Best Performing Equity Mutual Funds of FY23

No image 5paisa Research Team

Last Updated: 9th January 2024 - 04:48 pm

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The month of March has been eventful for the stock markets. The overall movement in the indices may not have been substantial but the underlying sectoral moves were quite sharp. For a change, the FPIs also turned net buyers in March 2023, but that was largely accounted for by the $1.9 billion investment by GQG Investments in Adani group stocks. For the month of March 2023 and for full year FY23, the only serious fall was in the small cap index with the large cap Nifty and the Mid cap Nifty moving in a very narrow range.

The banking crisis in March came as a blessing in disguise for Indian macros, despite a downgrading of financial stocks. The banking crisis raised hopes of the central banks going slow on rate hikes and that led to the benchmark bond yields in India tapering from 7.5% to 7.32% by close of March 2023. It remains to be seen, if the US central and others really change their stance due to the banking crisis, but they cannot really be indifferent if the banking crisis really exacerbates beyond a point.

Let us now look at the performance of 8 different classes of equity mutual funds as of March 31st 2023. We have looked at 1-year, 3-year and 5-year returns but the funds in various categories have been ranked on 5 year returns as a slightly longer term perspective gives a better picture for any equity fund. We have included all active equity funds plus index funds and also aggressive hybrid funds as they are predominantly invested in equities.

Large-Cap Equity Funds

Here are the top performing Large Cap Equity Funds (G) - Direct Plans on 5-year returns (as on 31st Mar-23). They are compared to category average and the benchmark index.

Name of Fund

1-Year Return

3-Year Return

5-Year Return

Canara Robeco Blue-Chip (G)

0.671%

24.856%

14.287%

Edelweiss Large Cap Fund (G)

3.762%

27.103%

12.773%

Baroda BNP Large Cap (G)

2.419%

23.698%

12.659%

Category Average

-0.272%

24.191%

10.565%

BSE 100 (TR) Index

-0.057%

27.424%

11.958%

Multi-Cap Equity Funds

Here are the top performing Multi-Cap Equity Funds (G) - Direct Plans on 5-year returns (as on 31st Mar-23). They are compared to category average and the benchmark index.

Name of Fund

1-Year Return

3-Year Return

5-Year Return

Quant Active Fund (G)

-2.342%

47.076%

19.694%

Mahindra Manulife Multi (G)

-1.088%

33.524%

15.663%

Nippon India Multi Cap (G)

8.336%

36.248%

13.156%

Category Average

1.216%

31.580%

12.857%

BSE 500 (TR) Index

-1.473%

28.681%

11.454%

Flexi-Cap Equity Funds

Here are the top performing Flexi-Cap Equity Funds (G) - Direct Plans on 5-year returns (as on 31st Mar-23). They are compared to category average and the benchmark index.

Name of Fund

1-Year Return

3-Year Return

5-Year Return

Quant Flexi Cap Fund (G)

1.721%

48.387%

18.089%

PPFAS Flexi Cap Fund (G)

0.207%

33.817%

17.965%

PGIM Flexi Cap Fund (G)

-3.171%

35.239%

15.777%

Category Average

-1.667%

26.142%

11.105%

BSE 500 (TR) Index

-1.473%

28.681%

11.454%

Mid-Cap Equity Funds

Here are the top performing Mid-Cap Equity Funds (G) - Direct Plans on 5-year returns (as on 31st Mar-23). They are compared to category average and the benchmark index.

Name of Fund

1-Year Return

3-Year Return

5-Year Return

Quant Mid-Cap Fund (G)

3.387%

46.844%

19.633%

PGIM India Mid-Cap Fund (G)

-0.086%

44.684%

18.574%

MOSL Mid-Cap 30 (G)

12.035%

37.837%

15.754%

Category Average

1.361%

33.097%

12.025%

BSE Midcap (TR) Index

1.161%

32.725%

9.574%

Small-Cap Equity Funds

Here are the top performing Mid-Cap Equity Funds (G) - Direct Plans on 5-year returns (as on 31st Mar-23). They are compared to category average and the benchmark index.

Name of Fund

1-Year Return

3-Year Return

5-Year Return

Quant Small Cap Fund (G)

6.475%

68.590%

22.912%

Axis Small Cap Fund (G)

1.361%

37.867%

18.921%

Nippon Small Cap Fund (G)

8.271%

50.533%

16.740%

Category Average

2.222%

42.461%

13.247%

BSE Midcap (TR) Index

-3.593%

42.064%

10.388%

ELSS Funds (Tax Saving)

Here are the top performing ELSS Funds (G) - Direct Plans on 5-year returns (as on 31st Mar-23). They are compared to category average and the benchmark index.

Name of Fund

1-Year Return

3-Year Return

5-Year Return

Quant Tax Plan (G)

0.529%

51.331%

22.518%

Mirae Asset Tax Saver (G)

-0.069%

31.994%

15.707%

Canara Robeco Tax Saver (G)

0.812%

29.186%

15.627%

Category Average

0.217%

27.198%

10.593%

BSE 200 (TR) Index

-0.609%

28.553%

12.176%

Equity Index Funds

Here are the top performing Index Equity Funds (G) - Direct Plans on 5-year returns (as on 31st Mar-23). They are compared to category average and the benchmark index.

Name of Fund

1-Year Return

3-Year Return

5-Year Return

Nippon India Sensex Fund (G)

1.823%

26.900%

13.299%

HDFC India Sensex Fund (G)

1.778%

27.082%

13.267%

Tata S&P Sensex Fund (G)

1.707%

26.403%

13.215%

Category Average

-1.547%

26.777%

11.384%

Benchmark Index

N.A.

N.A.

N.A.

Balanced Funds (Aggressive Allocation)

Here are the top performing Balanced Aggressive Funds (G) - Direct Plans on 5-year returns (as on 31st Mar-23). They are compared to category average and the benchmark index.

Name of Fund

1-Year Return

3-Year Return

5-Year Return

Quant Absolute Fund (G)

3.800%

38.962%

19.388%

ICICI Pru Equity & Debt (G)

5.092%

31.552%

14.314%

Baroda BNP Paribas AEH (G)

2.628%

21.380%

13.517%

Category Average

1.491%

22.780%

10.256%

CRISIL MIF Blended Index PR

3.008%

8.983%

8.045%

What we read from the performance of various categories of equity funds as on March 2023.

  1. The volatility in equity indices led to 1-year returns on equity funds tapering in March 2023. However, longer period returns are still intact. The surge in 3-year returns is due to the March 2020 COVID base effect.
     

  2. Across equity fund categories, the top-3 funds have comfortably beaten the benchmark index returns on TRI basis. This is a signal of sustained alpha generation by the category leaders across various equity funds.
     

  3. But, the big takeaway is that rankings across equity categories have been largely consistent with previous months. That is what makes historical returns on a rolling basis, predictive and indicative of future returns on these funds. Good news for investors!

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Disclaimer: Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.India consu

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