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Blending Credit Bets with Equity Flexibility

by Hansraj Agrawal | May 30, 2026 | Share Market

Conservative hybrid funds are aimed at investors seeking relatively-lower volatility than equity-heavy funds, while retaining limited equity exposure for potential upside.

In line with regulatory mandate, these schemes invest predominantly in debt, with a smaller equity allocation. They may be less volatile than pure equity funds while potentially offering returns higher than traditional fixed-income avenues.

The category may appeal to cautious investors and savers with medium-term goals of three-five years who are unwilling to take sharp equity-market swings.

Within the category, SBI Conservative Hybrid Fund follows a relatively higher-yielding debt strategy than many of its peers.

Unlike most peers that largely stick to high-quality sovereign and AAA-rated papers, the fund tactically combines active duration calls with a meaningful allocation to AA-rated debt instruments. This can increase the interest income earned by the portfolio (accrual income), but it also exposes investors to greater credit risk if an issuer’s ability to repay weakens.

The fund has generally maintained close to 25 per cent in equity and 75 per cent in debt across market cycles.

Active duration

On the debt side, the fund seeks returns through a mix of interest-rate calls and higher interest income from selected corporate bonds. The fund generally keeps its Macaulay duration, a measure of the average time taken to receive bond cash flows, within a two-five-year range. It is currently near the shorter end, at around 2.4 years.

The fund has reduced duration over the past year because yields in the segments it had favoured have already eased, reducing the potential benefit from holding longer-duration bonds. It is, therefore, holding shorter-duration bonds and relying more on regular interest income from its debt investments.

High-yield opportunity

A key source of additional yield is the fund’s exposure to corporate bonds rated below AAA. These currently make up about 35 per cent of the portfolio and may rise to 45 per cent when the manager sees opportunities. The strategy seeks to earn the extra yield offered by corporate bonds over government securities, in return for taking higher issuer risk.

Of the total portfolio, about 10 per cent is in AA+ rated bonds, 17 per cent in AA-rated bonds and 8 per cent in AA- and lower-rated papers. A few names in the AA and below segments include GMR Airports, Avanse Financial Services, Infopark Properties, JTPM Metal Traders and Aditya Birla Renewables. According to the latest portfolio, AAA-rated bonds accounted for 24 per cent of assets, while government securities accounted for 7 per cent.

Within government securities, the fund’s duration is around four years, compared with roughly seven years for its benchmark. This reflects the manager’s view that longer-maturity government bonds offer limited scope for meaningful outperformance.

The other funds in the category that hold material non-AAA exposure include Nippon India Conservative Hybrid (54 per cent as of April 2026) and ICICI Pru Regular Savings (42 per cent).

Flexi-cap equity strategy

The equity portfolio is measured against the BSE 500. It typically holds around 40 stocks and can invest across large-, mid- and small-cap companies. The fund’s equity strategy aims to identify stocks with strong earnings potential, robust financials, high governance standards and sound ESG profiles.

The fund’s large-cap exposure can range between 30 per cent and 100 per cent of the equity portion, mid-cap exposure between 0 and 70 per cent, and small-cap exposure between 0 and 50 per cent. On an average, over the past five years, the fund has allocated around 10 per cent of its total assets to large-caps, 6 per cent to mid-caps and 8 per cent to small-caps.

Currently, the equity portfolio has a strong small-cap tilt, with exposure close to the fund’s stated upper limit of 50 per cent of its equity portion.

According to the manager, recent corrections have created stock-specific opportunities in small-caps after sharp declines in several companies. Large-cap exposure remains near the lower end of the fund’s mandated range at around 32 per cent of the equity portion, while mid-caps account for the remaining portion. As of April 2026, the large-, mid-, and small-cap allocations stood at 8 per cent, 4 per cent, and 12 per cent of the total assets, respectively.

The equity allocation is currently fully invested, with the fund maintaining close to the maximum permissible 25 per cent equity exposure and negligible cash holdings on the equity side.

Performance

Across five-year rolling periods observed during the past seven years, the fund delivered an average annualised return of 11 per cent, against 9 per cent for the category.

Across these five-year rolling periods, annualised returns ranged from 8.6 per cent to 13.4 per cent.

Across three-year rolling periods, the fund delivered an average annualised return of 10.5 per cent, against the category average of 8.8 per cent.

As of April 2026, the debt portfolio’s yield to maturity, an indicative yield assuming securities are held to maturity and repayments occur as scheduled, was 8 per cent, against the category average of 7.4 per cent.

The expense ratio for the regular plan is 1.5 per cent, slightly below the category average of 1.6 per cent. However, its direct plan expense ratio is 1.07 per cent, above the category average of 0.84 per cent.

Given its sizeable exposure to lower-rated debt and its small-cap tilt within equities, the fund may suit investors willing to accept moderate credit and equity risk, with an investment horizon of at least five years.

Published on May 30, 2026

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Mutual Funds returns

by Hansraj Agrawal | May 30, 2026 | Share Market

EQUITY – LARGE & MID CAP FUNDS

Bandhan Large & Mid Cap Fund

137.9

16672

1.4

0.4

5.7

21.8

17.7

15.9

0.57

HYBRID – BALANCED ADVANTAGE FUNDS

Baroda BNP Paribas Balanced Advantage Fund

25.3

4756

1.6

0.6

5.5

13.2

11.4

–

0.44

HYBRID – AGGRESSIVE HYBRID FUNDS

BOI AXA Mid & Small Cap Eq&Debt

40.5

1482

1.8

0.7

6.5

19.8

16.5

–

0.47

EQUITY – LARGE CAP FUNDS

Canara Robeco Large Cap Fund

59.2

16542

1.4

0.5

-4.9

10.7

10.0

13.2

0.32

EQUITY – TAX SAVING (ELSS) FUNDS

DSP ELSS Tax Saver Fund

134.5

16337

1.4

0.6

-3.2

16.0

13.6

15.0

0.44

HYBRID – EQUITY SAVINGS FUNDS

Edelweiss Equity Savings Fund

26.4

1313

2.1

1.2

6.4

10.6

9.0

0.71

EQUITY – MID CAP FUNDS

Edelweiss Mid Cap Fund

105.5

15911

1.8

0.6

7.6

23.9

20.0

18.7

0.57

HYBRID – BALANCED ADVANTAGE FUNDS

HDFC Balanced Advantage Fund

507.5

105378

1.3

0.7

-1.6

14.3

14.9

14.5

0.72

EQUITY – FLEXI CAP FUNDS

HDFC Flexi Cap Fund

1939.1

100479

1.3

0.7

-0.7

17.5

17.4

15.9

0.63

EQUITY – LARGE & MID CAP FUNDS

HDFC Large and Mid Cap Fund

332.8

28255

1.6

0.8

0.2

16.7

16.2

14.6

0.51

EQUITY – MID CAP FUNDS

HDFC Mid Cap Fund

199.9

94745

1.3

0.7

6.0

22.4

20.4

18.0

0.65

EQUITY – VALUE FUNDS

HSBC Value Fund

111.0

14873

1.7

0.7

3.4

20.4

17.7

16.2

0.54

EQUITY – DIVIDEND YIELD FUNDS

ICICI Prudential Dividend Yield Equity Fund

52.3

6458

1.8

0.6

1.3

19.2

19.1

16.0

0.71

HYBRID – AGGRESSIVE HYBRID FUNDS

ICICI Prudential Equity & Debt Fund

394.6

50368

1.5

1.0

2.0

16.2

16.6

15.5

0.76

EQUITY – LARGE & MID CAP FUNDS

ICICI Prudential Large & Mid Cap Fund

995.8

29757

2.0

1.2

0.3

17.9

17.8

15.6

0.63

EQUITY – LARGE CAP FUNDS

ICICI Prudential Large Cap Fund

105.5

75650

1.7

1.2

-3.1

13.8

13.3

13.7

0.46

EQUITY – SECTOR – PHARMA FUNDS

ICICI Prudential P.H.D Fund

41.4

6669

2.4

1.6

6.9

27.8

15.9

–

0.56

HYBRID – CONSERVATIVE HYBRID FUNDS

ICICI Prudential Regular Savings Fund

77.8

3289

1.7

1.0

3.5

9.2

8.4

9.2

0.85

EQUITY – VALUE FUNDS

ICICI Prudential Value Fund

454.6

59588

1.6

1.2

-2.0

16.3

16.7

14.8

0.66

EQUITY – FLEXI CAP FUNDS

JM Flexicap Fund

93.9

5041

2.6

1.4

-3.0

17.1

16.4

16.2

0.49

HYBRID – CONSERVATIVE HYBRID FUNDS

Kotak Debt Hybrid Fund

58.3

2902

1.7

0.5

-0.7

8.0

7.8

8.8

0.59

EQUITY – THEMATIC – CONSUMPTION FUNDS

Nippon India Consumption Fund

180.6

2443

2.0

0.7

-7.3

10.8

13.7

12.6

0.44

EQUITY – LARGE CAP FUNDS

Nippon India Large Cap Fund

87.7

51690

3.5

2.8

-1.8

14.1

15.3

14.4

0.52

EQUITY – SMALL CAP FUNDS

Nippon India Small Cap Fund

173.3

72673

1.4

0.7

4.8

19.7

20.9

0.56

EQUITY – FLEXI CAP FUNDS

Parag Parikh Flexi Cap Fund

82.2

140950

1.1

0.5

-0.5

14.8

14.6

16.9

0.57

HYBRID – AGGRESSIVE HYBRID FUNDS

Quant Aggressive Hybrid Fund

463.3

2024

2.1

0.8

11.1

15.4

14.2

15.8

0.46

EQUITY – TAX SAVING (ELSS) FUNDS

Quant ELSS Tax Saver Fund

398.7

12506

1.8

0.8

11.5

18.2

16.3

19.6

0.42

EQUITY – MID CAP FUNDS

Quant Mid Cap Fund

219.7

7905

2.9

1.8

0.2

17.8

16.9

0.47

EQUITY – SMALL CAP FUNDS

Quant Small Cap Fund

267.6

30374

2.0

1.1

6.6

20.8

20.5

19.3

0.49

EQUITY – TAX SAVING (ELSS) FUNDS

SBI ELSS Tax Saver Fund

424.7

31094

1.6

1.0

-2.0

18.8

16.9

14.5

0.56

EQUITY – SECTOR – IT FUNDS

SBI Technology Opportunities Fund

186.8

4240

1.9

0.9

-12.2

9.2

10.0

14.8

0.27

HYBRID – EQUITY SAVINGS FUNDS

Sundaram Equity Savings Fund

69.8

1079

2.2

0.8

-0.3

9.2

9.0

9.1

0.53

EQUITY – SECTOR – BANKING FUNDS

Sundaram Financial Services Opportunities

103.0

1613

2.1

0.8

-0.8

13.7

13.1

14.1

0.38

HYBRID – BALANCED ADVANTAGE FUNDS

Aditya Birla SL Bal Advantage

108.7

9182

1.5

0.6

3.4

11.4

9.7

10.8

0.49

EQUITY – LARGE & MID CAP FUNDS

Axis Large & Mid Cap Fund

33.2

15582

2.0

0.9

4.4

15.7

14.0

–

0.39

EQUITY – SMALL CAP FUNDS

AXIS Small Cap Fund

106.7

27364

1.7

0.7

3.0

16.2

16.8

18.2

0.51

EQUITY – TAX SAVING (ELSS) FUNDS

Bandhan ELSS Tax Saver Fund

149.5

6835

1.6

0.6

-0.4

11.9

12.5

14.7

0.40

EQUITY – VALUE FUNDS

Bandhan Value Fund

143.3

9907

1.5

0.6

-2.0

13.0

14.6

15.4

0.47

EQUITY – TAX SAVING (ELSS) FUNDS

Bank of India ELSS Tax Saver

160.7

1403

1.8

0.8

0.7

15.4

13.5

16.0

0.37

EQUITY – SMALL CAP FUNDS

Bank of India Small Cap Fund

51.2

2168

1.7

0.5

11.6

21.9

19.4

–

0.47

HYBRID – AGGRESSIVE HYBRID FUNDS

Baroda BNP Paribas Aggressive Hybrid Fund

27.6

1239

1.9

0.5

-0.7

12.2

10.3

–

0.38

EQUITY – THEMATIC – CONSUMPTION FUNDS

Baroda BNP Paribas India Consumption Fund

29.0

1419

1.8

0.6

-5.6

10.4

11.4

–

0.34

EQUITY – THEMATIC – CONSUMPTION FUNDS

Canara Robeco Consumption Fund

101.9

1901

1.8

0.7

-5.7

11.1

12.1

14.9

0.36

EQUITY – TAX SAVING (ELSS) FUNDS

Canara Robeco ELSS Tax Saver

172.5

8529

1.5

0.6

-0.7

12.5

11.5

14.5

0.37

EQUITY – SECTOR – PHARMA FUNDS

DSP Healthcare Fund

40.8

3142

1.7

0.5

7.5

22.6

14.4

–

0.44

HYBRID – AGGRESSIVE HYBRID FUNDS

Edelweiss Aggressive Hybrid Fund

63.2

3627

1.9

0.5

1.2

14.1

13.4

12.5

0.56

HYBRID – BALANCED ADVANTAGE FUNDS

Edelweiss Balanced Advantage Fund

51.5

12906

2.1

1.0

2.6

10.7

9.5

10.8

0.42

EQUITY – FLEXI CAP FUNDS

Edelweiss Flexi Cap Fund

37.6

3320

1.9

0.5

1.4

15.4

13.7

14.6

0.42

EQUITY – DIVIDEND YIELD FUNDS

Franklin India Dividend Yield Fund

136.9

2306

1.7

1.1

-0.8

14.5

14.9

15.3

0.59

EQUITY – FLEXI CAP FUNDS

Franklin India Flexi Cap Fund

1549.1

19049

1.4

0.8

-4.7

14.6

13.6

13.0

0.43

EQUITY – TAX SAVING (ELSS) FUNDS

HDFC ELSS Tax saver

1320.3

15559

1.7

1.1

-5.1

15.9

16.4

13.7

0.59

HYBRID – EQUITY SAVINGS FUNDS

HDFC Equity Savings Fund

66.3

5718

1.9

0.9

1.3

8.5

8.2

9.3

0.54

HYBRID – CONSERVATIVE HYBRID FUNDS

HDFC Hybrid Debt Fund

82.1

3261

1.7

1.2

-0.6

7.8

8.0

8.4

0.66

EQUITY – LARGE CAP FUNDS

HDFC Large Cap Fund

1081.0

38121

1.5

1.0

-3.8

11.1

12.0

12.7

0.40

HYBRID – BALANCED ADVANTAGE FUNDS

ICICI Prudential Balanced Advantage Fund

75.4

70551

1.4

0.9

3.5

11.4

10.5

10.9

0.62

EQUITY – SECTOR – IT FUNDS

ICICI Prudential Technology Fund

171.0

13068

2.1

1.4

-13.6

8.1

7.7

15.1

0.20

EQUITY – SECTOR – BANKING FUNDS

Invesco India Financial Services Fund

141.5

1673

1.8

0.7

5.7

17.9

14.3

15.2

0.40

EQUITY – MID CAP FUNDS

Invesco India Midcap Fund

183.2

11767

1.5

0.5

9.0

24.7

20.1

18.3

0.55

EQUITY – SMALL CAP FUNDS

Invesco India Smallcap Fund

42.9

11038

1.5

0.4

7.0

22.9

20.0

–

0.53

HYBRID – AGGRESSIVE HYBRID FUNDS

JM Aggressive Hybrid Fund

113.8

701

2.9

1.4

-3.7

14.9

13.0

11.7

0.45

EQUITY – TAX SAVING (ELSS) FUNDS

JM ELSS Tax Saver Fund

47.9

220

2.6

1.3

2.2

16.3

14.4

15.5

0.42

EQUITY – LARGE CAP FUNDS

JM Large Cap Fund

147.6

422

2.8

1.3

-1.6

12.1

11.3

10.7

0.34

HYBRID – AGGRESSIVE HYBRID FUNDS

Kotak Aggressive Hybrid Fund

62.8

8642

1.8

0.5

3.1

13.3

12.0

12.7

0.46

HYBRID – EQUITY SAVINGS FUNDS

Kotak Equity Savings Fund

26.9

10032

1.7

0.7

4.7

10.0

9.5

9.2

0.67

EQUITY – LARGE CAP FUNDS

Kotak Large Cap Fund

547.0

10599

1.7

0.7

-3.0

11.3

10.7

12.1

0.34

EQUITY – MID CAP FUNDS

Mahindra Manulife Mid Cap Fund

35.5

4688

1.6

0.4

9.5

23.7

19.1

–

0.54

EQUITY – TAX SAVING (ELSS) FUNDS

Mirae Asset ELSS Tax Saver Fund

48.5

25267

1.4

0.6

1.8

14.3

12.3

16.6

0.38

HYBRID – EQUITY SAVINGS FUNDS

Mirae Asset Equity Savings Fund

20.7

1918

1.2

0.3

3.8

9.9

8.8

–

0.54

EQUITY – MID CAP FUNDS

Motilal Oswal Midcap Fund

92.2

35735

1.6

0.8

-8.0

18.5

22.1

16.4

0.58

EQUITY – SECTOR – BANKING FUNDS

Nippon India Banking & Financial Services

619.1

7470

2.0

1.2

-0.6

13.2

13.8

13.6

0.41

EQUITY – MID CAP FUNDS

Nippon India Growth Mid Cap Fund

4384.4

45820

1.5

0.8

8.4

23.9

21.3

18.8

0.63

EQUITY – VALUE FUNDS

Nippon India Value Fund

220.2

8919

1.8

1.1

-1.4

18.5

16.2

15.9

0.51

EQUITY – FLEXI CAP FUNDS

PGIM India Flexi Cap Fund

35.1

5793

1.9

0.6

-0.5

9.8

9.3

13.5

0.27

EQUITY – LARGE & MID CAP FUNDS

Quant Large & Mid Cap Fund

123.3

3249

2.0

0.7

6.7

19.1

16.4

16.0

0.44

HYBRID – CONSERVATIVE HYBRID FUNDS

SBI Conservative Hybrid Fund

75.3

9754

1.5

1.1

4.4

9.0

8.8

8.7

0.82

EQUITY – LARGE & MID CAP FUNDS

SBI Large & Midcap Fund

631.4

38426

1.7

1.0

5.0

15.3

14.8

14.9

0.51

EQUITY – LARGE CAP FUNDS

SBI Large Cap Fund

91.2

53468

1.5

0.8

-0.2

10.8

11.1

11.9

0.37

EQUITY – FLEXI CAP FUNDS

Union Flexi Cap Fund

49.6

2294

1.7

0.8

-1.0

12.5

11.9

12.8

0.36

HYBRID – AGGRESSIVE HYBRID FUNDS

UTI Aggressive Hybrid Fund

395.2

6524

1.9

1.2

-1.4

13.0

12.3

11.8

0.52

HYBRID – EQUITY SAVINGS FUNDS

UTI Equity Savings Fund

18.6

820

1.7

0.8

2.3

8.8

8.5

–

0.59

EQUITY – LARGE & MID CAP FUNDS

UTI Large & Mid Cap Fund

179.3

5896

1.9

1.0

2.2

18.9

15.8

14.1

0.54

EQUITY – SECTOR – BANKING FUNDS

Aditya Birla SL Bank & Fin Serv

60.0

3541

1.7

0.9

0.0

11.8

11.0

12.8

0.30

EQUITY – THEMATIC – CONSUMPTION FUNDS

Aditya Birla Sun Life Consumption Fund

196.9

5996

1.6

0.7

-6.8

9.8

11.1

13.5

0.33

EQUITY – FLEXI CAP FUNDS

Aditya Birla Sun Life Flexi Cap Fund

1847.0

25632

1.4

0.7

4.8

16.4

12.9

14.1

0.39

EQUITY – LARGE CAP FUNDS

Aditya Birla Sun Life Large Cap Fund

500.2

28970

1.4

0.8

-3.8

11.3

11.1

11.8

0.35

HYBRID – CONSERVATIVE HYBRID FUNDS

Aditya Birla Sun Life Regular Savings Fund

68.8

1479

1.5

0.8

3.5

8.2

7.9

8.3

0.66

HYBRID – BALANCED ADVANTAGE FUNDS

Axis Balanced Advantage Fund

20.9

3764

1.9

0.6

0.1

11.7

9.9

–

0.49

HYBRID – EQUITY SAVINGS FUNDS

Axis Equity Savings Fund

22.4

866

2.3

1.0

2.0

8.7

7.6

8.2

0.40

EQUITY – MID CAP FUNDS

Axis Midcap Fund

116.2

32276

1.6

0.5

5.4

17.9

15.0

17.0

0.44

HYBRID – AGGRESSIVE HYBRID FUNDS

Bandhan Aggressive Hybrid Fund

26.6

1919

1.8

0.5

5.8

14.1

12.1

–

0.43

EQUITY – FLEXI CAP FUNDS

Bandhan Flexi Cap Fund

203.2

7285

1.5

0.9

-0.7

13.4

11.4

10.9

0.36

EQUITY – LARGE CAP FUNDS

Bandhan Large Cap Fund

75.0

2007

1.8

0.8

-0.4

13.1

11.5

12.4

0.36

EQUITY – LARGE & MID CAP FUNDS

BOI Large & Mid Cap Equity Fund

89.4

468

2.1

1.0

3.1

15.6

13.3

12.7

0.41

EQUITY – TAX SAVING (ELSS) FUNDS

Baroda BNP Paribas ELSS Tax Saver Fund

96.0

887

2.0

0.9

2.8

16.6

12.6

0.37

EQUITY – LARGE CAP FUNDS

Baroda BNP Paribas Large Cap Fund

215.8

2579

1.7

0.7

-1.4

13.1

11.8

12.4

0.38

EQUITY – MID CAP FUNDS

Baroda BNP Paribas Mid Cap Fund

109.1

2389

1.7

0.5

10.0

21.1

17.2

15.9

0.51

HYBRID – CONSERVATIVE HYBRID FUNDS

Canara Robeco Conservative Hybrid Fund

96.6

864

1.5

0.6

-0.3

6.7

6.2

7.7

0.41

HYBRID – AGGRESSIVE HYBRID FUNDS

Canara Robeco Equity Hybrid Fund

356.0

11024

1.5

0.5

-0.1

11.2

10.1

12.3

0.38

EQUITY – FLEXI CAP FUNDS

Canara Robeco Flexi Cap Fund

328.3

13083

1.5

0.5

-1.4

12.0

11.1

13.9

0.35

EQUITY – LARGE & MID CAP FUNDS

Canara Robeco Large and Mid Cap Fund

241.9

24675

1.4

0.5

-4.2

13.2

12.2

15.0

0.38

HYBRID – AGGRESSIVE HYBRID FUNDS

DSP Aggressive Hybrid Fund

340.9

11582

1.5

0.6

-4.8

11.9

10.0

11.8

0.36

HYBRID – BALANCED ADVANTAGE FUNDS

DSP Dynamic Asset Allocation Fund

28.0

3661

1.6

0.6

2.1

10.4

8.1

8.7

0.43

HYBRID – EQUITY SAVINGS FUNDS

DSP Equity Savings Fund

22.0

3541

1.3

0.6

1.1

8.7

7.7

7.9

0.59

EQUITY – FLEXI CAP FUNDS

DSP Flexi Cap Fund

98.9

11769

1.5

0.6

-3.3

13.3

11.2

14.0

0.32

EQUITY – LARGE & MID CAP FUNDS

DSP Large & Mid Cap Fund

601.6

17331

1.4

0.5

-1.9

16.9

13.4

14.7

0.43

HYBRID – CONSERVATIVE HYBRID FUNDS

DSP Regular Savings Fund

59.9

179

1.0

0.5

2.2

8.8

7.3

7.1

0.56

EQUITY – SMALL CAP FUNDS

DSP Small Cap Fund

205.9

17906

1.4

0.6

7.0

19.4

18.4

16.6

0.48

EQUITY – LARGE & MID CAP FUNDS

Edelweiss Large & Mid Cap Fund

87.0

4531

1.9

0.5

2.6

15.9

14.0

14.5

0.44

EQUITY – LARGE CAP FUNDS

Edelweiss Large Cap Fund

80.5

1439

2.1

0.7

-3.0

10.9

12.3

0.34

HYBRID – AGGRESSIVE HYBRID FUNDS

Franklin India Aggressive Hybrid Fund

260.2

2306

1.7

0.8

-3.4

11.7

10.2

10.7

0.39

HYBRID – CONSERVATIVE HYBRID FUNDS

Franklin India Conservative Hybrid Fund

90.8

188

1.2

0.6

0.3

7.8

6.7

7.0

0.44

EQUITY – TAX SAVING (ELSS) FUNDS

Franklin India ELSS Tax Saver Fund

1380.0

6106

1.6

0.9

-6.0

14.1

13.1

12.3

0.41

EQUITY – LARGE CAP FUNDS

Franklin India Large Cap Fund

974.1

7236

1.5

1.0

-2.8

10.9

8.6

10.4

0.28

EQUITY – SECTOR – IT FUNDS

Franklin India Technology Fund

449.2

1648

1.8

1.0

-10.4

13.2

9.7

14.4

0.24

HYBRID – AGGRESSIVE HYBRID FUNDS

HDFC Hybrid Equity Fund

110.0

22297

1.6

1.0

-6.9

7.1

9.0

10.7

0.34

EQUITY – SMALL CAP FUNDS

HDFC Small Cap Fund

132.6

38168

1.5

0.7

-1.8

14.5

16.9

17.4

0.48

EQUITY – VALUE FUNDS

HDFC Value Fund

740.0

7324

1.8

1.0

2.3

16.9

14.8

13.9

0.47

HYBRID – BALANCED ADVANTAGE FUNDS

HSBC Balanced Advantage Fund

42.7

1506

2.1

0.8

-0.2

9.1

7.8

8.1

0.35

HYBRID – CONSERVATIVE HYBRID FUNDS

HSBC Conservative Hybrid Fund

62.5

146

2.1

1.2

1.6

8.8

7.4

0.42

HYBRID – EQUITY SAVINGS FUNDS

HSBC Equity Savings Fund

36.0

905

5.5

4.7

11.0

13.3

11.1

9.4

0.51

EQUITY – FLEXI CAP FUNDS

HSBC Flexi Cap Fund

222.7

5405

2.3

1.5

4.3

17.8

14.5

13.1

0.40

EQUITY – SECTOR – BANKING FUNDS

ICICI Pru Banking & Financial Services Fund

126.2

10589

2.2

1.4

-5.0

10.0

9.7

13.1

0.29

EQUITY – TAX SAVING (ELSS) FUNDS

ICICI Pru Long Term Equity

895.8

13911

1.7

1.1

-2.4

12.9

12.0

12.9

0.40

EQUITY – MID CAP FUNDS

ICICI Prudential Midcap Fund

337.5

7557

1.8

1.0

17.4

26.1

19.5

17.6

0.59

EQUITY – SMALL CAP FUNDS

ICICI Prudential Smallcap Fund

85.9

8741

1.8

0.8

0.5

14.3

15.9

16.1

0.52

HYBRID – BALANCED ADVANTAGE FUNDS

Invesco India Balanced Advantage Fund

51.2

1024

1.8

0.7

-3.3

9.1

8.0

9.1

0.30

EQUITY – LARGE & MID CAP FUNDS

Invesco India Large & Mid Cap Fund

100.4

9761

1.5

0.5

5.5

22.3

17.1

15.9

0.48

EQUITY – LARGE CAP FUNDS

Invesco India Largecap Fund

68.0

1722

1.8

0.7

-0.3

14.2

12.3

12.4

0.38

EQUITY – VALUE FUNDS

JM Value Fund

91.4

826

3.0

1.8

-6.3

16.4

15.6

15.7

0.45

HYBRID – BALANCED ADVANTAGE FUNDS

Kotak Balanced Advantage Fund

20.5

17184

1.7

0.6

0.2

9.4

8.7

–

0.40

EQUITY – TAX SAVING (ELSS) FUNDS

Kotak ELSS Tax Saver Fund

110.8

6112

1.8

0.7

-2.8

12.0

12.2

13.9

0.37

EQUITY – FLEXI CAP FUNDS

Kotak Flexicap Fund

83.3

54839

1.4

0.6

-0.3

13.7

12.0

13.5

0.37

EQUITY – LARGE & MID CAP FUNDS

Kotak Large & Midcap Fund

337.6

30251

1.6

0.6

1.5

15.6

14.5

15.1

0.45

EQUITY – MID CAP FUNDS

Kotak Midcap Fund

139.1

63539

1.4

0.4

7.2

20.4

17.8

17.7

0.53

EQUITY – SMALL CAP FUNDS

Kotak Small Cap Fund

253.8

17416

1.7

0.6

-1.5

13.8

13.7

16.5

0.39

EQUITY – DIVIDEND YIELD FUNDS

LIC MF Dividend Yield Fund

31.0

661

2.5

1.1

1.3

20.0

15.8

–

0.47

EQUITY – TAX SAVING (ELSS) FUNDS

Mahindra Manulife ELSS Tax Saver Fund

26.5

889

2.0

0.6

-6.0

9.8

10.7

–

0.34

HYBRID – EQUITY SAVINGS FUNDS

Mahi Manu Eq Sav Dhan San Yojana

20.9

531

2.1

0.7

3.2

9.0

7.9

–

0.42

HYBRID – AGGRESSIVE HYBRID FUNDS

Mirae Asset Aggressive Hybrid Fund

32.4

9363

1.5

0.4

2.5

11.6

10.4

12.2

0.39

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mirae Asset Great Consumer Fund

87.0

4455

1.6

0.4

-3.3

11.2

13.0

14.9

0.37

EQUITY – SECTOR – PHARMA FUNDS

Mirae Asset Healthcare Fund

41.8

2939

1.7

0.5

13.6

25.4

14.5

–

0.47

EQUITY – LARGE & MID CAP FUNDS

Mirae Asset Large & Midcap Fund

150.7

42338

1.3

0.5

3.3

15.0

12.3

16.8

0.37

EQUITY – LARGE CAP FUNDS

Mirae Asset Large Cap Fund

107.7

38239

1.3

0.5

-3.0

9.6

9.5

12.5

0.29

EQUITY – TAX SAVING (ELSS) FUNDS

Motilal Oswal ELSS Tax Saver Fund

53.5

4659

2.0

0.8

4.0

22.5

18.3

16.8

0.45

HYBRID – BALANCED ADVANTAGE FUNDS

Nippon India Balanced Advantage Fund

177.3

9620

2.0

0.9

1.4

10.7

9.3

10.7

0.47

EQUITY – SECTOR – PHARMA FUNDS

Nippon India Pharma Fund

533.2

8365

2.3

1.5

5.4

22.8

12.8

14.9

0.43

EQUITY – LARGE & MID CAP FUNDS

Nippon India Vision Large & Mid Cap Fund

1456.8

7081

1.8

1.1

1.5

18.0

15.7

13.2

0.49

EQUITY – MID CAP FUNDS

PGIM India Midcap Fund

63.4

10738

2.0

0.8

1.2

12.3

12.8

15.6

0.38

EQUITY – TAX SAVING (ELSS) FUNDS

Quantum ELSS Tax Saver Fund

116.5

209

2.1

0.9

-6.1

12.4

10.8

11.2

0.38

EQUITY – SECTOR – BANKING FUNDS

SBI Banking & Financial Services Fund

42.4

10375

2.0

1.1

3.0

16.0

12.4

15.3

0.35

EQUITY – THEMATIC – CONSUMPTION FUNDS

SBI Consumption Opportunities Fund

277.9

2933

2.5

1.5

-8.9

8.4

12.8

13.6

0.41

HYBRID – AGGRESSIVE HYBRID FUNDS

SBI Equity Hybrid Fund

309.6

83353

1.3

0.7

4.4

13.6

11.4

12.3

0.47

HYBRID – EQUITY SAVINGS FUNDS

SBI Equity Savings Fund

24.3

5700

2.6

2.0

2.6

9.8

8.3

8.5

0.51

EQUITY – FLEXI CAP FUNDS

SBI Flexicap Fund

105.4

22403

2.3

1.5

-0.2

9.6

9.5

12.0

0.30

EQUITY – SECTOR – PHARMA FUNDS

SBI Healthcare Opportunities Fund

459.3

4323

1.9

0.9

9.9

24.9

15.5

12.8

0.54

EQUITY – MID CAP FUNDS

SBI Midcap Fund

234.6

23247

1.6

0.9

0.4

14.2

15.6

14.0

0.49

HYBRID – AGGRESSIVE HYBRID FUNDS

Sundaram Aggressive Hybrid Fund

155.1

8484

1.7

0.7

-3.0

10.0

9.6

11.7

0.36

EQUITY – TAX SAVING (ELSS) FUNDS

Sundaram ELSS Tax Saver Fund

483.9

1296

2.2

1.6

-3.3

11.5

13.2

0.38

EQUITY – MID CAP FUNDS

Sundaram Mid Cap Fund

1442.1

13378

1.7

0.9

7.0

23.0

19.1

15.2

0.56

EQUITY – SMALL CAP FUNDS

Sundaram Small Cap Fund

276.2

3563

1.9

0.9

10.1

19.7

17.9

15.0

0.47

HYBRID – AGGRESSIVE HYBRID FUNDS

Tata Aggressive Hybrid Fund

426.1

3865

1.6

0.8

-1.1

8.6

9.5

9.6

0.35

EQUITY – SECTOR – BANKING FUNDS

Tata Banking and Financial Services Fund

42.1

3043

1.7

0.5

-0.6

12.5

11.4

14.2

0.32

EQUITY – TAX SAVING (ELSS) FUNDS

Tata ELSS Fund

45.0

4519

1.6

0.7

3.1

14.7

13.2

13.8

0.41

EQUITY – FLEXI CAP FUNDS

Tata Flexi Cap Fund

23.3

3633

1.6

0.6

-2.4

13.0

10.7

–

0.34

EQUITY – THEMATIC – CONSUMPTION FUNDS

Tata India Consumer Fund

43.7

2591

1.7

0.7

2.1

14.7

14.3

15.9

0.41

EQUITY – LARGE CAP FUNDS

Tata Large Cap Fund

494.4

2688

1.7

0.8

-0.4

11.9

11.2

11.7

0.36

EQUITY – MID CAP FUNDS

Tata Mid Cap Fund

446.5

5604

1.6

0.6

7.6

19.3

16.7

16.3

0.50

EQUITY – SMALL CAP FUNDS

Tata Small Cap Fund

35.5

11330

1.5

0.4

-8.8

11.7

15.2

–

0.42

EQUITY – VALUE FUNDS

Templeton India Value Fund

687.8

2150

1.7

0.8

-2.8

13.3

15.2

14.0

0.52

HYBRID – BALANCED ADVANTAGE FUNDS

Union Balanced Advantage Fund

19.8

1241

1.9

0.9

-0.6

7.8

6.9

–

0.27

EQUITY – TAX SAVING (ELSS) FUNDS

Union ELSS Tax Saver Fund

62.9

841

2.0

1.2

-0.5

12.3

12.5

12.6

0.39

EQUITY – SMALL CAP FUNDS

Union Small Cap Fund

54.0

1980

1.8

0.8

17.0

20.3

18.1

16.3

0.45

EQUITY – VALUE FUNDS

Union Value Fund

27.8

373

2.1

1.1

0.9

15.6

14.2

–

0.46

HYBRID – CONSERVATIVE HYBRID FUNDS

UTI Conservative Hybrid Fund

69.2

1652

2.0

1.4

-0.5

7.7

7.9

7.7

0.59

EQUITY – DIVIDEND YIELD FUNDS

UTI Dividend Yield Fund

172.1

3750

2.4

1.9

-0.8

16.4

13.6

14.0

0.47

EQUITY – LARGE CAP FUNDS

UTI Large Cap Fund

255.8

12053

1.9

1.2

-5.5

8.8

8.6

11.2

0.26

EQUITY – VALUE FUNDS

UTI Value Fund

159.8

9433

2.1

1.5

-3.0

14.8

12.8

13.3

0.42

EQUITY – SECTOR – IT FUNDS

Aditya Birla Sun Life Digital India Fund

145.8

3799

1.6

0.8

-13.8

6.1

6.7

14.6

0.17

EQUITY – DIVIDEND YIELD FUNDS

Aditya Birla Sun Life Dividend Yield Fund

451.2

1475

1.8

1.1

2.9

16.8

15.6

13.2

0.51

HYBRID – AGGRESSIVE HYBRID FUNDS

Aditya Birla Sun Life Equity Hybrid ’95 Fund

1479.3

6999

1.5

0.9

-1.4

10.8

9.2

9.8

0.30

HYBRID – EQUITY SAVINGS FUNDS

Aditya Birla Sun Life Equity Savings Fund

22.8

1087

0.9

0.5

4.8

8.3

6.8

7.8

0.33

EQUITY – MID CAP FUNDS

Aditya Birla Sun Life Midcap Fund

805.1

6290

1.6

0.9

5.1

18.9

16.5

13.9

0.48

EQUITY – VALUE FUNDS

Aditya Birla Sun Life Value Fund

131.5

6388

1.6

0.9

6.4

18.8

14.8

12.8

0.39

HYBRID – CONSERVATIVE HYBRID FUNDS

Axis Conservative Hybrid Fund

30.0

218

2.2

1.1

-0.5

5.8

5.5

6.3

0.27

EQUITY – FLEXI CAP FUNDS

Axis Flexi Cap Fund

26.0

12546

1.7

0.6

-0.4

12.7

9.8

–

0.27

HYBRID – BALANCED ADVANTAGE FUNDS

Bandhan Balanced Advantage Fund

24.5

2209

1.7

0.6

2.4

9.3

7.9

8.6

0.30

HYBRID – BALANCED ADVANTAGE FUNDS

Bank of India Balanced Advantage Fund

25.6

153

2.1

1.1

4.2

9.7

10.1

7.2

0.42

HYBRID – CONSERVATIVE HYBRID FUNDS

Baroda BNP Paribas Conser Hybrid

45.7

811

1.8

0.5

2.1

7.5

6.3

7.0

0.39

EQUITY – SECTOR – BANKING FUNDS

Baroda BNP Paribas Bank&Fin Serv

46.8

389

2.1

0.7

-1.2

13.1

10.9

11.9

0.29

EQUITY – LARGE CAP FUNDS

DSP Large Cap Fund

447.0

7192

1.5

0.7

-5.5

13.1

10.9

11.2

0.36

EQUITY – TAX SAVING (ELSS) FUNDS

Edelweiss Long Term Equity

111.5

437

2.4

0.8

3.3

14.2

12.6

12.4

0.39

HYBRID – EQUITY SAVINGS FUNDS

Franklin India Equity Savings Fund

16.7

633

1.0

0.3

2.7

7.4

7.0

–

0.45

EQUITY – LARGE & MID CAP FUNDS

Franklin India Large & Mid Cap Fund

182.6

3399

1.7

1.1

-1.6

13.7

11.5

11.3

0.36

EQUITY – MID CAP FUNDS

Franklin India Mid Cap Fund

2682.1

12102

1.5

0.9

-0.6

18.7

15.1

14.4

0.44

EQUITY – SMALL CAP FUNDS

Franklin India Small Cap Fund

170.0

13850

1.5

0.8

-0.5

17.2

18.0

15.2

0.48

HYBRID – AGGRESSIVE HYBRID FUNDS

HSBC Aggressive Hybrid Fund

56.6

5424

1.9

0.8

5.4

13.6

10.9

11.1

0.32

EQUITY – TAX SAVING (ELSS) FUNDS

HSBC ELSS Tax saver Fund

135.2

3939

2.1

1.3

2.4

16.9

13.9

13.5

0.38

EQUITY – LARGE CAP FUNDS

HSBC Large Cap Fund

454.6

1784

2.1

1.2

-1.6

10.9

10.0

11.7

0.30

EQUITY – SMALL CAP FUNDS

HSBC Small Cap Fund

82.2

16394

1.8

0.7

3.0

16.8

18.6

18.5

0.46

HYBRID – EQUITY SAVINGS FUNDS

ICICI Prudential Equity Savings Fund

22.9

16868

1.6

1.1

2.3

7.3

7.2

7.9

0.86

HYBRID – AGGRESSIVE HYBRID FUNDS

Invesco India Aggressive Hybrid Fund

20.6

762

2.0

0.7

-8.2

11.1

9.6

–

0.32

EQUITY – TAX SAVING (ELSS) FUNDS

Invesco India ELSS Tax Saver Fund

116.3

2542

1.7

0.8

-6.3

12.7

10.0

12.6

0.28

EQUITY – LARGE & MID CAP FUNDS

LIC MF Large & Midcap Fund

37.2

2958

3.5

2.3

-3.4

15.3

12.8

14.3

0.39

EQUITY – LARGE CAP FUNDS

LIC MF Large Cap Fund

51.4

1352

3.6

2.4

-7.7

7.8

7.7

10.0

0.22

EQUITY – FLEXI CAP FUNDS

Motilal Oswal Flexi Cap Fund

57.0

12770

1.9

1.1

-5.5

18.3

11.9

12.3

0.32

HYBRID – AGGRESSIVE HYBRID FUNDS

Navi Aggressive Hybrid Fund

20.9

111

2.1

0.5

4.4

11.3

10.5

–

0.38

EQUITY – FLEXI CAP FUNDS

Navi Flexi Cap Fund

23.6

260

2.1

0.5

6.4

11.7

11.4

–

0.34

HYBRID – AGGRESSIVE HYBRID FUNDS

Nippon India Aggressive Hybrid Fund

103.8

3958

2.1

1.3

0.5

12.3

11.8

9.7

0.45

EQUITY – TAX SAVING (ELSS) FUNDS

Nippon India ELSS Tax Saver Fund

128.7

14742

1.9

1.2

1.6

16.0

14.3

11.3

0.45

EQUITY – TAX SAVING (ELSS) FUNDS

PGIM India ELSS Tax Saver Fund

32.5

700

2.4

0.9

-5.0

8.0

9.8

12.2

0.31

EQUITY – SMALL CAP FUNDS

SBI Small Cap Fund

168.1

37141

1.6

0.9

-0.2

12.7

13.7

17.8

0.41

HYBRID – BALANCED ADVANTAGE FUNDS

Sundaram Balanced Advantage Fund

34.2

1658

2.1

0.7

-1.9

8.3

7.6

7.3

0.31

EQUITY – THEMATIC – CONSUMPTION FUNDS

Sundaram Consumption Fund

87.6

1428

2.1

1.3

-8.4

10.6

11.3

11.6

0.35

EQUITY – LARGE & MID CAP FUNDS

Sundaram Large and Mid Cap Fund

85.1

6575

1.8

0.8

2.6

14.1

13.4

14.2

0.39

EQUITY – SECTOR – PHARMA FUNDS

Tata India Pharma & Healthcare Fund

31.2

1325

1.8

0.7

6.5

22.8

13.6

12.7

0.44

EQUITY – LARGE & MID CAP FUNDS

Tata Large & Mid Cap Fund

484.6

7802

1.5

0.6

-6.2

8.9

10.8

12.4

0.33

EQUITY – VALUE FUNDS

Tata Value Fund

339.8

8592

1.5

0.7

-0.1

15.2

14.6

14.7

0.48

EQUITY – MID CAP FUNDS

Taurus Mid Cap Fund

116.8

123

2.1

1.7

-2.9

12.8

12.2

14.8

0.33

HYBRID – EQUITY SAVINGS FUNDS

Union Equity Savings Fund

16.9

142

1.7

1.3

1.9

6.9

6.1

–

0.30

EQUITY – LARGE CAP FUNDS

Union Largecap Fund

22.6

439

2.1

1.3

-2.7

9.5

–

0.29

EQUITY – SECTOR – BANKING FUNDS

UTI Banking and Financial Services Fund

185.2

1350

4.4

3.4

-1.1

12.1

11.0

10.9

0.31

EQUITY – TAX SAVING (ELSS) FUNDS

UTI ELSS Tax Saver Fund

194.3

3438

2.1

1.2

-4.7

10.2

9.5

11.6

0.27

EQUITY – FLEXI CAP FUNDS

UTI Flexi Cap Fund

295.6

22168

1.6

1.0

-7.1

7.3

5.9

11.2

0.14

EQUITY – THEMATIC – CONSUMPTION FUNDS

UTI India Consumer Fund

54.1

674

2.5

1.7

-3.3

10.3

10.5

10.8

0.29

EQUITY – MID CAP FUNDS

UTI Mid Cap Fund

300.4

11680

2.1

1.3

1.9

15.2

14.1

0.40

EQUITY – TAX SAVING (ELSS) FUNDS

Aditya Birla Sun Life ELSS Tax Saver Fund

59.7

14378

1.5

0.8

1.1

13.3

8.8

10.5

0.26

EQUITY – LARGE & MID CAP FUNDS

Aditya Birla Sun Life Large & Mid Cap Fund

901.8

5648

1.6

0.9

1.6

13.1

9.5

11.7

0.24

EQUITY – SMALL CAP FUNDS

Aditya Birla Sun Life Small Cap Fund

91.3

5253

1.6

0.8

8.8

17.7

13.9

13.3

0.36

HYBRID – AGGRESSIVE HYBRID FUNDS

Axis Aggressive Hybrid Fund

19.9

1451

2.3

1.2

-1.7

9.2

7.9

–

0.26

EQUITY – TAX SAVING (ELSS) FUNDS

Axis ELSS Tax Saver Fund

91.8

31566

1.9

1.2

-3.4

10.5

7.5

11.5

0.18

EQUITY – LARGE CAP FUNDS

Axis Large Cap Fund

56.9

30498

1.6

0.7

-4.6

8.8

7.0

11.4

0.18

HYBRID – CONSERVATIVE HYBRID FUNDS

Bandhan Conservative Hybrid Fund

32.1

1.7

0.8

-0.2

6.0

5.1

6.3

0.23

HYBRID – EQUITY SAVINGS FUNDS

Bandhan Equity Savings Fund

31.8

389

0.9

0.2

2.8

6.7

6.3

0.51

EQUITY – MID CAP FUNDS

DSP Midcap Fund

149.1

19459

1.4

0.6

4.1

18.5

12.7

14.8

0.37

EQUITY – LARGE CAP FUNDS

Groww Largecap Fund

41.7

128

2.7

1.4

-0.7

11.0

10.1

10.8

0.29

EQUITY – MID CAP FUNDS

HSBC Midcap Fund

446.0

13387

3.6

2.5

19.3

27.4

19.5

17.8

0.49

HYBRID – AGGRESSIVE HYBRID FUNDS

LIC MF Aggressive Hybrid Fund

191.9

509

2.4

1.3

-1.8

10.5

8.8

9.2

0.30

EQUITY – SECTOR – BANKING FUNDS

LIC MF Banking & Financial Services Fund

20.4

262

2.4

1.2

-0.6

7.8

9.2

0.26

EQUITY – TAX SAVING (ELSS) FUNDS

LIC MF ELSS Tax Saver

140.5

994

2.2

1.0

-6.8

10.0

10.4

11.6

0.32

EQUITY – FLEXI CAP FUNDS

LIC MF Flexi Cap Fund

97.2

973

3.5

2.4

4.1

11.6

10.3

10.1

0.29

EQUITY – MID CAP FUNDS

LIC MF Midcap Fund

29.4

347

2.4

1.3

2.0

19.0

14.6

–

0.39

EQUITY – SMALL CAP FUNDS

LIC MF Small Cap Fund

31.9

660

2.8

1.5

7.3

18.0

18.1

–

0.45

EQUITY – VALUE FUNDS

LIC MF Value Fund

26.4

208

3.1

1.8

12.0

16.6

13.7

–

0.36

EQUITY – THEMATIC – CONSUMPTION FUNDS

Mahindra Manulife Consumption Fund

20.9

504

2.1

0.6

-5.0

10.0

10.7

–

0.32

HYBRID – BALANCED ADVANTAGE FUNDS

Motilal Oswal Balanced Advantage Fund

18.2

734

2.4

1.1

-3.6

5.5

4.4

–

0.08

EQUITY – LARGE & MID CAP FUNDS

Navi Large & Midcap Fund

35.1

300

2.1

0.5

10.8

11.6

12.7

0.34

HYBRID – CONSERVATIVE HYBRID FUNDS

Nippon India Conservative Hybrid Fund

60.6

951

1.9

1.1

5.7

7.8

7.7

5.6

0.99

HYBRID – EQUITY SAVINGS FUNDS

Nippon India Equity Savings Fund

16.2

853

1.6

0.5

2.1

6.6

6.8

4.6

0.43

HYBRID – AGGRESSIVE HYBRID FUNDS

PGIM India Aggressive Hybrid Equity Fund

125.8

204

2.4

0.8

-1.5

8.3

7.4

8.5

0.22

EQUITY – LARGE CAP FUNDS

PGIM India Large Cap Fund

320.8

544

2.5

0.9

-4.1

7.5

7.3

9.8

0.21

EQUITY – VALUE FUNDS

Quantum Value Fund

117.3

1114

2.1

1.1

-6.2

12.6

10.7

11.1

0.37

EQUITY – FLEXI CAP FUNDS

Shriram Flexi Cap Fund

19.2

128

3.3

1.7

-2.3

8.5

8.2

–

0.20

EQUITY – DIVIDEND YIELD FUNDS

Sundaram Dividend Yield Fund

130.0

856

2.3

1.1

-2.8

12.6

11.8

14.4

0.41

EQUITY – SECTOR – IT FUNDS

Tata Digital India Fund

39.2

9697

1.5

0.5

-17.0

6.4

7.0

14.1

0.18

EQUITY – FLEXI CAP FUNDS

Taurus Flexi Cap Fund

219.1

344

2.1

2.0

-1.8

12.2

10.4

9.7

0.31

EQUITY – SECTOR – PHARMA FUNDS

UTI Healthcare Fund

307.2

1144

2.3

1.4

10.8

26.7

14.1

13.3

0.44

HYBRID – BALANCED ADVANTAGE FUNDS

UTI-Unit Linked Insurance Plan

40.9

4923

1.6

1.0

-2.5

6.8

6.4

7.2

0.26

HYBRID – CONSERVATIVE HYBRID FUNDS

Bank of India Conservative Hybrid Fund

–

34.8

1.9

1.0

2.0

6.6

9.8

7.1

0.83

EQUITY – MULTI CAP FUNDS

Baroda BNP Paribas Multi Cap Fund

–

286.8

3219

1.7

0.8

3.0

16.6

15.5

14.4

0.44

EQUITY – SMALL CAP FUNDS

Canara Robeco Small Cap Fund

–

38.2

13276

1.5

0.5

0.8

14.5

16.5

–

0.47

EQUITY – SMALL CAP FUNDS

Edelweiss Small Cap Fund

–

44.3

5952

2.1

0.8

4.5

17.9

17.5

–

0.50

HYBRID – AGGRESSIVE HYBRID FUNDS

Groww Aggressive Hybrid Fund

–

20.1

3.7

2.8

-2.1

8.9

8.6

–

0.28

EQUITY – TAX SAVING (ELSS) FUNDS

Groww ELSS Tax Saver Fund

–

18.4

2.8

1.3

-5.7

9.9

9.3

–

0.27

EQUITY – VALUE FUNDS

Groww Value Fund

–

26.4

2.8

1.3

-1.1

14.5

12.2

10.5

0.39

EQUITY – LARGE & MID CAP FUNDS

HSBC Large & Mid Cap Fund

–

28.8

4877

3.1

2.0

11.6

19.9

15.9

–

0.39

EQUITY – MULTI CAP FUNDS

ICICI Prudential Multicap Fund

–

839.2

16997

1.7

0.9

6.6

19.7

16.6

15.3

0.56

EQUITY – CONTRA FUNDS

Invesco India Contra Fund

–

128.1

19406

1.4

0.5

-3.1

16.1

13.6

15.2

0.42

HYBRID – EQUITY SAVINGS FUNDS

Invesco India Equity Savings Fund

–

16.3

330

2.1

0.8

-3.7

7.9

6.4

–

0.28

EQUITY – MULTI CAP FUNDS

Invesco India Multicap Fund

–

122.3

3995

1.6

0.6

-5.6

14.3

12.2

13.3

0.35

EQUITY – CONTRA FUNDS

Kotak Contra Fund

–

147.8

5154

1.9

0.6

1.1

17.1

15.2

15.6

0.48

HYBRID – CONSERVATIVE HYBRID FUNDS

LIC MF Conservative Hybrid Fund

–

82.1

2.1

1.2

0.3

5.3

5.1

6.0

0.25

HYBRID – EQUITY SAVINGS FUNDS

LIC MF Equity Savings Fund

–

28.0

2.3

1.3

1.9

8.8

7.1

6.7

0.35

EQUITY – SECTOR – PHARMA FUNDS

LIC MF Healthcare Fund

–

30.7

2.4

1.1

8.6

22.8

10.8

–

0.32

EQUITY – LARGE CAP FUNDS

Mahindra Manulife Large Cap Fund

–

21.4

701

2.0

0.6

-6.3

9.9

9.0

–

0.28

EQUITY – MULTI CAP FUNDS

Mahindra Manulife Multi Cap Fund

–

36.7

6439

1.6

0.4

6.8

19.4

16.4

–

0.47

EQUITY – MULTI CAP FUNDS

Nippon India Multi Cap Fund

–

296.6

52634

1.6

0.9

0.7

18.4

19.9

15.8

0.64

HYBRID – EQUITY SAVINGS FUNDS

PGIM India Equity Savings Fund

–

49.8

1.3

0.6

1.9

5.8

5.9

6.6

0.46

EQUITY – FLEXI CAP FUNDS

Quant Flexi Cap Fund

–

107.6

6594

2.0

0.8

10.9

19.3

17.4

19.7

0.47

EQUITY – MULTI CAP FUNDS

Quant Multi Cap Fund

–

642.0

7466

1.9

0.7

2.7

13.1

12.7

17.2

0.32

EQUITY – CONTRA FUNDS

SBI Contra Fund

–

371.0

47352

1.5

0.7

-1.9

15.1

17.1

15.6

0.64

HYBRID – AGGRESSIVE HYBRID FUNDS

Shriram Aggressive Hybrid Fund

–

31.1

2.4

0.7

0.5

9.8

8.2

9.2

0.26

EQUITY – TAX SAVING (ELSS) FUNDS

Shriram ELSS Tax Saver Fund

–

20.2

3.2

1.6

-2.0

8.2

8.3

–

0.20

HYBRID – CONSERVATIVE HYBRID FUNDS

Sundaram Conservative Hybrid Fund

–

29.0

1.9

1.1

-2.6

5.0

6.2

6.1

0.42

EQUITY – MULTI CAP FUNDS

Sundaram Multi Cap Fund

–

366.8

2807

2.0

0.9

-1.4

14.5

13.7

14.5

0.42

EQUITY – VALUE FUNDS

Sundaram Value Fund

–

207.5

1323

2.2

1.6

-4.2

9.2

10.3

10.9

0.34

HYBRID – BALANCED ADVANTAGE FUNDS

Tata Balanced Advantage Fund

–

20.6

9128

1.5

0.5

1.5

8.9

–

0.44

EQUITY – SECTOR – BANKING FUNDS

Taurus Banking & Financial Services Fund

–

51.6

2.1

1.4

-4.3

8.5

9.7

12.3

0.27

EQUITY – TAX SAVING (ELSS) FUNDS

Taurus ELSS Tax Saver Fund

–

174.3

2.1

1.5

-4.9

11.6

11.3

12.6

0.38

EQUITY – LARGE CAP FUNDS

Taurus Large Cap Fund

–

152.7

2.1

1.9

-1.0

12.1

10.3

9.9

0.31

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Sensex, Midcap, Smallcap, Sectors: What they don’t tell you about mutual fund SIPs

by Hansraj Agrawal | May 23, 2026 | Share Market

First brought in as a concept more than three decades ago, SIP, or systematic investment plan, today has virtually become the comfort food Indian investors binge monthly. In April 2026 alone, more than ₹31,000 crore flowed into mutual funds through SIPs across over 10 crore accounts. For full FY26 (April 2025 to March 2026), SIP contributions (gross) stood at nearly ₹3.5 lakh crore — over eight times the level seen a decade ago. That tsunami of mostly retail investor money has helped Indian markets absorb the massive ₹1.8-lakh crore sale of equities by foreign portfolio investors last fiscal.

None of this makes the SIP faith irrational. Discipline over two decades has indeed produced many rags-to-riches stories. But the journey and the outcome has not been equally rewarding for everyone.

That unevenness is not merely theoretical. Over one-third of the two-year SIPs in mutual fund schemes across market-cap categories are currently showing losses. SIP discipline remains useful, but it is not a 100 per cent autopilot route to wealth. Returns depend not only on staying invested, but also on where one invests, when the SIP begins and how markets behave along the way. Time can heal many market wounds, but it cannot be blindly assumed to rescue every poor outcome.

SIP may have become India’s default investing habit. But, a mere fund SIP does not create returns; it simply distributes entry points for your monthly investments. What SIP return investors finally earn depends on the sequence of prices, the portfolio chosen and whether the exit value is high enough to reward the units accumulated over time.

In this article, we focus on the other side of the SIP story for equity funds. Why? Because a proactive investor in today’s dynamic world can no longer afford to outsource their financial awareness to a system incentivised by assets rather than absolute outcomes. Distributors earn trail commissions to keep your capital parked, while fund managers are strictly bound by mandates to deploy your monthly SIP inflows, even when they may know the broader market is severely overvalued.

This apparent conflict of interest actively champions “lazy investing.” A “fill it, shut it, forget it” approach is a dangerous luxury in a hyper-evolving world where rapid technological shifts, such as AI, are aggressively rewriting business models and market cycles.

Understanding SIPs

By now most investors know that when markets fall, each SIP buys more units; when markets rise, each SIP buys fewer units. For instance, a ₹10,000 SIP buys 100 units at a NAV of ₹100, but 125 units if the NAV falls to ₹80. Over time, investors hope they have accumulated mutual fund units at a relatively lower average cost. But, this is assuming markets swing up and down rather than only rising steadily. This way, SIP smooths out timing risk, letting build their portfolio steadily instead of trying to pick the perfect moment to invest all at once.

In a mutual fund SIP, the investor is not buying the units at the same price every month. She is buying units at different prices (NAVs), as the price of the underlying securities change. The return (XIRR) is, therefore, not merely a function of where the buying starts and ends. It is a function of every purchase price in between. This is why two SIPs with similar point-to-point returns can produce different return (XIRRs).

The message marketed to investors is simple — markets may be volatile, but SIPs will take care of wealth creation if they mute the noise and ignore the ups and downs. Such messages are useful, but they are also incomplete.

But make no mistake, doing a SIP is nothing close to a return promise, even if SIP calculators can make you feel there is a finality in their theoretical projections.

At the end of the day, SIP is just a cash-flow method. A monthly SIP can produce very different results depending on when the market falls, and when it rises. For instance, a strong multi-year rally in the Sensex during a five-year SIP can result in compounding at nearly 19.75 per cent XIRR, as in the 2016-21 cycle.

By contrast, high starting valuations followed by a market correction just as the five-year SIP matured deflated returns to a modest 6 per cent XIRR, as seen in 2021-26 period ended May 20. And if a severe crash hits right at the end, it can temporarily leave a negative -2.6 per cent XIRR for a five-year Sensex SIP, as in 2015-20 period.

In other words, the same disciplined habit — same monthly “debits,” same cash invested can look like a windfall in one cycle, mediocre in another and disappointing in a third. The difference isn’t the investor; it’s the path the market took.

The problem is not SIP. In fact, the problem is the mythology built around it. Yes, SIPs reduce timing regret. But, they do not remove market risk, valuation risk, category risk or the danger of chasing yesterday’s fund/index winners. They can make bad timing less painful, but they cannot make every entry point wise.

Market decides SIP path

To show how market-swings shape SIP outcomes, we modelled a ₹10,000 monthly investment in the Sensex over five years. We illustrate four hypothetical contrasting market paths: A sharp early dip followed by a recovery, a steady growth trajectory, a flat market with late gains and a strong early rally (see TABLE 1).

As you would notice, each path results in drastically-different final portfolio values and annualised returns (XIRR), ranging from 2.8 per cent to 10.9 per cent. This is despite identical cash flows and the exact same starting and ending index levels.

These examples underscore a critical reality. While SIPs smooth out entry timing, they cannot neutralise sequence-of-returns risk. The path the market takes largely decides whether disciplined investing feels like a windfall, a steady gain or a disappointment.

The projections assume a cumulative index growth of 50 per cent over five years (target ending Sensex: 112,977), an approximate PE ratio of 18 at end of the fifth year vs current starting PE of about 20, and annualised earnings growth of 10-12 per cent. To map these market levels to a realistic mutual fund structure, the index was scaled down to represent a base Unit NAV (for example, 75,318 translates to a starting NAV of ₹75.32).

Using AI modelling, we selected four illustrative market paths from countless possibilities, each reaching the same endpoint.

Crisis: An early, severe drop resulting in a 27.0 per cent maximum drawdown, followed by extended stagnation and a late recovery.

Steady upside: A smooth, linear rise interrupted only by minor 4.5 per cent corrections.

Flattish: Minimal overall growth for years, featuring an 8.0 per cent mid-cycle slump, before a sudden jump at the very end of the tenure.

Strong rally: Rapid, front-loaded growth causing an immediate NAV spike, followed by a prolonged plateau and a mild 2.5 per cent correction.

Distribution of SIP returns

The aforementioned theoretical scenarios prove that the market’s path dictates your return. But what paths have Indian equities historically taken? To move from theory to empirical evidence, we ran rolling historical SIP returns across different market caps and themes over the last 20 years ended May 20, 2026.

We tested five-year, seven-year and 10-year SIP horizons (see TABLE 2).

The results show a massive dispersion in outcomes. The real question is not whether SIPs made money once, but where most outcomes clustered and how bad the downside became.

The width of the SIP probability curve tells the real story.

* Time heals broad markets, but kills the windfall: The data validates the core tenet of long-term investing, provided you stick to broad indices. Notice how extending a Sensex SIP from five to 10 years acts as a powerful volatility shock absorber. The ‘less than 8 per cent XIRR’ possibility shrinks dramatically from 22 per cent down to just 6 per cent. However, time also actively crushes upside variance. Over a rolling 10-year period, the historical probability of earning a massive Sensex windfall (>15 per cent) collapsed to zero

* The fat tails of small-caps: Stepping outside the large-cap safety net exposes investors to a much-wider dispersion of destinies. A five-year small-cap SIP is the ultimate coin toss. Historically, there was a 55 per cent chance of a phenomenal windfall, paired directly with a 32 per cent chance of landing in the ‘less than 8 per cent’ zone. More importantly, time does not heal small-caps as perfectly as large caps. historical small-cap SIPs still faced a 11 per cent risk of sub-8 per cent returns, with the absolute worst-case scenario remaining in break-even territory (0 per cent).

* The thematic trap: Perhaps the most crucial takeaway lies in the thematic divergence. The standard industry advice is to “give it more time” when an equity SIP is underperforming. For highly-cyclical themes, this advice can be fatal. Look at the BSE PSU matrix. Over a fiveyear horizon, 64 per cent of SIPs landed in the sub-8 per cent XIRR zone. When investors extended their horizon to 10 years, hoping time would bail them out, the sub-8 per cent return actually expanded to 71 per cent. After 120 months of averaging down, the absolute worstcase scenario remained negative (-11 per centXIRR).

Our probability matrix shows that while a decade of patience might save a Sensex investor, it can actively destroy capital in cyclical or thematic funds. This exposes the ultimate flaw of “lazy investing.” If your SIP has compounded brilliantly over five-seven years, especially in a mid-cap, small-cap or sector/thematic fund, leaving that ballooned corpus entirely at the mercy of the market is mathematically reckless. Sectors revert to the mean violently, and as historical data show, massive windfalls can evaporate if you overstay the cycle. Negative SIP return instances, though infrequent, do happen even in case of broad-market stock baskets (see Table 5).

Returns you cannot SIP

The danger of sector/thematic investing isn’t just about picking the wrong sector. It is actually about picking the right basket at the exact wrong time. An explosive half-decade growth creates the illusion of a permanent structural shift. But a new SIP doesn’t buy the last five years, it buys the next five. And the next five are usually governed by a brutal law of financial physics called ‘mean reversion’.

While the mutual fund industry may not have had a dedicated thematic fund for every single micro-sector back in 2008 or 2011, the underlying index data reveal exactly how these market cycles behaved. Our analysis maps the absolute peak of five-year trailing returns for each sector between 2011 and 2021, and tracks what happened to fresh SIP money over the subsequent 60-month window.

Look at the BSE Auto index. At its peak euphoria in December 2013, investors stared at a staggering 39 per cent five-year CAGR. But an investor starting a five-year SIP on that exact date suffered through a cyclical winter, generating a pathetic 1-2 per cent XIRR on their fresh money. This was because much of the money was invested at elevated levels in 2017–18, just before the index fell sharply near the end date.

The cyclical value traps are even more destructive. Investors who saw a respectable 11.7 per cent trailing 5-year CAGR return in PSUs in June 2011 and blindly started a SIP ended up actively destroying their wealth, yielding a -2 per cent return over the next 60 months. The Power and Oil & Gas sectors mirrored this exact trends.

Yes, there are exceptions too such as Capital Goods and Industrials. They prove that if a new earnings cycle perfectly aligns with momentum, returns can persist. Whereas in themes like IT, FMCG, and Financial Services, a peaking trailing return reliably signalled that the easy money had already been made.

SIPs are often treated as a behavioural cure-all. They are not. SIP fixes the habit problem. It does not fix the entry-price problem. It ensures regular investing. It does not ensure that the chosen category is still attractively placed.

First takeaway is that a SIP in a diversified equity fund is not the same as a SIP in a narrow sector/thematic fund. A SIP started after a broad market correction is not the same as a SIP started after a euphoric category rally. The debit may be identical every month; the risk being bought is not.

This brings to our second takeaway. We do not say that investors should avoid strong-performing categories. That would be too simplistic. The real lesson is that trailing returns should trigger questions, not commitment. What drove the return? Was it earnings growth, valuation expansion (see TABLE 4), policy excitement, liquidity or a temporary cycle? Has the index or category already doubled from its lows? Is the SIP being used to build long-term allocation, or to chase a hot table?

A top-5/10 SIP performers table is useful evidence of what has worked. It is poor evidence of what will work next.

Knowing when to book profit, shift gains

Warren Buffett has emphasised his investment decisions which appear sudden are usually the result of a framework built over years: Clarity on why one is buying, what would change the thesis and when one should act. SIP investors need a similar discipline. A SIP can remain the route to accumulation, but it should not become an excuse for investing without a destination or review plan. Before starting, define the goal, time horizon, asset allocation and conditions for rebalancing or shifting accumulated gains through an STP. In euphoric or panic-driven markets, such a framework prevents both blind continuation and impulsive exit.

When we map out over two decades of rolling SIP returns across broad, sectoral and thematic indices, a system emerges (see TABLE 3).

Exceptional returns are rarely a sign of permanent structural growth; they are almost always a signal of peak cyclical euphoria. Crucially, the data prove that when extreme returns flash, the culprits are usually sectoral indices, not the broad market.

While broad indices have strict historical speed limits, sectors can experience dizzying, unsustainable peaks. For example, the highest-ever five-year SIP return for BSE Industrials hit 54.6 per cent, and BSE Realty reached 48.8 per cent.

Broad market SIPs require a completely different set of rules. Because highly-diversified funds represent the broader economy, their historical ceilings are much lower. The data confirm that broad markets (Sensex, BSE 500) almost never breached a 25 per cent XIRR over a five-year period.

Because of these hard historical ceilings, the “euphoria zone” for a large-cap or flexi-cap SIP sits squarely between 18 per cent and 20 per cent. Over the last two decades, whenever a five-year SIP in the Sensex or BSE 500 breached the 18 per cent mark, it reliably signalled a market top. If your core equity portfolio hits this number, it is your mathematical signal to stop hoping for more and execute a standard asset-allocation rebalance, sweeping excess equity profits into safer places.

Mid- and small-cap funds carry a much harsher penalty because they behave almost exactly like the highly-volatile thematic sectors. Their historical peaks soar far above the broad market: The absolute highest five-year SIP return for the BSE Smallcap reached a staggering 39 per cent, while the BSE Midcap hit 33 per cent.

Because they are capable of such extreme highs, the cyclical winters that follow are unforgiving. Our historical backtesting shows that when a five-year SIP in a mid- or small-cap index simply crossed the 20 per cent threshold, the median forward three-year return from that exact moment was quite low. So when they deliver outsized 20 per cent+ returns over half a decade, even if they haven’t hit their absolute historical maximums, it is a mandate to harvest those gains and rotate into calmer waters.

Published on May 23, 2026

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