Equity Mutual Funds in India
Updated June 2026 · 758 active funds · data from AMFI NAVs
Equity mutual funds invest primarily in company shares, aiming to grow capital over the long run by owning a slice of listed Indian businesses. SEBI's 2017 categorization circular splits this space into clearly defined sub-types: market-cap funds (Large, Mid, Small, Large & Mid, Multi and Flexi Cap), strategy funds (Value, Focused, Dividend Yield, ELSS tax-savers), and Sectoral/Thematic funds that bet on a single sector or idea. Risk and return rise as you move down the cap curve and narrow the mandate: large caps are the steadiest, small caps and thematic funds the most volatile. Most equity funds hold at least 65% in Indian equity, so they are taxed as equity-oriented schemes. They suit investors with a multi-year horizon (typically five years or more) who can sit through sharp drawdowns. FindMF covers 46-plus large-cap funds, 39-plus small-cap funds and hundreds of thematic schemes, with returns, volatility, Sharpe, drawdown and alpha computed from AMFI daily NAVs using a disclosed methodology - no commissions, no 'best fund' picks.
Who it suits: Investors with a five-year-plus horizon who can tolerate market swings in exchange for long-term capital growth.
71% of the 513 funds here with a computed alpha beat their benchmark over the measured window (positive alpha). Past performance is not indicative; this is analysis, not advice.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | Nippon India Taiwan Equity Fund Nippon India | +189.19% | +62.31% | - | 0.88 | -44.8% | 0.87% | ₹490 Cr |
| 2 | HDFC Defence Fund HDFC | +7.66% | +40.66% | - | 1.07 | -34.5% | 0.89% | ₹7.7K Cr |
| 3 | SBI PSU Fund SBI | +5.42% | +29.53% | +23.36% | 0.92 | -24.1% | 0.91% | ₹6.1K Cr |
| 4 | BANDHAN SMALL CAP FUND Bandhan | +0.24% | +28.17% | +20.72% | 0.88 | -24.3% | 0.67% | ₹19.9K Cr |
| 5 | ICICI Prudential Pharma Healthcare and Diagnostics (P.H.D) Fund ICICI Prudential | +5.18% | +27.51% | +15.99% | 0.69 | -18.1% | 1.32% | ₹6.6K Cr |
| 6 | UTI Healthcare Fund UTI | +10.39% | +27.45% | +14.93% | 0.59 | -21.1% | 1.29% | ₹1.1K Cr |
| 7 | LIC MF Infrastructure Fund LIC | +4.15% | +27.38% | +23.92% | 0.99 | -26.7% | 0.82% | ₹969 Cr |
| 8 | Aditya Birla Sun Life PSU Equity Fund Aditya Birla Sun Life | +5.65% | +26.76% | +23.53% | 0.93 | -26.8% | 0.59% | ₹5.7K Cr |
| 9 | Mirae Asset Healthcare Fund Mirae Asset | +12.52% | +26.49% | +15.53% | 0.63 | -18.5% | 0.52% | ₹2.8K Cr |
| 10 | HSBC Midcap Fund HSBC | +13.12% | +26.41% | - | 0.92 | -26.0% | 1.23% | ₹12.1K Cr |
| 11 | SBI HEALTHCARE OPPORTUNITIES FUND SBI | +11.17% | +26.31% | +16.49% | 0.72 | -18.2% | 1.04% | ₹4.0K Cr |
| 12 | DSP India T.I.G.E.R. Fund DSP | +11.28% | +25.35% | +23.63% | 1.04 | -25.8% | 1.28% | ₹5.3K Cr |
| 13 | ICICI Prudential PSU Equity Fund ICICI Prudential | +2.70% | +25.16% | - | 0.96 | -23.0% | 1.08% | ₹1.9K Cr |
| 14 | Invesco India PSU Equity Fund Invesco | -1.85% | +25.11% | +22.26% | 0.85 | -29.8% | 0.93% | ₹1.5K Cr |
| 15 | Aditya Birla Sun Life Pharma and Healthcare Fund Aditya Birla Sun Life | +11.40% | +25.08% | +13.83% | 0.54 | -20.5% | 1.02% | ₹843 Cr |
| 16 | ITI Small Cap Fund ITI | +4.35% | +24.95% | +16.79% | 0.70 | -29.2% | 0.75% | ₹2.7K Cr |
| 17 | Quant Value Fund quant | +11.51% | +24.62% | - | 0.71 | -24.0% | 0.71% | ₹1.6K Cr |
| 18 | BANK OF INDIA Manufacturing & Infrastructure Fund Bank of India | +11.23% | +24.58% | +21.54% | 0.98 | -24.2% | 0.77% | ₹669 Cr |
| 19 | Invesco India Midcap Fund Invesco | +2.73% | +24.48% | +20.41% | 0.87 | -20.1% | 0.58% | ₹10.4K Cr |
| 20 | WhiteOak Capital Mid Cap Fund WhiteOak Capital | +6.96% | +24.45% | - | 0.98 | -19.3% | 0.86% | ₹4.5K Cr |
Ranked by trailing return (3Y where available, else 1Y) on funds with at least one year of history. Returns, Sharpe, drawdown and TER are computed independently from AMFI NAVs - see methodology. No paid placement.
Frequently asked questions
How are equity mutual funds taxed in India?
Equity-oriented funds (those holding at least 65% in Indian equity, including ELSS, Arbitrage and most Aggressive Hybrid funds) are taxed at 20% on short-term capital gains for units held under 12 months. For units held 12 months or more, long-term gains are taxed at 12.5% on the portion above Rs 1.25 lakh per financial year. Always confirm a specific fund's equity allocation, since taxation follows the actual portfolio, not the label.
How much risk do equity funds carry?
Equity funds can fall 30-60% in a severe market correction, and individual sub-categories like small-cap and sectoral funds swing harder than large-cap funds. There is no capital protection. FindMF shows each fund's annualized volatility, maximum drawdown, Sharpe and Sortino ratios - all computed from AMFI NAVs - so you can compare how bumpy the ride has historically been before deciding.
How does FindMF calculate equity fund returns and metrics?
FindMF pulls daily NAVs published by AMFI and computes trailing returns (1M to 5Y and since-inception), CAGR, volatility, Sharpe, Sortino, max drawdown, and benchmark-relative alpha and beta using a transparent, fully disclosed methodology. We are independent and free, take no affiliate or distributor commission, and never label any scheme or AMC as 'best' - the data is there for you to draw your own conclusions.