September 2022 was a return to reality for the markets. After 2 months of positive returns on the Nifty, it fell by -2.56% in September. The pressures of Fed hawkishness combined with FPI selling was just too hot for the markets to handle. The selling was across the board as even the Mid-Cap index fell by -2.69% and the Small Cap Index by -1.99% in the month of September 2022. The big disappointment for September was the FPIs turning into net sellers amidst rising risk-off sentiments. Rupee weakness did not help matters.
Most mutual funds took a hit in September on short term returns, although long term returns were not really impacted. The impact was a lot more pronounced in the high beta funds. Despite the hawkishness and aggressive RBI rate hikes, the 10 year bond yields did not surge more than 10-15 bps during the month. Hence the impact on the debt fund returns in the Month of September was fairly limited. As a volatile month of September 2022 comes to an end, here is a look at the top mutual fund performers across categories.
1. Equity Large-Cap Funds
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Sep-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Canara Robeco Blue-Chip (G) | -4.152% | 17.358% | 14.674% |
| Axis Blue-Chip Fund (G) | -8.466% | 12.185% | 13.793% |
| UTI Mastershare Unit (G) | -3.810% | 16.290% | 12.897% |
| Category Average | -2.839% | 14.024% | 10.870% |
| BSE 100 (TR) Index | -0.298% | 16.422% | 13.015% |
| Data Source: Morningstar |
2. Equity Multi-Cap Funds
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Sep-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Active Fund (G) | 7.686% | 35.924% | 22.979% |
| Mahindra Manulife Multi (G) | 0.794% | 24.340% | 16.331% |
| Nippon India Multi Cap (G) | 11.090% | 20.297% | 14.108% |
| Category Average | 1.296% | 21.024% | 14.679% |
| BSE 500 (TR) Index | 0.137% | 18.359% | 13.078% |
| Data Source: Morningstar |
3. Equity Mid-Cap Funds
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Sep-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Mid-Cap Fund (G) | 15.826% | 35.820% | 20.179% |
| PGIM India Mid-Cap Fund (G) | 7.243% | 39.924% | 21.140% |
| Axis Mid-Cap Fund (G) | -0.458% | 22.704% | 18.559% |
| Category Average | 3.629% | 24.451% | 13.851% |
| BSE Midcap (TR) Index | -0.337% | 22.178% | 11.184% |
| Data Source: Morningstar |
4. Equity Small-Cap Funds
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Sep-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Small Cap Fund (G) | 4.135% | 50.108% | 21.922% |
| Axis Small Cap Fund (G) | 9.929% | 29.816% | 21.501% |
| SBI Small Cap Fund (G) | 14.352% | 30.462% | 19.230% |
| Category Average | 4.618% | 30.152% | 14.579% |
| BSE Midcap (TR) Index | 2.193% | 30.453% | 13.055% |
| Data Source: Morningstar |
5. Equity Linked Savings Schemes (Tax Saving)
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Sep-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Tax Plan (G) | 12.892% | 40.156% | 23.660% |
| Canara Robeco Tax Saver (G) | -0.798% | 21.228% | 16.149% |
| Mirae Asset Tax Saver (G) | -4.057% | 20.030% | 15.782% |
| Category Average | -1.152% | 16.761% | 11.358% |
| BSE 200 (TR) Index | 0.176% | 17.704% | 13.369% |
| Data Source: Morningstar |
6. Balanced Funds (Aggressive Allocation)
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Sep-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Absolute Fund (G) | 12.158% | 30.746% | 19.886% |
| ICICI Pru Equity & Debt (G) | 6.423% | 20.542% | 14.313% |
| Baroda BNP Paribas AEH (G) | 0.475% | 15.802% | 13.553% |
| Category Average | 0.092% | 14.970% | 10.608% |
| CRISIL MIF Blended Index PR | 1.028% | 8.103% | 7.690% |
| Data Source: Morningstar |
7. Balanced Funds (Conservative Allocation)
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Sep-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Canara Robeco Hybrid (G) | 2.370% | 10.247% | 8.850% |
| Kotak Debt Hybrid (G) | 2.735% | 10.873% | 8.396% |
| ICICI Pru Regular Savings (G) | 3.878% | 9.200% | 8.211% |
| Category Average | 3.889% | 8.367% | 6.325% |
| CRISIL MIP Blended Index PR | 1.028% | 8.103% | 7.690% |
| Data Source: Morningstar |
8. Arbitrage Funds (Cash-Futures)
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Sep-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Nippon Equity Arbitrage (G) | 4.450% | 4.805% | 5.719% |
| Edelweiss Arbitrage Fund (G) | 4.612% | 4.937% | 5.716% |
| Axis Arbitrage Fund (G) | 4.726% | 4.828% | 5.617% |
| Category Average | 3.601% | 3.916% | 4.785% |
| Benchmark Comparison | N.A. | N.A. | N.A. |
| Data Source: Morningstar |
9. Government Securities Funds (Gilt Funds)
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Sep-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Edelweiss G-Sec Fund (G) | 1.778% | 7.091% | 7.898% |
| DSP G-Sec Fund (G) | 1.961% | 6.856% | 7.522% |
| Nippon India Gilt Fund (G) | 1.488% | 6.093% | 7.325% |
| Category Average | 1.188% | 5.362% | 6.014% |
| I-SEC MIBEX Index TR | 0.834% | 5.895% | 6.780% |
| Data Source: Morningstar |
10. Corporate Bond Funds
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Sep-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Axis Corporate Debt (G) | 3.350% | 7.250% | 7.262% |
| ABSL Corporate Bond (G) | 3.040% | 6.877% | 7.223% |
| HDFC Corporate Bond (G) | 2.611% | 6.694% | 7.112% |
| Category Average | 2.269% | 6.137% | 6.277% |
| CRISIL ST Bond Fund Index PR | 2.670% | 6.152% | 6.655% |
| Data Source: Morningstar |
11. Credit Risk Funds
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Sep-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| HDFC Credit Risk Fund (G) | 3.710% | 7.975% | 7.517% |
| Baroda Credit Risk Fund (G) | 4.930% | 9.089% | 7.484% |
| ABSL Credit Risk Fund (G) | 7.266% | 6.890% | 7.047% |
| Category Average | 18.549% | 6.501% | 3.934% |
| CRISIL ST Bond Fund Index PR | 2.670% | 6.152% | 6.655% |
| Data Source: Morningstar |
12. Liquid Funds
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Sep-22):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Liquid Plan (G) | 4.471% | 4.885% | 5.883% |
| Mahindra Manulife Liquid (G) | 4.184% | 4.190% | 5.422% |
| ABSL Liquid Fund (G) | 4.150% | 4.144% | 5.390% |
| Category Average | 3.508% | 3.507% | 4.767% |
| CRISIL Liquid Fund Index PR | 4.338% | 4.369% | 5.528% |
| Data Source: Morningstar |
We have made some small changes to our presentation methodology this time around. Instead of presenting the returns in terms of regular funds, we have shifted to presenting returns in terms of Direct Funds, that give a much better picture of the returns generated by the fund manager. The overall ranking of top performers are almost similar to previous months. We also added the category average and the specific benchmark to enable you to compare the returns of the top performing funds with the category average and also with the category external benchmark. We have considered most benchmarks in terms of the TR (Total Returns) index so that the benchmark is a lot more reflective.
The good news is that the equity and debt fund return leaders have continued to maintain consistency in performance across categories. This makes these rankings a reliable barometer and decision point for investors. September 2022 has been a tough month, but top performers have not only managed to hold long term returns but also (in most cases) beat the category benchmark. That is the good news amidst all the macro headwinds.
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