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Business News/ Mutual Funds / Best mutual funds: These top performing equity funds gave over 40 per cent return in fiscal 2024
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Best mutual funds: These top performing equity funds gave over 40 per cent return in fiscal 2024

These are the best equity mutual funds across market capitalisation i.e., large, mid and small caps in the financial year 2024 which is set to end on March 31

The top-performing mutual funds delivered high returns in the range of 40-50 percent per annumPremium
The top-performing mutual funds delivered high returns in the range of 40-50 percent per annum

As the financial year (FY) comes to a close, mutual fund investors are assessing the returns on the investments they made . Those investors who invested heavily in small and mid-cap funds have earned high returns, and even the blue-chip stocks rose significantly, with Nifty50 jumping 30 percent in fiscal 2024.

Here, we sift through the data and shortlist the mutual funds which have performed exceedingly well.

Small cap funds

At the outset, we find out the stellar performance of small cap mutual funds. Small cap mutual funds represent the mutual funds which invest a minimum of 65 percent of their assets in small cap stocks which essentially are securities of companies ranked below 250 companies as per the market capitalisation.

Small cap funds                                 1-year-returns (%)
Bandhan Small Cap Fund                          69.54
Quant Small Cap Fund                                 66.51
Mahindra Manulife Small Cap Fund             65.84
ITI Small Cap Fund                                        62.71
Invesco India Smallcap Fund                      53.24
Franklin India Smaller Companies Fund       52.90

(Source: AMFI; returns as on Mar 28, 2024)

As we can see in the table above, Bandhan Small Cap Fund gave 69 percent return in the past one year and three other schemes delivered over 60 percent. These are Quant Small Cap, Mahindra Manulife Small Cap and ITI Small Cap.

ALSO READ: Retail investors’ inflow to mutual funds spiked 40% in the past one year, AMFI data shows

Mid cap funds

These funds refer to the schemes which, as per the Sebi instructions, are mandated to invest a minimum of 65 percent in mid-cap stocks. And the mid cap stocks are securities of companies that are ranked between 101 to 249 of companies ranked in order of market capitalisation.

Mid cap funds                                              1-year-returns (%)
Quant Mid Cap Fund                      65.56
ITI Mid Cap Fund                                        62.70
Motilal Oswal Midcap Fund                         60.37
Mahindra Manulife Mid Cap Fund              59.61
HDFC Mid-Cap Opportunities Fund             57.23
JM Midcap Fund                                       56.98

(Source: AMFI; returns as on Mar 28, 2024)

As one can see in the table above, top performing mid cap funds gave as high as 65 percent return in the past one year. There are three schemes which gave more than 60 percent return. These are Quant mid cap, ITI Mid cap and Motilal Oswal Midcap Fund.

Large cap funds

These funds are mandated to invest a minimum of 80 percent of their assets in the large cap stocks. Large cap stocks are securities of companies ranked in the top 100 in the order of market capitalisation.

Large cap funds                            1-year-returns (%)
Quant Large Cap Fund                          52.38
Bank of India Bluechip Fund                         47.74
JM Large Cap Fund                            45.42
Nippon India Large Cap Fund                     44.82
Taurus Large Cap Fund44.04

(Source: AMFI; returns as on Mar 28, 2024)

As the table above shows, the top-performing large cap funds gave more than 40 percent return while there is one scheme (Quant Large Cap) which delivered over 50 percent return in the past one year.

It is vital to note that the past returns do not guarantee future returns. In other words, just because some mutual fund has performed quite well in fiscal 2024, it does not suggest that it will continue to perform at the same pace in the subsequent years as well.

Note: This story is for informational purposes only. Please speak to a SEBI-registered investment advisor before making any investment related decision.

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Published: 29 Mar 2024, 03:48 PM IST
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