A practical guide to small-cap fund investing

by Hansraj Agrawal | 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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Mutual Funds returns

by Hansraj Agrawal | Dec 20, 2025 | Share Market

EQUITY – VALUE FUNDS

Bandhan Value Fund

151.9

10440

1.7

0.7

2.8

17.2

22.8

15.9

0.77

HYBRID – AGGRESSIVE HYBRID FUNDS

BOI AXA Mid & Small Cap Eq&Debt

37.6

1321

2.0

0.7

-5.7

17.0

19.5

–

0.56

EQUITY – LARGE CAP FUNDS

Canara Robeco Large Cap Fund

64.6

17527

1.6

0.5

5.5

14.8

14.5

0.55

HYBRID – EQUITY SAVINGS FUNDS

Edelweiss Equity Savings Fund

26.1

1106

1.6

0.6

8.6

11.1

9.9

9.3

0.88

HYBRID – BALANCED ADVANTAGE FUNDS

HDFC Balanced Advantage Fund

531.6

107971

1.3

0.7

5.8

17.4

19.6

15.2

1.04

EQUITY – TAX SAVING (ELSS) FUNDS

HDFC ELSS Tax saver

1448.4

17241

1.7

1.1

8.0

20.2

21.9

14.6

0.94

EQUITY – FLEXI CAP FUNDS

HDFC Flexi Cap Fund

2058.1

94069

1.4

0.7

9.5

20.7

23.7

16.7

0.96

EQUITY – FOCUSED FUNDS

HDFC Focused Fund

236.7

26230

1.6

0.6

9.1

20.3

24.2

14.5

1.05

EQUITY – LARGE & MID CAP FUNDS

HDFC Large and Mid Cap Fund

346.6

28892

1.6

0.8

4.0

19.4

21.9

15.4

0.76

EQUITY – MID CAP FUNDS

HDFC Mid Cap Fund

203.0

92169

1.4

0.7

5.6

24.9

25.5

18.5

0.87

HYBRID – BALANCED ADVANTAGE FUNDS

ICICI Prudential Balanced Advantage Fund

77.4

69868

1.4

0.9

11.2

13.4

12.9

11.6

1.02

EQUITY – DIVIDEND YIELD FUNDS

ICICI Prudential Dividend Yield Equity Fund

54.4

6358

1.8

0.6

9.7

22.4

24.9

16.5

1.02

HYBRID – AGGRESSIVE HYBRID FUNDS

ICICI Prudential Equity & Debt Fund

409.5

49223

1.5

0.9

12.0

18.8

21.8

16.3

1.11

EQUITY – FOCUSED FUNDS

ICICI Prudential Focused Equity Fund

97.5

14146

1.7

0.6

13.3

22.5

22.1

16.4

0.83

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

ICICI Prudential Infrastructure Fund

194.4

8160

1.9

1.1

2.6

23.6

30.0

17.5

1.08

EQUITY – LARGE & MID CAP FUNDS

ICICI Prudential Large & Mid Cap Fund

1041.1

26939

1.6

0.8

11.2

20.3

22.9

16.5

0.91

EQUITY – LARGE CAP FUNDS

ICICI Prudential Large Cap Fund

114.9

78160

1.4

0.8

9.1

17.5

18.2

15.1

0.74

EQUITY – SECTOR – IT FUNDS

ICICI Prudential Technology Fund

212.1

15565

1.7

1.0

-3.9

16.5

17.7

17.8

0.49

EQUITY – VALUE FUNDS

ICICI Prudential Value Fund

496.7

60391

1.5

1.0

12.4

21.0

23.5

16.1

1.05

HYBRID – CONSERVATIVE HYBRID FUNDS

Kotak Debt Hybrid Fund

59.4

3132

1.7

0.5

4.4

9.8

9.6

9.5

0.86

EQUITY – MID CAP FUNDS

Motilal Oswal Midcap Fund

100.5

38003

1.5

0.7

-11.6

24.5

28.3

17.6

0.78

EQUITY – SECTOR – BANKING FUNDS

Nippon India Banking & Financial Services Fund

656.5

7792

1.8

1.0

14.9

16.5

20.3

14.9

0.62

EQUITY – THEMATIC – CONSUMPTION FUNDS

Nippon India Consumption Fund

196.3

2783

1.9

0.6

1.0

14.3

18.4

13.1

0.69

EQUITY – MID CAP FUNDS

Nippon India Growth Mid Cap Fund

4201.9

42042

1.5

0.7

1.3

23.7

24.6

18.2

0.78

EQUITY – LARGE CAP FUNDS

Nippon India Large Cap Fund

93.6

50312

1.5

0.7

6.6

18.5

20.4

15.0

0.78

EQUITY – SMALL CAP FUNDS

Nippon India Small Cap Fund

164.8

68572

1.4

0.6

-7.9

20.2

27.3

19.7

0.74

EQUITY – FLEXI CAP FUNDS

Parag Parikh Flexi Cap Fund

86.4

129783

1.3

0.6

6.7

21.1

20.0

17.5

0.81

HYBRID – AGGRESSIVE HYBRID FUNDS

Quant Aggressive Hybrid Fund

435.0

2110

2.0

0.8

8.8

11.1

18.7

15.7

0.69

EQUITY – TAX SAVING (ELSS) FUNDS

Quant ELSS Tax Saver Fund

378.1

12514

1.7

0.7

6.3

14.1

23.0

20.1

0.65

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Quant Infrastructure Fund

37.5

3188

1.9

0.7

-5.5

14.9

27.2

18.9

0.70

EQUITY – SMALL CAP FUNDS

Quant Small Cap Fund

250.4

30170

1.6

0.8

-4.7

19.4

29.3

19.0

0.71

HYBRID – CONSERVATIVE HYBRID FUNDS

SBI Conservative Hybrid Fund

74.0

9977

1.5

1.1

5.9

9.7

9.0

1.00

EQUITY – TAX SAVING (ELSS) FUNDS

SBI ELSS Tax Saver Fund

449.3

32327

1.6

0.9

4.2

22.6

21.7

15.2

0.82

HYBRID – EQUITY SAVINGS FUNDS

Sundaram Equity Savings Fund

72.0

1201

2.1

0.6

5.8

11.0

11.4

9.7

0.80

EQUITY – FOCUSED FUNDS

360 ONE Focused Fund

47.2

7364

1.8

0.8

2.5

15.0

16.3

16.2

0.55

HYBRID – BALANCED ADVANTAGE FUNDS

Aditya Birla SL Bal Advantage

110.0

8800

1.8

0.7

9.4

12.8

11.5

11.6

0.71

EQUITY – LARGE CAP FUNDS

Aditya Birla Sun Life Large Cap Fund

544.7

31451

1.6

1.0

7.2

14.9

15.8

13.3

0.59

EQUITY – SMALL CAP FUNDS

AXIS Small Cap Fund

104.4

26769

1.6

0.6

-4.1

17.3

22.1

18.1

0.70

EQUITY – TAX SAVING (ELSS) FUNDS

Bandhan ELSS Tax Saver Fund

158.0

7327

1.7

0.7

5.7

15.4

19.6

15.4

0.67

EQUITY – LARGE & MID CAP FUNDS

Bandhan Large & Mid Cap Fund

139.0

12784

1.7

0.6

5.5

22.6

22.0

16.5

0.74

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

BOI AXA Manufacturing & Infra

58.5

662

2.2

0.6

2.5

23.5

25.0

17.3

0.71

EQUITY – THEMATIC – CONSUMPTION FUNDS

Canara Robeco Consumer Trends Fund

111.0

2036

2.1

0.8

2.1

15.2

17.1

16.3

0.59

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Canara Robeco Infrastructure Fund

156.6

917

2.3

1.0

-2.8

23.0

26.8

15.4

0.81

EQUITY – TAX SAVING (ELSS) FUNDS

DSP ELSS Tax Saver Fund

144.0

17570

1.6

0.7

5.3

19.2

19.7

16.4

0.71

EQUITY – SMALL CAP FUNDS

DSP Small Cap Fund

194.9

17010

1.7

0.8

-4.5

19.3

22.5

16.3

0.62

HYBRID – AGGRESSIVE HYBRID FUNDS

Edelweiss Aggressive Hybrid Fund

64.6

3413

1.9

0.4

4.7

16.1

16.6

13.0

0.78

HYBRID – BALANCED ADVANTAGE FUNDS

Edelweiss Balanced Advantage Fund

52.3

13411

1.7

0.5

5.4

12.2

11.8

11.2

0.62

EQUITY – MID CAP FUNDS

Edelweiss Mid Cap Fund

103.9

13196

1.7

0.4

1.3

24.7

25.2

18.4

0.75

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Franklin Build India Fund

141.8

3068

2.0

1.0

0.5

24.6

26.5

17.6

0.84

EQUITY – DIVIDEND YIELD FUNDS

Franklin India Dividend Yield Fund

138.8

2384

2.1

1.2

-0.6

16.8

20.0

15.6

0.91

EQUITY – TAX SAVING (ELSS) FUNDS

Franklin India ELSS Tax Saver Fund

1492.5

6796

1.8

1.0

0.8

17.0

18.9

13.8

0.65

EQUITY – FLEXI CAP FUNDS

Franklin India Flexi Cap Fund

1661.3

20022

1.7

0.9

2.0

17.1

19.6

14.5

0.68

EQUITY – FOCUSED FUNDS

Franklin India Focused Equity Fund

110.3

12815

1.8

1.0

3.8

15.1

18.9

14.5

0.66

HYBRID – CONSERVATIVE HYBRID FUNDS

HDFC Hybrid Debt Fund

83.2

3373

1.8

1.2

5.0

9.6

9.8

9.0

0.99

EQUITY – LARGE CAP FUNDS

HDFC Large Cap Fund

1171.6

40618

1.6

1.0

6.1

15.2

17.4

13.9

0.67

EQUITY – VALUE FUNDS

HSBC Value Fund

113.0

14553

1.7

0.8

2.6

22.2

22.6

16.3

0.71

HYBRID – CONSERVATIVE HYBRID FUNDS

ICICI Prudential Regular Savings Fund

77.6

3375

1.7

1.0

7.5

9.9

9.1

9.5

1.07

EQUITY – SECTOR – BANKING FUNDS

Invesco India Financial Services Fund

143.8

1589

2.1

0.8

10.5

19.1

17.6

16.2

0.50

HYBRID – AGGRESSIVE HYBRID FUNDS

JM Aggressive Hybrid Fund

120.0

811

2.3

0.7

-4.1

17.5

17.2

12.7

0.66

EQUITY – FLEXI CAP FUNDS

JM Flexicap Fund

97.0

6015

1.8

0.6

-7.6

19.6

20.2

17.0

0.67

HYBRID – AGGRESSIVE HYBRID FUNDS

Kotak Aggressive Hybrid Fund

63.1

8462

1.7

0.5

2.0

14.4

15.6

13.4

0.68

HYBRID – EQUITY SAVINGS FUNDS

Kotak Equity Savings Fund

27.1

9422

1.8

0.7

6.4

11.4

10.6

9.6

0.91

EQUITY – LARGE CAP FUNDS

Kotak Large Cap Fund

591.7

11081

1.7

0.6

6.6

15.0

15.5

13.5

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

Mirae Asset ELSS Tax Saver Fund

50.7

27271

1.5

0.6

6.6

16.6

17.4

–

0.61

EQUITY – TAX SAVING (ELSS) FUNDS

Motilal Oswal ELSS Tax Saver Fund

50.2

4444

1.8

0.6

-10.5

21.6

20.2

16.4

0.51

HYBRID – BALANCED ADVANTAGE FUNDS

Nippon India Balanced Advantage Fund

180.7

9749

1.7

0.6

6.1

11.9

11.7

11.0

0.74

EQUITY – FOCUSED FUNDS

Nippon India Focused Fund

123.7

8887

1.8

1.1

6.7

14.0

17.8

13.9

0.62

EQUITY – VALUE FUNDS

Nippon India Value Fund

230.9

9246

1.8

1.1

2.3

21.1

21.8

15.8

0.73

EQUITY – LARGE & MID CAP FUNDS

Nippon India Vision Large & Mid Cap Fund

1494.0

6866

1.9

1.2

3.1

20.2

19.7

13.6

0.69

EQUITY – FLEXI CAP FUNDS

PGIM India Flexi Cap Fund

36.7

6400

1.8

0.4

2.7

12.3

14.8

14.0

0.48

EQUITY – MID CAP FUNDS

PGIM India Midcap Fund

63.6

11527

1.7

0.5

-2.3

12.5

19.1

15.3

0.61

EQUITY – MID CAP FUNDS

Quant Mid Cap Fund

210.3

8352

1.8

0.8

-5.1

14.3

22.2

16.8

0.67

EQUITY – TAX SAVING (ELSS) FUNDS

Quantum ELSS Tax Saver Fund

126.2

227

2.1

0.9

1.9

16.1

16.3

12.8

0.68

EQUITY – THEMATIC – CONSUMPTION FUNDS

SBI Consumption Opportunities Fund

307.6

3219

2.0

0.9

-7.1

13.6

18.7

15.4

0.68

HYBRID – EQUITY SAVINGS FUNDS

SBI Equity Savings Fund

24.4

5997

1.6

1.0

4.1

11.0

10.0

9.1

0.66

EQUITY – LARGE & MID CAP FUNDS

SBI Large & Midcap Fund

644.1

37045

1.6

0.7

7.4

17.0

19.7

15.3

0.76

EQUITY – LARGE CAP FUNDS

SBI Large Cap Fund

95.7

55637

1.5

0.8

7.4

13.9

15.0

13.1

0.58

EQUITY – MID CAP FUNDS

SBI Midcap Fund

233.3

23360

1.7

0.8

-2.7

16.3

20.7

14.6

0.71

EQUITY – SECTOR – IT FUNDS

SBI Technology Opportunities Fund

232.5

5130

1.9

0.9

0.7

18.4

19.8

17.5

0.59

EQUITY – SECTOR – BANKING FUNDS

Sundaram Financial Services Opportunities Fund

107.9

1666

2.1

0.8

12.4

16.7

17.1

15.3

0.53

EQUITY – FLEXI CAP FUNDS

Union Flexi Cap Fund

51.9

2412

2.0

0.9

1.3

14.5

16.1

13.5

0.55

HYBRID – AGGRESSIVE HYBRID FUNDS

UTI Aggressive Hybrid Fund

417.3

6718

1.9

1.2

4.8

16.3

17.2

12.8

0.80

EQUITY – LARGE & MID CAP FUNDS

UTI Large & Mid Cap Fund

186.6

5498

1.9

1.0

5.1

21.5

22.0

14.9

0.78

EQUITY – SECTOR – BANKING FUNDS

Aditya Birla SL Bank & Fin Serv

63.9

3708

2.0

1.0

14.5

15.0

15.3

14.9

0.44

EQUITY – THEMATIC – CONSUMPTION FUNDS

Aditya Birla Sun Life Consumption Fund

218.4

6539

1.8

0.8

3.3

14.2

16.1

15.3

0.55

EQUITY – SECTOR – IT FUNDS

Aditya Birla Sun Life Digital India Fund

180.1

4849

1.9

0.8

-6.7

15.4

16.7

17.4

0.46

EQUITY – FLEXI CAP FUNDS

Aditya Birla Sun Life Flexi Cap Fund

1886.0

24815

1.7

0.9

9.3

17.6

16.7

15.0

0.57

EQUITY – FOCUSED FUNDS

Aditya Birla Sun Life Focused Fund

148.6

8211

1.8

0.9

8.4

16.2

15.8

13.6

0.59

HYBRID – CONSERVATIVE HYBRID FUNDS

Aditya Birla Sun Life Regular Savings Fund

68.4

1549

1.8

0.9

6.8

8.9

9.3

8.8

0.94

HYBRID – BALANCED ADVANTAGE FUNDS

Axis Balanced Advantage Fund

21.6

3810

1.9

0.7

5.7

14.0

11.8

–

0.68

HYBRID – AGGRESSIVE HYBRID FUNDS

Bandhan Aggressive Hybrid Fund

26.8

1486

2.1

0.7

6.0

15.4

15.3

–

0.61

EQUITY – FOCUSED FUNDS

Bandhan Focused Fund

88.1

2090

2.1

0.8

-1.9

18.4

14.9

13.3

0.48

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Bandhan Infrastructure Fund

47.7

1566

2.1

0.9

-9.8

23.2

26.5

15.8

0.68

EQUITY – LARGE CAP FUNDS

Bandhan Large Cap Fund

79.8

2051

2.0

0.9

6.4

16.8

15.3

13.6

0.53

EQUITY – TAX SAVING (ELSS) FUNDS

Bank of India ELSS Tax Saver

159.2

1411

2.0

0.8

-8.0

15.5

17.3

15.9

0.49

HYBRID – AGGRESSIVE HYBRID FUNDS

Baroda BNP Paribas Aggressive Hybrid Fund

28.3

1276

2.1

0.5

2.3

13.7

14.0

–

0.58

EQUITY – LARGE CAP FUNDS

Baroda BNP Paribas Large Cap Fund

225.3

2781

2.0

0.8

2.6

15.1

13.2

0.55

EQUITY – MID CAP FUNDS

Baroda BNP Paribas Mid Cap Fund

104.3

2320

2.0

0.6

1.0

19.6

21.1

15.4

0.67

HYBRID – CONSERVATIVE HYBRID FUNDS

Canara Robeco Conservative Hybrid Fund

97.5

931

1.8

0.7

3.8

7.8

7.4

7.9

0.63

EQUITY – TAX SAVING (ELSS) FUNDS

Canara Robeco ELSS Tax Saver

178.6

9118

1.7

0.5

2.5

14.4

16.0

14.8

0.58

HYBRID – AGGRESSIVE HYBRID FUNDS

Canara Robeco Equity Hybrid Fund

367.0

11451

1.7

0.6

4.6

13.2

13.1

12.4

0.57

EQUITY – FLEXI CAP FUNDS

Canara Robeco Flexi Cap Fund

348.0

13926

1.7

0.5

5.2

14.9

15.4

14.3

0.55

EQUITY – LARGE & MID CAP FUNDS

Canara Robeco Large and Mid Cap Fund

253.4

26170

1.6

0.6

-2.0

15.3

16.4

15.1

0.55

HYBRID – AGGRESSIVE HYBRID FUNDS

DSP Aggressive Hybrid Fund

363.0

12105

1.7

0.7

5.4

15.7

13.9

12.9

0.58

HYBRID – BALANCED ADVANTAGE FUNDS

DSP Dynamic Asset Allocation Fund

28.4

3690

1.9

0.7

7.7

12.3

9.4

9.2

0.59

HYBRID – EQUITY SAVINGS FUNDS

DSP Equity Savings Fund

22.2

3936

1.5

0.6

5.7

9.9

9.6

–

0.85

EQUITY – FLEXI CAP FUNDS

DSP Flexi Cap Fund

104.8

12371

1.7

0.7

2.5

17.1

15.9

14.6

0.52

EQUITY – FOCUSED FUNDS

DSP Focused Fund

56.2

2707

2.0

0.9

5.6

18.7

15.4

12.8

0.54

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

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

310.9

5419

1.9

0.7

-5.9

23.1

27.1

16.6

0.78

EQUITY – LARGE & MID CAP FUNDS

DSP Large & Mid Cap Fund

638.9

17215

1.7

0.6

5.3

19.8

19.3

15.9

0.68

EQUITY – LARGE CAP FUNDS

DSP Large Cap Fund

484.8

7187

1.8

0.8

7.0

17.5

15.3

12.4

0.59

HYBRID – CONSERVATIVE HYBRID FUNDS

DSP Regular Savings Fund

59.8

180

1.2

0.5

6.7

9.8

8.2

7.3

0.74

EQUITY – FLEXI CAP FUNDS

Edelweiss Flexi Cap Fund

39.5

3073

1.9

0.4

2.3

18.4

15.1

0.61

EQUITY – LARGE & MID CAP FUNDS

Edelweiss Large & Mid Cap Fund

89.3

4460

1.8

0.4

1.4

17.8

18.6

15.1

0.61

EQUITY – LARGE CAP FUNDS

Edelweiss Large Cap Fund

86.5

1445

2.1

0.6

5.5

14.7

14.8

13.6

0.55

HYBRID – AGGRESSIVE HYBRID FUNDS

Franklin India Aggressive Hybrid Fund

273.8

2380

2.0

0.9

3.0

13.7

14.2

11.9

0.64

HYBRID – CONSERVATIVE HYBRID FUNDS

Franklin India Conservative Hybrid Fund

92.0

205

1.4

0.8

5.6

9.0

8.0

7.6

0.70

EQUITY – LARGE CAP FUNDS

Franklin India Large Cap Fund

1063.5

8061

1.9

1.1

6.5

14.6

14.9

12.1

0.54

HYBRID – EQUITY SAVINGS FUNDS

HDFC Equity Savings Fund

67.6

5904

1.9

0.9

6.0

10.0

10.7

9.9

0.86

HYBRID – AGGRESSIVE HYBRID FUNDS

HDFC Hybrid Equity Fund

120.3

24704

1.7

1.0

4.6

11.6

14.2

11.0

0.67

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HDFC Infrastructure Fund

46.9

2514

2.1

1.1

-1.4

23.5

27.4

11.5

0.85

EQUITY – SMALL CAP FUNDS

HDFC Small Cap Fund

138.1

38020

1.5

0.7

-2.8

19.8

25.1

17.8

0.72

EQUITY – VALUE FUNDS

HDFC Value Fund

766.5

7676

1.8

1.0

6.3

18.4

19.3

14.4

0.67

HYBRID – CONSERVATIVE HYBRID FUNDS

HSBC Conservative Hybrid Fund

61.1

149

2.2

1.2

1.3

9.3

7.5

7.6

0.47

HYBRID – EQUITY SAVINGS FUNDS

HSBC Equity Savings Fund

34.4

787

1.5

0.7

0.5

13.5

11.8

9.1

0.59

EQUITY – FLEXI CAP FUNDS

HSBC Flexi Cap Fund

220.0

5248

1.9

1.2

-1.4

18.6

17.2

13.8

0.52

EQUITY – SMALL CAP FUNDS

HSBC Small Cap Fund

77.6

16203

1.7

0.6

-14.7

17.4

24.5

17.6

0.61

EQUITY – SECTOR – BANKING FUNDS

ICICI Prudential Banking & Financial Services Fund

138.0

11086

1.8

1.0

13.6

14.3

16.1

15.0

0.51

EQUITY – TAX SAVING (ELSS) FUNDS

ICICI Pru Long Term Equity

958.3

14957

1.7

1.1

8.1

15.7

17.0

13.5

0.63

HYBRID – EQUITY SAVINGS FUNDS

ICICI Prudential Equity Savings Fund

23.3

17573

1.0

0.5

8.1

9.0

8.8

8.5

1.34

EQUITY – MID CAP FUNDS

ICICI Prudential Midcap Fund

310.8

7055

1.9

1.0

6.9

22.0

22.6

16.1

0.71

EQUITY – SMALL CAP FUNDS

ICICI Prudential Smallcap Fund

85.3

8452

1.8

0.8

-3.1

15.8

22.4

15.8

0.76

HYBRID – BALANCED ADVANTAGE FUNDS

Invesco India Balanced Advantage Fund

54.7

1121

2.1

0.8

1.6

12.3

11.1

9.8

0.52

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Invesco India Infrastructure Fund

59.8

1457

2.1

0.8

-10.4

21.8

24.2

16.7

0.67

EQUITY – LARGE & MID CAP FUNDS

Invesco India Large & Mid Cap Fund

101.2

9406

1.8

0.6

2.8

23.2

20.1

16.3

0.63

EQUITY – LARGE CAP FUNDS

Invesco India Largecap Fund

71.0

1723

2.0

0.7

3.9

16.8

16.3

13.4

0.55

EQUITY – MID CAP FUNDS

Invesco India Midcap Fund

184.2

10006

1.7

0.5

4.7

26.5

24.5

18.5

0.71

EQUITY – TAX SAVING (ELSS) FUNDS

JM ELSS Tax Saver Fund

50.0

228

2.4

1.0

19.2

18.5

16.3

0.60

EQUITY – VALUE FUNDS

JM Value Fund

95.7

987

2.2

1.0

-6.5

20.2

20.5

16.7

0.64

EQUITY – TAX SAVING (ELSS) FUNDS

Kotak ELSS Tax Saver Fund

116.8

6516

1.8

0.6

-0.3

14.5

17.0

14.8

0.57

EQUITY – FLEXI CAP FUNDS

Kotak Flexicap Fund

86.5

56885

1.4

0.6

6.6

15.8

14.4

0.55

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Kotak Infra & Economic Reform

64.6

2376

2.0

0.7

-6.6

19.4

25.7

16.0

0.73

EQUITY – LARGE & MID CAP FUNDS

Kotak Large & Midcap Fund

350.0

29961

1.6

0.6

3.4

18.3

18.8

16.0

0.65

EQUITY – MID CAP FUNDS

Kotak Midcap Fund

135.9

60480

1.4

0.4

-0.2

20.6

22.6

18.0

0.71

EQUITY – SMALL CAP FUNDS

Kotak Small Cap Fund

248.7

17423

1.7

0.6

-11.1

14.5

20.8

16.9

0.60

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

LIC MF Infrastructure Fund

48.6

1022

2.2

0.8

-6.7

25.8

26.3

15.9

0.70

EQUITY – TAX SAVING (ELSS) FUNDS

Mahindra Manulife ELSS Tax Saver Fund

29.2

982

2.1

0.6

5.6

14.3

17.1

–

0.60

HYBRID – EQUITY SAVINGS FUNDS

Mahi Manu Eq Sav Dhan San Yojana

21.1

551

2.4

0.7

6.3

9.6

9.8

–

0.61

EQUITY – MID CAP FUNDS

Mahindra Manulife Mid Cap Fund

33.5

4260

1.8

0.5

-1.6

23.1

23.8

–

0.70

HYBRID – AGGRESSIVE HYBRID FUNDS

Mirae Asset Aggressive Hybrid Fund

33.3

9494

1.7

0.4

7.5

13.4

13.5

13.0

0.58

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mirae Asset Great Consumer Fund

94.4

4787

1.8

0.4

2.6

16.1

18.2

15.8

0.60

EQUITY – LARGE & MID CAP FUNDS

Mirae Asset Large & Midcap Fund

156.6

43542

1.5

0.6

6.1

16.7

17.6

0.59

EQUITY – LARGE CAP FUNDS

Mirae Asset Large Cap Fund

117.2

41864

1.5

0.5

7.7

12.9

14.0

0.52

EQUITY – FLEXI CAP FUNDS

Motilal Oswal Flexi Cap Fund

61.1

14312

1.7

0.9

-5.6

21.1

15.8

13.5

0.47

HYBRID – AGGRESSIVE HYBRID FUNDS

Nippon India Aggressive Hybrid Fund

107.1

4134

2.0

1.1

4.9

14.6

16.0

10.2

0.72

EQUITY – TAX SAVING (ELSS) FUNDS

Nippon India ELSS Tax Saver Fund

130.3

15519

1.7

1.0

3.7

16.2

19.0

11.4

0.65

EQUITY – TAX SAVING (ELSS) FUNDS

PGIM India ELSS Tax Saver Fund

35.0

784

2.2

0.7

11.5

15.6

13.3

0.58

EQUITY – FOCUSED FUNDS

Quant Focused Fund

85.9

944

2.2

0.8

1.5

13.1

17.4

14.0

0.54

EQUITY – LARGE & MID CAP FUNDS

Quant Large & Mid Cap Fund

115.0

3512

1.9

0.7

-1.2

14.6

19.1

16.1

0.59

EQUITY – SECTOR – BANKING FUNDS

SBI Banking & Financial Services Fund

45.4

9813

1.8

0.7

17.1

18.8

17.0

17.5

0.50

HYBRID – AGGRESSIVE HYBRID FUNDS

SBI Equity Hybrid Fund

310.2

82958

1.4

0.7

11.1

14.0

13.7

12.5

0.67

EQUITY – FOCUSED FUNDS

SBI Focused Fund

382.4

42773

1.5

0.8

14.7

18.2

17.0

15.5

0.62

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

SBI Infrastructure Fund

49.1

4771

1.9

1.1

-3.7

20.2

23.8

16.2

0.77

HYBRID – AGGRESSIVE HYBRID FUNDS

Sundaram Aggressive Hybrid Fund

165.0

7655

1.8

0.6

4.2

12.0

13.4

12.6

0.59

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram ELSS Tax Saver Fund

524.1

1411

2.2

1.7

5.8

14.7

16.6

14.2

0.60

EQUITY – FOCUSED FUNDS

Sundaram Focused Fund

161.8

1103

2.3

1.3

-0.6

13.0

14.8

13.7

0.49

EQUITY – MID CAP FUNDS

Sundaram Mid Cap Fund

1428.4

13345

1.7

0.9

2.5

23.4

22.9

15.4

0.71

EQUITY – SMALL CAP FUNDS

Sundaram Small Cap Fund

257.1

3450

1.9

0.9

-3.0

19.1

22.5

13.5

0.62

EQUITY – SECTOR – BANKING FUNDS

Tata Banking and Financial Services Fund

44.9

3214

1.9

0.5

14.9

15.3

15.6

–

0.47

HYBRID – EQUITY SAVINGS FUNDS

Tata Equity Savings Fund

56.4

277

1.1

0.5

6.1

9.8

8.9

7.8

0.81

EQUITY – THEMATIC – CONSUMPTION FUNDS

Tata India Consumer Fund

45.2

2685

2.0

0.7

-2.8

18.1

16.9

–

0.52

EQUITY – LARGE & MID CAP FUNDS

Tata Large & Mid Cap Fund

521.0

8753

1.8

0.7

-0.3

12.1

15.5

13.4

0.58

EQUITY – LARGE CAP FUNDS

Tata Large Cap Fund

521.3

2827

2.0

1.0

6.2

14.2

16.3

12.7

0.60

EQUITY – MID CAP FUNDS

Tata Mid Cap Fund

448.7

5420

1.8

0.6

3.8

21.2

20.8

16.1

0.67

EQUITY – VALUE FUNDS

Templeton India Value Fund

738.8

2319

2.0

0.9

5.4

17.0

22.2

15.0

0.80

HYBRID – BALANCED ADVANTAGE FUNDS

Union Balanced Advantage Fund

20.6

1371

2.2

1.0

4.8

10.2

8.7

–

0.52

EQUITY – TAX SAVING (ELSS) FUNDS

Union ELSS Tax Saver Fund

66.4

922

2.3

1.4

2.5

14.8

16.7

13.2

0.58

EQUITY – SMALL CAP FUNDS

Union Small Cap Fund

48.4

1778

2.1

1.0

-7.8

17.6

21.8

14.8

0.57

HYBRID – CONSERVATIVE HYBRID FUNDS

UTI Conservative Hybrid Fund

70.4

1701

1.8

1.2

5.5

9.4

9.2

8.3

0.83

EQUITY – DIVIDEND YIELD FUNDS

UTI Dividend Yield Fund

180.9

3936

2.0

1.5

2.9

20.2

18.7

14.8

0.69

EQUITY – LARGE CAP FUNDS

UTI Large Cap Fund

282.7

13399

1.7

0.9

6.9

12.7

13.5

12.7

0.48

EQUITY – MID CAP FUNDS

UTI Mid Cap Fund

303.2

12050

1.8

0.9

-2.1

16.2

18.4

14.4

0.55

EQUITY – VALUE FUNDS

UTI Value Fund

173.1

10135

1.8

1.2

4.5

17.9

18.0

14.6

0.66

HYBRID – BALANCED ADVANTAGE FUNDS

UTI-Unit Linked Insurance Plan

42.2

5300

1.6

1.0

3.9

9.0

8.1

8.0

0.47

EQUITY – DIVIDEND YIELD FUNDS

Aditya Birla Sun Life Dividend Yield Fund

455.7

1505

2.2

1.4

-1.2

18.3

19.6

13.2

0.66

HYBRID – AGGRESSIVE HYBRID FUNDS

Aditya Birla Sun Life Equity Hybrid ’95 Fund

1568.7

7614

1.9

1.1

5.7

13.9

13.2

11.0

0.53

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Aditya Birla Sun Life Infrastructure Fund

94.0

1140

2.3

1.4

-2.3

20.4

23.6

14.2

0.66

EQUITY – MID CAP FUNDS

Aditya Birla Sun Life Midcap Fund

802.5

6278

1.9

1.0

2.2

20.3

20.8

13.9

0.64

HYBRID – CONSERVATIVE HYBRID FUNDS

Axis Conservative Hybrid Fund

30.5

236

2.2

1.1

6.3

7.3

6.8

0.46

HYBRID – EQUITY SAVINGS FUNDS

Axis Equity Savings Fund

22.7

931

2.3

1.1

5.0

10.0

8.8

8.6

0.55

EQUITY – FLEXI CAP FUNDS

Axis Flexi Cap Fund

26.6

13276

1.7

0.7

-0.2

13.8

12.3

–

0.39

EQUITY – MID CAP FUNDS

Axis Midcap Fund

113.1

32202

1.6

0.6

-0.5

18.4

18.2

16.5

0.56

HYBRID – BALANCED ADVANTAGE FUNDS

Bandhan Balanced Advantage Fund

24.9

2324

2.0

0.8

4.2

11.0

9.6

9.0

0.44

HYBRID – EQUITY SAVINGS FUNDS

Bandhan Equity Savings Fund

31.9

375

1.1

0.2

6.1

7.7

7.2

6.6

0.72

EQUITY – FLEXI CAP FUNDS

Bandhan Flexi Cap Fund

214.5

7747

1.9

1.1

7.2

15.3

15.5

11.6

0.53

EQUITY – LARGE & MID CAP FUNDS

BOI Large & Mid Cap Equity Fund

91.2

449

2.3

0.8

2.9

16.3

17.1

13.2

0.54

EQUITY – SECTOR – BANKING FUNDS

Baroda BNP Paribas Bank&Fin Serv

49.6

365

2.4

0.8

11.9

15.1

14.3

13.3

0.42

EQUITY – TAX SAVING (ELSS) FUNDS

Baroda BNP Paribas ELSS Tax Saver Fund

99.6

952

2.2

1.0

3.1

18.6

15.8

13.1

0.51

EQUITY – FOCUSED FUNDS

Baroda BNP Paribas Focused Fund

22.3

719

2.3

0.5

-0.4

13.9

–

0.41

EQUITY – TAX SAVING (ELSS) FUNDS

Edelweiss Long Term Equity

115.2

448

2.3

0.7

3.9

16.5

16.4

12.6

0.54

EQUITY – LARGE & MID CAP FUNDS

Franklin India Large & Mid Cap Fund

197.1

3703

2.0

1.3

6.2

17.0

17.3

12.7

0.58

EQUITY – MID CAP FUNDS

Franklin India Mid Cap Fund

2798.5

12911

1.8

1.0

-0.4

21.4

19.9

15.5

0.61

EQUITY – SMALL CAP FUNDS

Franklin India Small Cap Fund

164.3

13529

1.8

0.9

-10.1

18.9

23.2

15.4

0.63

HYBRID – BALANCED ADVANTAGE FUNDS

HSBC Balanced Advantage Fund

43.9

1591

2.1

0.9

1.6

11.5

9.2

8.4

0.50

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC ELSS Tax saver Fund

135.7

4184

1.9

1.2

-1.8

18.9

16.9

14.0

0.51

EQUITY – LARGE CAP FUNDS

HSBC Large Cap Fund

491.0

1919

2.1

1.3

2.3

14.4

13.9

13.4

0.46

EQUITY – MID CAP FUNDS

HSBC Midcap Fund

401.9

12549

1.7

0.6

-3.9

23.8

20.8

16.3

0.55

HYBRID – AGGRESSIVE HYBRID FUNDS

Invesco India Aggressive Hybrid Fund

22.6

832

2.2

0.7

-1.7

15.4

13.5

–

0.53

EQUITY – TAX SAVING (ELSS) FUNDS

Invesco India ELSS Tax Saver Fund

124.9

2838

1.9

0.8

-4.1

16.2

14.9

13.7

0.46

EQUITY – FOCUSED FUNDS

JM Focused Fund

20.2

309

2.4

0.7

-2.0

16.8

15.4

13.8

0.48

EQUITY – LARGE CAP FUNDS

JM Large Cap Fund

157.9

482

2.4

0.8

14.9

14.7

11.9

0.50

EQUITY – TAX SAVING (ELSS) FUNDS

LIC MF ELSS Tax Saver

153.5

1107

2.2

1.0

-0.5

15.2

14.5

12.9

0.51

EQUITY – FOCUSED FUNDS

LIC MF Focused Fund

21.3

173

2.5

1.6

0.5

10.4

12.4

–

0.41

EQUITY – LARGE & MID CAP FUNDS

LIC MF Large & Midcap Fund

38.7

3141

1.9

0.6

-1.9

16.4

16.3

15.1

0.55

EQUITY – LARGE CAP FUNDS

LIC MF Large Cap Fund

57.0

1503

2.1

1.0

3.9

11.4

11.7

11.6

0.40

HYBRID – AGGRESSIVE HYBRID FUNDS

Navi Aggressive Hybrid Fund

21.0

126

2.3

0.6

3.8

12.4

–

0.54

HYBRID – CONSERVATIVE HYBRID FUNDS

Nippon India Conservative Hybrid Fund

60.0

923

1.9

1.1

9.5

9.1

8.5

5.8

1.23

EQUITY – VALUE FUNDS

Quantum Value Fund

127.2

1206

2.1

1.1

1.9

16.3

16.4

12.7

0.67

EQUITY – FLEXI CAP FUNDS

SBI Flexicap Fund

112.4

23556

1.7

0.8

3.0

13.2

14.4

13.2

0.53

EQUITY – SMALL CAP FUNDS

SBI Small Cap Fund

166.4

36272

1.6

0.7

-9.0

12.7

18.9

17.6

0.60

HYBRID – BALANCED ADVANTAGE FUNDS

Sundaram Balanced Advantage Fund

36.0

1754

2.1

0.6

4.5

10.1

9.7

8.0

0.50

EQUITY – THEMATIC – CONSUMPTION FUNDS

Sundaram Consumption Fund

97.1

1628

2.2

1.3

-1.3

14.7

15.4

14.0

0.53

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Sundaram Infrastructure Advantage Fund

96.1

961

2.4

1.9

2.0

20.9

23.3

14.5

0.69

EQUITY – LARGE & MID CAP FUNDS

Sundaram Large and Mid Cap Fund

87.6

7047

1.8

0.8

1.5

15.7

17.4

14.6

0.56

HYBRID – AGGRESSIVE HYBRID FUNDS

Tata Aggressive Hybrid Fund

449.7

4166

1.9

1.0

4.2

11.0

13.3

10.5

0.58

EQUITY – SECTOR – IT FUNDS

Tata Digital India Fund

49.5

12085

1.7

0.4

-11.5

16.2

17.7

–

0.47

EQUITY – TAX SAVING (ELSS) FUNDS

Tata ELSS Fund

45.9

4795

1.8

0.7

2.8

14.9

16.7

14.3

0.57

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Tata Infrastructure Fund

165.3

2069

2.1

1.1

-10.0

16.7

22.7

14.8

0.64

EQUITY – VALUE FUNDS

Tata Value Fund

358.9

9032

1.8

0.8

1.4

18.6

18.5

15.6

0.63

EQUITY – LARGE CAP FUNDS

Union Largecap Fund

23.8

479

2.5

1.7

2.3

11.9

13.1

–

0.47

EQUITY – SECTOR – BANKING FUNDS

UTI Banking and Financial Services Fund

196.5

1386

2.1

1.1

13.4

14.6

15.4

12.6

0.46

EQUITY – FLEXI CAP FUNDS

UTI Flexi Cap Fund

322.4

25575

1.7

1.0

-0.4

10.9

10.7

12.6

0.33

EQUITY – THEMATIC – CONSUMPTION FUNDS

UTI India Consumer Fund

59.1

738

2.4

1.6

2.4

14.3

13.9

12.1

0.45

EQUITY – TAX SAVING (ELSS) FUNDS

Aditya Birla Sun Life ELSS Tax Saver Fund

62.5

15691

1.7

1.0

8.1

14.4

11.6

11.4

0.39

HYBRID – EQUITY SAVINGS FUNDS

Aditya Birla Sun Life Equity Savings Fund

22.8

974

1.0

0.5

8.6

9.2

8.2

0.45

EQUITY – LARGE & MID CAP FUNDS

Aditya Birla Sun Life Large & Mid Cap Fund

912.3

5836

1.9

1.1

1.9

14.2

13.2

12.3

0.37

EQUITY – SMALL CAP FUNDS

Aditya Birla Sun Life Small Cap Fund

84.8

5049

1.9

0.9

-6.1

17.0

18.6

12.9

0.49

EQUITY – VALUE FUNDS

Aditya Birla Sun Life Value Fund

128.1

6361

1.9

1.0

-0.8

19.2

19.3

12.7

0.53

EQUITY – TAX SAVING (ELSS) FUNDS

Axis ELSS Tax Saver Fund

97.2

35084

1.5

0.8

2.6

13.4

10.7

12.5

0.31

EQUITY – FOCUSED FUNDS

Axis Focused Fund

54.6

12445

1.7

0.8

0.9

10.7

8.3

12.3

0.23

EQUITY – LARGE CAP FUNDS

Axis Large Cap Fund

61.8

34072

1.6

0.7

4.7

11.7

10.5

12.8

0.34

HYBRID – CONSERVATIVE HYBRID FUNDS

Bandhan Conservative Hybrid Fund

32.6

103

2.0

1.0

6.0

7.7

6.0

6.7

0.38

HYBRID – BALANCED ADVANTAGE FUNDS

Bank of India Balanced Advantage Fund

25.8

145

2.3

1.0

6.2

10.3

11.0

7.6

0.48

HYBRID – CONSERVATIVE HYBRID FUNDS

Baroda BNP Paribas Conser Hybrid

45.6

839

2.0

0.5

5.0

8.4

7.1

7.4

0.54

EQUITY – MID CAP FUNDS

DSP Midcap Fund

149.2

19855

1.7

0.7

0.8

19.2

16.2

15.1

0.49

EQUITY – SECTOR – IT FUNDS

Franklin India Technology Fund

549.3

1957

2.1

1.0

-1.6

24.5

16.7

17.1

0.47

EQUITY – LARGE CAP FUNDS

Groww Largecap Fund

44.1

133

2.5

1.2

4.9

13.0

12.3

11.8

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

HSBC Aggressive Hybrid Fund

56.4

5650

1.9

0.8

-1.3

15.1

13.0

11.1

0.43

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HSBC Infrastructure Fund

45.6

2313

2.1

1.1

-7.6

21.2

24.2

15.6

0.67

EQUITY – THEMATIC – CONSUMPTION FUNDS

ICICI Prudential FMCG Fund

466.2

1960

2.1

1.3

-1.5

5.7

11.4

11.5

0.45

HYBRID – AGGRESSIVE HYBRID FUNDS

LIC MF Aggressive Hybrid Fund

200.4

538

2.5

1.4

3.5

13.2

11.0

9.8

0.43

EQUITY – SECTOR – BANKING FUNDS

LIC MF Banking & Financial Services Fund

22.1

293

2.5

1.2

13.3

11.0

13.2

10.1

0.38

EQUITY – FLEXI CAP FUNDS

LIC MF Flexi Cap Fund

101.4

1077

2.3

1.3

-0.4

14.7

13.1

10.6

0.41

EQUITY – MID CAP FUNDS

LIC MF Midcap Fund

29.2

350

2.5

1.4

-2.3

19.1

18.0

–

0.51

EQUITY – SMALL CAP FUNDS

LIC MF Small Cap Fund

29.0

619

2.4

1.0

-15.1

15.7

22.7

–

0.58

HYBRID – BALANCED ADVANTAGE FUNDS

Motilal Oswal Balanced Advantage Fund

19.7

937

2.3

1.0

-7.1

8.6

6.6

–

0.19

EQUITY – FOCUSED FUNDS

Motilal Oswal Focused Fund

44.1

1521

2.1

1.0

-3.8

9.1

9.4

11.0

0.24

EQUITY – LARGE & MID CAP FUNDS

Navi Large & Midcap Fund

35.7

320

2.3

0.5

-0.6

12.3

16.1

13.5

0.53

HYBRID – EQUITY SAVINGS FUNDS

Nippon India Equity Savings Fund

16.3

945

1.8

0.7

5.5

8.6

8.3

4.9

0.64

HYBRID – AGGRESSIVE HYBRID FUNDS

PGIM India Aggressive Hybrid Equity Fund

131.2

219

2.3

0.8

3.5

11.3

10.8

9.2

0.40

EQUITY – LARGE CAP FUNDS

PGIM India Large Cap Fund

349.1

605

2.4

0.8

5.9

11.2

11.9

11.2

0.41

EQUITY – DIVIDEND YIELD FUNDS

Sundaram Dividend Yield Fund

138.5

923

2.3

1.1

0.7

16.0

16.6

15.0

0.62

EQUITY – FLEXI CAP FUNDS

Taurus Flexi Cap Fund

224.2

365

2.6

-2.9

12.7

13.7

9.9

0.45

EQUITY – MID CAP FUNDS

Taurus Mid Cap Fund

121.1

132

2.6

2.1

-0.7

15.4

17.4

15.0

0.50

EQUITY – TAX SAVING (ELSS) FUNDS

UTI ELSS Tax Saver Fund

209.6

3785

1.9

0.9

2.2

13.0

14.0

12.8

0.46

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

UTI Infrastructure Fund

141.5

2200

2.2

1.9

1.3

18.0

20.8

13.5

0.68

EQUITY – THEMATIC – MNC FUNDS

Aditya Birla Sun Life MNC Fund

–

1328.9

3630

2.0

1.3

-2.5

12.1

9.4

8.6

0.31

HYBRID – AGGRESSIVE HYBRID FUNDS

Axis Aggressive Hybrid Fund

–

20.9

1575

2.2

1.1

4.3

11.0

10.4

–

0.39

EQUITY – LARGE & MID CAP FUNDS

Axis Large & Mid Cap Fund

–

33.2

15605

1.7

0.6

2.1

18.6

17.8

–

0.54

HYBRID – CONSERVATIVE HYBRID FUNDS

Bank of India Conservative Hybrid Fund

–

34.5

2.1

1.2

3.0

7.1

10.2

7.4

0.89

EQUITY – SMALL CAP FUNDS

Bank of India Small Cap Fund

–

44.4

1982

2.0

0.5

-12.3

17.6

23.1

–

0.59

HYBRID – BALANCED ADVANTAGE FUNDS

Baroda BNP Paribas Balanced Advantage Fund

–

25.1

4697

1.9

0.7

5.9

13.7

12.3

–

0.56

EQUITY – THEMATIC – CONSUMPTION FUNDS

Baroda BNP Paribas India Consumption Fund

–

31.9

1553

2.1

0.6

-0.6

15.5

16.4

–

0.54

EQUITY – MULTI CAP FUNDS

Baroda BNP Paribas Multi Cap Fund

–

288.0

3148

2.0

0.9

-3.9

18.1

19.4

14.6

0.59

EQUITY – SMALL CAP FUNDS

Canara Robeco Small Cap Fund

–

38.0

13060

1.7

0.5

-7.9

14.7

23.4

–

0.67

EQUITY – SECTOR – PHARMA FUNDS

DSP Healthcare Fund

–

39.2

3179

1.9

0.6

-4.8

21.3

15.5

–

0.53

EQUITY – SMALL CAP FUNDS

Edelweiss Small Cap Fund

–

43.4

5330

1.8

0.4

-6.0

18.9

24.3

–

0.70

HYBRID – EQUITY SAVINGS FUNDS

Franklin India Equity Savings Fund

–

16.8

695

1.1

0.3

5.5

7.9

8.3

–

0.59

HYBRID – AGGRESSIVE HYBRID FUNDS

Groww Aggressive Hybrid Fund

–

21.2

2.4

1.3

3.4

11.3

11.2

–

0.44

EQUITY – TAX SAVING (ELSS) FUNDS

Groww ELSS Tax Saver Fund

–

20.0

2.3

0.9

-3.9

12.9

12.3

–

0.41

EQUITY – VALUE FUNDS

Groww Value Fund

–

27.4

2.3

0.9

5.1

15.8

15.1

10.4

0.54

EQUITY – LARGE & MID CAP FUNDS

HSBC Large & Mid Cap Fund

–

27.3

4664

1.9

0.8

-5.9

19.8

18.1

–

0.48

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC Tax Saver Equity Fund

–

95.6

246

2.5

1.8

-1.2

18.2

17.6

14.0

0.55

EQUITY – MULTI CAP FUNDS

ICICI Prudential Multicap Fund

–

795.0

16148

1.7

0.9

2.4

18.7

19.7

14.9

0.72

EQUITY – SECTOR – PHARMA FUNDS

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

–

39.9

6460

1.9

1.0

2.2

27.5

17.8

–

0.67

EQUITY – CONTRA FUNDS

Invesco India Contra Fund

–

137.5

20596

1.6

0.5

0.8

19.1

18.5

16.4

0.64

HYBRID – EQUITY SAVINGS FUNDS

Invesco India Equity Savings Fund

–

16.8

423

2.3

0.8

0.2

10.4

8.1

–

0.45

EQUITY – MULTI CAP FUNDS

Invesco India Multicap Fund

–

127.2

4259

1.9

0.7

-8.0

16.3

17.7

13.9

0.54

EQUITY – SMALL CAP FUNDS

Invesco India Smallcap Fund

–

41.8

8999

1.7

0.4

-4.6

23.8

26.0

–

0.71

HYBRID – BALANCED ADVANTAGE FUNDS

Kotak Balanced Advantage Fund

–

21.0

17959

1.7

0.6

4.6

11.6

10.7

–

0.63

EQUITY – CONTRA FUNDS

Kotak Contra Fund

–

155.2

5010

1.8

0.6

4.2

19.9

16.8

0.70

HYBRID – CONSERVATIVE HYBRID FUNDS

LIC MF Conservative Hybrid Fund

–

83.4

2.3

1.4

4.8

6.6

5.9

6.6

0.38

EQUITY – DIVIDEND YIELD FUNDS

LIC MF Dividend Yield Fund

–

30.8

699

2.3

0.7

0.1

20.4

18.3

–

0.61

HYBRID – EQUITY SAVINGS FUNDS

LIC MF Equity Savings Fund

–

28.0

2.4

1.2

6.3

9.0

8.3

6.9

0.46

EQUITY – SECTOR – PHARMA FUNDS

LIC MF Healthcare Fund

–

29.2

2.5

1.2

-4.1

19.9

11.8

–

0.40

EQUITY – VALUE FUNDS

LIC MF Value Fund

–

24.4

204

2.5

1.4

-8.5

13.3

16.1

–

0.46

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mahindra Manulife Consumption Fund

–

22.8

565

2.4

0.6

-0.9

14.6

15.8

–

0.54

EQUITY – LARGE CAP FUNDS

Mahindra Manulife Large Cap Fund

–

23.8

749

2.3

0.6

6.8

13.6

14.9

–

0.54

EQUITY – MULTI CAP FUNDS

Mahindra Manulife Multi Cap Fund

–

35.8

6125

1.8

0.4

1.6

18.8

21.5

–

0.63

HYBRID – EQUITY SAVINGS FUNDS

Mirae Asset Equity Savings Fund

–

20.8

1814

1.4

0.4

7.8

11.0

10.7

–

0.76

EQUITY – SECTOR – PHARMA FUNDS

Mirae Asset Healthcare Fund

–

38.3

2812

1.9

0.5

-1.0

21.4

15.4

–

0.53

EQUITY – TAX SAVING (ELSS) FUNDS

Navi ELSS Tax Saver Fund

–

29.5

2.3

0.4

1.7

12.2

13.0

–

0.43

EQUITY – FLEXI CAP FUNDS

Navi Flexi Cap Fund

–

23.5

266

2.2

0.6

2.5

12.4

14.3

–

0.49

EQUITY – MULTI CAP FUNDS

Nippon India Multi Cap Fund

–

298.9

50048

1.5

0.7

1.7

20.8

25.2

15.2

0.86

EQUITY – SECTOR – PHARMA FUNDS

Nippon India Pharma Fund

–

510.1

8459

1.8

0.9

-1.5

21.6

15.4

13.2

0.54

HYBRID – EQUITY SAVINGS FUNDS

PGIM India Equity Savings Fund

–

50.3

1.3

0.6

5.7

7.1

7.5

7.1

0.88

EQUITY – FLEXI CAP FUNDS

Quant Flexi Cap Fund

–

99.2

6867

1.8

0.7

2.9

14.8

22.6

18.8

0.65

EQUITY – MULTI CAP FUNDS

Quant Multi Cap Fund

–

610.0

8804

1.8

0.7

-5.6

9.0

18.6

16.7

0.51

EQUITY – CONTRA FUNDS

SBI Contra Fund

–

394.9

49838

1.5

0.7

3.6

19.2

24.1

16.7

1.02

EQUITY – SECTOR – PHARMA FUNDS

SBI Healthcare Opportunities Fund

–

423.2

4131

1.9

0.9

-1.4

24.0

16.8

11.1

0.63

EQUITY – THEMATIC – MNC FUNDS

SBI MNC Fund

–

356.2

5996

1.9

1.2

-6.1

7.6

11.0

10.6

0.39

HYBRID – AGGRESSIVE HYBRID FUNDS

Shriram Aggressive Hybrid Fund

–

32.3

2.4

0.9

0.8

11.0

10.5

9.8

0.39

EQUITY – TAX SAVING (ELSS) FUNDS

Shriram ELSS Tax Saver Fund

–

21.4

2.3

0.8

-7.2

10.3

10.8

–

0.30

EQUITY – FLEXI CAP FUNDS

Shriram Flexi Cap Fund

–

20.4

138

2.4

0.8

-8.4

10.2

11.2

–

0.31

HYBRID – CONSERVATIVE HYBRID FUNDS

Sundaram Conservative Hybrid Fund

–

29.9

1.9

0.9

3.8

6.9

7.7

6.7

0.67

EQUITY – MULTI CAP FUNDS

Sundaram Multi Cap Fund

–

386.8

2915

2.0

0.9

3.3

16.8

19.0

15.2

0.63

EQUITY – VALUE FUNDS

Sundaram Value Fund

–

225.5

1484

2.3

1.7

4.9

12.8

15.3

12.1

0.57

HYBRID – BALANCED ADVANTAGE FUNDS

Tata Balanced Advantage Fund

–

21.0

9857

1.7

0.4

4.8

10.5

11.1

–

0.74

EQUITY – FLEXI CAP FUNDS

Tata Flexi Cap Fund

–

24.8

3670

1.9

0.6

8.1

15.8

14.4

–

0.52

EQUITY – SECTOR – PHARMA FUNDS

Tata India Pharma & Healthcare Fund

–

30.2

1339

2.1

0.6

-2.8

22.0

15.1

–

0.55

EQUITY – SMALL CAP FUNDS

Tata Small Cap Fund

–

36.6

11410

1.7

0.3

-15.3

14.4

23.6

–

0.67

EQUITY – SECTOR – BANKING FUNDS

Taurus Banking & Financial Services Fund

–

54.6

2.4

1.6

8.4

11.0

13.1

13.5

0.39

EQUITY – TAX SAVING (ELSS) FUNDS

Taurus ELSS Tax Saver Fund

–

183.2

2.4

1.8

-2.2

15.2

15.0

13.5

0.56

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Taurus Infrastructure Fund

–

66.7

2.5

1.9

-2.5

16.9

19.4

14.9

0.55

EQUITY – LARGE CAP FUNDS

Taurus Large Cap Fund

–

161.0

2.6

2.4

3.1

13.5

13.9

10.3

0.44

HYBRID – EQUITY SAVINGS FUNDS

Union Equity Savings Fund

–

17.1

147

2.0

1.5

4.3

8.1

7.1

–

0.48

EQUITY – VALUE FUNDS

Union Value Fund

–

29.0

370

2.5

1.3

4.0

17.3

18.3

–

0.65

HYBRID – EQUITY SAVINGS FUNDS

UTI Equity Savings Fund

–

18.9

794

1.6

0.6

7.8

10.7

–

0.90

EQUITY – SECTOR – PHARMA FUNDS

UTI Healthcare Fund

–

285.2

1126

2.3

1.3

-1.5

24.2

15.1

11.9

0.52

EQUITY – THEMATIC – MNC FUNDS

UTI MNC Fund

–

402.2

2872

2.0

1.3

1.2

13.0

13.1

10.4

0.47

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Sunil Singhania’s Abakkus Launches Flexicap NFO: Should You Invest?

by Hansraj Agrawal | Dec 13, 2025 | Share Market

One of the relatively non-rigid categories to emerge after market regulator SEBI’s recategorisation norms came into effect is the flexicap segment.

Given that the mandate allows to choose any style and market cap split within the portfolio, it has been one of the most sought-after categories among equity mutual funds. Assets under management for the category stood at ₹5.34 lakh crore as of October 2025, the highest among all diversified equity fund segments.

Many older funds converted to the category, while a few others (even older houses) started fresh schemes 3-5 years ago.

Many of the new entrants to the mutual fund space, often from PMS or AIF backgrounds, too, are rolling out flexicap schemes first – Helios, Capitalmind and Wealth Company, for instance.

Over time, due to larger sizes of funds, many of the bigger and well-known flexicap funds have tended to become large-cap oriented, which was not the original idea behind starting the category

Now, a leading player in AIF space, Abakkus, founded by veteran fund manager Sunil Singhania, is launching its mutual fund operations with a flexicap fund. And the basic idea seems to be to create a more well-rounded flexicap portfolio with a more balanced representation to mid and small-caps.

Pitching anew

Now, as a background, Sunil Singhania was the fund manager of Reliance Growth, a scheme that made 100x returns in 22 years, before he moved out to start Abakkus in 2018. Abakkus manages ₹39,857 crore in assets spread across AIFs, PMS and advisory businesses.

Before getting into the framework envisaged for the flexicap fund, Abakkus has clearly indicated what it would not do.

It would not chase momentum picks, churn the portfolio needlessly, copy or mimic popular herd mentality portfolios or invest in companies with broken balance sheets.

The fund would follow a ‘MEETS’ framework – management quality, earnings (valuations and so on), events/trends, timing and structural (well positioned, consistent profitability and so forth).

Two data points are interesting and worth highlighting.

Data from AMFI and ACE MF (quoted in the presentation) show schemes accounting for almost 91 per cent of the category’s AUM have more than 60 per cent of their portfolio in large-caps.

For flexicap schemes of asset sizes ranging from ₹25,000 crore and stretching beyond ₹1 lakh crore, 65-95 per cent of the AUM is in large-caps, with the remaining spread across mid and small-caps.

With an increase in size, the number of stocks in the portfolio are increased and the tendency is to shift more to large-caps with many of these large-sized flexicap funds.

Abakkus Flexicap fund aims to have a more diversified portfolio with fewer stocks and suitable allocation across market caps.

As such, there is no track record for the fund house. Its AIFs are closed for subscription.

But there are returns data (not strictly comparable with mutual funds) available from two of its PMS strategies. Though the products are different and investment mandates vary, this may give some perspective on the asset manager’s performance record.

Abakkus All Cap Approach has delivered almost 25 per cent CAGR over the past five years (as of November 30, 2025), compared to benchmark BSE 500 TRI’s 20.8 per cent. This approach has 57.6 per cent in large-caps, 23.1 per cent in mid-caps and 16 per cent in small-caps.

The Abakkus Emerging Opportunities Approach has done even better, at 28.8 per cent CAGR in five years, and is dominated by mid and small-caps (collectively more than 85 per cent of the portfolio).

What should investors do?

One key question for investors to ask is are large-cap-led flexicap funds at a disadvantage in terms of long-term returns. Not necessarily.

As the flexicap funds from Parag Parikh, HDFC and Franklin Templeton have shown over the past decade and those from ICICI Prudential, Nippon India and Invesco India have demonstrated in the last 3-4 years, it is possible to outperform indices such as Nifty 500 TRI consistently even with heavy large-cap proportions in their portfolios.

So, having greater representation in mid and small-caps in the portfolio is not always necessary for delivering broader market outperformance.

As flexicap funds must usually form the core parts of retail investment portfolios, 2-3 funds from the aforementioned list are enough for investors with a long-term perspective. Investors with an average risk appetite can stick to these funds.

Only those with a penchant for greater risk must look outside this list, more so in the case of a new fund.

Investors with a high risk appetite with hopes for Abakkus to replicate its PMS and AIF success in its new flexicap mutual fund – perhaps like Helios Flexicap has shown in the past two-odd years since its launch – can park small sums in the NFO for diversification.

Published on December 13, 2025

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Smarter Investing Through Trends

by Hansraj Agrawal | Dec 13, 2025 | Share Market

Edelweiss Balanced Advantage Fund (EBAF) distinguishes itself within the Balanced Advantage Fund (BAF) category through its unique pro-cyclical, trend-based asset allocation strategy. Over the last seven years, it has delivered a compounded annualised return of 13 per cent.

BAFs offer flexibility to swing from high equity to high debt, based on market conditions, valuations, interest rates and proprietary models. This adaptability helps contain downside risk during volatile phases. These funds maintain gross equity above 65 per cent through derivatives, securing the equity taxation benefit.

Unique strategy

EBAF employs a distinctive trend-based strategy that sets it apart from peers. Unlike most balanced advantage funds that follow counter-cyclical or valuation-based approaches, this fund operates on a pro-cyclical model, making it the only purely trend-following BAF in the industry.

A counter-cyclical approach increases equity when markets fall and reduces it when markets rise, betting on valuation mean reversion and market reversal. Examples include ICICI Prudential BAF and SBI BAF. A pro-cyclical approach does the opposite, adding equity as trends strengthen and cutting exposure when trends weaken, assuming momentum persists. EBAF is the only fund that fully adopts the pro-cyclical strategy, though many newer and existing funds now follow a hybrid approach combining both styles.

Tactical positioning using derivatives

One of the least-understood aspects of BAFs is how they dynamically change equity exposure without selling equity holdings. For every ₹100 invested, about ₹80 is consistently deployed into direct equity, creating a stable core portfolio. While this allocation remains largely constant, derivative exposure is adjusted to manage net equity.

If a BAF were to sell stocks to reduce equity, it would lose favourable equity taxation benefits. This makes derivative-based exposure management not just efficient but essential. Selling equities is also significantly more expensive than adjusting derivative positions. While a round-trip futures transaction costs only three to four basis points, cash equity transactions cost nearly 10 times more at around 36 basis points. Given that BAFs adjust exposures frequently — sometimes daily — using derivatives becomes the only practical approach. Instead of selling stocks, BAFs modify net equity exposure through derivative positions, using index and stock futures.

How does the model work?

EBAF maintains a gross equity allocation up to 80 per cent at most times. While gross equity remains largely constant, net equity exposure fluctuates between 30 and 80 per cent, guided by the proprietary Edelweiss Equity Health Index.

This model employs three distinct signals — short-term, medium-term and long-term — each carrying a weightage of approximately 16.7 per cent. This creates a dynamic range of 50 percentage points (30–80 per cent) for derivatives that the fund can navigate.

The short-term indicator uses 5-day and 12-day moving averages of the Nifty 50. When the Nifty’s closing price exceeds these averages, the signal suggests staying long; when it falls below both, the fund hedges its exposure. This signal responds rapidly to market movements, and a fall or recovery can trigger rebalancing.

The medium-term indicator tracks 50-day and 100-day moving averages, applied in a similar manner. The long-term indicator measures one-year volatility using a proprietary distance-to-displacement ratio which calculates how much the market moves to achieve a given return. For instance, if the Nifty gains 1,000 points but travels 5,000 points to get there (with significant intraday swings), volatility is high. Lower distance relative to displacement indicates healthier market conditions, prompting higher equity exposure. Each signal carries equal weight, and the model rebalances daily, making it far more responsive than valuation-based approaches.

The fund exclusively uses Nifty futures for hedging rather than selling individual stock futures while most of the peers use stock futures extensively. By hedging with Nifty futures while maintaining superior stock selection, the fund aims to generate 1–3 per cent outperformance.

Multi-factor approach

Equity portfolio construction follows a quant-mental approach, combining quantitative factors with fundamental analysis. The fund emphasises quality, growth at reasonable price (GARP) and consistency. For growth identification, the team analyses sales growth, EBITDA growth and PAT growth over the last four quarters. For instance, they rank the top 100 stocks on these metrics, select the top 25 for growth, and then choose 10 stocks offering the best valuations based on price-to-earnings, price-to-book and dividend yield.

The portfolio is largely large-cap oriented. Non-Nifty 50 stocks are capped at 2 per cent each, resulting in a granular portfolio of 60–85 holdings. The fund also participates in special situations, including IPOs, open offers, mergers, demergers and buybacks, allocating 0.5–2 per cent to such opportunities for absolute returns.

The debt portion, around 20 per cent, follows a simple accrual strategy, investing in AAA-rated papers with maturity of up to four years and very short-term debt funds. Liquid and money-market funds are used for margin requirements in derivative trades.

Performance

A pro-cyclical approach performs well in strongly trending markets — during bull and bear phases— because momentum persists. It performs poorly in range-bound or choppy markets, where directions keep changing. A counter-cyclical approach works well when markets return to normal levels but struggles during long, strong rallies or deep falls where prices remain high or low for extended periods.

During the Covid crash, when the Nifty 50 TRI fell 38 per cent, EBAF fell just 15 per cent while the category declined 21 per cent. Through the recovery between March 2020 and October 2021, EBAF delivered 41 per cent versus the category’s 36 per cent. In the recent fall between September 2024 and March 2025, EBAF declined 11 per cent versus the category’s 10 per cent. In the subsequent recovery between March and December, EBAF gained 12 per cent against the category’s 11 per cent.

Based on a five-year rolling return assessment from the last seven years data, the fund posted an average annualised return of 14 per cent, ahead of the category’s 11 per cent. Notably, the fund delivered returns above 12 per cent in nearly 100 per cent of the times and exceeded 15 per cent in almost 41 per cent of them.

From a cost perspective, the regular plan carries an expense ratio of 1.65 per cent, lower than the category average of 1.94 per cent. The direct plan has an expense ratio of 0.51 per cent, below the category average of 0.71 per cent.

This fund is suitable for first-time investors seeking controlled exposure to equity risk, as well as investors with a moderate risk profile who want equity-like growth with limited volatility. A minimum time horizon of three years or more is recommended.

Published on December 13, 2025

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Mutual Funds returns

by Hansraj Agrawal | Dec 13, 2025 | Share Market

EQUITY – VALUE FUNDS

Bandhan Value Fund

152.0

10440

1.7

0.7

1.0

16.9

23.2

16.1

0.79

HYBRID – AGGRESSIVE HYBRID FUNDS

BOI AXA Mid & Small Cap Eq&Debt

37.6

1321

2.0

0.7

-6.5

16.8

19.8

–

0.57

EQUITY – LARGE CAP FUNDS

Canara Robeco Large Cap Fund

64.8

17527

1.6

0.5

3.9

14.7

15.1

14.7

0.57

HYBRID – EQUITY SAVINGS FUNDS

Edelweiss Equity Savings Fund

26.0

1106

1.6

0.6

8.1

11.0

10.0

9.3

0.90

HYBRID – BALANCED ADVANTAGE FUNDS

HDFC Balanced Advantage Fund

532.3

107971

1.3

0.7

4.6

17.3

19.9

15.5

1.07

EQUITY – TAX SAVING (ELSS) FUNDS

HDFC ELSS Tax saver

1459.8

17241

1.7

1.1

7.3

20.4

22.5

14.9

0.95

EQUITY – FLEXI CAP FUNDS

HDFC Flexi Cap Fund

2073.3

94069

1.4

0.7

8.8

20.8

24.1

17.0

0.99

EQUITY – FOCUSED FUNDS

HDFC Focused Fund

238.5

26230

1.6

0.6

8.6

20.4

25.1

14.8

1.07

EQUITY – LARGE & MID CAP FUNDS

HDFC Large and Mid Cap Fund

346.9

28892

1.6

0.8

2.3

19.1

22.0

15.5

0.78

EQUITY – MID CAP FUNDS

HDFC Mid Cap Fund

202.3

92169

1.4

0.7

4.2

24.6

25.8

18.6

0.89

HYBRID – BALANCED ADVANTAGE FUNDS

ICICI Prudential Balanced Advantage Fund

77.4

69868

1.4

0.9

10.4

13.4

13.0

11.7

1.03

EQUITY – DIVIDEND YIELD FUNDS

ICICI Prudential Dividend Yield Equity Fund

54.7

6358

1.8

0.6

7.6

22.7

25.2

16.7

1.05

HYBRID – AGGRESSIVE HYBRID FUNDS

ICICI Prudential Equity & Debt Fund

410.4

49223

1.5

0.9

10.3

18.9

22.1

16.4

1.15

EQUITY – FOCUSED FUNDS

ICICI Prudential Focused Equity Fund

97.6

14146

1.7

0.6

11.3

22.4

16.6

0.85

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

ICICI Prudential Infrastructure Fund

194.8

8160

1.9

1.1

0.0

23.9

30.4

17.7

1.12

EQUITY – LARGE & MID CAP FUNDS

ICICI Prudential Large & Mid Cap Fund

1042.4

26939

1.6

0.8

9.2

20.3

23.3

16.7

0.94

EQUITY – LARGE CAP FUNDS

ICICI Prudential Large Cap Fund

115.5

78160

1.4

0.8

7.3

17.6

18.7

15.4

0.75

EQUITY – SECTOR – IT FUNDS

ICICI Prudential Technology Fund

209.6

15565

1.7

1.0

-6.4

15.4

18.0

17.8

0.49

EQUITY – VALUE FUNDS

ICICI Prudential Value Fund

498.1

60391

1.5

1.0

10.5

21.1

23.8

16.3

1.07

HYBRID – CONSERVATIVE HYBRID FUNDS

Kotak Debt Hybrid Fund

59.2

3132

1.7

0.5

3.7

9.7

9.6

9.5

0.88

EQUITY – MID CAP FUNDS

Motilal Oswal Midcap Fund

100.4

38003

1.5

0.7

-11.5

23.8

28.7

17.9

0.80

EQUITY – SECTOR – BANKING FUNDS

Nippon India Banking & Financial Services Fund

662.4

7792

1.8

1.0

12.7

17.0

20.6

15.2

0.64

EQUITY – THEMATIC – CONSUMPTION FUNDS

Nippon India Consumption Fund

197.4

2783

1.9

0.6

0.5

14.4

19.4

13.6

0.72

EQUITY – MID CAP FUNDS

Nippon India Growth Mid Cap Fund

4209.2

42042

1.5

0.7

0.2

23.4

25.3

18.5

0.80

EQUITY – LARGE CAP FUNDS

Nippon India Large Cap Fund

94.1

50312

1.5

0.7

5.2

18.4

20.9

15.3

0.80

EQUITY – SMALL CAP FUNDS

Nippon India Small Cap Fund

165.3

68572

1.4

0.6

-8.8

20.1

27.9

20.2

0.76

EQUITY – FLEXI CAP FUNDS

Parag Parikh Flexi Cap Fund

86.7

129783

1.3

0.6

5.5

21.2

20.2

17.6

0.82

HYBRID – AGGRESSIVE HYBRID FUNDS

Quant Aggressive Hybrid Fund

436.3

2110

2.0

0.8

6.5

10.9

19.1

15.9

0.71

EQUITY – TAX SAVING (ELSS) FUNDS

Quant ELSS Tax Saver Fund

379.3

12514

1.7

0.7

3.3

13.8

23.4

20.5

0.66

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Quant Infrastructure Fund

37.9

3188

1.9

0.7

-5.9

15.1

27.9

19.3

0.72

EQUITY – SMALL CAP FUNDS

Quant Small Cap Fund

252.6

30170

1.6

0.8

-6.9

19.9

29.5

19.1

0.73

HYBRID – CONSERVATIVE HYBRID FUNDS

SBI Conservative Hybrid Fund

74.1

9977

1.5

1.1

5.6

9.6

9.9

9.1

1.03

EQUITY – TAX SAVING (ELSS) FUNDS

SBI ELSS Tax Saver Fund

449.2

32327

1.6

0.9

2.0

22.4

22.3

15.4

0.84

HYBRID – EQUITY SAVINGS FUNDS

Sundaram Equity Savings Fund

72.1

1201

2.1

0.6

5.6

11.0

11.5

9.7

0.81

EQUITY – FOCUSED FUNDS

360 ONE Focused Fund

47.4

7364

1.8

0.8

-0.4

14.8

16.9

16.5

0.57

HYBRID – BALANCED ADVANTAGE FUNDS

Aditya Birla SL Bal Advantage

109.7

8800

1.8

0.7

8.0

12.6

11.7

11.8

0.73

EQUITY – LARGE CAP FUNDS

Aditya Birla Sun Life Large Cap Fund

547.2

31451

1.6

1.0

5.6

14.9

16.3

13.6

0.61

EQUITY – SMALL CAP FUNDS

AXIS Small Cap Fund

104.8

26769

1.6

0.6

-4.5

17.3

22.5

18.4

0.72

EQUITY – TAX SAVING (ELSS) FUNDS

Bandhan ELSS Tax Saver Fund

158.1

7327

1.7

0.7

3.7

15.0

19.9

15.7

0.69

EQUITY – LARGE & MID CAP FUNDS

Bandhan Large & Mid Cap Fund

139.0

12784

1.7

0.6

3.8

22.4

22.3

16.7

0.76

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

BOI AXA Manufacturing & Infra

58.3

662

2.2

0.6

0.2

23.2

25.4

17.6

0.72

EQUITY – THEMATIC – CONSUMPTION FUNDS

Canara Robeco Consumer Trends Fund

111.5

2036

2.1

0.8

1.3

15.2

17.7

16.5

0.61

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Canara Robeco Infrastructure Fund

157.2

917

2.3

1.0

-4.3

22.7

27.6

15.6

0.83

EQUITY – TAX SAVING (ELSS) FUNDS

DSP ELSS Tax Saver Fund

144.2

17570

1.6

0.6

3.1

18.9

20.1

16.6

0.72

EQUITY – SMALL CAP FUNDS

DSP Small Cap Fund

194.2

17010

1.7

0.8

-5.7

19.1

22.6

16.7

0.64

HYBRID – AGGRESSIVE HYBRID FUNDS

Edelweiss Aggressive Hybrid Fund

64.5

3413

1.9

0.4

4.1

16.0

16.9

13.2

0.80

HYBRID – BALANCED ADVANTAGE FUNDS

Edelweiss Balanced Advantage Fund

52.3

13411

1.7

0.5

4.3

12.0

12.1

11.3

0.64

EQUITY – MID CAP FUNDS

Edelweiss Mid Cap Fund

103.7

13196

1.7

0.4

0.3

24.4

25.6

18.6

0.76

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Franklin Build India Fund

141.5

3068

2.0

1.0

-2.2

24.1

26.8

17.8

0.86

EQUITY – DIVIDEND YIELD FUNDS

Franklin India Dividend Yield Fund

139.5

2384

2.1

1.2

-2.1

16.8

20.7

15.7

0.93

EQUITY – TAX SAVING (ELSS) FUNDS

Franklin India ELSS Tax Saver Fund

1501.4

6796

1.8

1.0

-0.4

17.0

19.3

14.0

0.66

EQUITY – FLEXI CAP FUNDS

Franklin India Flexi Cap Fund

1668.5

20022

1.7

0.9

0.7

17.0

20.0

14.7

0.70

EQUITY – FOCUSED FUNDS

Franklin India Focused Equity Fund

110.7

12815

1.8

1.0

2.3

14.9

19.3

14.7

0.68

HYBRID – CONSERVATIVE HYBRID FUNDS

HDFC Hybrid Debt Fund

83.2

3373

1.8

1.2

4.4

9.6

9.9

9.0

1.01

EQUITY – LARGE CAP FUNDS

HDFC Large Cap Fund

1175.9

40618

1.6

1.0

4.0

15.1

17.8

14.1

0.69

EQUITY – VALUE FUNDS

HSBC Value Fund

112.7

14553

1.7

0.8

0.7

21.9

22.9

16.6

0.73

HYBRID – CONSERVATIVE HYBRID FUNDS

ICICI Prudential Regular Savings Fund

77.7

3375

1.7

1.0

7.4

10.0

9.2

9.6

1.08

EQUITY – SECTOR – BANKING FUNDS

Invesco India Financial Services Fund

144.8

1589

2.1

0.8

8.3

19.4

18.0

16.6

0.51

HYBRID – AGGRESSIVE HYBRID FUNDS

JM Aggressive Hybrid Fund

119.7

811

2.3

0.7

-5.7

17.4

17.5

12.8

0.68

EQUITY – FLEXI CAP FUNDS

JM Flexicap Fund

97.0

6015

1.8

0.6

-9.0

19.4

20.8

17.2

0.69

HYBRID – AGGRESSIVE HYBRID FUNDS

Kotak Aggressive Hybrid Fund

63.2

8462

1.7

0.5

0.9

14.3

15.9

13.5

0.70

HYBRID – EQUITY SAVINGS FUNDS

Kotak Equity Savings Fund

27.1

9422

1.8

0.7

6.1

11.4

10.7

9.6

0.92

EQUITY – LARGE CAP FUNDS

Kotak Large Cap Fund

593.0

11081

1.7

0.6

4.7

14.8

15.8

13.7

0.58

EQUITY – TAX SAVING (ELSS) FUNDS

Mirae Asset ELSS Tax Saver Fund

50.9

27271

1.5

0.6

4.5

16.5

17.7

–

0.62

EQUITY – TAX SAVING (ELSS) FUNDS

Motilal Oswal ELSS Tax Saver Fund

50.0

4444

1.8

0.6

-11.5

21.1

20.6

16.7

0.54

HYBRID – BALANCED ADVANTAGE FUNDS

Nippon India Balanced Advantage Fund

181.4

9749

1.7

0.6

5.2

11.9

12.0

11.2

0.77

EQUITY – FOCUSED FUNDS

Nippon India Focused Fund

124.5

8887

1.8

1.1

5.3

13.7

18.4

14.2

0.64

EQUITY – VALUE FUNDS

Nippon India Value Fund

231.4

9246

1.8

1.1

0.0

20.8

22.3

16.1

0.74

EQUITY – LARGE & MID CAP FUNDS

Nippon India Vision Large & Mid Cap Fund

1498.5

6866

1.9

1.2

1.8

20.0

20.3

13.9

0.71

EQUITY – FLEXI CAP FUNDS

PGIM India Flexi Cap Fund

36.9

6400

1.8

0.4

1.5

12.2

15.2

14.3

0.50

EQUITY – MID CAP FUNDS

PGIM India Midcap Fund

64.0

11527

1.7

0.5

-2.5

12.1

19.6

15.6

0.63

EQUITY – MID CAP FUNDS

Quant Mid Cap Fund

211.4

8352

1.8

0.8

-6.6

14.2

23.1

17.0

0.69

EQUITY – TAX SAVING (ELSS) FUNDS

Quantum ELSS Tax Saver Fund

126.3

227

2.1

0.9

-0.1

16.1

16.8

13.0

0.70

EQUITY – THEMATIC – CONSUMPTION FUNDS

SBI Consumption Opportunities Fund

306.4

3219

2.0

0.9

-7.5

13.1

19.6

15.5

0.71

HYBRID – EQUITY SAVINGS FUNDS

SBI Equity Savings Fund

24.4

5997

1.6

1.0

4.1

11.1

10.2

9.2

0.68

EQUITY – LARGE & MID CAP FUNDS

SBI Large & Midcap Fund

644.6

37045

1.6

0.8

5.7

16.5

20.0

15.5

0.78

EQUITY – LARGE CAP FUNDS

SBI Large Cap Fund

95.9

55637

1.6

0.8

5.3

13.8

15.4

13.3

0.60

EQUITY – MID CAP FUNDS

SBI Midcap Fund

233.5

23360

1.7

0.9

-2.9

16.1

21.2

14.7

0.74

EQUITY – SECTOR – IT FUNDS

SBI Technology Opportunities Fund

231.6

5130

1.9

0.9

-0.1

17.5

20.2

17.6

0.60

EQUITY – SECTOR – BANKING FUNDS

Sundaram Financial Services Opportunities Fund

108.5

1666

2.1

0.8

9.1

16.8

17.7

15.5

0.54

EQUITY – FLEXI CAP FUNDS

Union Flexi Cap Fund

51.8

2412

2.0

0.9

0.0

14.2

16.5

13.7

0.57

HYBRID – AGGRESSIVE HYBRID FUNDS

UTI Aggressive Hybrid Fund

416.8

6718

1.9

1.2

3.0

16.0

17.4

13.0

0.82

EQUITY – LARGE & MID CAP FUNDS

UTI Large & Mid Cap Fund

186.3

5498

1.9

1.0

2.8

21.1

22.2

15.0

0.80

EQUITY – SECTOR – BANKING FUNDS

Aditya Birla SL Bank & Fin Serv

64.2

3708

2.0

1.1

10.9

14.9

15.8

15.2

0.46

EQUITY – THEMATIC – CONSUMPTION FUNDS

Aditya Birla Sun Life Consumption Fund

219.0

6539

1.8

0.8

2.5

14.0

16.5

15.6

0.57

EQUITY – SECTOR – IT FUNDS

Aditya Birla Sun Life Digital India Fund

179.3

4849

1.9

0.9

-8.6

14.7

17.3

17.6

0.46

EQUITY – FLEXI CAP FUNDS

Aditya Birla Sun Life Flexi Cap Fund

1876.7

24815

1.7

0.9

6.6

17.1

16.9

15.2

0.58

EQUITY – FOCUSED FUNDS

Aditya Birla Sun Life Focused Fund

148.6

8211

1.8

0.9

5.9

16.1

16.2

13.9

0.60

HYBRID – CONSERVATIVE HYBRID FUNDS

Aditya Birla Sun Life Regular Savings Fund

68.5

1549

1.8

0.9

6.5

8.9

9.5

8.8

0.96

HYBRID – BALANCED ADVANTAGE FUNDS

Axis Balanced Advantage Fund

21.6

3810

1.9

0.7

4.5

13.8

11.9

–

0.69

HYBRID – AGGRESSIVE HYBRID FUNDS

Bandhan Aggressive Hybrid Fund

26.8

1486

2.1

0.7

5.4

15.3

15.6

–

0.62

EQUITY – FOCUSED FUNDS

Bandhan Focused Fund

88.1

2090

2.1

0.8

-3.6

18.1

15.1

13.6

0.49

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Bandhan Infrastructure Fund

47.8

1566

2.1

0.9

-11.8

22.9

26.8

16.1

0.71

EQUITY – LARGE CAP FUNDS

Bandhan Large Cap Fund

80.2

2051

2.0

0.9

4.8

16.6

15.8

13.9

0.54

EQUITY – TAX SAVING (ELSS) FUNDS

Bank of India ELSS Tax Saver

158.6

1411

2.0

0.8

-10.2

15.1

17.8

16.1

0.50

HYBRID – AGGRESSIVE HYBRID FUNDS

Baroda BNP Paribas Aggressive Hybrid Fund

28.4

1276

2.1

0.5

1.1

13.5

14.3

–

0.59

EQUITY – LARGE CAP FUNDS

Baroda BNP Paribas Large Cap Fund

225.7

2781

2.0

0.8

1.0

14.9

15.4

13.5

0.56

EQUITY – MID CAP FUNDS

Baroda BNP Paribas Mid Cap Fund

104.3

2320

2.0

0.6

0.5

19.5

21.6

15.6

0.69

HYBRID – CONSERVATIVE HYBRID FUNDS

Canara Robeco Conservative Hybrid Fund

97.6

931

1.8

0.7

3.4

7.9

7.6

8.0

0.65

EQUITY – TAX SAVING (ELSS) FUNDS

Canara Robeco ELSS Tax Saver

179.5

9118

1.7

0.5

1.0

14.3

16.6

15.1

0.59

HYBRID – AGGRESSIVE HYBRID FUNDS

Canara Robeco Equity Hybrid Fund

368.3

11451

1.7

0.6

3.3

13.1

13.5

12.7

0.58

EQUITY – FLEXI CAP FUNDS

Canara Robeco Flexi Cap Fund

349.3

13926

1.7

0.5

3.6

14.8

15.9

14.6

0.56

EQUITY – LARGE & MID CAP FUNDS

Canara Robeco Large and Mid Cap Fund

254.1

26170

1.6

0.6

-3.1

15.1

16.9

15.5

0.57

HYBRID – AGGRESSIVE HYBRID FUNDS

DSP Aggressive Hybrid Fund

364.7

12105

1.7

0.6

4.5

15.7

14.4

13.1

0.59

HYBRID – BALANCED ADVANTAGE FUNDS

DSP Dynamic Asset Allocation Fund

28.5

3690

1.9

0.7

6.9

12.3

9.6

9.3

0.60

HYBRID – EQUITY SAVINGS FUNDS

DSP Equity Savings Fund

22.2

3936

1.5

0.6

5.3

10.0

9.8

–

0.87

EQUITY – FLEXI CAP FUNDS

DSP Flexi Cap Fund

104.9

12371

1.7

0.6

0.3

16.9

16.4

14.9

0.53

EQUITY – FOCUSED FUNDS

DSP Focused Fund

56.5

2707

2.0

0.9

3.3

18.6

15.9

13.1

0.55

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

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

311.1

5419

1.8

0.7

-8.1

23.0

27.6

16.8

0.80

EQUITY – LARGE & MID CAP FUNDS

DSP Large & Mid Cap Fund

637.8

17215

1.7

0.6

2.7

19.4

19.5

16.1

0.69

EQUITY – LARGE CAP FUNDS

DSP Large Cap Fund

488.0

7187

1.8

0.8

5.6

17.6

15.8

12.7

0.61

HYBRID – CONSERVATIVE HYBRID FUNDS

DSP Regular Savings Fund

59.8

180

1.2

0.5

6.2

9.8

8.3

7.3

0.75

EQUITY – FLEXI CAP FUNDS

Edelweiss Flexi Cap Fund

39.5

3073

1.9

0.4

18.1

18.8

15.3

0.62

EQUITY – LARGE & MID CAP FUNDS

Edelweiss Large & Mid Cap Fund

89.3

4460

1.8

0.4

-0.6

17.5

19.0

15.4

0.63

EQUITY – LARGE CAP FUNDS

Edelweiss Large Cap Fund

86.8

1445

2.1

0.6

3.7

14.6

15.3

13.8

0.56

HYBRID – AGGRESSIVE HYBRID FUNDS

Franklin India Aggressive Hybrid Fund

274.4

2380

2.0

0.9

2.1

13.7

14.5

12.0

0.66

HYBRID – CONSERVATIVE HYBRID FUNDS

Franklin India Conservative Hybrid Fund

92.0

205

1.4

0.8

5.1

9.0

8.0

7.7

0.72

EQUITY – LARGE CAP FUNDS

Franklin India Large Cap Fund

1069.8

8061

1.9

1.1

5.1

14.5

15.2

12.3

0.55

HYBRID – EQUITY SAVINGS FUNDS

HDFC Equity Savings Fund

67.7

5904

1.9

0.9

5.6

10.0

11.0

10.0

0.89

HYBRID – AGGRESSIVE HYBRID FUNDS

HDFC Hybrid Equity Fund

120.7

24704

1.7

1.0

3.3

11.4

14.6

11.3

0.69

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HDFC Infrastructure Fund

47.1

2514

2.0

1.1

-2.7

23.7

28.2

11.8

0.89

EQUITY – SMALL CAP FUNDS

HDFC Small Cap Fund

138.0

38020

1.5

0.7

-5.1

19.4

25.4

18.1

0.74

EQUITY – VALUE FUNDS

HDFC Value Fund

769.4

7676

1.8

1.0

4.6

18.3

19.7

14.7

0.69

HYBRID – CONSERVATIVE HYBRID FUNDS

HSBC Conservative Hybrid Fund

61.3

149

2.2

1.2

1.6

9.4

7.7

7.6

0.49

HYBRID – EQUITY SAVINGS FUNDS

HSBC Equity Savings Fund

34.4

787

1.5

0.7

1.2

13.4

12.0

9.1

0.60

EQUITY – FLEXI CAP FUNDS

HSBC Flexi Cap Fund

220.2

5248

1.9

1.2

-2.9

18.5

17.7

14.1

0.53

EQUITY – SMALL CAP FUNDS

HSBC Small Cap Fund

77.8

16203

1.7

0.6

-14.9

17.3

24.9

17.8

0.63

EQUITY – SECTOR – BANKING FUNDS

ICICI Prudential Banking & Financial Services Fund

139.3

11086

1.8

1.0

12.0

14.7

16.6

15.3

0.53

EQUITY – TAX SAVING (ELSS) FUNDS

ICICI Pru Long Term Equity

962.4

14957

1.7

1.1

6.4

15.7

17.4

13.8

0.65

HYBRID – EQUITY SAVINGS FUNDS

ICICI Prudential Equity Savings Fund

23.3

17573

1.0

0.5

7.9

8.9

8.8

8.6

1.37

EQUITY – MID CAP FUNDS

ICICI Prudential Midcap Fund

310.3

7055

1.9

1.0

4.5

21.5

23.2

16.4

0.73

EQUITY – SMALL CAP FUNDS

ICICI Prudential Smallcap Fund

85.7

8452

1.8

0.8

-4.6

15.9

22.9

16.0

0.79

HYBRID – BALANCED ADVANTAGE FUNDS

Invesco India Balanced Advantage Fund

54.8

1121

2.1

0.8

1.0

12.3

11.3

10.0

0.53

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Invesco India Infrastructure Fund

60.0

1457

2.1

0.8

-11.2

21.6

24.9

16.9

0.69

EQUITY – LARGE & MID CAP FUNDS

Invesco India Large & Mid Cap Fund

101.5

9406

1.8

0.6

3.5

23.0

20.7

16.6

0.64

EQUITY – LARGE CAP FUNDS

Invesco India Largecap Fund

71.0

1723

2.0

0.7

1.6

16.4

16.6

13.7

0.56

EQUITY – MID CAP FUNDS

Invesco India Midcap Fund

184.8

10006

1.7

0.5

5.8

26.3

25.0

18.7

0.72

EQUITY – TAX SAVING (ELSS) FUNDS

JM ELSS Tax Saver Fund

50.1

228

2.4

1.0

-0.7

18.9

19.0

16.6

0.61

EQUITY – VALUE FUNDS

JM Value Fund

95.9

987

2.2

1.0

-7.8

20.0

20.9

16.9

0.66

EQUITY – TAX SAVING (ELSS) FUNDS

Kotak ELSS Tax Saver Fund

117.3

6516

1.8

0.6

-1.7

14.5

17.5

15.0

0.59

EQUITY – FLEXI CAP FUNDS

Kotak Flexicap Fund

86.6

56885

1.4

0.6

4.5

15.6

16.2

14.6

0.56

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Kotak Infra & Economic Reform

64.8

2376

2.0

0.7

-7.6

19.3

26.3

16.2

0.75

EQUITY – LARGE & MID CAP FUNDS

Kotak Large & Midcap Fund

351.0

29961

1.6

0.6

1.7

18.2

19.2

16.2

0.66

EQUITY – MID CAP FUNDS

Kotak Midcap Fund

136.1

60480

1.4

0.4

-0.4

20.4

23.0

18.3

0.73

EQUITY – SMALL CAP FUNDS

Kotak Small Cap Fund

249.9

17423

1.7

0.6

-11.6

14.5

21.3

17.1

0.62

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

LIC MF Infrastructure Fund

48.7

1022

2.2

0.8

-7.7

25.3

26.7

16.1

0.72

EQUITY – TAX SAVING (ELSS) FUNDS

Mahindra Manulife ELSS Tax Saver Fund

29.3

982

2.1

0.6

3.6

14.2

17.6

–

0.62

HYBRID – EQUITY SAVINGS FUNDS

Mahi Manu Eq Sav Dhan San Yojana

21.2

551

2.4

0.7

5.7

9.7

10.1

–

0.63

EQUITY – MID CAP FUNDS

Mahindra Manulife Mid Cap Fund

33.4

4260

1.8

0.5

-3.7

22.7

24.3

–

0.72

HYBRID – AGGRESSIVE HYBRID FUNDS

Mirae Asset Aggressive Hybrid Fund

33.2

9494

1.7

0.4

5.5

13.1

13.7

13.2

0.59

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mirae Asset Great Consumer Fund

94.4

4787

1.8

0.4

1.2

15.9

18.2

15.9

0.62

EQUITY – LARGE & MID CAP FUNDS

Mirae Asset Large & Midcap Fund

157.2

43542

1.5

0.6

4.2

16.6

18.0

17.8

0.60

EQUITY – LARGE CAP FUNDS

Mirae Asset Large Cap Fund

117.4

41864

1.5

0.5

5.3

12.7

14.3

14.2

0.53

EQUITY – FLEXI CAP FUNDS

Motilal Oswal Flexi Cap Fund

61.1

14312

1.7

0.9

-5.9

20.7

16.1

13.8

0.48

HYBRID – AGGRESSIVE HYBRID FUNDS

Nippon India Aggressive Hybrid Fund

107.6

4134

2.0

1.1

3.5

14.6

16.3

10.5

0.74

EQUITY – TAX SAVING (ELSS) FUNDS

Nippon India ELSS Tax Saver Fund

131.2

15519

1.7

1.0

1.9

16.3

19.6

11.7

0.67

EQUITY – TAX SAVING (ELSS) FUNDS

PGIM India ELSS Tax Saver Fund

35.2

784

2.2

0.7

-0.4

11.6

16.0

13.4

0.60

EQUITY – FOCUSED FUNDS

Quant Focused Fund

86.4

944

2.2

0.8

-0.8

13.1

17.5

14.3

0.56

EQUITY – LARGE & MID CAP FUNDS

Quant Large & Mid Cap Fund

115.4

3512

1.9

0.7

-2.9

14.3

19.7

16.4

0.61

EQUITY – SECTOR – BANKING FUNDS

SBI Banking & Financial Services Fund

45.7

9813

1.8

0.8

14.8

19.0

17.4

17.8

0.51

HYBRID – AGGRESSIVE HYBRID FUNDS

SBI Equity Hybrid Fund

309.4

82958

1.4

0.7

9.2

13.7

14.0

12.6

0.69

EQUITY – FOCUSED FUNDS

SBI Focused Fund

379.7

42773

1.6

0.8

12.1

17.5

17.2

15.5

0.63

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

SBI Infrastructure Fund

49.3

4771

1.9

1.1

-5.1

20.4

24.2

16.5

0.79

HYBRID – AGGRESSIVE HYBRID FUNDS

Sundaram Aggressive Hybrid Fund

165.7

7655

1.8

0.6

3.2

12.1

13.8

12.9

0.60

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram ELSS Tax Saver Fund

525.8

1411

2.2

1.7

4.3

14.5

17.1

14.6

0.62

EQUITY – FOCUSED FUNDS

Sundaram Focused Fund

161.9

1103

2.3

1.3

-2.1

12.8

15.3

13.9

0.51

EQUITY – MID CAP FUNDS

Sundaram Mid Cap Fund

1426.7

13345

1.7

0.9

1.0

23.1

23.4

15.7

0.72

EQUITY – SMALL CAP FUNDS

Sundaram Small Cap Fund

258.4

3450

1.9

0.9

-3.8

19.5

23.0

13.8

0.65

EQUITY – SECTOR – BANKING FUNDS

Tata Banking and Financial Services Fund

45.1

3214

1.9

0.5

12.7

15.9

16.1

–

0.48

HYBRID – EQUITY SAVINGS FUNDS

Tata Equity Savings Fund

56.4

277

1.1

0.5

5.7

9.7

9.0

7.9

0.82

EQUITY – THEMATIC – CONSUMPTION FUNDS

Tata India Consumer Fund

45.1

2685

2.0

0.7

-2.8

17.6

17.1

–

0.54

EQUITY – LARGE & MID CAP FUNDS

Tata Large & Mid Cap Fund

522.1

8753

1.8

0.7

-1.9

12.0

15.9

13.6

0.60

EQUITY – LARGE CAP FUNDS

Tata Large Cap Fund

525.1

2827

2.0

1.0

4.9

14.4

16.8

13.0

0.61

EQUITY – MID CAP FUNDS

Tata Mid Cap Fund

446.2

5420

1.8

0.6

2.2

21.1

21.3

16.2

0.69

EQUITY – VALUE FUNDS

Templeton India Value Fund

738.4

2319

2.0

0.9

2.9

16.7

22.4

15.2

0.82

HYBRID – BALANCED ADVANTAGE FUNDS

Union Balanced Advantage Fund

20.7

1371

2.2

1.0

4.0

10.2

8.9

–

0.53

EQUITY – TAX SAVING (ELSS) FUNDS

Union ELSS Tax Saver Fund

66.3

922

2.3

1.4

0.7

14.6

17.1

13.4

0.60

EQUITY – SMALL CAP FUNDS

Union Small Cap Fund

48.2

1778

2.1

1.0

-8.2

17.1

22.3

15.1

0.59

HYBRID – CONSERVATIVE HYBRID FUNDS

UTI Conservative Hybrid Fund

70.4

1701

1.8

1.2

4.8

9.4

9.3

8.4

0.85

EQUITY – DIVIDEND YIELD FUNDS

UTI Dividend Yield Fund

181.4

3936

2.0

1.5

0.8

20.0

18.9

15.1

0.71

EQUITY – LARGE CAP FUNDS

UTI Large Cap Fund

283.1

13399

1.7

0.9

4.8

12.4

13.9

12.9

0.49

EQUITY – MID CAP FUNDS

UTI Mid Cap Fund

302.6

12050

1.8

0.9

-3.7

15.8

18.8

14.6

0.57

EQUITY – VALUE FUNDS

UTI Value Fund

173.7

10135

1.8

1.2

2.0

17.7

18.4

14.8

0.68

HYBRID – BALANCED ADVANTAGE FUNDS

UTI-Unit Linked Insurance Plan

42.3

5300

1.6

1.0

3.5

9.1

8.4

8.1

0.49

EQUITY – DIVIDEND YIELD FUNDS

Aditya Birla Sun Life Dividend Yield Fund

454.5

1505

2.2

1.4

-4.0

17.8

19.8

13.3

0.68

HYBRID – AGGRESSIVE HYBRID FUNDS

Aditya Birla Sun Life Equity Hybrid ’95 Fund

1569.4

7614

1.9

1.1

3.9

13.7

13.5

11.2

0.54

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Aditya Birla Sun Life Infrastructure Fund

94.2

1140

2.3

1.4

-4.4

20.4

24.0

14.5

0.69

EQUITY – MID CAP FUNDS

Aditya Birla Sun Life Midcap Fund

798.4

6278

1.9

1.0

-0.1

19.6

21.2

14.1

0.66

HYBRID – CONSERVATIVE HYBRID FUNDS

Axis Conservative Hybrid Fund

30.5

236

2.2

1.1

5.5

7.3

6.9

0.47

HYBRID – EQUITY SAVINGS FUNDS

Axis Equity Savings Fund

22.7

931

2.3

1.1

4.1

9.8

9.0

8.7

0.56

EQUITY – FLEXI CAP FUNDS

Axis Flexi Cap Fund

26.8

13276

1.7

0.7

-0.8

13.9

13.0

–

0.40

EQUITY – MID CAP FUNDS

Axis Midcap Fund

113.3

32202

1.6

0.6

-1.1

18.2

18.6

16.7

0.58

HYBRID – BALANCED ADVANTAGE FUNDS

Bandhan Balanced Advantage Fund

24.8

2324

2.0

0.8

3.4

10.8

9.8

9.1

0.46

HYBRID – EQUITY SAVINGS FUNDS

Bandhan Equity Savings Fund

31.9

375

1.1

0.2

6.0

7.7

7.3

6.6

0.74

EQUITY – FLEXI CAP FUNDS

Bandhan Flexi Cap Fund

215.6

7747

1.9

1.1

5.9

15.1

15.9

11.9

0.55

EQUITY – LARGE & MID CAP FUNDS

BOI Large & Mid Cap Equity Fund

90.9

449

2.3

0.8

-0.1

15.9

17.6

13.4

0.55

EQUITY – SECTOR – BANKING FUNDS

Baroda BNP Paribas Bank&Fin Serv

49.9

365

2.4

0.8

9.1

15.4

14.7

13.6

0.43

EQUITY – TAX SAVING (ELSS) FUNDS

Baroda BNP Paribas ELSS Tax Saver Fund

100.1

952

2.2

1.0

2.2

18.6

16.2

13.5

0.52

EQUITY – FOCUSED FUNDS

Baroda BNP Paribas Focused Fund

22.3

719

2.3

0.5

-2.5

13.5

14.2

–

0.42

EQUITY – TAX SAVING (ELSS) FUNDS

Edelweiss Long Term Equity

115.1

448

2.3

0.7

1.9

16.2

16.8

12.8

0.56

EQUITY – LARGE & MID CAP FUNDS

Franklin India Large & Mid Cap Fund

196.9

3703

2.0

1.3

4.2

16.6

17.6

12.8

0.60

EQUITY – MID CAP FUNDS

Franklin India Mid Cap Fund

2784.1

12911

1.8

1.0

-1.3

20.8

20.1

15.7

0.62

EQUITY – SMALL CAP FUNDS

Franklin India Small Cap Fund

164.2

13529

1.8

0.9

-11.2

18.6

23.6

15.6

0.66

HYBRID – BALANCED ADVANTAGE FUNDS

HSBC Balanced Advantage Fund

43.9

1591

2.1

0.9

0.7

11.4

9.3

8.6

0.52

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC ELSS Tax saver Fund

136.0

4184

1.9

1.2

-2.8

18.7

17.3

14.2

0.53

EQUITY – LARGE CAP FUNDS

HSBC Large Cap Fund

490.9

1919

2.1

1.3

-0.1

14.1

14.3

13.6

0.47

EQUITY – MID CAP FUNDS

HSBC Midcap Fund

399.7

12549

1.7

0.6

-4.0

23.4

21.1

16.4

0.57

HYBRID – AGGRESSIVE HYBRID FUNDS

Invesco India Aggressive Hybrid Fund

22.6

832

2.2

0.7

-2.7

15.2

13.8

–

0.54

EQUITY – TAX SAVING (ELSS) FUNDS

Invesco India ELSS Tax Saver Fund

125.4

2838

1.9

0.8

-5.2

16.0

15.4

14.0

0.47

EQUITY – FOCUSED FUNDS

JM Focused Fund

20.2

309

2.4

0.7

-3.8

16.8

16.0

14.1

0.50

EQUITY – LARGE CAP FUNDS

JM Large Cap Fund

158.3

482

2.4

0.8

-1.5

14.8

15.0

12.1

0.51

EQUITY – TAX SAVING (ELSS) FUNDS

LIC MF ELSS Tax Saver

153.9

1107

2.2

1.0

-1.9

15.0

14.9

13.1

0.53

EQUITY – FOCUSED FUNDS

LIC MF Focused Fund

21.3

173

2.5

1.6

-2.0

10.1

12.8

–

0.42

EQUITY – LARGE & MID CAP FUNDS

LIC MF Large & Midcap Fund

38.7

3141

1.9

0.6

-3.1

16.0

16.7

15.4

0.56

EQUITY – LARGE CAP FUNDS

LIC MF Large Cap Fund

57.1

1503

2.1

1.0

1.8

11.2

12.2

11.8

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

Navi Aggressive Hybrid Fund

21.0

126

2.3

0.6

2.7

12.1

12.7

–

0.55

HYBRID – CONSERVATIVE HYBRID FUNDS

Nippon India Conservative Hybrid Fund

60.1

923

1.9

1.1

9.3

9.1

8.6

5.9

1.23

EQUITY – VALUE FUNDS

Quantum Value Fund

127.3

1206

2.1

1.1

-0.1

16.3

16.8

13.0

0.69

EQUITY – FLEXI CAP FUNDS

SBI Flexicap Fund

112.7

23556

1.7

0.8

1.7

13.0

14.8

13.4

0.55

EQUITY – SMALL CAP FUNDS

SBI Small Cap Fund

167.5

36272

1.6

0.8

-8.8

12.7

19.1

17.9

0.63

HYBRID – BALANCED ADVANTAGE FUNDS

Sundaram Balanced Advantage Fund

36.1

1754

2.1

0.6

3.5

10.1

9.9

8.2

0.50

EQUITY – THEMATIC – CONSUMPTION FUNDS

Sundaram Consumption Fund

97.6

1628

2.2

1.3

-1.0

14.7

15.8

14.3

0.56

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Sundaram Infrastructure Advantage Fund

96.1

961

2.4

1.9

-0.2

20.4

23.7

14.6

0.71

EQUITY – LARGE & MID CAP FUNDS

Sundaram Large and Mid Cap Fund

87.6

7047

1.8

0.8

0.2

15.5

17.8

14.8

0.58

HYBRID – AGGRESSIVE HYBRID FUNDS

Tata Aggressive Hybrid Fund

449.1

4166

1.9

1.0

2.6

10.7

13.4

10.6

0.60

EQUITY – SECTOR – IT FUNDS

Tata Digital India Fund

49.2

12085

1.7

0.4

-13.2

15.4

18.2

–

0.47

EQUITY – TAX SAVING (ELSS) FUNDS

Tata ELSS Fund

46.0

4795

1.8

0.7

1.2

14.6

17.1

14.6

0.58

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Tata Infrastructure Fund

166.3

2069

2.1

1.1

-11.9

16.6

23.5

15.0

0.66

EQUITY – VALUE FUNDS

Tata Value Fund

359.6

9032

1.8

0.8

-1.1

18.8

18.9

15.9

0.65

EQUITY – LARGE CAP FUNDS

Union Largecap Fund

24.0

479

2.5

1.7

0.7

11.9

13.7

–

0.48

EQUITY – SECTOR – BANKING FUNDS

UTI Banking and Financial Services Fund

198.0

1386

2.1

1.1

10.8

14.9

15.9

12.8

0.48

EQUITY – FLEXI CAP FUNDS

UTI Flexi Cap Fund

324.9

25575

1.7

1.0

-1.2

11.0

11.5

12.9

0.35

EQUITY – THEMATIC – CONSUMPTION FUNDS

UTI India Consumer Fund

59.3

738

2.4

1.6

1.7

14.1

14.3

12.4

0.47

EQUITY – TAX SAVING (ELSS) FUNDS

Aditya Birla Sun Life ELSS Tax Saver Fund

62.6

15691

1.7

1.0

5.6

14.1

12.1

11.6

0.40

HYBRID – EQUITY SAVINGS FUNDS

Aditya Birla Sun Life Equity Savings Fund

22.8

974

1.0

0.5

8.6

9.0

8.4

8.3

0.47

EQUITY – LARGE & MID CAP FUNDS

Aditya Birla Sun Life Large & Mid Cap Fund

912.1

5836

1.9

1.2

-0.5

13.8

13.7

12.6

0.38

EQUITY – SMALL CAP FUNDS

Aditya Birla Sun Life Small Cap Fund

85.0

5049

1.9

0.9

-6.8

16.7

19.3

13.3

0.51

EQUITY – VALUE FUNDS

Aditya Birla Sun Life Value Fund

127.9

6361

1.9

1.0

-3.0

19.0

19.6

12.9

0.55

EQUITY – TAX SAVING (ELSS) FUNDS

Axis ELSS Tax Saver Fund

97.6

35084

1.5

0.8

1.1

13.5

11.4

12.8

0.32

EQUITY – FOCUSED FUNDS

Axis Focused Fund

55.1

12445

1.7

0.8

-0.3

11.0

9.1

12.7

0.25

EQUITY – LARGE CAP FUNDS

Axis Large Cap Fund

61.9

34072

1.6

0.7

2.9

11.7

11.0

13.0

0.35

HYBRID – CONSERVATIVE HYBRID FUNDS

Bandhan Conservative Hybrid Fund

33.3

103

2.0

1.0

7.5

8.5

6.5

7.0

0.39

HYBRID – BALANCED ADVANTAGE FUNDS

Bank of India Balanced Advantage Fund

25.7

145

2.3

1.0

4.2

10.1

11.1

7.6

0.49

HYBRID – CONSERVATIVE HYBRID FUNDS

Baroda BNP Paribas Conser Hybrid

45.6

839

2.0

0.5

4.7

8.4

7.2

7.5

0.55

EQUITY – MID CAP FUNDS

DSP Midcap Fund

149.1

19855

1.7

0.7

-0.6

18.8

16.3

15.3

0.50

EQUITY – SECTOR – IT FUNDS

Franklin India Technology Fund

544.1

1957

2.1

1.0

-3.9

23.4

17.1

17.2

0.47

EQUITY – LARGE CAP FUNDS

Groww Largecap Fund

44.4

133

2.5

1.2

2.6

13.1

13.0

12.2

0.43

HYBRID – AGGRESSIVE HYBRID FUNDS

HSBC Aggressive Hybrid Fund

56.6

5650

1.9

0.8

-1.3

15.0

13.4

11.3

0.44

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HSBC Infrastructure Fund

45.5

2313

2.1

1.1

-10.3

20.9

24.7

15.8

0.69

EQUITY – THEMATIC – CONSUMPTION FUNDS

ICICI Prudential FMCG Fund

464.9

1960

2.1

1.3

-1.8

5.4

11.4

11.6

0.48

HYBRID – AGGRESSIVE HYBRID FUNDS

LIC MF Aggressive Hybrid Fund

200.5

538

2.5

1.4

2.1

13.0

11.2

9.9

0.45

EQUITY – SECTOR – BANKING FUNDS

LIC MF Banking & Financial Services Fund

22.2

293

2.5

1.2

10.5

11.5

13.7

10.3

0.39

EQUITY – FLEXI CAP FUNDS

LIC MF Flexi Cap Fund

101.2

1077

2.3

1.3

-2.2

14.6

13.3

10.7

0.43

EQUITY – MID CAP FUNDS

LIC MF Midcap Fund

29.0

350

2.5

1.4

-3.6

18.5

18.3

–

0.53

EQUITY – SMALL CAP FUNDS

LIC MF Small Cap Fund

28.9

619

2.4

1.0

-15.8

14.9

23.0

–

0.60

HYBRID – BALANCED ADVANTAGE FUNDS

Motilal Oswal Balanced Advantage Fund

19.8

937

2.3

1.0

-7.6

8.8

6.9

–

0.20

EQUITY – FOCUSED FUNDS

Motilal Oswal Focused Fund

43.3

1521

2.1

1.0

-7.7

8.2

9.5

11.1

0.26

EQUITY – LARGE & MID CAP FUNDS

Navi Large & Midcap Fund

35.8

320

2.3

0.5

-1.9

11.9

16.5

13.6

0.55

HYBRID – EQUITY SAVINGS FUNDS

Nippon India Equity Savings Fund

16.3

945

1.8

0.7

4.9

8.6

8.4

4.9

0.66

HYBRID – AGGRESSIVE HYBRID FUNDS

PGIM India Aggressive Hybrid Equity Fund

131.5

219

2.3

0.8

2.1

11.1

11.2

9.5

0.41

EQUITY – LARGE CAP FUNDS

PGIM India Large Cap Fund

350.8

605

2.4

0.8

4.2

11.2

12.3

11.5

0.42

EQUITY – DIVIDEND YIELD FUNDS

Sundaram Dividend Yield Fund

139.1

923

2.3

1.1

-1.1

16.0

16.9

15.3

0.64

EQUITY – FLEXI CAP FUNDS

Taurus Flexi Cap Fund

225.5

365

2.6

-4.3

12.7

14.2

10.2

0.46

EQUITY – MID CAP FUNDS

Taurus Mid Cap Fund

121.3

132

2.6

2.1

-3.0

15.4

17.8

15.3

0.51

EQUITY – TAX SAVING (ELSS) FUNDS

UTI ELSS Tax Saver Fund

210.4

3785

1.9

0.9

0.7

12.9

14.5

13.0

0.47

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

UTI Infrastructure Fund

141.9

2200

2.2

1.9

-0.6

17.8

21.3

13.8

0.70

EQUITY – THEMATIC – MNC FUNDS

Aditya Birla Sun Life MNC Fund

–

1335.0

3630

2.0

1.3

-3.9

11.9

9.6

8.9

0.32

HYBRID – AGGRESSIVE HYBRID FUNDS

Axis Aggressive Hybrid Fund

–

20.9

1575

2.2

1.1

2.8

10.9

10.7

–

0.41

EQUITY – LARGE & MID CAP FUNDS

Axis Large & Mid Cap Fund

–

33.3

15605

1.7

0.6

18.6

18.3

–

0.56

HYBRID – CONSERVATIVE HYBRID FUNDS

Bank of India Conservative Hybrid Fund

–

34.5

2.1

1.2

2.6

7.0

10.4

7.5

0.90

EQUITY – SMALL CAP FUNDS

Bank of India Small Cap Fund

–

44.5

1982

2.0

0.5

-12.9

17.5

23.7

–

0.60

HYBRID – BALANCED ADVANTAGE FUNDS

Baroda BNP Paribas Balanced Advantage Fund

–

25.1

4697

1.9

0.7

4.4

13.5

12.6

–

0.58

EQUITY – THEMATIC – CONSUMPTION FUNDS

Baroda BNP Paribas India Consumption Fund

–

32.1

1553

2.1

0.6

-0.5

15.5

16.7

–

0.56

EQUITY – MULTI CAP FUNDS

Baroda BNP Paribas Multi Cap Fund

–

288.4

3148

2.0

0.9

-5.0

17.7

20.0

14.8

0.60

EQUITY – SMALL CAP FUNDS

Canara Robeco Small Cap Fund

–

38.0

13060

1.7

0.5

-9.0

14.8

23.8

–

0.69

EQUITY – SECTOR – PHARMA FUNDS

DSP Healthcare Fund

–

39.3

3179

1.9

0.6

-4.8

20.9

16.1

–

0.55

EQUITY – SMALL CAP FUNDS

Edelweiss Small Cap Fund

–

43.2

5330

1.8

0.4

-7.5

18.6

24.5

–

0.72

HYBRID – EQUITY SAVINGS FUNDS

Franklin India Equity Savings Fund

–

16.8

695

1.1

0.3

5.2

7.9

8.4

–

0.61

HYBRID – AGGRESSIVE HYBRID FUNDS

Groww Aggressive Hybrid Fund

–

21.3

2.4

1.3

1.9

11.3

11.7

–

0.45

EQUITY – TAX SAVING (ELSS) FUNDS

Groww ELSS Tax Saver Fund

–

20.0

2.3

0.9

-5.2

12.7

12.9

–

0.43

EQUITY – VALUE FUNDS

Groww Value Fund

–

27.4

2.3

0.9

2.9

15.4

15.6

10.7

0.56

EQUITY – LARGE & MID CAP FUNDS

HSBC Large & Mid Cap Fund

–

27.2

4664

1.9

0.8

-6.2

19.4

18.5

–

0.49

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC Tax Saver Equity Fund

–

95.6

246

2.5

1.8

-2.2

17.9

18.1

14.2

0.57

EQUITY – MULTI CAP FUNDS

ICICI Prudential Multicap Fund

–

793.8

16148

1.7

0.9

0.2

18.4

19.9

15.0

0.74

EQUITY – SECTOR – PHARMA FUNDS

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

–

40.1

6460

1.9

1.0

4.3

27.3

18.4

–

0.69

EQUITY – CONTRA FUNDS

Invesco India Contra Fund

–

137.7

20596

1.6

0.5

-0.5

18.8

18.9

16.6

0.65

HYBRID – EQUITY SAVINGS FUNDS

Invesco India Equity Savings Fund

–

16.9

423

2.3

0.8

0.2

10.5

8.3

–

0.47

EQUITY – MULTI CAP FUNDS

Invesco India Multicap Fund

–

127.9

4259

1.9

0.7

-8.6

16.3

18.3

14.1

0.56

EQUITY – SMALL CAP FUNDS

Invesco India Smallcap Fund

–

41.8

8999

1.7

0.4

-4.9

23.5

26.8

–

0.73

HYBRID – BALANCED ADVANTAGE FUNDS

Kotak Balanced Advantage Fund

–

21.0

17959

1.7

0.6

3.8

11.6

10.8

–

0.65

EQUITY – CONTRA FUNDS

Kotak Contra Fund

–

155.4

5010

1.8

0.6

2.6

19.7

20.3

17.0

0.71

HYBRID – CONSERVATIVE HYBRID FUNDS

LIC MF Conservative Hybrid Fund

–

83.4

2.3

1.4

4.1

6.5

5.9

6.6

0.39

EQUITY – DIVIDEND YIELD FUNDS

LIC MF Dividend Yield Fund

–

30.9

699

2.3

0.7

-1.8

20.3

18.8

–

0.62

HYBRID – EQUITY SAVINGS FUNDS

LIC MF Equity Savings Fund

–

28.0

2.3

1.2

5.6

8.9

8.4

7.0

0.48

EQUITY – SECTOR – PHARMA FUNDS

LIC MF Healthcare Fund

–

29.3

2.5

1.2

-2.6

19.8

12.4

–

0.42

EQUITY – VALUE FUNDS

LIC MF Value Fund

–

24.5

204

2.5

1.4

-8.4

13.1

16.5

–

0.47

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mahindra Manulife Consumption Fund

–

22.9

565

2.4

0.6

-1.1

14.5

16.0

–

0.55

EQUITY – LARGE CAP FUNDS

Mahindra Manulife Large Cap Fund

–

23.8

749

2.3

0.6

4.2

13.4

15.3

–

0.56

EQUITY – MULTI CAP FUNDS

Mahindra Manulife Multi Cap Fund

–

35.7

6125

1.8

0.4

18.5

21.7

–

0.65

HYBRID – EQUITY SAVINGS FUNDS

Mirae Asset Equity Savings Fund

–

20.8

1814

1.4

0.4

6.9

10.9

10.8

–

0.78

EQUITY – SECTOR – PHARMA FUNDS

Mirae Asset Healthcare Fund

–

38.3

2812

1.9

0.5

0.8

21.0

16.0

–

0.55

EQUITY – TAX SAVING (ELSS) FUNDS

Navi ELSS Tax Saver Fund

–

29.4

2.3

0.4

-0.4

11.8

13.3

–

0.45

EQUITY – FLEXI CAP FUNDS

Navi Flexi Cap Fund

–

23.4

266

2.2

0.6

11.9

14.8

–

0.50

EQUITY – MULTI CAP FUNDS

Nippon India Multi Cap Fund

–

301.6

50048

1.5

0.7

1.1

21.1

25.7

15.5

0.87

EQUITY – SECTOR – PHARMA FUNDS

Nippon India Pharma Fund

–

512.6

8459

1.8

0.9

0.3

21.5

15.9

13.5

0.56

HYBRID – EQUITY SAVINGS FUNDS

PGIM India Equity Savings Fund

–

50.3

1.3

0.6

5.5

7.1

7.7

7.2

0.90

EQUITY – FLEXI CAP FUNDS

Quant Flexi Cap Fund

–

99.3

6867

1.8

0.7

0.2

14.6

23.0

19.2

0.67

EQUITY – MULTI CAP FUNDS

Quant Multi Cap Fund

–

612.9

8804

1.8

0.7

-7.6

9.0

19.1

17.1

0.54

EQUITY – CONTRA FUNDS

SBI Contra Fund

–

395.1

49838

1.5

0.8

1.9

19.2

24.8

16.9

1.04

EQUITY – SECTOR – PHARMA FUNDS

SBI Healthcare Opportunities Fund

–

425.1

4131

1.9

0.9

-1.1

23.5

17.3

11.3

0.65

EQUITY – THEMATIC – MNC FUNDS

SBI MNC Fund

–

357.6

5996

1.9

1.3

-6.2

7.3

11.4

10.8

0.41

HYBRID – AGGRESSIVE HYBRID FUNDS

Shriram Aggressive Hybrid Fund

–

32.4

2.4

0.9

0.5

10.8

10.7

10.0

0.40

EQUITY – TAX SAVING (ELSS) FUNDS

Shriram ELSS Tax Saver Fund

–

21.4

2.3

0.8

-7.7

10.0

11.0

–

0.31

EQUITY – FLEXI CAP FUNDS

Shriram Flexi Cap Fund

–

20.5

138

2.4

0.8

-8.6

10.0

11.5

–

0.33

HYBRID – CONSERVATIVE HYBRID FUNDS

Sundaram Conservative Hybrid Fund

–

29.9

1.9

0.9

3.3

6.9

7.7

6.8

0.68

EQUITY – MULTI CAP FUNDS

Sundaram Multi Cap Fund

–

387.6

2915

2.0

0.9

1.5

16.6

19.6

15.6

0.64

EQUITY – VALUE FUNDS

Sundaram Value Fund

–

226.2

1484

2.3

1.7

3.1

12.6

15.7

12.4

0.58

HYBRID – BALANCED ADVANTAGE FUNDS

Tata Balanced Advantage Fund

–

21.0

9857

1.7

0.4

4.1

10.6

11.3

–

0.76

EQUITY – FLEXI CAP FUNDS

Tata Flexi Cap Fund

–

25.0

3670

1.9

0.6

6.5

15.8

14.8

–

0.53

EQUITY – SECTOR – PHARMA FUNDS

Tata India Pharma & Healthcare Fund

–

30.4

1339

2.1

0.6

-0.2

21.9

15.9

–

0.56

EQUITY – SMALL CAP FUNDS

Tata Small Cap Fund

–

36.7

11410

1.7

0.3

-15.5

14.7

23.8

–

0.69

EQUITY – SECTOR – BANKING FUNDS

Taurus Banking & Financial Services Fund

–

55.1

2.4

1.6

6.5

11.0

13.7

13.8

0.41

EQUITY – TAX SAVING (ELSS) FUNDS

Taurus ELSS Tax Saver Fund

–

184.2

2.4

1.8

-3.5

15.4

13.8

0.58

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Taurus Infrastructure Fund

–

66.9

2.5

1.9

-4.9

17.0

19.9

15.1

0.57

EQUITY – LARGE CAP FUNDS

Taurus Large Cap Fund

–

161.8

2.6

2.4

1.3

13.4

14.4

10.6

0.45

HYBRID – EQUITY SAVINGS FUNDS

Union Equity Savings Fund

–

17.1

147

2.0

1.5

3.8

8.1

7.3

–

0.49

EQUITY – VALUE FUNDS

Union Value Fund

–

28.9

370

2.5

1.3

2.1

17.1

18.6

–

0.66

HYBRID – EQUITY SAVINGS FUNDS

UTI Equity Savings Fund

–

18.9

794

1.6

0.6

7.1

10.7

10.8

–

0.92

EQUITY – SECTOR – PHARMA FUNDS

UTI Healthcare Fund

–

287.3

1126

2.3

1.3

-0.4

24.1

15.8

12.1

0.54

EQUITY – THEMATIC – MNC FUNDS

UTI MNC Fund

–

401.6

2872

2.0

1.3

-0.3

12.6

13.2

10.6

0.49

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Finding opportunities in an uneven market

by Hansraj Agrawal | Dec 6, 2025 | Share Market

After two strong years in 2023 and 2024, value-oriented mutual funds have delivered a mixed bag in 2025. The Nifty50 Value 20 index, the large-cap value benchmark, has been largely flat, while the multi-cap-focused Nifty500 Value 50 has clocked a healthy 12 per cent year-to-date. Meanwhile, the overall value category managed to deliver just 4 per cent. The dispersion within funds, too, has been stark: ICICI Prudential value leads with a 13 per cent gain, whereas LIC MF value fund slipped 6 per cent into the red. Nearly two-thirds of schemes posted returns below five per cent.

With value investing being deeply cyclical, it’s worth revisiting how the category has behaved, what fund managers are betting on, and whether the style still holds relevance.

There are currently 21 schemes in the value category. As per SEBI rules, these funds must invest at least 65 per cent in equities but enjoy considerable flexibility across sectors and market caps — within a disciplined valuation-driven framework. Managers typically hunt for stocks trading below their intrinsic value using metrics such as P/E, P/B, earnings yield, cash flows, dividend yield, ROE and ROCE, relying primarily on bottom-up stock selection.

The core idea is simple: buy companies with strong fundamentals but depressed prices due to temporary market pessimism, hold through volatility, and wait for earnings recovery and sentiment rerating. Portfolios are diversified, turnover is usually lower, and the payoff lumpy: long stretches of underperformance can be followed by sharp catch‑ups.

Cycles define the value style

Value funds have historically moved in cycles. After a dull post-Covid phase, they rebounded strongly in 2021 with a 36 per cent return, beating the Nifty 500 TRI’s 32 per cent. Economic reopening, a rebound in cyclicals and broader market undervaluation helped, while high inflation and rising rate expectations pushed investors towards banking, energy and industrials. Stocks such as ONGC, Tata Motors, Bharti Airtel and Hindalco were key performance drivers.

The tide turned in 2022. Value funds delivered just six per cent. With inflation staying sticky, central banks hiking policy rates aggressively and recession worries mounting, markets shifted to growth and quality. Funds that held IT and pharma stocks such as Wipro, Tech Mahindra, Mphasis, Ipca Laboratories and Alkem Laboratories saw their returns deteriorate.

The next turnaround came in 2023 and 2024 when value funds delivered 34 per cent and 20 per cent respectively. Strong GDP growth, easing inflation and a pickup in corporate earnings brought focus back to cyclicals. Banking, capital goods, energy and selective large-caps helped value funds reclaim leadership. Stocks such as Bajaj Auto, HPCL, L&T, Coal India and HCL Technologies contributed meaningfully to NAV expansion.

2025: A tale of positioning

In 2025, the leaders are those who leaned early into oil & gas, mid-cap IT, hospitals and select pharma, PSU banks and life insurers. ICICI Prudential value and DSP value have benefited from sizable allocations to Reliance Industries, HDFC Life, SBI Life, Maruti Suzuki, Hero MotoCorp and pharma majors like Sun Pharma and Lupin — positions built patiently through 2023–24.

Funds with heavy small-cap exposure, however, have lagged. JM Value, LIC MF Value, ITI Value, ABSL Value and Quant Value carried small-cap weights as high as 30–45 per cent, which hurt in a year when market breadth narrowed. In contrast, ICICI Pru, HDFC, Sundaram and UTI Value funds stayed firmly anchored in large-caps, with allocations ranging from 65–80 per cent.

The Nifty500 Value 50 index has also outpaced the large-cap-heavy Nifty50 Value 20 index, thanks to higher exposure to mid- and small-cap financials. Stocks like RBL Bank, Manappuram Finance, City Union Bank, Indian Bank and Canara Bank have surged 40–87 per cent over the past year, lifting the Nifty500 Value 50’s performance.

Most fund managers are currently overweight in IT, oil & gas, healthcare and FMCG.

What should investors do?

Long-term NSE index data show that while value investing delivers strong excess returns over cycles, it can test patience. Value funds tend to do well during economic recoveries and inflationary regimes, when cheap assets rebound sharply. Conversely, they often underperform in liquidity-driven bull markets and when momentum takes precedence over fundamentals.

Value-oriented mutual funds deserve a place in an investor’s long-term equity strategy. They provide exposure to fundamentally strong, attractively priced businesses that can deliver better returns in the long run. While the style demands patience and has its share of value traps, disciplined value investing executed through well-managed funds — adds both diversification and return potential to a well-rounded portfolio.

Investors should prioritise funds with strong long-term track records. Five-year rolling return analysis over the past seven years shows ICICI Prudential value and Bandhan value delivering around 26 per cent CAGR. Schemes rated four and five stars on bl.portfolio’s Star Track can also be considered. Investors seeking cost-efficient, benchmark-aligned returns can opt for passive index funds, ETFs, and smart beta funds.

A minimum time horizon of seven years is crucial for this style to play out.

Published on December 6, 2025

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