Seven Equity-Oriented Mutual Funds Deliver Over 30% CAGR Since Last Diwali

Key Takeaways:

• Seven of the 576 schemes included in the study generated more than 30% CAGR over the period examined. 
• Only 139 funds delivered positive returns, while 436 recorded negative returns. 
• Nippon India Taiwan Equity Fund topped the dataset with a return of about 87.36%. 

A wide dispersion in mutual fund performance emerged over the period between Diwali 2025 and October 24, 2026, with only seven equity and equity-oriented schemes generating more than 30% CAGR. 

The analysis covered 576 funds, including sectoral, thematic and equity-oriented hybrid schemes under regular growth options. 

Of these, 139 generated positive returns, one was flat and 436 recorded negative returns between October 20, 2025 and October 24, 2026. 

International and thematic strategies occupied several of the top positions. 

Nippon India Taiwan Equity Fund led the dataset with a return of approximately 87.36%, followed by ICICI Prudential Strategic Metal and Energy Equity Fund of Fund at 54.87%. 

HSBC Brazil Fund generated 45.75%, while Mirae Asset NYSE FANG+ ETF Fund of Fund and Mirae Asset S&P 500 Top 50 ETF Fund of Fund returned 45.15% and 41.58%, respectively. 

Edelweiss Emerging Markets Opportunities Equity Offshore Fund delivered 31.05%, while Mirae Asset Global X Artificial Intelligence & Technology ETF Fund of Fund returned 30.67%. 

The distribution looked markedly different further down the list. 

HDFC Defence Fund returned 10.42%, while several diversified domestic equity schemes generated negative returns over the period. 

SBI Contra Fund recorded a decline of 9.82%, HDFC Flexi Cap Fund fell 7.08%, and Parag Parikh Flexi Cap Fund was down 6.69% based on the study's methodology. 

At the bottom of the dataset, ICICI Prudential FMCG Fund declined about 24.72%, while Mirae Asset Hang Seng TECH ETF Fund of Fund fell 24.19%. 

The results capture a specific historical period and include funds with very different mandates, geographies and underlying exposures. They therefore do not provide a like-for-like ranking across a single category in mutual fund. 

The data nevertheless illustrates the unusually wide performance gap that developed across equity-oriented schemes during the period, with international, commodity-linked and select thematic strategies behaving very differently from many domestic diversified funds. 

Past performance does not indicate future returns.