Fund

220.7

5229

1.9

0.9

0.0

15.2

16.0

17.4

0.50

HYBRID – EQUITY SAVINGS FUNDS

Sundaram Equity Savings Fund

70.9

1207

2.2

0.7

5.8

10.6

10.4

9.6

0.72

EQUITY – SECTOR – BANKING FUNDS

Sundaram Financial Services Opportunities Fund

108.5

1661

2.1

0.8

19.2

17.5

16.7

16.2

0.49

EQUITY – FOCUSED FUNDS

360 ONE Focused Fund

45.0

7229

1.8

0.8

3.0

13.8

14.1

16.3

0.48

HYBRID – BALANCED ADVANTAGE FUNDS

Aditya Birla SL Bal Advantage

107.7

8944

1.8

0.7

8.8

12.3

10.7

11.6

0.66

EQUITY – LARGE & MID CAP FUNDS

Axis Large & Mid Cap Fund

32.0

15616

1.7

0.6

4.3

18.9

16.5

–

0.50

EQUITY – SMALL CAP FUNDS

AXIS Small Cap Fund

98.1

26547

1.6

0.6

-2.1

15.7

19.7

18.0

0.64

EQUITY – TAX SAVING (ELSS) FUNDS

Bandhan ELSS Tax Saver Fund

151.1

7333

1.7

0.7

6.6

14.1

17.1

15.6

0.60

EQUITY – VALUE FUNDS

Bandhan Value Fund

145.1

10463

1.7

0.7

4.2

15.9

20.6

16.0

0.71

EQUITY – TAX SAVING (ELSS) FUNDS

Bank of India ELSS Tax Saver

154.1

1402

2.0

0.8

-0.9

15.2

15.7

16.3

0.43

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

BOI AXA Manufacturing & Infra

55.7

674

2.2

0.6

5.7

22.1

22.9

17.8

0.67

EQUITY – SMALL CAP FUNDS

Bank of India Small Cap Fund

41.2

1939

2.0

0.5

-7.8

15.9

20.2

–

0.52

HYBRID – AGGRESSIVE HYBRID FUNDS

Baroda BNP Paribas Aggressive Hybrid Fund

27.5

1269

2.1

0.5

3.1

12.9

12.2

–

0.50

EQUITY – THEMATIC – CONSUMPTION FUNDS

Baroda BNP Paribas India Consumption Fund

30.1

1546

2.1

0.6

-0.7

15.3

13.9

–

0.47

EQUITY – TAX SAVING (ELSS) FUNDS

Canara Robeco ELSS Tax Saver

171.2

9022

1.7

0.6

4.6

13.8

13.7

15.1

0.49

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Canara Robeco Infrastructure Fund

149.2

894

2.3

1.0

2.2

21.4

23.9

15.7

0.74

EQUITY – SECTOR – PHARMA FUNDS

DSP Healthcare Fund

37.4

3114

1.9

0.6

-7.3

19.2

14.1

–

0.48

HYBRID – AGGRESSIVE HYBRID FUNDS

Edelweiss Aggressive Hybrid Fund

62.6

3480

1.9

0.4

5.3

15.1

13.0

0.71

HYBRID – BALANCED ADVANTAGE FUNDS

Edelweiss Balanced Advantage Fund

51.2

13376

1.7

0.5

6.3

11.8

10.7

11.2

0.55

EQUITY – FLEXI CAP FUNDS

Edelweiss Flexi Cap Fund

38.4

3127

1.9

0.4

7.5

18.0

16.9

15.6

0.55

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Franklin Build India Fund

136.3

3036

2.0

1.0

4.1

23.5

24.4

18.0

0.77

EQUITY – DIVIDEND YIELD FUNDS

Franklin India Dividend Yield Fund

138.7

2402

2.1

1.3

2.4

16.2

18.6

16.5

0.82

EQUITY – FLEXI CAP FUNDS

Franklin India Flexi Cap Fund

1592.3

19972

1.7

0.9

4.2

16.5

16.9

14.5

0.60

EQUITY – FOCUSED FUNDS

Franklin India Focused Equity Fund

105.6

12649

1.8

1.0

6.1

13.8

16.8

14.8

0.59

EQUITY – TAX SAVING (ELSS) FUNDS

HDFC ELSS Tax saver

1405.6

17163

1.7

1.1

9.7

19.3

20.0

15.2

0.85

HYBRID – EQUITY SAVINGS FUNDS

HDFC Equity Savings Fund

67.1

5897

1.9

0.9

6.5

9.6

10.1

10.0

0.78

HYBRID – CONSERVATIVE HYBRID FUNDS

HDFC Hybrid Debt Fund

82.6

3354

1.8

1.2

4.8

9.3

9.4

9.1

0.91

EQUITY – LARGE CAP FUNDS

HDFC Large Cap Fund

1138.0

40604

1.6

1.0

6.6

14.2

15.6

14.4

0.60

HYBRID – BALANCED ADVANTAGE FUNDS

ICICI Prudential Balanced Advantage Fund

76.1

70535

1.4

0.9

11.0

12.9

12.1

11.7

0.95

EQUITY – SECTOR – IT FUNDS

ICICI Prudential Technology Fund

204.4

15892

1.7

1.0

-3.6

14.1

14.6

17.7

0.41

EQUITY – SECTOR – BANKING FUNDS

Invesco India Financial Services Fund

142.1

1599

2.1

0.8

18.3

19.8

16.9

16.7

0.47

EQUITY – MID CAP FUNDS

Invesco India Midcap Fund

170.0

10296

1.7

0.5

7.2

24.4

21.3

18.1

0.64

EQUITY – SMALL CAP FUNDS

Invesco India Smallcap Fund

38.6

9225

1.7

0.4

-2.2

21.3

22.9

–

0.64

HYBRID – AGGRESSIVE HYBRID FUNDS

JM Aggressive Hybrid Fund

115.2

785

2.3

0.7

-1.0

16.6

15.6

12.6

0.59

EQUITY – TAX SAVING (ELSS) FUNDS

JM ELSS Tax Saver Fund

46.7

226

2.4

1.0

1.7

17.5

16.0

16.1

0.52

EQUITY – LARGE CAP FUNDS

JM Large Cap Fund

151.4

464

2.4

0.9

3.4

13.6

13.1

11.8

0.45

HYBRID – AGGRESSIVE HYBRID FUNDS

Kotak Aggressive Hybrid Fund

61.0

8509

1.7

0.5

3.7

13.5

14.0

13.4

0.61

HYBRID – EQUITY SAVINGS FUNDS

Kotak Equity Savings Fund

26.7

9651

1.8

0.7

6.7

10.7

9.9

9.4

0.85

EQUITY – LARGE CAP FUNDS

Kotak Large Cap Fund

572.0

11087

1.7

0.6

8.2

14.2

13.5

13.7

0.50

EQUITY – MID CAP FUNDS

Mahindra Manulife Mid Cap Fund

32.4

4295

1.8

0.5

3.0

22.6

22.0

–

0.65

EQUITY – TAX SAVING (ELSS) FUNDS

Mirae Asset ELSS Tax Saver Fund

48.6

27196

1.5

0.6

8.3

15.7

15.1

17.8

0.54

HYBRID – EQUITY SAVINGS FUNDS

Mirae Asset Equity Savings Fund

20.6

1865

1.4

0.4

8.1

10.7

10.0

–

0.70

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mirae Asset Great Consumer Fund

87.6

4754

1.8

0.4

0.3

15.2

15.0

16.0

0.52

EQUITY – MID CAP FUNDS

Motilal Oswal Midcap Fund

91.5

36880

1.6

0.7

-7.3

21.9

24.9

17.2

0.72

EQUITY – SECTOR – BANKING FUNDS

Nippon India Banking & Financial Services Fund

643.2

7778

1.8

1.0

18.6

16.2

19.1

15.5

0.58

EQUITY – MID CAP FUNDS

Nippon India Growth Mid Cap Fund

4040.0

42124

1.5

0.7

5.7

23.2

22.5

18.5

0.72

EQUITY – VALUE FUNDS

Nippon India Value Fund

223.4

9153

1.8

1.1

5.9

20.3

19.9

16.4

0.67

EQUITY – FLEXI CAP FUNDS

PGIM India Flexi Cap Fund

34.9

6268

1.8

0.5

3.9

11.5

12.5

14.1

0.40

EQUITY – LARGE & MID CAP FUNDS

Quant Large & Mid Cap Fund

104.1

3375

1.9

0.8

-9.1

11.6

16.2

15.8

0.49

HYBRID – CONSERVATIVE HYBRID FUNDS

SBI Conservative Hybrid Fund

73.5

9851

1.5

1.1

6.4

9.4

9.2

8.9

0.93

EQUITY – FOCUSED FUNDS

SBI Focused Fund

369.0

43173

1.5

0.7

13.6

17.8

15.6

0.58

EQUITY – LARGE & MID CAP FUNDS

SBI Large & Midcap Fund

632.2

37443

1.6

0.7

10.4

17.1

18.2

15.6

0.69

EQUITY – LARGE CAP FUNDS

SBI Large Cap Fund

93.4

55879

1.5

0.8

8.7

13.5

13.3

0.51

EQUITY – FLEXI CAP FUNDS

Union Flexi Cap Fund

49.6

2402

2.0

0.9

4.9

13.9

14.1

13.8

0.48

HYBRID – AGGRESSIVE HYBRID FUNDS

UTI Aggressive Hybrid Fund

406.9

6758

1.9

1.2

5.9

15.3

15.6

13.0

0.73

HYBRID – EQUITY SAVINGS FUNDS

UTI Equity Savings Fund

18.8

810

1.7

0.6

7.5

10.4

10.1

–

0.84

EQUITY – LARGE & MID CAP FUNDS

UTI Large & Mid Cap Fund

180.6

5635

1.9

0.9

7.4

20.4

20.0

15.1

0.72

EQUITY – SECTOR – BANKING FUNDS

Aditya Birla SL Bank & Fin Serv

62.4

3694

2.0

1.0

19.2

14.9

14.8

15.2

0.40

EQUITY – THEMATIC – CONSUMPTION FUNDS

Aditya Birla Sun Life Consumption Fund

206.2

6521

1.8

0.8

2.6

13.7

13.8

15.2

0.48

EQUITY – FLEXI CAP FUNDS

Aditya Birla Sun Life Flexi Cap Fund

1817.5

25098

1.7

0.9

10.4

17.0

14.9

15.2

0.50

EQUITY – FOCUSED FUNDS

Aditya Birla Sun Life Focused Fund

144.6

8209

1.8

0.9

10.2

15.9

14.1

13.9

0.52

EQUITY – LARGE CAP FUNDS

Aditya Birla Sun Life Large Cap Fund

526.4

31386

1.6

1.0

8.4

14.3

14.0

13.4

0.52

HYBRID – CONSERVATIVE HYBRID FUNDS

Aditya Birla Sun Life Regular Savings Fund

68.2

1541

1.8

0.9

7.7

8.8

8.6

8.9

0.83

HYBRID – BALANCED ADVANTAGE FUNDS

Axis Balanced Advantage Fund

21.2

3816

1.9

0.7

6.1

13.8

10.9

–

0.62

HYBRID – EQUITY SAVINGS FUNDS

Axis Equity Savings Fund

22.4

927

2.3

1.1

5.0

9.7

8.2

8.7

0.48

EQUITY – MID CAP FUNDS

Axis Midcap Fund

107.2

31717

1.6

0.6

3.1

18.0

16.2

16.6

0.51

HYBRID – AGGRESSIVE HYBRID FUNDS

Bandhan Aggressive Hybrid Fund

26.0

1576

2.1

0.7

9.4

14.6

13.6

–

0.55

EQUITY – FLEXI CAP FUNDS

Bandhan Flexi Cap Fund

206.9

7708

1.9

1.1

8.3

15.1

13.8

12.0

0.47

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Bandhan Infrastructure Fund

44.2

1522

2.1

0.9

-7.2

20.6

23.5

15.7

0.63

EQUITY – LARGE CAP FUNDS

Bandhan Large Cap Fund

76.7

2051

2.0

0.9

8.7

15.9

13.2

13.7

0.46

EQUITY – LARGE & MID CAP FUNDS

BOI Large & Mid Cap Equity Fund

87.5

456

2.3

0.8

5.9

15.4

15.5

13.3

0.49

EQUITY – TAX SAVING (ELSS) FUNDS

Baroda BNP Paribas ELSS Tax Saver Fund

95.6

941

2.2

1.0

6.7

18.0

13.9

13.4

0.45

EQUITY – LARGE CAP FUNDS

Baroda BNP Paribas Large Cap Fund

217.4

2702

2.0

0.8

4.3

14.3

13.3

13.5

0.47

EQUITY – MID CAP FUNDS

Baroda BNP Paribas Mid Cap Fund

100.3

2313

2.0

0.6

4.6

19.3

19.0

15.8

0.61

HYBRID – CONSERVATIVE HYBRID FUNDS

Canara Robeco Conservative Hybrid Fund

96.4

911

1.9

0.7

4.0

7.5

6.9

8.0

0.56

HYBRID – AGGRESSIVE HYBRID FUNDS

Canara Robeco Equity Hybrid Fund

355.4

11393

1.7

0.6

5.8

12.5

11.6

12.8

0.51

EQUITY – FLEXI CAP FUNDS

Canara Robeco Flexi Cap Fund

332.7

13760

1.7

0.6

6.8

14.1

13.4

14.6

0.48

EQUITY – LARGE & MID CAP FUNDS

Canara Robeco Large and Mid Cap Fund

238.7

25626

1.6

0.6

0.7

14.3

14.0

15.5

0.48

HYBRID – AGGRESSIVE HYBRID FUNDS

DSP Aggressive Hybrid Fund

351.6

12162

1.7

0.7

5.1

15.4

12.5

13.0

0.51

HYBRID – BALANCED ADVANTAGE FUNDS

DSP Dynamic Asset Allocation Fund

28.1

3709

1.9

0.7

7.8

12.3

8.9

9.4

0.54

HYBRID – EQUITY SAVINGS FUNDS

DSP Equity Savings Fund

22.1

3905

1.5

0.6

5.5

9.5

8.9

–

0.77

EQUITY – FLEXI CAP FUNDS

DSP Flexi Cap Fund

100.0

12328

1.7

0.7

4.0

16.5

13.8

14.9

0.45

EQUITY – FOCUSED FUNDS

DSP Focused Fund

53.7

2687

2.0

1.0

6.5

18.1

13.0

13.1

0.47

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

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

297.0

5323

1.9

0.8

0.3

21.6

24.4

16.9

0.72

EQUITY – LARGE & MID CAP FUNDS

DSP Large & Mid Cap Fund

621.4

17576

1.7

0.6

8.0

19.0

17.5

16.2

0.62

HYBRID – CONSERVATIVE HYBRID FUNDS

DSP Regular Savings Fund

59.6

184

1.2

0.5

6.9

9.5

8.0

7.4

0.70

EQUITY – SMALL CAP FUNDS

DSP Small Cap Fund

182.2

16935

1.7

0.8

-2.1

17.5

20.3

16.5

0.57

EQUITY – LARGE & MID CAP FUNDS

Edelweiss Large & Mid Cap Fund

86.3

4517

1.8

0.4

5.6

17.4

16.8

15.4

0.56

EQUITY – LARGE CAP FUNDS

Edelweiss Large Cap Fund

83.9

1456

2.1

0.6

6.3

14.0

13.2

13.8

0.48

HYBRID – AGGRESSIVE HYBRID FUNDS

Franklin India Aggressive Hybrid Fund

265.2

2380

2.0

0.9

3.6

13.0

12.6

11.8

0.56

HYBRID – CONSERVATIVE HYBRID FUNDS

Franklin India Conservative Hybrid Fund

91.1

214

1.4

0.8

5.5

8.7

7.5

0.65

EQUITY – TAX SAVING (ELSS) FUNDS

Franklin India ELSS Tax Saver Fund

1427.9

6693

1.8

1.1

2.9

16.3

16.7

13.8

0.58

EQUITY – LARGE CAP FUNDS

Franklin India Large Cap Fund

1031.3

7972

1.9

1.1

8.5

13.9

13.1

12.2

0.47

EQUITY – SECTOR – IT FUNDS

Franklin India Technology Fund

524.8

1996

2.1

1.0

-2.5

21.4

13.3

16.8

0.39

HYBRID – AGGRESSIVE HYBRID FUNDS

HDFC Hybrid Equity Fund

116.4

24528

1.7

1.0

4.8

10.5

12.7

12.0

0.59

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HDFC Infrastructure Fund

45.1

2452

2.1

1.2

2.8

23.0

25.7

12.4

0.77

EQUITY – SMALL CAP FUNDS

HDFC Small Cap Fund

130.3

37753

1.5

0.7

0.1

18.0

22.3

18.1

0.65

EQUITY – VALUE FUNDS

HDFC Value Fund

741.1

7652

1.8

1.0

8.8

17.6

17.3

14.7

0.60

HYBRID – BALANCED ADVANTAGE FUNDS

HSBC Balanced Advantage Fund

43.0

1581

2.1

0.8

3.6

10.8

8.4

8.5

0.45

HYBRID – CONSERVATIVE HYBRID FUNDS

HSBC Conservative Hybrid Fund

60.4

146

2.1

1.1

2.6

9.0

7.1

7.5

0.41

HYBRID – EQUITY SAVINGS FUNDS

HSBC Equity Savings Fund

33.7

786

1.5

0.7

4.1

12.8

10.9

9.0

0.52

EQUITY – FLEXI CAP FUNDS

HSBC Flexi Cap Fund

210.7

5227

1.9

1.2

2.8

17.6

15.0

13.9

0.46

EQUITY – SECTOR – BANKING FUNDS

ICICI Prudential Banking & Financial Services Fund

133.8

11154

1.8

1.0

15.1

13.5

14.8

15.5

0.46

EQUITY – TAX SAVING (ELSS) FUNDS

ICICI Pru Long Term Equity

914.7

14769

1.7

1.1

7.6

14.7

14.9

13.6

0.55

EQUITY – MID CAP FUNDS

ICICI Prudential Midcap Fund

297.8

7132

1.9

1.0

10.6

21.0

20.6

16.6

0.65

EQUITY – SMALL CAP FUNDS

ICICI Prudential Smallcap Fund

80.9

8428

1.8

0.8

-2.3

14.4

19.9

16.1

0.68

HYBRID – BALANCED ADVANTAGE FUNDS

Invesco India Balanced Advantage Fund

53.3

1126

2.1

0.8

3.6

11.6

9.9

10.1

0.46

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Invesco India Infrastructure Fund

55.2

1417

2.1

0.8

-8.7

19.2

21.3

16.4

0.60

EQUITY – LARGE & MID CAP FUNDS

Invesco India Large & Mid Cap Fund

93.6

9344

1.8

0.6

5.2

21.2

17.0

15.9

0.54

EQUITY – LARGE CAP FUNDS

Invesco India Largecap Fund

68.0

1718

2.0

0.7

6.4

16.2

14.4

13.4

0.48

EQUITY – VALUE FUNDS

JM Value Fund

90.4

957

2.3

1.0

-4.6

17.9

18.1

16.8

0.57

HYBRID – BALANCED ADVANTAGE FUNDS

Kotak Balanced Advantage Fund

20.5

17852

1.7

0.6

5.3

10.8

9.6

–

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

Kotak ELSS Tax Saver Fund

112.5

6452

1.8

0.6

3.2

13.8

15.2

15.0

0.51

EQUITY – FLEXI CAP FUNDS

Kotak Flexicap Fund

84.6

56460

1.4

0.6

10.4

15.5

14.4

14.8

0.50

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Kotak Infra & Economic Reform

61.1

2353

2.0

0.7

-2.4

18.0

23.3

16.0

0.68

EQUITY – LARGE & MID CAP FUNDS

Kotak Large & Midcap Fund

340.7

30039

1.6

0.6

8.2

18.0

17.3

16.3

0.60

EQUITY – MID CAP FUNDS

Kotak Midcap Fund

128.4

60637

1.4

0.4

2.6

19.5

20.2

18.2

0.65

EQUITY – SMALL CAP FUNDS

Kotak Small Cap Fund

231.1

17258

1.7

0.6

-9.5

12.7

17.6

16.8

0.53

EQUITY – DIVIDEND YIELD FUNDS

LIC MF Dividend Yield Fund

29.0

689

2.3

0.7

0.9

18.7

16.1

–

0.53

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

LIC MF Infrastructure Fund

45.8

1003

2.2

0.8

-2.2

24.5

24.2

16.2

0.67

EQUITY – TAX SAVING (ELSS) FUNDS

Mahindra Manulife ELSS Tax Saver Fund

27.9

973

2.1

0.6

6.8

13.3

14.7

–

0.52

HYBRID – EQUITY SAVINGS FUNDS

Mahi Manu Eq Sav Dhan San Yojana

20.9

567

2.4

0.7

6.5

9.5

8.9

–

0.52

HYBRID – AGGRESSIVE HYBRID FUNDS

Mirae Asset Aggressive Hybrid Fund

32.5

9538

1.7

0.4

9.2

12.9

12.1

13.1

0.52

EQUITY – SECTOR – PHARMA FUNDS

Mirae Asset Healthcare Fund

36.3

2771

1.9

0.5

-3.8

19.5

14.4

–

0.47

EQUITY – LARGE & MID CAP FUNDS

Mirae Asset Large & Midcap Fund

149.5

43766

1.5

0.6

8.2

15.6

15.2

17.7

0.52

EQUITY – LARGE CAP FUNDS

Mirae Asset Large Cap Fund

112.3

41802

1.5

0.5

8.2

11.9

14.1

0.44

EQUITY – TAX SAVING (ELSS) FUNDS

Motilal Oswal ELSS Tax Saver Fund

47.0

4341

1.8

0.6

-2.9

20.1

17.7

16.3

0.46

HYBRID – BALANCED ADVANTAGE FUNDS

Nippon India Balanced Advantage Fund

176.2

9725

1.7

0.6

5.6

11.3

10.6

11.3

0.66

EQUITY – FOCUSED FUNDS

Nippon India Focused Fund

117.8

8790

1.9

1.2

7.5

13.1

15.3

14.1

0.54

EQUITY – SECTOR – PHARMA FUNDS

Nippon India Pharma Fund

486.0

8265

1.8

0.9

-2.4

19.7

14.1

13.5

0.48

EQUITY – LARGE & MID CAP FUNDS

Nippon India Vision Large & Mid Cap Fund

1429.0

6896

1.9

1.2

4.7

19.3

17.5

13.9

0.62

EQUITY – MID CAP FUNDS

PGIM India Midcap Fund

60.1

11266

1.7

0.5

11.6

16.1

15.6

0.53

EQUITY – FOCUSED FUNDS

Quant Focused Fund

79.5

914

2.3

0.8

-3.9

10.9

14.3

13.7

0.46

EQUITY – TAX SAVING (ELSS) FUNDS

Quantum ELSS Tax Saver Fund

122.2

227

2.1

0.9

2.5

14.8

14.3

12.8

0.60

EQUITY – SECTOR – BANKING FUNDS

SBI Banking & Financial Services Fund

44.8

10106

1.8

0.7

22.5

19.0

16.3

18.1

0.46

EQUITY – THEMATIC – CONSUMPTION FUNDS

SBI Consumption Opportunities Fund

288.9

3162

2.0

0.9

-6.5

12.4

15.7

15.1

0.55

HYBRID – AGGRESSIVE HYBRID FUNDS

SBI Equity Hybrid Fund

299.5

82847

1.4

0.7

10.0

13.4

12.3

12.5

0.59

HYBRID – EQUITY SAVINGS FUNDS

SBI Equity Savings Fund

24.2

5919

1.5

1.0

6.3

11.0

9.2

9.1

0.58

EQUITY – FLEXI CAP FUNDS

SBI Flexicap Fund

108.4

23685

1.7

0.8

3.9

12.5

12.6

13.3

0.46

EQUITY – SECTOR – PHARMA FUNDS

SBI Healthcare Opportunities Fund

403.2

3989

1.9

0.9

-3.9

21.8

15.3

11.3

0.55

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

SBI Infrastructure Fund

46.3

4727

1.9

1.1

-2.7

18.7

21.1

16.2

0.71

EQUITY – MID CAP FUNDS

SBI Midcap Fund

223.5

23315

1.7

0.8

-1.5

16.0

18.4

14.7

0.64

HYBRID – AGGRESSIVE HYBRID FUNDS

Sundaram Aggressive Hybrid Fund

160.2

7846

1.8

0.7

5.5

11.7

11.9

12.9

0.51

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram ELSS Tax Saver Fund

502.8

1402

2.2

1.5

6.3

13.7

14.6

14.7

0.53

EQUITY – FOCUSED FUNDS

Sundaram Focused Fund

156.1

1103

2.3

1.2

2.1

13.0

14.0

0.43

EQUITY – MID CAP FUNDS

Sundaram Mid Cap Fund

1356.3

13293

1.7

0.9

6.3

22.7

20.4

15.6

0.65

EQUITY – SMALL CAP FUNDS

Sundaram Small Cap Fund

243.6

3401

1.9

0.8

0.0

17.8

20.6

14.2

0.57

HYBRID – AGGRESSIVE HYBRID FUNDS

Tata Aggressive Hybrid Fund

435.4

4179

1.9

1.0

4.2

10.4

11.9

10.6

0.53

EQUITY – SECTOR – BANKING FUNDS

Tata Banking and Financial Services Fund

43.8

3225

1.9

0.4

18.2

14.9

14.5

16.2

0.42

EQUITY – TAX SAVING (ELSS) FUNDS

Tata ELSS Fund

43.9

4748

1.8

0.7

4.7

14.2

14.6

14.4

0.51

HYBRID – EQUITY SAVINGS FUNDS

Tata Equity Savings Fund

56.1

278

1.1

0.5

6.0

9.6

8.3

7.9

0.73

EQUITY – FLEXI CAP FUNDS

Tata Flexi Cap Fund

23.9

3699

1.9

0.6

7.0

15.5

12.6

–

0.45

EQUITY – THEMATIC – CONSUMPTION FUNDS

Tata India Consumer Fund

42.2

2671

2.0

0.7

-0.6

17.0

14.5

16.0

0.45

EQUITY – LARGE CAP FUNDS

Tata Large Cap Fund

503.4

2840

2.0

1.0

6.8

13.7

14.3

12.9

0.53

EQUITY – MID CAP FUNDS

Tata Mid Cap Fund

428.3

5497

1.8

0.6

6.0

20.8

19.0

16.5

0.62

EQUITY – SMALL CAP FUNDS

Tata Small Cap Fund

34.1

11324

1.7

0.3

-12.3

12.8

21.0

–

0.62

EQUITY – VALUE FUNDS

Templeton India Value Fund

710.8

2326

2.0

0.9

5.5

16.0

19.7

15.4

0.72

HYBRID – BALANCED ADVANTAGE FUNDS

Union Balanced Advantage Fund

20.1

1347

2.2

1.0

5.4

9.2

7.7

–

0.43

EQUITY – TAX SAVING (ELSS) FUNDS

Union ELSS Tax Saver Fund

63.0

904

2.3

1.3

5.6

13.8

14.5

13.3

0.50

EQUITY – SMALL CAP FUNDS

Union Small Cap Fund

45.1

1744

2.1

1.0

-2.3

16.0

18.9

15.0

0.51

EQUITY – VALUE FUNDS

Union Value Fund

27.9

371

2.5

1.3

7.6

16.4

–

0.58

HYBRID – CONSERVATIVE HYBRID FUNDS

UTI Conservative Hybrid Fund

69.7

1703

1.8

1.3

5.3

9.1

8.6

8.3

0.76

EQUITY – DIVIDEND YIELD FUNDS

UTI Dividend Yield Fund

178.0

3946

2.0

1.5

5.9

19.4

17.2

15.3

0.62

EQUITY – THEMATIC – CONSUMPTION FUNDS

UTI India Consumer Fund

55.6

737

2.4

1.6

14.2

11.4

12.0

0.38

EQUITY – LARGE CAP FUNDS

UTI Large Cap Fund

271.9

13322

1.7

0.9

5.8

12.1

11.6

12.8

0.41

EQUITY – VALUE FUNDS

UTI Value Fund

167.6

10151

1.8

1.2

6.5

17.2

16.1

14.9

0.60

EQUITY – SECTOR – IT FUNDS

Aditya Birla Sun Life Digital India Fund

172.7

4837

1.9

0.8

-5.6

12.9

13.3

17.3

0.37

EQUITY – DIVIDEND YIELD FUNDS

Aditya Birla Sun Life Dividend Yield Fund

456.0

1511

2.2

1.4

4.7

18.0

19.1

13.8

0.62

HYBRID – AGGRESSIVE HYBRID FUNDS

Aditya Birla Sun Life Equity Hybrid ’95 Fund

1521.1

7533

1.9

1.1

6.6

13.5

11.6

11.0

0.45

HYBRID – EQUITY SAVINGS FUNDS

Aditya Birla Sun Life Equity Savings Fund

22.7

1023

1.0

0.5

8.4

9.3

7.6

8.3

0.39

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Aditya Birla Sun Life Infrastructure Fund

88.9

1113

2.3

1.4

0.5

18.3

21.1

14.4

0.60

EQUITY – MID CAP FUNDS

Aditya Birla Sun Life Midcap Fund

759.9

6301

1.9

1.0

4.5

19.4

18.4

14.1

0.58

EQUITY – VALUE FUNDS

Aditya Birla Sun Life Value Fund

123.5

6411

1.9

1.0

1.7

18.2

17.4

12.9

0.49

HYBRID – CONSERVATIVE HYBRID FUNDS

Axis Conservative Hybrid Fund

30.3

235

2.2

1.1

5.7

7.3

6.4

6.8

0.41

EQUITY – FLEXI CAP FUNDS

Axis Flexi Cap Fund

25.4

13026

1.7

0.7

3.5

13.8

10.8

–

0.32

HYBRID – BALANCED ADVANTAGE FUNDS

Bandhan Balanced Advantage Fund

24.3

2309

2.0

0.8

5.4

10.8

8.7

8.9

0.40

EQUITY – FOCUSED FUNDS

Bandhan Focused Fund

83.2

2059

2.1

0.8

-0.6

17.4

12.7

13.3

0.42

HYBRID – BALANCED ADVANTAGE FUNDS

Bank of India Balanced Advantage Fund

25.3

146

2.3

1.0

8.3

10.0

10.1

7.6

0.45

EQUITY – SECTOR – BANKING FUNDS

Baroda BNP Paribas Bank&Fin Serv

48.8

373

2.4

0.8

16.6

15.2

13.5

13.9

0.37

HYBRID – CONSERVATIVE HYBRID FUNDS

Baroda BNP Paribas Conser Hybrid

45.1

833

2.0

0.5

5.3

8.1

6.5

7.4

0.46

EQUITY – FOCUSED FUNDS

Baroda BNP Paribas Focused Fund

21.2

709

2.3

0.5

3.3

12.8

11.9

–

0.35

EQUITY – LARGE CAP FUNDS

DSP Large Cap Fund

467.6

7285

1.8

0.8

6.9

16.2

13.4

12.7

0.51

EQUITY – TAX SAVING (ELSS) FUNDS

Edelweiss Long Term Equity

111.3

451

2.3

0.7

7.5

16.0

14.6

12.8

0.48

HYBRID – EQUITY SAVINGS FUNDS

Franklin India Equity Savings Fund

16.7

685

1.1

0.3

5.9

8.0

–

0.52

EQUITY – LARGE & MID CAP FUNDS

Franklin India Large & Mid Cap Fund

185.9

3674

2.0

1.3

5.5

15.7

14.7

12.5

0.51

EQUITY – MID CAP FUNDS

Franklin India Mid Cap Fund

2636.9

12831

1.8

1.0

2.0

20.4

17.4

15.4

0.55

EQUITY – SMALL CAP FUNDS

Franklin India Small Cap Fund

153.8

13238

1.8

0.9

-7.0

17.5

20.3

15.3

0.56

HYBRID – AGGRESSIVE HYBRID FUNDS

HSBC Aggressive Hybrid Fund

54.0

5569

1.9

0.8

3.6

14.1

11.5

11.1

0.37

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC ELSS Tax saver Fund

128.6

4109

1.9

1.2

2.0

17.6

15.0

14.0

0.46

EQUITY – LARGE CAP FUNDS

HSBC Large Cap Fund

479.5

1912

2.1

1.3

6.5

14.5

12.2

13.6

0.40

EQUITY – SMALL CAP FUNDS

HSBC Small Cap Fund

71.4

15969

1.7

0.7

-11.0

15.1

21.4

17.4

0.56

HYBRID – EQUITY SAVINGS FUNDS

ICICI Prudential Equity Savings Fund

23.2

18060

1.0

0.5

7.1

8.4

8.2

8.6

1.25

HYBRID – AGGRESSIVE HYBRID FUNDS

Invesco India Aggressive Hybrid Fund

21.9

828

2.2

0.7

1.3

14.8

11.9

–

0.47

EQUITY – TAX SAVING (ELSS) FUNDS

Invesco India ELSS Tax Saver Fund

117.1

2771

1.9

0.8

-2.9

15.0

12.3

13.5

0.38

EQUITY – FOCUSED FUNDS

JM Focused Fund

18.9

299

2.4

0.7

-0.8

15.8

13.6

13.9

0.42

EQUITY – LARGE & MID CAP FUNDS

LIC MF Large & Midcap Fund

36.7

3116

1.9

0.6

-0.9

16.0

14.5

15.2

0.49

EQUITY – LARGE CAP FUNDS

LIC MF Large Cap Fund

54.5

1493

2.1

1.0

3.4

10.7

10.1

11.6

0.33

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mahindra Manulife Consumption Fund

21.4

559

2.4

0.6

0.0

14.1

13.6

–

0.47

EQUITY – FLEXI CAP FUNDS

Motilal Oswal Flexi Cap Fund

56.9

13862

1.7

0.9

-0.7

20.3

13.0

13.4

0.40

HYBRID – AGGRESSIVE HYBRID FUNDS

Navi Aggressive Hybrid Fund

20.1

119

2.2

0.5

3.1

11.2

10.8

–

0.47

EQUITY – FLEXI CAP FUNDS

Navi Flexi Cap Fund

22.4

263

2.2

0.5

3.9

11.3

12.6

–

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

Nippon India Aggressive Hybrid Fund

103.9

4102

2.0

1.1

6.6

13.7

14.5

10.3

0.65

EQUITY – TAX SAVING (ELSS) FUNDS

Nippon India ELSS Tax Saver Fund

124.8

15260

1.7

1.0

6.3

15.3

16.8

11.7

0.58

EQUITY – TAX SAVING (ELSS) FUNDS

PGIM India ELSS Tax Saver Fund

33.1

768

2.3

0.7

0.2

9.8

13.2

0.48

EQUITY – SMALL CAP FUNDS

SBI Small Cap Fund

156.5

36268

1.6

0.8

-5.0

12.0

16.5

17.5

0.53

HYBRID – BALANCED ADVANTAGE FUNDS

Sundaram Balanced Advantage Fund

35.1

1737

2.1

0.6

5.4

9.8

9.0

8.1

0.46

EQUITY – THEMATIC – CONSUMPTION FUNDS

Sundaram Consumption Fund

90.9

1584

2.2

1.2

-2.1

14.4

13.3

13.8

0.46

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Sundaram Infrastructure Advantage Fund

90.4

947

2.4

1.6

3.2

19.3

20.4

14.5

0.62

EQUITY – LARGE & MID CAP FUNDS

Sundaram Large and Mid Cap Fund

83.7

6987

1.8

0.7

4.7

15.0

15.4

14.6

0.51

EQUITY – SECTOR – PHARMA FUNDS

Tata India Pharma & Healthcare Fund

28.6

1311

2.1

0.6

-5.1

19.7

13.9

11.4

0.48

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Tata Infrastructure Fund

153.4

2016

2.1

1.1

-6.4

15.2

19.6

14.9

0.57

EQUITY – LARGE & MID CAP FUNDS

Tata Large & Mid Cap Fund

489.0

8683

1.8

0.7

-0.6

11.1

13.6

13.3

0.52

EQUITY – VALUE FUNDS

Tata Value Fund

347.1

9061

1.8

0.8

4.3

18.0

16.7

15.9

0.58

EQUITY – MID CAP FUNDS

Taurus Mid Cap Fund

112.8

129

2.6

2.1

-1.0

13.7

15.2

15.1

0.44

HYBRID – EQUITY SAVINGS FUNDS

Union Equity Savings Fund

16.9

144

2.0

1.5

4.8

7.7

6.5

–

0.40

EQUITY – LARGE CAP FUNDS

Union Largecap Fund

23.0

471

2.5

1.7

4.7

11.3

–

0.39

EQUITY – SECTOR – BANKING FUNDS

UTI Banking and Financial Services Fund

195.3

1382

2.1

1.1

20.2

15.2

14.9

13.4

0.42

EQUITY – TAX SAVING (ELSS) FUNDS

UTI ELSS Tax Saver Fund

201.9

3762

1.9

0.9

4.3

13.0

12.1

12.8

0.39

EQUITY – FLEXI CAP FUNDS

UTI Flexi Cap Fund

305.1

24903

1.7

1.0

-0.6

10.3

8.3

12.6

0.24

EQUITY – MID CAP FUNDS

UTI Mid Cap Fund

287.4

11956

1.8

0.9

0.1

15.6

15.9

14.6

0.49

EQUITY – TAX SAVING (ELSS) FUNDS

Aditya Birla Sun Life ELSS Tax Saver Fund

60.1

15415

1.7

1.0

9.9

13.9

9.8

11.5

0.32

EQUITY – LARGE & MID CAP FUNDS

Aditya Birla Sun Life Large & Mid Cap Fund

882.2

5784

1.9

1.1

5.3

14.5

11.5

12.5

0.31

EQUITY – SMALL CAP FUNDS

Aditya Birla Sun Life Small Cap Fund

79.1

4938

1.9

0.9

-2.3

14.8

16.0

12.8

0.43

HYBRID – AGGRESSIVE HYBRID FUNDS

Axis Aggressive Hybrid Fund

20.2

1550

2.2

1.1

5.0

11.0

9.2

–

0.33

EQUITY – TAX SAVING (ELSS) FUNDS

Axis ELSS Tax Saver Fund

93.3

34263

1.5

0.8

4.2

14.2

9.3

12.5

0.25

EQUITY – FOCUSED FUNDS

Axis Focused Fund

51.9

11972

1.8

0.8

3.1

11.3

6.6

12.3

0.17

EQUITY – LARGE CAP FUNDS

Axis Large Cap Fund

59.7

33556

1.6

0.7

5.9

11.8

9.1

12.9

0.28

HYBRID – CONSERVATIVE HYBRID FUNDS

Bandhan Conservative Hybrid Fund

32.4

102

2.0

1.0

5.6

7.6

5.7

6.7

0.32

HYBRID – EQUITY SAVINGS FUNDS

Bandhan Equity Savings Fund

31.8

399

1.1

0.2

5.4

7.6

6.8

6.5

0.64

EQUITY – MID CAP FUNDS

DSP Midcap Fund

142.3

19586

1.7

0.7

3.2

18.3

14.3

15.3

0.44

EQUITY – LARGE CAP FUNDS

Groww Largecap Fund

42.4

132

2.5

1.2

8.1

12.5

11.7

12.1

0.37

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HSBC Infrastructure Fund

42.9

2271

2.1

1.0

-3.8

19.4

21.4

15.9

0.61

EQUITY – MID CAP FUNDS

HSBC Midcap Fund

381.1

12440

1.7

0.7

5.3

22.7

18.9

16.4

0.51

EQUITY – THEMATIC – CONSUMPTION FUNDS

ICICI Prudential FMCG Fund

439.6

1908

2.2

1.3

-7.3

4.9

9.7

11.3

0.35

HYBRID – AGGRESSIVE HYBRID FUNDS

LIC MF Aggressive Hybrid Fund

191.7

534

2.5

1.4

4.4

12.1

9.6

10.0

0.37

EQUITY – SECTOR – BANKING FUNDS

LIC MF Banking & Financial Services Fund

21.8

279

2.5

1.2

20.0

11.4

12.7

11.2

0.35

EQUITY – TAX SAVING (ELSS) FUNDS

LIC MF ELSS Tax Saver

146.7

1097

2.2

1.0

-0.5

15.1

12.7

13.1

0.45

EQUITY – FLEXI CAP FUNDS

LIC MF Flexi Cap Fund

96.5

1063

2.3

1.3

0.8

14.2

11.3

10.9

0.35

EQUITY – MID CAP FUNDS

LIC MF Midcap Fund

27.1

346

2.5

1.4

-4.0

17.9

15.4

–

0.45

EQUITY – SMALL CAP FUNDS

LIC MF Small Cap Fund

26.6

619

2.4

1.0

-15.9

14.2

19.3

–

0.51

EQUITY – VALUE FUNDS

LIC MF Value Fund

23.1

199

2.5

1.4

-5.6

11.9

13.9

–

0.40

HYBRID – BALANCED ADVANTAGE FUNDS

Motilal Oswal Balanced Advantage Fund

18.0

872

2.3

1.0

-7.8

6.0

4.4

–

0.13

EQUITY – FOCUSED FUNDS

Motilal Oswal Focused Fund

41.4

1513

2.1

1.0

-0.3

8.2

7.3

11.0

0.20

EQUITY – LARGE & MID CAP FUNDS

Navi Large & Midcap Fund

33.9

315

2.3

0.5

0.4

11.6

14.2

13.3

0.47

HYBRID – CONSERVATIVE HYBRID FUNDS

Nippon India Conservative Hybrid Fund

60.0

933

1.9

1.1

9.2

9.0

8.3

5.9

1.19

HYBRID – EQUITY SAVINGS FUNDS

Nippon India Equity Savings Fund

16.3

920

1.8

0.7

6.1

8.4

7.9

5.0

0.57

HYBRID – AGGRESSIVE HYBRID FUNDS

PGIM India Aggressive Hybrid Equity Fund

126.3

215

2.3

0.8

2.3

10.2

9.4

9.3

0.33

EQUITY – LARGE CAP FUNDS

PGIM India Large Cap Fund

332.9

598

2.4

0.8

5.6

10.1

9.7

11.1

0.33

EQUITY – VALUE FUNDS

Quantum Value Fund

123.2

1208

2.1

1.1

2.6

15.0

14.3

12.8

0.59

EQUITY – FLEXI CAP FUNDS

Shriram Flexi Cap Fund

19.6

137

2.4

0.8

-1.6

9.6

9.7

–

0.27

EQUITY – DIVIDEND YIELD FUNDS

Sundaram Dividend Yield Fund

135.9

919

2.3

1.0

4.1

15.5

14.9

15.7

0.56

EQUITY – SECTOR – IT FUNDS

Tata Digital India Fund

47.6

12255

1.7

0.4

-9.3

13.7

13.8

17.0

0.38

EQUITY – FLEXI CAP FUNDS

Taurus Flexi Cap Fund

212.9

357

2.6

-2.4

11.7

10.0

0.37

EQUITY – SECTOR – PHARMA FUNDS

UTI Healthcare Fund

269.2

1102

2.3

1.3

-3.7

22.0

14.1

11.7

0.46

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

UTI Infrastructure Fund

135.2

2171

2.2

1.9

2.5

17.2

18.6

14.2

0.61

HYBRID – BALANCED ADVANTAGE FUNDS

UTI-Unit Linked Insurance Plan

41.3

5212

1.7

1.0

3.5

8.7

7.2

7.9

0.38

EQUITY – THEMATIC – MNC FUNDS

Aditya Birla Sun Life MNC Fund

–

1255.7

3577

2.0

1.3

-1.6

11.3

7.2

8.7

0.23

HYBRID – CONSERVATIVE HYBRID FUNDS

Bank of India Conservative Hybrid Fund

–

34.2

2.1

1.2

3.7

6.8

9.8

7.4

0.85

EQUITY – MULTI CAP FUNDS

Baroda BNP Paribas Multi Cap Fund

–

272.0

3142

2.0

0.9

-1.3

16.5

17.3

14.6

0.52

EQUITY – SMALL CAP FUNDS

Canara Robeco Small Cap Fund

–

35.9

13102

1.7

0.5

-3.5

13.9

21.0

–

0.62

EQUITY – SMALL CAP FUNDS

Edelweiss Small Cap Fund

–

41.3

5459

1.8

0.4

-2.4

18.0

21.8

–

0.65

HYBRID – AGGRESSIVE HYBRID FUNDS

Groww Aggressive Hybrid Fund

–

20.4

2.4

1.4

4.4

10.3

10.5

–

0.39

EQUITY – TAX SAVING (ELSS) FUNDS

Groww ELSS Tax Saver Fund

–

19.2

2.3

0.9

1.2

12.4

11.4

–

0.36

EQUITY – VALUE FUNDS

Groww Value Fund

–

26.4

2.3

0.9

7.9

15.1

14.2

10.9

0.50

EQUITY – LARGE & MID CAP FUNDS

HSBC Large & Mid Cap Fund

–

26.0

4658

1.9

0.8

2.3

18.8

16.0

–

0.43

EQUITY – MULTI CAP FUNDS

ICICI Prudential Multicap Fund

–

762.6

16263

1.7

0.9

2.8

17.9

17.6

15.0

0.65

EQUITY – CONTRA FUNDS

Invesco India Contra Fund

–

130.4

20658

1.6

0.5

3.1

17.7

16.3

16.2

0.57

HYBRID – EQUITY SAVINGS FUNDS

Invesco India Equity Savings Fund

–

16.6

394

2.3

0.8

1.7

10.2

7.6

–

0.40

EQUITY – MULTI CAP FUNDS

Invesco India Multicap Fund

–

118.5

4130

1.9

0.7

-5.6

14.3

14.9

13.6

0.46

EQUITY – CONTRA FUNDS

Kotak Contra Fund

–

150.6

5136

1.8

0.6

8.1

19.1

18.1

16.9

0.64

HYBRID – CONSERVATIVE HYBRID FUNDS

LIC MF Conservative Hybrid Fund

–

83.1

2.3

1.4

4.6

6.5

5.6

6.6

0.31

HYBRID – EQUITY SAVINGS FUNDS

LIC MF Equity Savings Fund

–

27.3

2.4

1.2

4.0

8.3

7.4

6.7

0.39

EQUITY – FOCUSED FUNDS

LIC MF Focused Fund

–

20.0

172

2.5

1.6

-1.1

9.0

10.3

–

0.34

EQUITY – SECTOR – PHARMA FUNDS

LIC MF Healthcare Fund

–

27.3

2.5

1.2

-6.8

17.7

10.7

–

0.34

EQUITY – LARGE CAP FUNDS

Mahindra Manulife Large Cap Fund

–

23.0

756

2.3

0.6

8.2

13.1

13.0

–

0.47

EQUITY – MULTI CAP FUNDS

Mahindra Manulife Multi Cap Fund

–

34.6

6133

1.8

0.4

5.7

18.4

19.9

–

0.59

EQUITY – TAX SAVING (ELSS) FUNDS

Navi ELSS Tax Saver Fund

–

28.5

2.3

0.4

3.0

11.4

11.5

0.37

EQUITY – MULTI CAP FUNDS

Nippon India Multi Cap Fund

–

281.2

50352

1.5

0.7

3.6

19.2

22.8

15.4

0.78

HYBRID – EQUITY SAVINGS FUNDS

PGIM India Equity Savings Fund

–

49.9

1.3

0.6

5.4

6.7

7.0

7.2

0.76

EQUITY – FLEXI CAP FUNDS

Quant Flexi Cap Fund

–

91.2

6700

1.8

0.7

-2.4

12.7

19.7

18.4

0.57

EQUITY – MULTI CAP FUNDS

Quant Multi Cap Fund

–

560.2

8188

1.8

0.7

-9.1

7.1

15.4

16.5

0.43

EQUITY – CONTRA FUNDS

SBI Contra Fund

–

383.7

49967

1.5

0.7

4.8

18.3

22.0

17.0

0.92

EQUITY – THEMATIC – MNC FUNDS

SBI MNC Fund

–

339.4

5829

1.9

1.2

-5.9

6.3

9.7

10.6

0.31

HYBRID – AGGRESSIVE HYBRID FUNDS

Shriram Aggressive Hybrid Fund

–

31.3

2.4

0.9

4.2

10.5

9.2

9.8

0.33

EQUITY – TAX SAVING (ELSS) FUNDS

Shriram ELSS Tax Saver Fund

–

20.5

2.3

0.8

-1.0

9.7

9.4

–

0.26

HYBRID – CONSERVATIVE HYBRID FUNDS

Sundaram Conservative Hybrid Fund

–

29.7

1.1

0.8

3.8

6.7

7.3

6.7

0.62

EQUITY – MULTI CAP FUNDS

Sundaram Multi Cap Fund

–

366.0

2908

2.0

0.9

3.0

15.8

16.7

15.5

0.56

EQUITY – VALUE FUNDS

Sundaram Value Fund

–

217.8

1477

2.2

1.7

6.0

12.0

13.5

12.4

0.50

HYBRID – BALANCED ADVANTAGE FUNDS

Tata Balanced Advantage Fund

–

20.5

9691

1.7

0.4

4.8

10.0

–

0.66

EQUITY – SECTOR – BANKING FUNDS

Taurus Banking & Financial Services Fund

–

53.0

2.4

1.6

12.5

10.7

12.3

14.0

0.35

EQUITY – TAX SAVING (ELSS) FUNDS

Taurus ELSS Tax Saver Fund

–

172.6

2.4

1.8

-2.2

13.1

12.8

13.5

0.47

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Taurus Infrastructure Fund

–

62.2

2.5

1.9

-2.7

15.8

17.0

14.8

0.49

EQUITY – LARGE CAP FUNDS

Taurus Large Cap Fund

–

153.4

2.6

2.4

4.5

13.1

11.9

10.5

0.37

EQUITY – THEMATIC – MNC FUNDS

UTI MNC Fund

–

388.2

2856

2.0

1.3

2.5

12.8

11.2

10.8

0.41

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Micro-Cap Investing: Risk & Return, Made For Each Other

by Hansraj Agrawal | Jan 17, 2026 | Share Market

Motilal Oswal Mutual Fund’s decision to pause fresh investments in its Nifty Microcap 250 Index Fund effective January 8, 2026, has drawn attention to the regulatory ambiguity surrounding micro-cap stocks. While the move was prompted by classification concerns rather than market conditions, it has reignited the debate on whether micro-caps are inherently too risky or illiquid for fund portfolios.

Unlike large-, mid- and small-cap stocks, which are clearly defined under AMFI’s market-cap classification, micro-caps remain an undefined segment. Under the current framework, large-cap stocks include the top 100 companies by full market capitalisation; mid-cap stocks rank from 101st to 250th; and small-cap stocks include companies ranked from the 251st position onwards.

However, market participants broadly treat stocks ranked beyond the top 500 by full market capitalisation as micro-caps. This aligns with the coverage universe of the Nifty Microcap 250 Index, which includes 250 companies beyond the Nifty 500 constituents, selected based on average full market capitalisation. This regulatory grey area affects product labelling, often forcing fund houses to adopt a conservative stance on new launches or fresh inflows. For this study, as AMFI does not define micro-cap stocks, we classify stocks ranked 251–500 as small-caps and those ranked beyond 500 as micro-caps.

Where mutual funds hold micro-caps

Despite the absence of a formal definition, mutual funds continue to maintain meaningful exposure to micro-cap stocks across categories. Data from ACE MF show that over the last five years, mutual fund assets in the micro-cap segment (stocks ranked beyond 500) have surged more than 10-fold—from ₹22,508 crore in December 2020 to ₹2.6 lakh crore in December 2025 — accounting for about 5 per cent of total equity assets under management of ₹52 lakh crore as of December 2025.

Micro-cap exposure is most visible in actively managed small-cap funds, which hold 33 per cent, or ₹1.1 lakh crore, of the total equity AUM of ₹3.5 lakh crore. Within small-cap funds, portfolio mandates allow fund managers to venture deeper into the market-cap spectrum, and many schemes hold a tail of micro-cap stocks.

DSP Small Cap tops the chart, with 58 per cent exposure to micro-cap stocks, followed by Tata Small Cap and LIC MF Small Cap, which held 55 per cent and 52 per cent, respectively, as of December 2025.

Apart from small-cap funds, multi-cap funds held a higher share of micro-caps, with a 10 per cent allocation, driven by their mandate to invest at least 25 per cent in small-cap segments. Sectoral and thematic funds also held notable allocations to micro-caps. Some of these include LIC MF Manufacturing (41 per cent), LIC MF Infra (39 per cent), Edelweiss Recently Listed IPO (33 per cent), Samco Special Opportunities (32 per cent), Motilal Oswal Digital India (31 per cent), and UTI Innovation (30 per cent).

Fund managers appear to be using micro-caps selectively rather than aggressively. Position sizes tend to be smaller, and portfolios are often diversified across multiple names to manage stock-specific risks.

Liquidity

Liquidity remains the biggest concern when it comes to micro-caps. The prevailing assumption is that these stocks cannot absorb large redemptions without causing significant price impact. Interestingly, based on the SEBI–AMFI liquidity stress-test methodology, bl.portfolio calculations for the Motilal Oswal Nifty Microcap 250 Index Fund indicate that 50 per cent of the portfolio can be liquidated in just two days. However, the lower liquidation period is due to the fund’s relatively small AUM of ₹2,626 crore.

Performance cycles

Return data reinforce why mutual funds approach micro-caps with caution. Rolling return analysis shows that micro-cap indices tend to deliver sharp bursts of outperformance during bullish phases, often exceeding small- and mid-cap returns over specific periods. However, these phases are cyclical, with micro-caps often turning into underperformers during market corrections.

Over the long run, micro-caps have tended to deliver higher returns compared to other market-cap segments. Back-tested index data show that over the last 20 years, the Nifty Microcap 250 Total Return Index (TRI) delivered a compounded annualised growth rate (CAGR) of 17.5 per cent, compared with 13.5 per cent for the Nifty Smallcap 250 TRI.

Risk characteristics

Drawdown analysis paints a starker picture. Micro-cap indices experience deeper and faster drawdowns during market corrections, with recovery periods often extending longer than those of small-cap segments. During the global financial crisis in 2008, the Nifty Microcap index declined 82 per cent, compared with a 76 per cent decline in the Nifty Smallcap index. During the Covid-19 crash in 2020, the micro-cap index corrected sharply by 70 per cent, versus a 59 per cent decline in the small-cap index.

What this means for investors

Regulators are likely to revisit mutual fund categorisation norms and market-capitalisation definitions as India’s equity universe continues to evolve. The recent pause on fresh inflows into the micro-cap index fund signals regulatory prudence, not a rejection of the micro-cap space. Mutual fund portfolios continue to show meaningful participation, supported by improving market depth and liquidity.

For investors, the takeaway is nuanced. Micro-caps are neither uninvestable nor appropriate as core portfolio allocations. They require higher risk tolerance, longer investment horizons, and disciplined position sizing. As India’s equity market expands and matures, micro-caps are likely to remain a volatile yet relevant segment of the mutual fund universe — best approached selectively rather than avoided altogether.

Investors, while aligning their asset allocation and seeking micro-cap exposure, may consider well-rated active small-cap funds with meaningful allocations to this segment. Based on bl.portfolio Star Track Ratings, funds with notable micro-cap exposure include DSP Small Cap Fund (58 per cent), Nippon India Small Cap Fund (29 per cent), and Axis Small Cap Fund (25 per cent). A systematic investment plan (SIP) is a preferred mode of investment for holding periods of 10 years or more.

Published on January 17, 2026

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