Index Approach To Multiple Platform Businesses

by Hansraj Agrawal | Jun 21, 2025 | Share Market

In the mutual fund space, internet related stocks have witnessed heightened activity in the last one year. Firstly, two indices have been launched: BSE Internet Economy Index launched in October 2024 and NSE’s India Internet Index in April 2025. This was followed by index fund launches starting with Edelweiss’ BSE Internet Economy Index Fund launched in May 2025. Two more were launched in the last week: Mirae’s Nifty India Internet ETF that closes on June 25 and Groww’s Nifty India Internet Index ETF that closes on June 27.

Here, we look at the sector composition, underlying drivers and how investors should approach the segment.

Sector composition

The indices floated by BSE and NSE are composed of 20 stocks ‘that conduct business largely through online platforms’ and are dependent on internet for operations. While BSE index will pick stocks from BSE-500, the NSE index will rely on Nifty Total Market Index which is composed of top 750 stocks by market capitalisation to populate the index.

Eternal (formerly Zomato) leads by weight in both the indices with weights of 20.2/14.5 per cent in NSE/BSE as on May 2025. But the BSE index includes Bharti Airtel also with a weight of 14.1 per cent. Globally, telecom and tech sectors are clubbed, but with tech valuations ballooning, telecom is seemingly left out. The other holdings are as shown in the table.

Sector drivers

Investors should appreciate the primary driver of the segment: adoption and increasing penetration of online platforms. Most of the companies in the sector are into distribution but through online mode. Zomato, Swiggy in food and grocery distribution, PB Fintech in insurance, One 97, Angel One and MOFSL in banking and financial services, Info Edge in classifieds, and CAMS in investor registrar services. The product or service being distributed is fundamental, but the channel of distribution is turning digital. So, the primary sector driver is platform adoption and penetration starting from a low base. Eternal and PB Fintech reported revenue growth of 66 and 44 per cent year-on-year in FY25 as an increase in penetration from a very low base fuels such high growth rates.

Being in consumer-facing operations, the segment shares consumption growth as the driver that is common to most other sectors; FMCG to financial services. Internet economy gains twice as fast as it is increasing penetration in consumer spending, which itself is expanding and expected to sustain the high growth rate. In reality, though, consumer spending is slowing in urban and recuperating in rural areas; alongside, lack of real wage growth is an overhang on this revenue driver. The hopes are pinned on increased spending post income tax cuts this budget, improved monsoon outlook and low base of rural consumption.

Investor relevance

Investors eyeing the segment should consider the three headwinds: valuations, survivability, and profitability. The two indices have reported a trailing PE multiple of 108 (Nifty index) and 71 (BSE index). Investors entering at such multiples have to expect high double digit growth for long periods. While the companies have delivered high growth which analysts expect to sustain, investors do not have a margin of error at such elevated price points.

The lower profitability is also a factor in high multiples with few of the companies’ either reporting losses till recently or only now reporting a thin margin of profitability. But as most are pioneers in their respective field of operations, a stable level of profitability is still speculative. Lower on degree but still speculative is the survivability of companies. This arises not because of any internal weakness of companies but owing to the fact that disruption is a mainstay of this segment. In fact, most of the companies in the segment are disruptors of earlier technologies.

Survivability and profitability are addressed by index investing. By holding the bunch, instead of a concentrated bet on any one, investors can improve their chances of holding the survivor and one with leading profitability.

Investors with a high risk appetite may consider a modest exposure to the segment, despite the valuation headwinds. The sector can gain from increasing internet penetration, digital banking access, per capital income and spending growth in the country. The index approach allows lower-cost exposure to the various platforms through a single investment eliminating company-specific risks. Technology-focused sectoral funds do give some exposure to Internet economy stocks, but top-performing actively managed schemes (direct plans) come with 60-100 bps expense ratios.

Published on June 21, 2025

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Mutual Funds returns

by Hansraj Agrawal | Jun 21, 2025 | Share Market

EQUITY – FOCUSED FUNDS

360 ONE Focused Equity Fund

46.3

7400

1.8

0.8

0.4

22.6

23.5

15.8

0.80

EQUITY – TAX SAVING (ELSS) FUNDS

Bank of India ELSS Tax Saver

158.5

1398

2.0

0.8

-7.5

24.0

25.2

15.5

0.70

HYBRID – AGGRESSIVE HYBRID FUNDS

BOI AXA Mid & Small Cap Eq&Debt

37.7

1198

2.1

0.8

1.2

24.4

27.1

–

0.77

EQUITY – THEMATIC – CONSUMPTION FUNDS

Canara Robeco Consumer Trends Fund

108.8

1848

2.1

0.8

4.5

23.0

23.7

15.7

0.77

EQUITY – LARGE CAP FUNDS

Canara Robeco Large Cap Fund

63.1

16027

1.7

0.5

8.2

20.6

20.4

13.8

0.77

HYBRID – BALANCED ADVANTAGE FUNDS

Edelweiss Balanced Advantage Fund

50.4

12696

1.7

0.5

4.3

15.2

15.4

10.4

0.85

HYBRID – EQUITY SAVINGS FUNDS

Edelweiss Equity Savings Fund

24.9

639

1.6

0.6

8.2

12.3

11.2

8.9

1.03

EQUITY – LARGE & MID CAP FUNDS

HDFC Large and Mid Cap Fund

336.5

25412

1.7

0.9

3.1

26.9

28.5

14.2

0.95

HYBRID – BALANCED ADVANTAGE FUNDS

ICICI Prudential Balanced Advantage Fund

73.6

63787

1.5

0.9

9.6

15.4

15.9

11.2

1.28

EQUITY – FOCUSED FUNDS

ICICI Prudential Focused Equity Fund

91.0

11667

1.7

0.6

11.4

27.8

26.5

14.9

0.95

EQUITY – LARGE CAP FUNDS

ICICI Prudential Large Cap Fund

110.0

69763

1.4

0.9

8.1

23.4

23.7

14.3

0.93

EQUITY – SECTOR – IT FUNDS

ICICI Prudential Technology Fund

203.7

13900

1.8

1.0

14.5

17.7

30.3

17.8

0.80

EQUITY – VALUE FUNDS

ICICI Prudential Value Fund

467.5

52598

1.5

1.0

11.4

27.0

28.7

15.2

1.21

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Invesco India Infrastructure Fund

63.9

1567

2.1

0.8

-4.6

33.1

31.4

16.6

0.81

EQUITY – FLEXI CAP FUNDS

JM Flexicap Fund

96.3

5917

1.8

0.5

-5.0

28.8

26.8

15.9

0.84

EQUITY – LARGE CAP FUNDS

JM Large Cap Fund

151.9

526

2.4

0.8

-3.2

21.3

18.4

10.7

0.64

EQUITY – VALUE FUNDS

JM Value Fund

96.4

1089

2.2

0.9

-4.7

30.8

28.2

16.3

0.87

HYBRID – CONSERVATIVE HYBRID FUNDS

Kotak Debt Hybrid Fund

58.2

3129

1.7

0.5

6.6

12.2

11.9

9.6

1.15

EQUITY – MID CAP FUNDS

Motilal Oswal Midcap Fund

101.1

30401

1.6

0.7

8.3

36.0

36.4

17.6

0.95

EQUITY – SMALL CAP FUNDS

Nippon India Small Cap Fund

166.5

63007

1.4

0.7

-1.5

31.3

37.4

21.6

0.98

EQUITY – FLEXI CAP FUNDS

Parag Parikh Flexi Cap Fund

83.9

103868

1.3

0.6

11.7

25.2

26.0

17.6

1.04

EQUITY – MID CAP FUNDS

PGIM India Midcap Fund

64.1

11052

1.7

0.5

3.7

20.2

28.9

15.5

0.89

HYBRID – AGGRESSIVE HYBRID FUNDS

Quant Absolute Fund

417.7

2102

2.0

0.7

-2.6

17.7

26.0

15.6

0.96

EQUITY – TAX SAVING (ELSS) FUNDS

Quant ELSS Tax Saver Fund

358.3

11329

1.6

0.5

-10.2

22.6

31.8

20.0

0.87

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Quant Infrastructure Fund

37.1

3370

1.9

0.7

-13.6

26.7

39.3

18.5

0.94

EQUITY – LARGE & MID CAP FUNDS

Quant Large & Mid Cap Fund

115.3

3739

1.9

0.6

-9.4

24.6

24.9

16.7

0.73

EQUITY – MID CAP FUNDS

Quant Mid Cap Fund

215.4

9032

1.7

0.6

-12.6

26.0

31.8

16.7

0.91

EQUITY – SMALL CAP FUNDS

Quant Small Cap Fund

250.0

28205

1.6

0.7

-6.9

32.7

44.1

19.4

1.05

HYBRID – CONSERVATIVE HYBRID FUNDS

SBI Conservative Hybrid Fund

72.2

9643

1.5

1.1

6.8

11.5

11.8

9.1

1.29

EQUITY – TAX SAVING (ELSS) FUNDS

SBI Long Term Equity Fund

434.1

29667

1.6

0.9

3.4

30.5

28.1

14.4

1.03

HYBRID – EQUITY SAVINGS FUNDS

Sundaram Equity Savings Fund

70.3

1049

2.2

0.6

7.9

13.6

14.1

9.6

1.04

EQUITY – SECTOR – BANKING FUNDS

Sundaram Financial Services Opportunities Fund

104.5

1548

2.1

0.8

6.9

26.7

24.3

14.0

0.77

EQUITY – DIVIDEND YIELD FUNDS

Templeton India Equity Income Fund

136.9

2373

2.1

1.2

0.1

21.3

27.6

15.1

1.19

HYBRID – BALANCED ADVANTAGE FUNDS

Aditya Birla SL Bal Advantage

105.9

7710

1.8

0.7

8.9

15.7

15.2

11.1

0.96

EQUITY – SMALL CAP FUNDS

AXIS Small Cap Fund

104.8

25062

1.6

0.6

5.9

24.9

30.2

18.7

0.94

EQUITY – TAX SAVING (ELSS) FUNDS

Bandhan ELSS Tax Saver Fund

151.2

6955

1.7

0.6

2.0

21.7

26.6

14.2

0.91

EQUITY – LARGE & MID CAP FUNDS

Bandhan Large & Mid Cap Fund

131.1

9107

1.7

0.6

6.3

30.0

28.2

15.4

0.95

EQUITY – VALUE FUNDS

Bandhan Value Fund

147.1

9961

1.8

0.7

1.0

24.2

31.6

15.1

1.05

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

BOI AXA Manufacturing & Infra

55.6

573

2.3

0.7

-0.4

31.6

31.2

16.5

0.86

HYBRID – AGGRESSIVE HYBRID FUNDS

Baroda BNP Paribas Aggressive Hybrid Fund

27.8

1224

2.1

0.5

4.8

18.7

18.1

–

0.75

EQUITY – LARGE CAP FUNDS

Baroda BNP Paribas Large Cap Fund

220.1

2614

2.0

0.8

2.8

21.2

20.6

12.6

0.74

EQUITY – TAX SAVING (ELSS) FUNDS

Canara Robeco ELSS Tax Saver

174.8

8859

1.7

0.5

5.2

20.7

23.0

14.4

0.80

EQUITY – TAX SAVING (ELSS) FUNDS

DSP ELSS Tax Saver Fund

138.8

16974

1.6

0.7

7.0

25.5

25.6

16.0

0.92

EQUITY – LARGE CAP FUNDS

Edelweiss Large Cap Fund

83.9

1271

2.1

0.6

4.1

21.2

20.8

12.5

0.78

EQUITY – MID CAP FUNDS

Edelweiss Mid Cap Fund

100.5

10028

1.7

0.4

9.7

32.7

33.2

18.1

0.95

EQUITY – FLEXI CAP FUNDS

Franklin India Flexi Cap Fund

1641.5

18679

1.7

0.9

6.9

25.3

26.6

14.1

0.90

EQUITY – FLEXI CAP FUNDS

HDFC Flexi Cap Fund

1970.1

75784

1.4

0.7

10.4

28.8

29.9

15.7

1.11

EQUITY – FOCUSED FUNDS

HDFC Focused 30 Fund

227.7

19578

1.7

0.6

10.1

28.5

29.5

14.7

1.18

HYBRID – CONSERVATIVE HYBRID FUNDS

HDFC Hybrid Debt Fund

82.1

3406

1.7

1.1

7.1

12.3

9.0

1.28

EQUITY – MID CAP FUNDS

HDFC Mid-Cap Opportunities Fund

190.1

79718

1.4

0.8

5.6

33.3

32.3

17.8

1.07

HYBRID – BALANCED ADVANTAGE FUNDS

HSBC Balanced Advantage Fund

43.0

1526

2.1

0.8

6.4

14.0

11.4

7.9

0.69

HYBRID – EQUITY SAVINGS FUNDS

HSBC Equity Savings Fund

32.6

655

1.5

0.7

3.5

13.7

14.5

8.6

0.76

EQUITY – DIVIDEND YIELD FUNDS

ICICI Prudential Dividend Yield Equity Fund

52.1

5401

1.8

0.6

7.9

29.0

31.5

16.0

1.19

HYBRID – AGGRESSIVE HYBRID FUNDS

ICICI Prudential Equity & Debt Fund

389.7

43159

1.6

1.0

10.1

23.5

26.0

15.7

1.17

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

ICICI Prudential Infrastructure Fund

193.4

7920

1.9

1.1

3.0

36.3

37.3

16.7

1.16

EQUITY – LARGE & MID CAP FUNDS

ICICI Prudential Large & Mid Cap Fund

989.5

21657

1.7

0.8

8.1

26.8

28.9

15.5

1.07

HYBRID – CONSERVATIVE HYBRID FUNDS

ICICI Prudential Regular Savings Fund

75.2

3188

1.7

1.0

9.0

11.3

10.6

9.5

1.32

EQUITY – SECTOR – BANKING FUNDS

Invesco India Financial Services Fund

137.4

1372

2.1

0.9

14.6

28.6

23.8

14.9

0.70

HYBRID – AGGRESSIVE HYBRID FUNDS

JM Aggressive Hybrid Fund

120.4

822

2.2

0.6

-1.7

25.7

26.9

12.4

1.00

EQUITY – TAX SAVING (ELSS) FUNDS

JM ELSS Tax Saver Fund

47.4

199

2.4

1.1

-0.8

25.3

25.2

14.9

0.80

EQUITY – LARGE CAP FUNDS

Kotak Bluechip Fund

570.4

10138

1.7

0.6

5.8

20.5

21.4

12.9

0.79

EQUITY – MID CAP FUNDS

Kotak Emerging Equity Fund

132.4

53464

1.4

0.4

4.8

27.9

30.5

17.9

0.91

HYBRID – AGGRESSIVE HYBRID FUNDS

Kotak Equity Hybrid Fund

61.5

7413

1.8

0.5

6.2

19.2

21.2

12.8

0.93

EQUITY – LARGE & MID CAP FUNDS

Kotak Equity Opportunities Fund

335.3

27046

1.6

0.6

0.7

24.9

24.4

15.3

0.84

HYBRID – EQUITY SAVINGS FUNDS

Kotak Equity Savings Fund

25.9

8254

1.8

0.7

5.6

12.8

12.1

9.3

1.06

EQUITY – SMALL CAP FUNDS

Kotak Small Cap Fund

258.7

17329

1.7

0.6

-0.9

22.4

32.4

17.6

0.91

EQUITY – TAX SAVING (ELSS) FUNDS

Mirae Asset ELSS Tax Saver Fund

48.4

25567

1.6

0.6

6.2

21.6

23.9

–

0.85

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mirae Asset Great Consumer Fund

90.8

4224

1.9

0.4

2.7

22.9

23.4

15.2

0.75

EQUITY – LARGE & MID CAP FUNDS

Mirae Asset Large & Midcap Fund

148.1

39459

1.5

0.6

2.7

21.2

23.7

17.6

0.80

EQUITY – TAX SAVING (ELSS) FUNDS

Motilal Oswal ELSS Tax Saver Fund

51.3

4360

1.8

0.6

7.1

32.4

27.1

16.8

0.67

EQUITY – MID CAP FUNDS

Nippon India Growth Fund

4098.3

36836

1.6

0.7

6.2

31.9

32.7

18.0

0.99

EQUITY – LARGE CAP FUNDS

Nippon India Large Cap Fund

90.1

41750

1.5

0.7

6.0

26.1

26.4

14.3

0.95

EQUITY – VALUE FUNDS

Nippon India Value Fund

223.7

8664

1.8

1.1

3.9

28.2

28.5

15.8

0.93

EQUITY – FLEXI CAP FUNDS

PGIM India Flexi Cap Fund

35.9

6262

1.8

0.4

6.3

18.2

22.2

13.6

0.73

EQUITY – FOCUSED FUNDS

Quant Focused Fund

85.4

1050

2.2

0.7

-5.2

21.5

24.0

14.7

0.71

EQUITY – SECTOR – BANKING FUNDS

SBI Banking & Financial Services Fund

42.3

7999

1.8

0.7

15.7

25.7

23.3

16.2

0.71

EQUITY – THEMATIC – CONSUMPTION FUNDS

SBI Consumption Opportunities Fund

305.1

3052

2.0

0.9

0.3

21.3

26.7

15.8

0.88

EQUITY – SECTOR – IT FUNDS

Tata Digital India Fund

48.8

11688

1.7

0.4

11.1

18.6

28.4

–

0.71

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Tata Infrastructure Fund

170.4

2227

2.1

1.1

-13.1

27.9

30.5

15.0

0.81

EQUITY – FLEXI CAP FUNDS

Union Flexi Cap Fund

50.7

2313

2.0

0.9

4.3

20.8

22.4

12.3

0.76

EQUITY – SECTOR – BANKING FUNDS

Aditya Birla SL Bank & Fin Serv

60.8

3515

2.0

1.1

10.2

23.5

23.4

14.0

0.70

EQUITY – SECTOR – IT FUNDS

Aditya Birla Sun Life Digital India Fund

174.0

4776

1.9

0.9

9.5

17.9

27.2

17.9

0.70

EQUITY – DIVIDEND YIELD FUNDS

Aditya Birla Sun Life Dividend Yield Fund

444.5

1471

2.2

1.4

0.7

27.2

25.6

12.5

0.86

EQUITY – FLEXI CAP FUNDS

Aditya Birla Sun Life Flexi Cap Fund

1782.0

22826

1.7

0.9

8.2

22.6

22.7

14.3

0.77

EQUITY – FOCUSED FUNDS

Aditya Birla Sun Life Focused Fund

142.3

7774

1.8

0.9

8.9

21.3

21.4

12.9

0.79

EQUITY – LARGE CAP FUNDS

Aditya Birla Sun Life Frontline Equity Fund

526.5

29859

1.6

1.0

6.8

21.0

21.9

12.6

0.81

EQUITY – THEMATIC – CONSUMPTION FUNDS

Aditya Birla Sun Life India GenNext Fund

213.3

6052

1.9

0.8

4.6

21.0

21.9

14.9

0.73

HYBRID – CONSERVATIVE HYBRID FUNDS

Aditya Birla Sun Life Regular Savings Fund

66.6

1385

1.9

1.0

9.1

10.6

12.0

8.6

1.24

HYBRID – CONSERVATIVE HYBRID FUNDS

Axis Conservative Hybrid Fund

30.0

283

2.2

0.9

7.3

8.9

8.6

7.0

0.74

HYBRID – EQUITY SAVINGS FUNDS

Axis Equity Savings Fund

22.0

946

2.3

1.0

6.3

11.8

11.5

–

0.79

EQUITY – MID CAP FUNDS

Axis Midcap Fund

112.1

30502

1.6

0.5

3.4

24.5

24.6

16.1

0.74

HYBRID – BALANCED ADVANTAGE FUNDS

Bandhan Balanced Advantage Fund

24.0

2263

2.0

0.7

6.3

13.6

11.8

8.5

0.62

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Bandhan Infrastructure Fund

49.7

1701

2.1

0.9

-6.9

35.7

34.1

15.8

0.85

EQUITY – LARGE CAP FUNDS

Bandhan Large Cap Fund

76.1

1862

2.0

0.9

5.8

21.5

20.3

12.2

0.71

HYBRID – CONSERVATIVE HYBRID FUNDS

Baroda BNP Paribas Conser Hybrid

44.6

824

2.0

0.5

6.7

9.9

8.2

7.3

0.70

EQUITY – TAX SAVING (ELSS) FUNDS

Baroda BNP Paribas ELSS Tax Saver Fund

94.1

912

2.2

1.0

5.2

22.9

20.6

12.3

0.67

EQUITY – MID CAP FUNDS

Baroda BNP Paribas Mid Cap Fund

99.4

2137

2.0

0.6

0.8

25.4

27.2

15.2

0.84

HYBRID – CONSERVATIVE HYBRID FUNDS

Canara Robeco Conservative Hybrid Fund

96.6

953

1.8

0.7

7.9

9.8

9.3

8.0

0.91

HYBRID – AGGRESSIVE HYBRID FUNDS

Canara Robeco Equity Hybrid Fund

359.1

10949

1.7

0.6

7.4

17.9

17.5

12.5

0.78

EQUITY – FLEXI CAP FUNDS

Canara Robeco Flexi Cap Fund

338.6

13057

1.7

0.5

6.5

20.5

21.3

13.7

0.75

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Canara Robeco Infrastructure Fund

158.8

904

2.3

1.0

0.0

33.1

32.6

15.8

0.93

EQUITY – LARGE & MID CAP FUNDS

Canara Robeco Large and Mid Cap Fund

255.5

25092

1.6

0.6

5.1

22.3

23.9

16.0

0.79

HYBRID – AGGRESSIVE HYBRID FUNDS

DSP Aggressive Hybrid Fund

357.8

11104

1.7

0.7

10.7

20.8

18.7

12.8

0.80

HYBRID – BALANCED ADVANTAGE FUNDS

DSP Dynamic Asset Allocation Fund

27.4

3397

1.9

0.7

7.7

13.9

11.5

9.0

0.79

EQUITY – FLEXI CAP FUNDS

DSP Flexi Cap Fund

102.1

11837

1.7

0.7

5.0

23.4

21.9

14.5

0.71

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

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

309.0

5319

1.9

0.9

-5.3

33.7

33.9

16.4

0.93

EQUITY – LARGE & MID CAP FUNDS

DSP Large & Mid Cap Fund

613.6

15013

1.7

0.7

4.8

26.4

24.8

15.5

0.87

EQUITY – SMALL CAP FUNDS

DSP Small Cap Fund

194.3

16305

1.7

0.9

6.4

26.9

32.1

17.4

0.87

EQUITY – FLEXI CAP FUNDS

Edelweiss Flexi Cap Fund

37.8

2642

1.9

0.4

3.8

24.3

24.4

14.5

0.79

EQUITY – LARGE & MID CAP FUNDS

Edelweiss Large & Mid Cap Fund

86.2

3914

1.9

0.5

5.3

24.2

24.8

14.5

0.80

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Franklin Build India Fund

139.1

2857

2.0

1.0

-1.3

34.9

33.1

17.0

0.97

EQUITY – TAX SAVING (ELSS) FUNDS

Franklin India ELSS Tax Saver Fund

1480.6

6719

1.8

1.0

6.4

25.5

26.2

13.4

0.87

HYBRID – AGGRESSIVE HYBRID FUNDS

Franklin India Equity Hybrid Fund

270.6

2187

2.1

1.0

6.9

19.6

11.7

0.89

EQUITY – FOCUSED FUNDS

Franklin India Focused Equity Fund

106.7

12147

1.8

1.0

2.7

22.6

24.5

13.8

0.81

EQUITY – TAX SAVING (ELSS) FUNDS

HDFC ELSS Tax saver

1405.1

16454

1.7

1.1

8.3

27.8

27.2

13.8

1.10

HYBRID – EQUITY SAVINGS FUNDS

HDFC Equity Savings Fund

65.6

5546

1.9

0.9

6.0

12.4

13.1

9.7

1.04

HYBRID – AGGRESSIVE HYBRID FUNDS

HDFC Hybrid Equity Fund

118.4

24461

1.7

1.0

6.2

17.7

19.6

10.8

0.95

EQUITY – LARGE CAP FUNDS

HDFC Large Cap Fund

1131.4

37716

1.6

1.0

3.9

21.8

22.9

13.0

0.85

HYBRID – CONSERVATIVE HYBRID FUNDS

HSBC Conservative Hybrid Fund

61.1

160

2.2

1.3

7.0

11.6

9.5

7.8

0.69

EQUITY – FLEXI CAP FUNDS

HSBC Flexi Cap Fund

217.6

4940

1.9

1.2

5.2

25.6

23.8

13.0

0.71

EQUITY – LARGE CAP FUNDS

HSBC Large Cap Fund

467.9

1826

2.1

1.3

3.3

19.9

19.3

12.2

0.64

EQUITY – SMALL CAP FUNDS

HSBC Small Cap Fund

80.8

16061

1.7

0.6

-3.7

27.6

34.7

19.2

0.84

EQUITY – VALUE FUNDS

HSBC Value Fund

109.4

13325

1.7

0.8

2.7

30.8

29.1

16.5

0.91

EQUITY – SECTOR – BANKING FUNDS

ICICI Prudential Banking & Financial Services Fund

133.9

9812

1.8

1.0

14.4

22.7

23.2

14.0

0.75

EQUITY – TAX SAVING (ELSS) FUNDS

ICICI Pru Long Term Equity

924.4

14364

1.7

1.1

9.0

21.5

22.7

13.4

0.81

EQUITY – MID CAP FUNDS

ICICI Prudential Midcap Fund

295.4

6421

1.9

1.1

2.8

28.3

30.5

15.8

0.92

HYBRID – BALANCED ADVANTAGE FUNDS

Invesco India Balanced Advantage Fund

53.6

978

2.1

0.8

6.7

16.8

13.9

9.6

0.68

EQUITY – TAX SAVING (ELSS) FUNDS

Invesco India ELSS Tax Saver Fund

124.7

2845

1.9

0.8

4.4

22.3

21.1

13.5

0.65

EQUITY – LARGE & MID CAP FUNDS

Invesco India Large & Mid Cap Fund

98.6

7274

1.8

0.7

12.3

30.6

25.7

15.6

0.77

EQUITY – LARGE CAP FUNDS

Invesco India Largecap Fund

69.1

1488

2.1

0.8

6.4

22.2

21.3

12.9

0.71

EQUITY – MID CAP FUNDS

Invesco India Midcap Fund

175.1

6641

1.8

0.6

14.3

33.5

30.3

17.7

0.84

EQUITY – FOCUSED FUNDS

JM Focused Fund

19.4

279

2.4

0.7

-1.4

24.4

21.0

12.6

0.63

EQUITY – TAX SAVING (ELSS) FUNDS

Kotak ELSS Tax Saver Fund

114.6

6266

1.8

0.6

-0.7

22.4

23.2

14.1

0.78

EQUITY – FLEXI CAP FUNDS

Kotak Flexicap Fund

84.8

52533

1.5

0.6

5.3

23.1

21.6

14.2

0.75

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Kotak Infra & Economic Reform

64.5

2402

2.0

0.7

-7.4

29.4

31.8

15.7

0.87

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

LIC MF Infrastructure Fund

49.3

1005

2.2

0.5

1.1

35.3

32.8

15.2

0.86

EQUITY – LARGE & MID CAP FUNDS

LIC MF Large & Midcap Fund

38.7

3055

1.9

0.6

3.3

22.2

23.2

14.7

0.76

EQUITY – SMALL CAP FUNDS

LIC MF Small Cap Fund

29.6

576

2.4

0.9

-4.4

24.7

31.7

–

0.78

EQUITY – TAX SAVING (ELSS) FUNDS

Mahindra Manulife ELSS Tax Saver Fund

28.4

950

2.2

0.6

3.9

20.6

22.9

–

0.80

HYBRID – EQUITY SAVINGS FUNDS

Mahi Manu Eq Sav Dhan San Yojana

20.3

570

2.4

0.7

5.0

11.6

12.6

–

0.83

HYBRID – AGGRESSIVE HYBRID FUNDS

Mirae Asset Aggressive Hybrid Fund

31.9

9058

1.7

0.4

6.7

17.4

17.6

–

0.78

EQUITY – LARGE CAP FUNDS

Mirae Asset Large Cap Fund

111.8

39530

1.5

0.5

7.0

17.6

19.5

13.3

0.74

EQUITY – SECTOR – BANKING FUNDS

Nippon India Banking & Financial Services Fund

632.8

7160

1.8

1.0

13.6

26.8

27.6

13.8

0.85

EQUITY – FOCUSED FUNDS

Nippon India Focused Equity Fund

120.6

8553

1.8

1.2

4.2

20.7

24.7

14.2

0.84

EQUITY – TAX SAVING (ELSS) FUNDS

PGIM India ELSS Tax Saver Fund

34.7

772

2.3

0.7

5.7

18.7

22.1

–

0.79

EQUITY – LARGE CAP FUNDS

SBI Blue Chip Fund

92.0

52251

1.5

0.8

6.0

19.6

21.3

12.6

0.82

HYBRID – AGGRESSIVE HYBRID FUNDS

SBI Equity Hybrid Fund

300.1

75639

1.4

0.7

11.5

17.7

18.0

12.3

0.87

HYBRID – EQUITY SAVINGS FUNDS

SBI Equity Savings Fund

23.8

5431

1.4

0.9

6.6

13.3

13.0

9.0

0.92

EQUITY – FOCUSED FUNDS

SBI Focused Equity Fund

346.8

37122

1.6

0.8

8.7

19.9

20.6

14.8

0.75

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

SBI Infrastructure Fund

49.1

5060

1.9

1.0

-6.0

29.7

29.3

15.9

0.96

EQUITY – LARGE & MID CAP FUNDS

SBI Large & Midcap Fund

605.3

31296

1.6

0.7

5.3

23.3

25.3

14.6

0.95

EQUITY – MID CAP FUNDS

SBI Magnum Midcap Fund

232.5

22406

1.7

0.8

-0.6

23.5

29.1

14.8

1.02

EQUITY – SMALL CAP FUNDS

SBI Small Cap Fund

168.4

34028

1.6

0.7

-4.0

21.9

28.4

18.9

0.90

HYBRID – AGGRESSIVE HYBRID FUNDS

Sundaram Aggressive Hybrid Fund

160.4

6146

1.8

0.7

6.2

16.8

18.0

12.4

0.81

HYBRID – BALANCED ADVANTAGE FUNDS

Sundaram Balanced Advantage Fund

35.0

1563

2.1

0.6

6.3

14.2

11.2

7.8

0.63

EQUITY – FOCUSED FUNDS

Sundaram Focused Fund

159.1

1081

2.3

1.3

1.8

19.9

20.7

13.3

0.67

EQUITY – SECTOR – BANKING FUNDS

Tata Banking and Financial Services Fund

43.3

2797

1.9

0.5

13.6

26.1

21.7

–

0.67

EQUITY – VALUE FUNDS

Tata Equity P/E Fund

345.9

8506

1.8

0.8

-0.1

25.1

23.5

14.9

0.82

HYBRID – EQUITY SAVINGS FUNDS

Tata Equity Savings Fund

54.9

265

1.1

0.5

7.3

11.1

10.9

7.3

1.05

EQUITY – THEMATIC – CONSUMPTION FUNDS

Tata India Consumer Fund

43.0

2379

2.0

0.7

4.6

23.4

21.9

–

0.66

EQUITY – LARGE & MID CAP FUNDS

Tata Large & Mid Cap Fund

524.1

8546

1.8

0.6

1.8

21.9

22.2

13.7

0.84

EQUITY – LARGE CAP FUNDS

Tata Large Cap Fund

499.1

2611

2.0

1.0

2.5

20.0

21.2

11.9

0.80

EQUITY – MID CAP FUNDS

Tata Mid Cap Growth Fund

422.0

4701

1.9

0.7

-2.5

26.5

26.6

15.5

0.84

EQUITY – MID CAP FUNDS

Taurus Mid Cap Fund

120.2

128

2.6

2.2

-3.8

24.8

23.7

14.8

0.67

EQUITY – VALUE FUNDS

Templeton India Value Fund

711.6

2225

2.0

0.8

-1.2

25.5

29.9

14.6

1.03

EQUITY – TAX SAVING (ELSS) FUNDS

Union ELSS Tax Saver Fund

63.7

904

2.3

1.4

4.2

20.7

22.6

12.0

0.78

EQUITY – SMALL CAP FUNDS

Union Small Cap Fund

47.1

1577

2.1

1.0

0.7

23.6

30.2

14.4

0.76

HYBRID – AGGRESSIVE HYBRID FUNDS

UTI Aggressive Hybrid Fund

402.8

6254

1.9

1.2

7.2

21.0

21.9

12.4

1.02

HYBRID – CONSERVATIVE HYBRID FUNDS

UTI Conservative Hybrid Fund

69.3

1684

1.8

1.2

8.5

11.6

11.8

8.4

1.17

EQUITY – TAX SAVING (ELSS) FUNDS

UTI ELSS Tax Saver Fund

206.3

3777

1.9

0.9

2.9

19.4

20.7

12.4

0.69

EQUITY – LARGE & MID CAP FUNDS

UTI Large & Mid Cap Fund

178.1

4544

1.9

1.1

7.1

27.6

28.0

13.9

0.96

EQUITY – LARGE CAP FUNDS

UTI Large Cap Fund

274.4

12720

1.8

0.9

5.5

17.8

19.6

11.9

0.70

EQUITY – MID CAP FUNDS

UTI Mid Cap Fund

299.5

11643

1.8

0.9

1.4

23.8

26.7

14.5

0.78

EQUITY – VALUE FUNDS

UTI Value Fund

167.1

9752

1.8

1.1

6.8

24.5

24.3

13.5

0.88

HYBRID – AGGRESSIVE HYBRID FUNDS

Aditya Birla Sun Life Equity Hybrid ’95 Fund

1517.9

7465

1.8

1.1

5.6

16.8

18.4

10.7

0.76

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Aditya Birla Sun Life Infrastructure Fund

93.1

1141

2.3

1.4

-4.0

31.8

30.4

13.7

0.82

EQUITY – LARGE CAP FUNDS

Axis Large Cap Fund

60.3

33413

1.6

0.7

4.7

16.3

16.2

12.2

0.54

HYBRID – AGGRESSIVE HYBRID FUNDS

Bandhan Aggressive Hybrid Fund

25.4

904

2.3

1.0

11.7

18.9

20.1

–

0.80

EQUITY – FLEXI CAP FUNDS

Bandhan Flexi Cap Fund

208.1

7357

1.9

1.2

6.1

21.5

21.2

11.3

0.72

HYBRID – BALANCED ADVANTAGE FUNDS

Bank of India Balanced Advantage Fund

24.8

139

2.3

1.2

0.6

13.9

12.1

7.3

0.55

EQUITY – LARGE & MID CAP FUNDS

BOI Large & Mid Cap Equity Fund

87.2

399

2.3

1.1

-0.3

23.0

22.9

12.5

0.72

EQUITY – SECTOR – BANKING FUNDS

Baroda BNP Paribas Bank&Fin Serv

47.9

271

2.4

0.8

14.6

23.7

21.3

11.8

0.64

HYBRID – EQUITY SAVINGS FUNDS

DSP Equity Savings Fund

21.8

2995

1.2

0.4

9.1

11.7

12.2

–

1.18

EQUITY – FOCUSED FUNDS

DSP Focused Fund

53.9

2576

2.0

1.0

5.8

23.9

20.7

12.0

0.75

EQUITY – MID CAP FUNDS

DSP Midcap Fund

143.6

18712

1.7

0.8

1.0

24.1

22.0

15.2

0.66

HYBRID – CONSERVATIVE HYBRID FUNDS

DSP Regular Savings Fund

58.7

173

1.2

0.5

9.8

11.4

9.8

7.3

1.02

EQUITY – TAX SAVING (ELSS) FUNDS

Edelweiss Long Term Equity

109.8

412

2.3

0.7

3.6

21.7

21.9

11.9

0.73

EQUITY – LARGE CAP FUNDS

Franklin India Bluechip Fund

1020.3

7692

1.8

1.1

7.2

18.7

20.2

11.2

0.71

HYBRID – CONSERVATIVE HYBRID FUNDS

Franklin India Debt Hybrid Fund

90.7

204

1.4

0.8

8.4

11.3

9.6

7.6

0.94

EQUITY – MID CAP FUNDS

Franklin India Prima Fund

2720.7

12285

1.8

1.0

3.9

30.0

27.1

15.3

0.81

EQUITY – SMALL CAP FUNDS

Franklin India Smaller Companies Fund

169.9

13545

1.7

0.9

-4.7

30.5

33.9

16.3

0.91

EQUITY – SMALL CAP FUNDS

HDFC Small Cap Fund

134.8

34032

1.6

0.7

1.7

30.2

33.7

18.2

0.94

EQUITY – VALUE FUNDS

HDFC Value Fund

738.2

7140

1.9

1.0

5.8

25.6

25.7

14.2

0.88

HYBRID – AGGRESSIVE HYBRID FUNDS

HSBC Aggressive Hybrid Fund

54.7

5396

1.9

0.8

3.0

19.3

17.5

11.1

0.58

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC ELSS Tax saver Fund

133.8

4129

1.9

1.1

5.2

26.2

23.3

13.7

0.69

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HSBC Infrastructure Fund

47.1

2391

2.0

1.0

-5.7

32.0

30.7

15.8

0.81

EQUITY – MID CAP FUNDS

HSBC Midcap Fund

383.1

11470

1.7

0.7

3.7

29.3

26.7

16.2

0.70

HYBRID – EQUITY SAVINGS FUNDS

ICICI Prudential Equity Savings Fund

22.5

13555

1.0

0.5

8.6

9.4

10.2

8.2

1.38

EQUITY – THEMATIC – CONSUMPTION FUNDS

ICICI Prudential FMCG Fund

472.6

2027

2.1

1.3

-2.1

13.1

15.8

11.9

0.57

EQUITY – SECTOR – BANKING FUNDS

LIC MF Banking & Financial Services Fund

20.9

273

2.4

1.1

3.1

20.5

19.2

8.1

0.57

EQUITY – TAX SAVING (ELSS) FUNDS

LIC MF ELSS Tax Saver

152.6

1113

2.2

1.0

4.7

21.0

21.1

11.9

0.74

EQUITY – FLEXI CAP FUNDS

LIC MF Flexi Cap Fund

94.0

980

2.3

1.3

-4.7

18.2

16.8

9.0

0.52

EQUITY – LARGE CAP FUNDS

LIC MF Large Cap Fund

56.1

1469

2.1

1.0

5.3

17.2

17.6

10.5

0.61

HYBRID – BALANCED ADVANTAGE FUNDS

Motilal Oswal Balanced Advantage Fund

19.0

923

2.3

1.0

-9.3

11.8

8.6

–

0.27

EQUITY – FOCUSED FUNDS

Motilal Oswal Focused Fund

42.4

1555

2.1

1.0

-6.3

14.3

14.7

10.2

0.41

EQUITY – LARGE & MID CAP FUNDS

Navi Large & Midcap Fund

35.2

314

2.3

0.4

2.0

18.7

21.8

–

0.72

EQUITY – LARGE & MID CAP FUNDS

Nippon India Vision Fund

1443.9

5897

1.9

1.3

6.0

26.6

12.8

0.91

EQUITY – TAX SAVING (ELSS) FUNDS

Quantum ELSS Tax Saver Fund

124.3

221

2.0

0.9

4.5

22.9

23.4

12.6

0.95

EQUITY – VALUE FUNDS

Quantum Value Fund

125.3

1195

2.0

1.1

4.7

23.1

23.5

12.5

0.94

EQUITY – FLEXI CAP FUNDS

SBI Flexicap Fund

107.4

21747

1.7

0.9

1.8

17.5

20.2

12.9

0.74

EQUITY – SECTOR – IT FUNDS

SBI Technology Opportunities Fund

217.0

4530

1.9

0.9

18.7

20.6

27.3

17.1

0.77

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram ELSS Tax Saver Fund

505.2

1359

2.2

1.7

4.8

20.7

22.7

13.9

0.82

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Sundaram Infrastructure Advantage Fund

93.9

952

2.4

1.9

-0.9

28.8

29.1

14.3

0.85

EQUITY – LARGE & MID CAP FUNDS

Sundaram Large and Mid Cap Fund

83.6

6671

1.8

0.8

2.2

21.5

22.8

14.0

0.73

EQUITY – MID CAP FUNDS

Sundaram Mid Cap Fund

1354.1

12344

1.8

0.9

6.7

30.6

28.8

15.2

0.87

EQUITY – TAX SAVING (ELSS) FUNDS

Tata ELSS Tax Saver Fund

43.9

4582

1.8

0.7

4.4

21.5

22.1

14.3

0.76

HYBRID – AGGRESSIVE HYBRID FUNDS

Tata Hybrid Equity Fund

432.5

4074

1.9

1.0

3.4

16.1

17.3

10.0

0.78

EQUITY – LARGE CAP FUNDS

Union Largecap Fund

23.4

449

2.5

1.5

1.3

17.9

19.1

–

0.68

EQUITY – DIVIDEND YIELD FUNDS

UTI Dividend Yield Fund

174.9

4010

2.0

1.4

4.6

24.5

24.3

14.0

0.87

EQUITY – FLEXI CAP FUNDS

UTI Flexi Cap Fund

322.8

25434

1.7

1.0

8.4

15.9

19.1

12.4

0.58

EQUITY – THEMATIC – CONSUMPTION FUNDS

UTI India Consumer Fund

57.0

686

2.5

1.6

18.9

18.3

11.1

0.56

EQUITY – TAX SAVING (ELSS) FUNDS

Aditya Birla Sun Life ELSS Tax Saver Fund

59.9

15368

1.7

1.0

5.1

18.6

15.5

11.0

0.54

EQUITY – LARGE & MID CAP FUNDS

Aditya Birla Sun Life Equity Advantage Fund

894.9

5737

1.9

1.1

1.8

19.6

20.2

11.9

0.57

HYBRID – EQUITY SAVINGS FUNDS

Aditya Birla Sun Life Equity Savings Fund

21.9

646

1.1

0.6

7.7

10.7

10.5

7.7

0.66

EQUITY – MID CAP FUNDS

Aditya Birla Sun Life Midcap Fund

778.6

5922

1.9

1.1

2.9

24.7

27.7

13.9

0.85

EQUITY – VALUE FUNDS

Aditya Birla Sun Life Pure Value Fund

123.9

6161

1.9

1.1

1.7

27.5

26.3

13.0

0.72

EQUITY – SMALL CAP FUNDS

Aditya Birla Sun Life Small Cap Fund

84.7

4914

1.9

1.0

-0.7

24.4

28.1

13.7

0.74

EQUITY – TAX SAVING (ELSS) FUNDS

Axis ELSS Tax Saver Fund

95.8

35358

1.5

0.8

5.4

18.6

17.4

12.2

0.50

EQUITY – FOCUSED FUNDS

Axis Focused Fund

55.0

12644

1.7

0.8

5.9

15.1

15.4

11.9

0.45

HYBRID – CONSERVATIVE HYBRID FUNDS

Bandhan Conservative Hybrid Fund

31.9

117

2.0

1.1

6.1

8.4

7.2

6.7

0.59

EQUITY – FOCUSED FUNDS

Bandhan Focused Fund

86.4

1839

2.1

0.8

9.6

23.5

20.7

12.2

0.67

EQUITY – LARGE CAP FUNDS

DSP Large Cap Fund

474.6

6036

1.9

1.0

10.5

24.1

21.0

11.9

0.83

EQUITY – LARGE & MID CAP FUNDS

Franklin India Equity Advantage Fund

191.4

3491

2.0

1.3

8.7

21.6

24.7

12.0

0.81

EQUITY – SECTOR – IT FUNDS

Franklin India Technology Fund

516.3

1862

2.0

1.0

6.8

24.2

25.0

16.5

0.68

EQUITY – LARGE CAP FUNDS

Groww Largecap Fund

42.5

128

2.5

1.3

0.9

19.0

18.2

11.6

0.62

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

HDFC Infrastructure Fund

47.0

2540

2.0

1.0

-2.4

37.5

35.0

11.6

0.98

HYBRID – AGGRESSIVE HYBRID FUNDS

LIC MF Aggressive Hybrid Fund

197.1

530

2.5

1.4

5.3

17.2

15.2

8.9

0.62

EQUITY – MID CAP FUNDS

LIC MF Midcap Fund

29.2

335

2.5

1.3

1.0

27.1

25.6

–

0.72

EQUITY – FLEXI CAP FUNDS

Motilal Oswal Flexi Cap Fund

60.9

13023

1.7

0.9

11.2

28.5

21.8

13.3

0.64

EQUITY – TAX SAVING (ELSS) FUNDS

Nippon India ELSS Tax Saver Fund

127.2

15292

1.7

1.0

3.3

23.8

25.2

10.9

0.85

HYBRID – AGGRESSIVE HYBRID FUNDS

Nippon India Equity Hybrid Fund

103.7

3897

2.0

1.1

6.2

19.9

20.3

10.2

0.92

HYBRID – EQUITY SAVINGS FUNDS

Nippon India Equity Savings Fund

15.9

720

1.8

0.7

5.3

10.0

10.1

4.7

0.84

HYBRID – CONSERVATIVE HYBRID FUNDS

Nippon India Hybrid Bond Fund

57.6

886

1.9

1.1

8.6

9.5

9.1

5.6

1.29

EQUITY – LARGE CAP FUNDS

PGIM India Large Cap Fund

339.8

600

2.4

0.9

5.5

17.6

17.8

10.6

0.62

EQUITY – THEMATIC – CONSUMPTION FUNDS

Sundaram Consumption Fund

96.8

1548

2.2

1.3

8.3

22.9

21.2

14.4

0.71

EQUITY – DIVIDEND YIELD FUNDS

Sundaram Dividend Yield Fund

134.0

895

2.3

1.1

-0.3

20.8

22.1

14.4

0.82

EQUITY – SMALL CAP FUNDS

Sundaram Small Cap Fund

252.8

3311

1.9

0.9

2.9

27.1

31.4

14.2

0.87

EQUITY – FLEXI CAP FUNDS

Taurus Flexi Cap Fund

224.5

357

2.6

-1.1

20.9

19.3

9.2

0.63

EQUITY – SECTOR – BANKING FUNDS

UTI Banking and Financial Services Fund

190.3

1295

2.2

1.2

12.8

24.0

22.9

11.5

0.70

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

UTI Infrastructure Fund

141.3

2200

2.2

1.9

-2.9

28.5

26.6

12.6

0.81

HYBRID – BALANCED ADVANTAGE FUNDS

UTI-Unit Linked Insurance Plan

41.9

5468

1.6

1.0

9.8

11.3

11.7

8.1

0.76

EQUITY – THEMATIC – MNC FUNDS

Aditya Birla Sun Life MNC Fund

–

1333.9

3672

2.0

1.4

-2.7

16.3

13.4

8.8

0.46

HYBRID – AGGRESSIVE HYBRID FUNDS

Axis Aggressive Hybrid Fund

–

20.3

1576

2.2

1.1

7.3

14.5

15.1

–

0.60

HYBRID – BALANCED ADVANTAGE FUNDS

Axis Balanced Advantage Fund

–

20.9

3161

1.9

0.8

8.7

16.4

14.0

–

0.84

EQUITY – FLEXI CAP FUNDS

Axis Flexi Cap Fund

–

26.5

12824

1.7

0.7

5.6

19.1

18.5

–

0.56

EQUITY – LARGE & MID CAP FUNDS

Axis Large & Mid Cap Fund

–

31.7

14349

1.7

0.6

3.2

22.4

23.4

–

0.72

HYBRID – EQUITY SAVINGS FUNDS

Bandhan Equity Savings Fund

–

31.1

303

1.1

0.2

6.4

8.7

8.8

6.6

1.02

HYBRID – CONSERVATIVE HYBRID FUNDS

Bank of India Conservative Hybrid Fund

–

34.1

2.1

1.1

3.7

9.0

12.3

7.7

1.12

EQUITY – SMALL CAP FUNDS

Bank of India Small Cap Fund

–

45.4

1819

2.0

0.5

0.0

27.5

33.9

–

0.84

HYBRID – BALANCED ADVANTAGE FUNDS

Baroda BNP Paribas Balanced Advantage Fund

–

24.3

4304

1.9

0.8

7.6

18.4

16.9

–

0.81

EQUITY – FOCUSED FUNDS

Baroda BNP Paribas Focused Fund

–

21.9

685

2.3

0.5

-3.4

19.3

19.4

–

0.57

EQUITY – THEMATIC – CONSUMPTION FUNDS

Baroda BNP Paribas India Consumption Fund

–

30.9

1434

2.1

0.7

2.2

21.0

20.7

–

0.66

EQUITY – MULTI CAP FUNDS

Baroda BNP Paribas Multi Cap Fund

–

280.3

2840

2.0

1.0

1.9

24.6

26.2

13.8

0.77

EQUITY – SMALL CAP FUNDS

Canara Robeco Small Cap Fund

–

38.4

12368

1.7

0.5

-0.5

22.7

33.1

–

0.91

EQUITY – SECTOR – PHARMA FUNDS

DSP Healthcare Fund

–

37.9

2961

1.9

0.6

15.0

26.1

22.7

–

0.77

HYBRID – AGGRESSIVE HYBRID FUNDS

Edelweiss Aggressive Hybrid Fund

–

63.3

2749

1.9

0.4

8.7

21.8

21.4

12.8

1.00

EQUITY – SMALL CAP FUNDS

Edelweiss Small Cap Fund

–

43.1

4580

1.8

0.4

1.6

27.6

33.5

–

0.94

HYBRID – EQUITY SAVINGS FUNDS

Franklin India Equity Savings Fund

–

16.3

678

1.1

0.3

6.8

10.2

10.8

–

0.81

HYBRID – AGGRESSIVE HYBRID FUNDS

Groww Aggressive Hybrid Fund

–

20.7

2.4

1.4

1.2

16.2

16.4

–

0.69

EQUITY – TAX SAVING (ELSS) FUNDS

Groww ELSS Tax Saver Fund

–

19.7

2.3

0.9

-0.1

19.0

18.5

–

0.60

EQUITY – VALUE FUNDS

Groww Value Fund

–

26.9

2.3

0.9

5.7

21.3

21.7

–

0.77

HYBRID – BALANCED ADVANTAGE FUNDS

HDFC Balanced Advantage Fund

–

517.4

100299

1.4

0.8

5.9

23.9

25.0

14.7

1.15

EQUITY – LARGE & MID CAP FUNDS

HSBC Large & Mid Cap Fund

–

26.3

4173

1.9

0.8

1.1

25.4

24.2

–

0.63

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC Tax Saver Equity Fund

–

94.0

244

2.5

1.8

11.9

25.2

24.2

13.6

0.74

EQUITY – MULTI CAP FUNDS

ICICI Prudential Multicap Fund

–

786.2

15095

1.7

0.9

5.7

26.6

26.3

14.7

0.91

EQUITY – SECTOR – PHARMA FUNDS

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

–

38.6

5508

1.9

1.1

20.4

29.9

24.2

–

0.87

EQUITY – SMALL CAP FUNDS

ICICI Prudential Smallcap Fund

–

85.4

8254

1.8

0.7

-1.5

23.2

32.4

15.1

1.05

HYBRID – AGGRESSIVE HYBRID FUNDS

Invesco India Aggressive Hybrid Fund

–

22.6

704

2.3

0.8

6.8

21.0

17.9

–

0.71

EQUITY – CONTRA FUNDS

Invesco India Contra Fund

–

134.1

18398

1.7

0.6

8.1

26.3

24.5

16.0

0.82

HYBRID – EQUITY SAVINGS FUNDS

Invesco India Equity Savings Fund

–

16.9

414

2.3

0.7

5.8

12.9

10.1

–

0.63

EQUITY – MULTI CAP FUNDS

Invesco India Multicap Fund

–

130.3

4003

1.9

0.7

5.5

25.5

24.8

14.0

0.74

EQUITY – SMALL CAP FUNDS

Invesco India Smallcap Fund

–

41.3

6823

1.8

0.4

8.9

32.9

33.3

–

0.87

HYBRID – BALANCED ADVANTAGE FUNDS

Kotak Balanced Advantage Fund

–

20.5

17343

1.7

0.6

8.0

14.8

13.9

–

0.91

EQUITY – CONTRA FUNDS

Kotak India EQ Contra Fund

–

147.8

4283

1.9

0.6

1.8

26.8

25.8

15.5

0.90

HYBRID – CONSERVATIVE HYBRID FUNDS

LIC MF Conservative Hybrid Fund

–

82.0

2.3

1.2

7.1

7.9

7.0

6.5

0.56

EQUITY – DIVIDEND YIELD FUNDS

LIC MF Dividend Yield Fund

–

30.7

560

2.4

0.7

4.5

28.1

24.9

–

0.80

HYBRID – EQUITY SAVINGS FUNDS

LIC MF Equity Savings Fund

–

27.6

2.4

1.3

8.2

11.6

10.8

7.0

0.65

EQUITY – FOCUSED FUNDS

LIC MF Focused Fund

–

21.7

140

2.5

1.6

5.2

17.8

19.0

–

0.65

EQUITY – SECTOR – PHARMA FUNDS

LIC MF Healthcare Fund

–

28.3

2.5

1.2

14.5

21.7

16.8

–

0.55

EQUITY – VALUE FUNDS

LIC MF Value Fund

–

23.4

165

2.4

1.0

-2.5

19.6

21.1

–

0.60

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mahindra Manulife Consumption Fund

–

22.1

495

2.4

0.7

-0.8

20.8

19.9

–

0.66

EQUITY – LARGE CAP FUNDS

Mahindra Manulife Large Cap Fund

–

23.1

675

2.3

0.7

5.0

19.2

20.4

–

0.74

EQUITY – MID CAP FUNDS

Mahindra Manulife Mid Cap Fund

–

32.6

3776

1.9

0.5

0.7

30.6

29.5

–

0.85

EQUITY – MULTI CAP FUNDS

Mahindra Manulife Multi Cap Fund

–

34.9

5408

1.8

0.4

3.7

26.3

27.3

–

0.80

HYBRID – EQUITY SAVINGS FUNDS

Mirae Asset Equity Savings Fund

–

20.1

1442

1.4

0.4

8.4

13.3

13.5

–

1.04

EQUITY – SECTOR – PHARMA FUNDS

Mirae Asset Healthcare Fund

–

37.2

2691

1.9

0.5

14.6

23.9

21.5

–

0.72

HYBRID – AGGRESSIVE HYBRID FUNDS

Navi Aggressive Hybrid Fund

–

20.1

121

2.3

0.4

3.7

16.1

15.6

–

0.69

EQUITY – TAX SAVING (ELSS) FUNDS

Navi ELSS Tax Saver Fund

–

28.7

2.3

0.4

-0.3

18.1

18.2

–

0.62

EQUITY – FLEXI CAP FUNDS

Navi Flexi Cap Fund

–

22.3

255

2.3

0.4

-1.2

17.8

19.1

–

0.65

HYBRID – BALANCED ADVANTAGE FUNDS

Nippon India Balanced Advantage Fund

–

175.0

9190

1.7

0.6

6.5

15.0

14.9

10.1

0.97

EQUITY – THEMATIC – CONSUMPTION FUNDS

Nippon India Consumption Fund

–

196.7

2419

2.0

0.6

1.7

23.4

25.2

15.0

0.85

EQUITY – MULTI CAP FUNDS

Nippon India Multi Cap Fund

–

295.4

43483

1.5

0.7

3.4

31.0

32.3

15.0

1.02

EQUITY – SECTOR – PHARMA FUNDS

Nippon India Pharma Fund

–

506.6

8352

1.8

0.9

13.8

25.7

21.7

14.5

0.72

HYBRID – AGGRESSIVE HYBRID FUNDS

PGIM India Aggressive Hybrid Equity Fund

–

128.6

214

2.3

0.8

6.2

16.6

15.5

8.6

0.60

HYBRID – EQUITY SAVINGS FUNDS

PGIM India Equity Savings Fund

–

49.1

1.3

0.6

6.4

7.9

9.4

7.2

1.19

EQUITY – MULTI CAP FUNDS

Quant Active Fund

–

621.2

9927

1.7

0.6

-12.8

20.5

28.0

17.7

0.77

EQUITY – FLEXI CAP FUNDS

Quant Flexi Cap Fund

–

95.8

7153

1.8

0.6

-9.6

24.3

31.7

18.9

0.88

EQUITY – CONTRA FUNDS

SBI Contra Fund

–

379.5

45496

1.5

0.6

1.4

26.7

33.5

16.2

1.30

EQUITY – SECTOR – PHARMA FUNDS

SBI Healthcare Opportunities Fund

–

417.7

3689

1.9

0.9

17.3

28.9

23.4

11.8

0.83

EQUITY – THEMATIC – MNC FUNDS

SBI Magnum Global Fund

–

358.6

6366

1.9

1.2

-1.8

13.9

16.6

10.6

0.59

HYBRID – AGGRESSIVE HYBRID FUNDS

Shriram Aggressive Hybrid Fund

–

31.1

2.4

1.0

-2.3

14.5

14.3

9.1

0.56

EQUITY – TAX SAVING (ELSS) FUNDS

Shriram ELSS Tax Saver Fund

–

20.8

2.3

0.8

-9.4

15.6

–

0.45

EQUITY – FLEXI CAP FUNDS

Shriram Flexi Cap Fund

–

19.9

133

2.4

0.9

-10.8

16.5

16.2

–

0.46

HYBRID – CONSERVATIVE HYBRID FUNDS

Sundaram Conservative Hybrid Fund

–

29.6

2.2

1.2

6.3

8.8

9.0

7.0

0.94

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram Diversified Equity

–

219.1

1488

2.2

1.7

4.7

19.0

21.2

11.7

0.78

EQUITY – MULTI CAP FUNDS

Sundaram Multi Cap Fund

–

373.1

2773

2.0

1.0

4.4

22.3

24.7

14.8

0.81

HYBRID – BALANCED ADVANTAGE FUNDS

Tata Balanced Advantage Fund

–

20.4

10227

1.7

0.4

4.1

13.8

13.9

–

0.97

EQUITY – FLEXI CAP FUNDS

Tata Flexi Cap Fund

–

24.2

3263

1.9

0.6

8.4

20.5

19.6

–

0.71

EQUITY – SECTOR – PHARMA FUNDS

Tata India Pharma & Healthcare Fund

–

29.5

1232

2.1

0.6

12.6

25.0

21.2

–

0.72

EQUITY – SMALL CAP FUNDS

Tata Small Cap Fund

–

39.5

10529

1.7

0.3

1.6

28.5

33.2

–

0.93

EQUITY – SECTOR – BANKING FUNDS

Taurus Banking & Financial Services Fund

–

54.0

2.4

1.6

7.6

22.0

20.5

12.4

0.63

EQUITY – TAX SAVING (ELSS) FUNDS

Taurus ELSS Tax Saver Fund

–

185.4

2.4

1.8

7.0

22.6

21.3

13.1

0.79

EQUITY – THEMATIC – INFRASTRUCTURE FUNDS

Taurus Infrastructure Fund

–

67.5

2.5

2.0

-3.4

26.5

24.9

14.0

0.69

EQUITY – LARGE CAP FUNDS

Taurus Large Cap Fund

–

156.0

2.6

2.4

21.3

19.2

9.5

0.60

HYBRID – BALANCED ADVANTAGE FUNDS

Union Balanced Advantage Fund

–

20.0

1383

2.2

1.0

4.4

12.4

12.5

–

0.84

HYBRID – EQUITY SAVINGS FUNDS

Union Equity Savings Fund

–

16.7

138

2.0

1.5

4.8

9.7

9.1

–

0.73

EQUITY – VALUE FUNDS

Union Value Fund

–

27.7

318

2.5

1.2

3.1

24.0

23.7

–

0.83

HYBRID – EQUITY SAVINGS FUNDS

UTI Equity Savings Fund

–

18.2

687

1.6

0.7

6.8

12.8

12.7

–

1.10

EQUITY – SECTOR – PHARMA FUNDS

UTI Healthcare Fund

–

278.8

1062

2.3

1.3

18.6

27.0

21.5

11.7

0.70

EQUITY – THEMATIC – MNC FUNDS

UTI MNC Fund

–

382.4

2793

2.0

1.2

-3.4

16.8

15.6

10.0

0.55

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Simply Put: Factor Investing

by Hansraj Agrawal | Jun 14, 2025 | Share Market

Paramesh: Hey Niranjan, I read in the paper recently that BSE has launched some new indices, something called “factor indices”? What are they? Sounds too technical.

Niranjan: Ah, yes! BSE launched four new smart beta indices based on factors: value, momentum, quality, and low volatility. These are part of something called factor investing. Mutual funds are launching schemes that track these indices.

Paramesh: Never heard of it. I thought investing just meant picking good stocks or investing in mutual funds like the Nifty 50 index fund.

Niranjan: Yes da. But factor investing is a slightly advanced method. Instead of blindly following market-cap-based indices like Nifty 50 or Sensex, factor investing builds a portfolio based on specific “factors” that have historically delivered better returns.

Paramesh: So these “factors” are like special powers of stocks?

Niranjan: Haha, in a way, yes! Factors are characteristics: being undervalued, showing strong momentum, having high quality, or showing low volatility. These help in picking stocks expected to perform well in different market conditions.

Paramesh: Can you explain one or two in simple words?

Niranjan: Sure. Take the value factor. It picks stocks that are cheap compared to their actual worth; like those with low price-to-earnings or price-to-book ratios. It tends to do well during economic recoveries or when interest rates are rising. But it may underperform in fast-moving bull markets.

Then there’s momentum. It chooses stocks that have been rising recently, expecting the trend to continue. It performs well in strong rallies but can fall hard when the market turns.

Paramesh: Sounds interesting! But, what if I don’t like taking too much risk?

Niranjan: Then look at low volatility and quality factors. Low volatility includes stocks that don’t fluctuate much; very helpful during market crashes. Quality focuses on companies with strong profits, low debt, and stable fundamentals. It gives steady returns and cushions downside risk.

Paramesh: So these are like ready-made portfolios?

Niranjan: Exactly! Just like Nifty 50 index funds, these factor indices can be tracked through mutual funds and ETFs. Fund houses like Axis, Motilal Oswal, Nippon India, and ICICI Prudential offer smart beta funds based on these strategies. Earlier, most tracked NSE indices, but now with BSE joining in, you’ve got more variety.

Paramesh: But do these really perform better than regular index funds?

Niranjan: In many cases, yes. For example, in 2024, momentum-based smart beta funds gave returns of 35 per cent, while the Nifty 50 returned only 13 per cent. But remember, single-factor strategies can underperform for long periods. The value factor, for instance, started performing well only in 2022 after a dull phase from 2017 to 2021.

Paramesh: So, I can jump from one factor to another based on results, right?

Niranjan: No, no! Frequently switching between factors can ruin your returns. You need to stay invested in a chosen factor for at least 7–10 years to see the full benefit.

Paramesh: Alright, last question: how do I choose the right one?

Niranjan: It depends on your risk profile. If you’re conservative, start with low volatility or quality. If you’re okay with moderate risk, try value or even equal weight. And if you’re aggressive, go for momentum or alpha; but be prepared for sharp ups and downs. Multi-factor funds are also available.

Paramesh: Thanks Niranjan! You made it so simple. I’ll check out these options and may be start with a low volatility fund.

Niranjan: Good idea. Start slow, stay disciplined and always think long-term!

Published on June 14, 2025

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Why this 20-Year-Old Multi Cap Fund Is A Worthy Investment

by Hansraj Agrawal | Jun 14, 2025 | Share Market

Benchmarks across the board have recovered sharply over the past couple of months. After a six-month correction that lasted till early April, key indices are up 15-28 per cent from their recent lows.

After a period marked by weak consumption, slowing corporate earnings and geopolitical tensions, there has been a revival of sorts on multiple fronts.

GDP growth has been positive in the fourth quarter, the RBI has cut interest rates steeply, inflation is under control, monsoons are on course and FPI investors are getting back to buying mode.

Though the possibility of a weak global demand, slowing US economy and the adverse impact of reciprocal trade tariffs lay ahead, the domestic scenario seems fairly healthy on the macro front.

Therefore, a multi-cap approach would be suitable for investors with a high-risk appetite, looking for better long-term returns.

Nippon India Multicap (Nippon India India Opportunities Series A earlier), with a track record of over 20 years, can be a good addition to your portfolio as the fund has delivered strong and consistent performance over the past 10 years.

Using the systematic investment plan (SIP) mode for a time period of 7-10 years would help ride out volatility reasonably and average costs.

Above-average performance

The multi-cap category itself has a relatively shorter track record, only from 2021. However, Nippon India Multi Cap has a mixed market cap approach all through its years of existence. It is benchmarked to the Nifty 500 Multicap 50:25:25 TRI. However, since data on this index is not readily available, we have taken the Nifty 500 TRI for comparison with the scheme’s performance.

When five-year rolling returns over the past 12-odd years (Jan 2013-June 2025) are considered, the fund has delivered mean returns of 15.1 per cent, which is reasonably healthy. Over the same timeframe and aforementioned rolling return period, the scheme’s benchmark, Nifty 500 TRI delivered average returns of 14.1 per cent.

Over the Jan 2013-June 2025 period, on a five-year rolling basis, Nippon India Multi Cap has beaten the Nifty 500 TRI 62 per cent of the time. It has delivered more than 15 per cent nearly half the time and more than 12 per cent for almost 73 per cent of the time.

The fund’s SIP returns (XIRR) over the past 10 years are fairly robust at 20.4 per cent. An SIP in the Nifty 500 TRI would have returned 16.4 per cent over this period.

All return figures pertain to the direct plan of Nippon India Multi Cap fund.

The fund has an upside capture ratio of 105.7, indicating that its NAV rises a bit more than the benchmark during rallies. But more importantly, it has a downside capture ratio of just 72.2, suggesting that the scheme’s NAV falls much less than the benchmark during corrections. A score of 100 indicates that a fund performs in line with its benchmark. This inference is based on data from June 2022-June 2025.

Mix of styles

Nippon India Multi Cap fund spreads its bets across market segments, in keeping with its mandate. The proportion is usually a function of market dynamics among a few other considerations. Large-caps form about 40-45 per cent of the portfolio at most times, while the proportion of mid and small-caps totals to 54 per cent or more. Going heavy, especially on small-caps, has helped the fund in its outperformance over the past few years.

When key indices turned volatile late last year and early this year, the fund upped stakes in large-caps within the portfolio and trimmed exposure to other market cap segments.

The overall portfolio is highly diffused and individual stocks barring the top one or two account for less than 5 per cent of the portfolio. In the May 2025 portfolio, the fund held as many as 129 stocks in its portfolio, thus managing to keep concentration risks at bay.

Banks have always been the top holdings of the fund across market cycles. Interestingly, electrical equipment companies also figure in prominence, as do power firms during most times.

The fund was able to get into hotels and leisure companies early on and gained from their rally, before clipping exposure over the last one year. It was able to time the entry and exit into pharma and biotech stocks well.

Nippon India Multi Cap has always had low exposure to FMCG and IT stocks, which helped it avoid the underperformance in these segments.

Overall, the fund’s choices are governed by mix of momentum, value and growth styles, with a diffused portfolio to keep risks manageable.

The scheme remains invested for most part with hardly any significant cash positions taken even during volatile phases.

Published on June 14, 2025

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Hybrid Approach In Mid/Small-Cap Investing

by Hansraj Agrawal | Jun 14, 2025 | Share Market

Bank of India Mid & Small Cap Equity & Debt Fund (BOIEDF) differentiates itself within the aggressive hybrid fund category through its unconventional equity strategy. While most aggressive hybrid funds lean heavily on large-cap stocks, BOIEDF completely avoids large-caps and focuses solely on mid and small-cap equities. This approach has enabled the fund to capitalise on the higher growth potential of smaller companies, delivering a compounded annualised return of 16.5 per cent since its launch in July 2016. However, its concentrated exposure to this volatile segment increases risk, making it a less suitable choice for conservative investors or those seeking a more stable hybrid allocation.

High-risk, high-return strategy

Funds in the aggressive hybrid category invest 65–80 per cent in equities and the rest in debt, aiming to balance growth and stability. They suit investors seeking equity-like returns with lower volatility than pure equity funds.

Over the past five years, BOIEDF has consistently maintained an equity exposure between 70–78 per cent, targeting the growth prospects of mid and small-cap stocks. It employs its debt allocation as a stabilising mechanism to counterbalance equity volatility. The fund exits any stock that transitions into the large-cap space, staying true to its mid and small-cap mandate. On average, it has allocated 46 per cent to mid-caps and 31 per cent to small-caps. It applies strict quality filters in small-cap selection, preferring companies with sound business models. To manage liquidity risk, it ensures that 80 per cent of its portfolio can be liquidated within six working days, even under the assumption of just 20 per cent market participation, which limits individual small-cap exposure to 3 per cent.

Disciplined stock selection

BOIEDF’s stock picking is based on financial parameters such as return on equity, cash flow strength, and a qualitative analysis of business sustainability and competitive edge. Currently, the portfolio leans towards domestic themes, in alignment with government-led capital expenditure. The fund favours infrastructure, power, and consumer discretionary sectors while being selective in financial services, non-consumer discretionary, and IT. Diversification is maintained with the fund holding between 40 and 68 stocks over the past five years.

Debt as a volatility cushion

Managed by Alok Singh, who oversees both the equity and debt sides, the fund adopts a conservative debt strategy. It prefers short-duration instruments with tenures of 1–2 years, largely in AAA and AA+ rated securities, deliberately avoiding high-yield credit bets. The debt allocation is passively held but tactically deployed to manage liquidity and reduce volatility. This structure allows the fund to absorb market shocks better and take advantage of opportunities without needing to sell equity holdings under pressure.

Performance

The fund has delivered commendable performance during bull phases such as August 2020 to December 2021 and August 2022 to December 2024. However, it lagged behind peers during market corrections, notably in the downturn between December 2024 and March 2025, when it posted a return of -17 per cent compared to the category average of -13 per cent. Despite this, its long-term performance remains robust, with five-year rolling returns averaging 18 per cent annually, well above the category average of 13 per cent. These returns have varied between 9 per cent and 30 per cent. However, this outperformance comes with higher volatility; the fund’s annualised standard deviation of 15.7 per cent is the second highest in the category, compared to the average of 11.7 per cent.

The expense ratio for the regular plan is 2.08 per cent, close to the category average of 2.03 per cent, while the direct plan is slightly cheaper at 0.77 per cent, below the category norm of 0.83 per cent.

Who should consider?

Several other aggressive hybrid schemes, such as LIC MF, HSBC, and JM Aggressive Hybrid, also maintain notable mid and small-cap allocations, with exposures of up to 35 per cent. BOIEDF, with its significantly higher 71 per cent exposure, stands out as a high-risk, high-reward option. Despite its eye-popping returns during market rallies, the fund is not suitable for investors with a low-risk appetite. For those hesitant to commit fully to mid and small-cap funds due to volatility, this fund offers a middle path: growth potential with some degree of stability. It can also serve as a suitable addition to the portfolio of long-term investors aiming for better risk-adjusted returns while keeping mid and small-cap exposure at a manageable level.

Published on June 14, 2025

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