Equity mutual funds deliver up to 240% return in Modi government’s second term

Equity mutual fund categories have delivered up to 240% absolute return in the last five years of the Modi government’s second term, an analysis of category performance by ETMutualFunds showed. There were around 14 equity and equity-oriented categories in the market in the said period.

Small cap funds stood first in the performance chart and gave an absolute return of 243.94% in the last five years of Modi’s second term as PM. Around 19 small cap schemes were in the market in the said period. Quant Small Cap Fund gave the highest absolute return of 463.36% in the last five years.

Nippon India Small Cap Fund, the largest small cap fund based on the assets managed, gave an absolute return of 304.07% in the same period. Aditya Birla Sun Life Small Cap Fund gave the lowest absolute return of 135.63% in the last five years.

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Mid cap funds gave an absolute return of 200.92% in the last five years of the Modi government’s second term. There were around 22 mid cap schemes in the said period. Quant Mid Cap Fund gave the highest absolute return of around 345.79% in the last five years. Motilal Oswal Midcap Fund delivered an absolute return of around 244.11% in the same period.

HDFC Mid-Cap Opportunities Fund, the largest mid cap fund based on assets managed, offered an absolute return of 218.08% in the last five years. DSP Midcap Fund offered the lowest absolute return of 148.54% in a similar time frame.

Contra-investing-based funds gave an absolute return of 183.82% in the Modi government’s second term. There were around three contra funds in the said period. SBI Contra Fund, the largest and the oldest contra fund gave an absolute return of 234.70% in the last five years of the Modi-led government. Launched in July 1999, the scheme manages assets of Rs 29,585.64 crore as on April 2024.

Kotak India EQ Contra Fund and Invesco India Contra Fund gave an absolute return of 163.92% and 152.83% respectively in the said period.

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ELSS or tax-saving funds delivered an absolute return of 135.51% in Modi’s second term as PM. Around 34 ELSS funds have completed five years in the market. Quant ELSS Tax Saver Fund gave an absolute return of 319.80% in the last five years. Aditya Birla Sun Life ELSS Tax Saver Fund offered the lowest absolute return of 76.24% in the last five years of the Modi-led government.

SBI Long Term Equity Fund, the oldest ELSS fund, gave an absolute return of 181.93% in the last five years. Axis ELSS Tax Saver Fund, the largest ELSS fund based on assets managed, gave an absolute return of 94.67% in the last five years of the Modi government.

The large cap funds offered an absolute return of 111.27% in the last five years. Around 5 large cap funds completed five years of existence in the market. ICICI Prudential Bluechip Fund, the largest large cap fund based on assets under management, gave the highest absolute return of 136.52% in Modi’s term as PM. PGIM India Large Cap Fund offered the lowest absolute return of 86.34% in the last five years period.

Franklin India Bluechip Fund, the oldest large cap fund, gave an absolute return of 97.04% in the second term of the Modi government.

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Aggressive hybrid funds offered an absolute return of 107.46% in the last five years. There were around 27 aggressive hybrid funds in the said period. Quant Absolute Fund offered the highest absolute return of 209.28% in the last five years of the Modi-led government. PGIM India Hybrid Equity Fund gave the lowest return of 70.02% in the last five years.

SBI Equity Hybrid Fund, the largest aggressive fund based on assets managed, gave an absolute return of 93.60% in Modi’s second term as PM. LIC MF Aggressive Hybrid Fund, the oldest aggressive hybrid fund, offered an absolute return of 77.23% in the last five years.

We considered all equity and equity-oriented categories that were there in the last five years. We did not consider sectoral and thematic funds. We considered regular and growth options. We calculated the absolute return from May 23, 2019 to May 27, 2024.

We considered the last five years of Modi-led government because Sebi recategorized mutual funds in 2018.

Note, that the above exercise is not a recommendation. The above exercise was done to find how equity categories performed during the last five years of the Modi government.

One should not make investment or redemption decisions based on the above exercise. One should always consider risk appetite, investment horizon, and goal before making an investment decision. Past performance does not guarantee future returns.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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