For the month of November 2025, Nifty broke above the psychological 26,000 levels with volumes and closed the month at 26,203. While the better-than-expected GDP growth for Q2FY26 at 8.2% came after close of trading on Friday, it is likely to have a positive influence in the coming weeks. However, with Q2 earnings tepid, valuations could be a grey area.
While equity fund NAVs had a late rebound in November 2025, bond fund performance was mixed amid yield volatility. Bond yields stayed above 6.5%, even getting close to the 6.6% mark during the week. While markets are divided over RBI rate cut in December, the bigger concern would be the sharp spike in the fiscal deficit to 52.6% as of end October 2025.
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Nov-25):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Nippon India Large Cap Fund (G) | 9.879% | 19.796% | 23.499% |
| ICICI Pru Large Cap Fund (G) | 11.240% | 18.513% | 20.718% |
| HDFC Large Cap Fund (G) | 7.599% | 16.143% | 19.982% |
| Category Average | 7.396% | 15.053% | 16.917% |
| Data Source: Morningstar | |||
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Nov-25):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Nippon India Multi Cap (G) | 5.237% | 22.444% | 28.215% |
| Mahindra Manulife Multi Cap (G) | 7.545% | 20.875% | 25.110% |
| Quant Multi-Cap Fund (G) | -4.122% | 11.300% | 22.649% |
| Category Average | 4.417% | 18.937% | 22.153% |
| Data Source: Morningstar | |||
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Nov-25):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| HDFC Flexi Cap Fund (G) | 12.186% | 21.806% | 26.889% |
| Quant Flexi Cap Fund (G) | 4.048% | 17.085% | 26.607% |
| BOI Flexi Cap Fund (G) | 1.549% | 22.359% | 24.355% |
| Category Average | 4.834% | 16.717% | 18.538% |
| Data Source: Morningstar | |||
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Nov-25):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Motilal Oswal Mid-Cap Fund (G) | -2.278% | 27.215% | 31.266% |
| Edelweiss Mid-Cap Fund (G) | 7.060% | 26.576% | 28.126% |
| HDFC Mid-Cap Fund (G) | 10.691% | 26.354% | 27.814% |
| Category Average | 5.165% | 22.055% | 23.618% |
| Data Source: Morningstar | |||
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Nov-25):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Small Cap Fund (G) | -3.184% | 23.122% | 33.285% |
| Nippon Small Cap Fund (G) | -2.961% | 22.169% | 30.349% |
| Bandhan Small Cap Fund (G) | 2.093% | 31.736% | 29.851% |
| Category Average | -1.780% | 19.755% | 25.719% |
| Data Source: Morningstar | |||
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Nov-25):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| HDFC BAF (G) | 7.766% | 18.518% | 22.401% |
| Baroda BNP Paribas BAF (G) | 9.364% | 15.457% | 14.742% |
| Edelweiss BAF (G) | 8.116% | 13.528% | 14.312% |
| Category Average | 6.478% | 12.575% | 12.374% |
| Data Source: Morningstar | |||
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Nov-25):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Quant Multi-Asset Fund (G) | 14.256% | 21.912% | 27.794% |
| ICICI Pru Multi-Asset Fund (G) | 17.247% | 20.167% | 24.480% |
| Nippon Multi-Asset Fund (G) | 18.851% | 21.501% | 19.087% |
| Category Average | 14.686% | 18.127% | 18.416% |
| Data Source: Morningstar | |||
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Nov-25):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Invesco India Arbitrage Fund (G) | 7.230% | 7.930% | 6.666% |
| Kotak Arbitrage Fund (G) | 7.169% | 7.917% | 6.598% |
| Edelweiss Arbitrage Fund (G) | 7.196% | 7.863% | 6.566% |
| Category Average | 6.642% | 7.247% | 5.888% |
| Data Source: Morningstar | |||
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Nov-25):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| ICICI Prudential Gilt Fund (G) | 7.446% | 8.216% | 6.687% |
| SBI Magnum Gilt Fund (G) | 5.871% | 7.666% | 6.231% |
| Edelweiss G-Sec Fund (G) | 4.708% | 7.154% | 5.974% |
| Category Average | 4.783% | 6.889% | 5.231% |
| Data Source: Morningstar | |||
Top performing Direct Plans (Growth Option) on 5-year returns (as on 30th Nov-25):
| Name of Fund | 1-Year Return | 3-Year Return | 5-Year Return |
| Nippon Corporate Bond (G) | 8.847% | 8.356% | 6.937% |
| Axis Corporate Debt Fund (G) | 9.246% | 8.390% | 6.752% |
| ICICI Pru Corporate Bond (G) | 8.580% | 8.163% | 6.718% |
| Category Average | 8.404% | 7.801% | 6.046% |
| Data Source: Morningstar | |||
Having seen returns for various categories of funds for November 2025, some key takeaways.
WHAT WE READ FROM THE NOVEMBER 2025 MUTUAL FUND RANKINGS
Here are some key trends we deciphered from the MF rankings for November 2025.
The key takeaway is that focusing on the past-return leaders can be a good strategy to consistently beat the market on risk-adjusted returns.
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