Bank-based mutual funds gave an average return of 5.43% in 2024 so far. There were 18 schemes in the category in the period, according to the data by ACE MF.
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2/7
Two schemes offer double-digit returns
Two schemes have offered double-digit return in 2024 so far. Quant BFSI Fund and SBI Banking & Financial Services Fund gave 19.10% and 10.29% returns, respectively.
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3/7
Oldest scheme offer 4.03%
Nippon India Banking & Financial Services Fund, the oldest scheme in the category, offered 4.03% return in 2024 so far. The scheme was launched in May 2003 and had an AUM of Rs 5,541.71 crore as of April 2024.
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4/7
ICICI Pru Banking & Fin Serv Fund
ICICI Pru Banking & Fin Serv Fund, the largest scheme in the category based on the assets managed, gave 3.85% returns in 2024 so far. The scheme had an AUM of Rs 7,423.84 crore as of April 2024.
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Only one scheme in the category gave a negative return. LIC MF Banking & Financial Services Fund lost 1.06% in 2024 so far.
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These schemes are benchmarked against Nifty Financial Services — TRI and S&P BSE BANKEX — TRI. These benchmarks gave 2.94% and 3.71%, respectively, in 2024 so far.
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One should refrain from making investment or redemption decisions based on the above exercise. One should always consider risk appetite, investment horizon, and goals before making investment decisions.
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