Mutual funds have become a popular investment destination for Indians over the past few years. There is no dearth of mutual funds in India, as there are many organizations which have established all sorts of mutual funds in which one can invest. However, finding the best mutual fund in India is not an easy task because there is a bit of risk involved even in this investment opportunity, and each mutual fund varies from the other. Factors like period of investment, expected return percentage, degree of risk associated and others play a major role in deciding the best mutual fund in India. Here, we have tried to solve your dilemmas by making a comprehensive list that picks the best mutual funds to invest in India right now.
20 Best Mutual Funds to Invest in India in 2023
Quant Small Cap Fund Direct Plan-Growth
The Quant Small Cap Fund Direct Plan-Growth is a small-cap mutual fund scheme managed by Quant Mutual Fund. It has a track record of 10 years and 8 months, with its inception date being January 1, 2013. As of June 30, 2023, this fund manages assets worth ₹8,075 Crores, making it a medium-sized fund within its category. The fund maintains a competitive expense ratio of 0.77%, which is in line with the industry standard for small-cap funds.
Over the past year, the Quant Small Cap Fund Direct Plan-Growth has shown impressive returns, with a growth rate of 41.99%. Since its launch, it has consistently delivered an average annual return of 17.67%. Notably, the fund has a track record of doubling the invested capital approximately every 3 years. This is definitely one of the best equity mutual funds to invest in India in 2023.
Nippon India Nivesh Lakshya Fund Direct-Growth
Nippon India Nivesh Lakshya Fund Direct-Growth is a long-duration mutual fund scheme managed by Nippon India Mutual Fund. This fund has been operational for 5 years and 3 months, with its launch date being June 18, 2018. As of June 30, 2023, the fund manages assets worth ₹6,348 Crores, placing it in the medium-sized category within its specific fund category. Notably, the fund maintains a competitive expense ratio of 0.3%, which is in line with the typical expense ratios of other long-duration funds.
Over the past year, the Nippon India Nivesh Lakshya Fund Direct-Growth has shown a solid performance, with returns of 9.21%. Since its inception, it has consistently delivered an average annual return of 8.88%. It is undoubtedly one of the best debt mutual funds to invest in India in 2023.
Kotak Multi Asset Allocator FoF – Dynamic Direct-Growth
Kotak Multi Asset Allocator FoF – Dynamic Direct-Growth is a hybrid Fund of Funds (FoF) mutual fund scheme offered by Kotak Mahindra Mutual Fund. This fund has an impressive track record, having been in existence for 10 years and 8 months since its launch on January 1, 2013. As of June 30, 2023, the fund manages assets totaling ₹1,096 Crores, classifying it as a medium-sized fund within its category. One notable feature of this fund is its low expense ratio, which stands at 0.15%, making it more cost-effective than most other Hybrid FoF funds.
Currently, the Kotak Multi Asset Allocator FoF – Dynamic Direct-Growth has a strategic asset allocation, with 54.71% of its portfolio invested in equities and 22.20% allocated to debt instruments. Remarkably, the fund has demonstrated the ability to double the invested capital approximately every 4 years. One cannot deny the fact that it is among the best performing hyrbid mutual funds to invest in India in 2023.
Axis Small Cap Fund Direct-Growth
Axis Small Cap Fund Direct-Growth is a small-cap mutual fund scheme offered by Axis Mutual Fund. This fund has a well-established track record, having been in operation for 9 years and 10 months since its launch on November 11, 2013. As of June 30, 2023, the fund manages assets totaling ₹15,847 Crores, categorizing it as a medium-sized fund within the small-cap fund category. Notably, the fund maintains a competitive expense ratio of 0.55%, which is lower than the typical expenses associated with other small-cap funds.
Over the past year, the Axis Small Cap Fund Direct-Growth has demonstrated strong performance, with returns of 25.45%. Since its inception, it has consistently delivered an impressive average annual return of 24.74%. A notable feature of this fund is its track record of doubling invested capital approximately every 3 years. If you are looking to invest in an equity mutual fund then this might be the option for you in India.
ICICI Prudential Smallcap Fund Direct Plan-Growth
ICICI Prudential Smallcap Fund Direct Plan-Growth is a small-cap mutual fund scheme offered by ICICI Prudential Mutual Fund. This fund boasts a track record spanning 10 years and 8 months, commencing its journey on January 1, 2013. As of June 30, 2023, the fund manages assets amounting to ₹6,989 Crores, positioning it as a medium-sized fund within its small-cap fund category. Notably, the fund maintains a competitive expense ratio of 0.7%, which aligns closely with the industry standard for small-cap funds.
Over the past year, the ICICI Prudential Smallcap Fund Direct Plan-Growth has demonstrated robust performance, delivering returns of 28.44%. Since its inception, it has consistently provided an impressive average annual return of 18.13%. Remarkably, the fund has a track record of doubling invested capital approximately every 3 years. Undoubtedly, an exciting mutual fund to invest in India in 2023.
PGIM India Midcap Opportunities Fund Direct-Growth
PGIM India Midcap Opportunities Fund Direct-Growth is a mid-cap mutual fund scheme offered by PGIM India Mutual Fund. With a tenure spanning 9 years and 10 months since its inception on November 11, 2013, this fund has established itself as a medium-sized player within the mid-cap fund category. As of June 30, 2023, it manages assets totaling ₹9,393 Crores. Notably, the fund maintains an attractive expense ratio of 0.41%, which is lower than the typical fees associated with most other mid-cap funds.
In the last year, the PGIM India Midcap Opportunities Fund Direct-Growth has posted returns of 12.49%. Since its launch, it has consistently delivered an average annual return of 19.01%. A notable aspect of this fund is its track record of doubling invested capital approximately every 3 years. PGIM India Midcap Opportunities Fund Direct-Growth is among the most reliable equity mutual funds to invest in India in 2023.
DSP Government Securities Direct Plan-Growth
DSP Government Securities Direct Plan-Growth is a mutual fund scheme specializing in gilt securities offered by DSP Mutual Fund. With a history spanning 10 years and 8 months since its launch on January 1, 2013, this fund falls within the medium-sized category among its peers in the gilt fund segment. As of June 30, 2023, the fund manages assets totaling ₹595 Crores. Notably, the fund maintains an expense ratio of 0.54%, which closely aligns with the industry norm for gilt funds.
In the past year, the DSP Government Securities Direct Plan-Growth has delivered returns of 7.81%. Since its inception, it has consistently provided an average annual return of 8.13%. A noteworthy characteristic of this fund is its historical pattern of doubling invested capital approximately every 9 years. This is among the most trustworthy debt mutual funds to invest in India in 2023.
Aditya Birla Sun Life Medium Term Direct Plan-Growth
Aditya Birla Sun Life Medium Term Direct Plan-Growth is a mutual fund scheme categorized as medium duration, offered by Aditya Birla Sun Life Mutual Fund. With a tenure spanning 10 years and 8 months since its launch on January 1, 2013, this fund falls within the medium-sized category among its peers in the medium-duration fund segment. As of June 30, 2023, the fund manages assets totaling ₹1,895 Crores. It’s worth noting that the fund maintains a relatively higher expense ratio of 0.87%, which exceeds the typical fees associated with most other medium-duration funds.
Over the past year, Aditya Birla Sun Life Medium Term Direct Plan-Growth has posted returns of 8.09%. Since its inception, it has consistently provided an average annual return of 9.48%. An interesting aspect of this fund is its historical pattern of potentially doubling invested capital every 9 years. Another one of the debt mutual funds that you should definitely consider investing in 2023.
Quant Multi Asset Fund Direct-Growth
Quant Multi Asset Fund Direct-Growth is a mutual fund scheme focused on multi-asset allocation, offered by Quant Mutual Fund. This fund has an established track record, having operated for 10 years and 8 months since its launch on January 1, 2013. As of June 30, 2023, the fund manages assets totaling ₹978 Crores, positioning it as a medium-sized fund within its multi-asset allocation category. Notably, the fund maintains a competitive expense ratio of 0.67%, which is in line with the industry standard for multi-asset allocation funds.
At present, the Quant Multi Asset Fund Direct-Growth has a strategic asset allocation, with 53.43% of its portfolio invested in equities and 10.79% allocated to debt instruments.
Over the past year, the fund has demonstrated solid performance, delivering returns of 15.22%. Since its inception, it has consistently provided an average annual return of 13.93%. A notable feature of this fund is its historical pattern of potentially doubling invested capital approximately every 3 years. It is surely one of the best hybrid mutual funds to invest in India in 2023.
Quant Absolute Fund Direct-Growth
Quant Absolute Fund Direct-Growth is an aggressive hybrid mutual fund scheme offered by Quant Mutual Fund. This fund boasts a 10-year and 8-month track record, originating on January 1, 2013. As of June 30, 2023, the fund manages assets amounting to ₹1,335 Crores, classifying it as a medium-sized fund within its aggressive hybrid fund category. Notably, the fund maintains a competitive expense ratio of 0.75%, which closely aligns with the standard fees associated with most other aggressive hybrid funds.
Over the past year, the fund has shown steady performance, delivering returns of 10.12%. Since its inception, it has consistently provided an average annual return of 17.12%. An impressive feature of this fund is its historical pattern of potentially doubling invested capital approximately every 3 years. Quant Mutual Fund is ruling this list of best mutual funds in India.
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ICICI Prudential Equity & Debt Fund Direct-Growth
ICICI Prudential Equity & Debt Fund Direct-Growth is an aggressive hybrid mutual fund scheme provided by ICICI Prudential Mutual Fund. This fund has an established track record, having been in operation for 10 years and 8 months since its launch on January 1, 2013. As of June 30, 2023, the fund manages a substantial asset portfolio totaling ₹25,275 Crores, classifying it as a medium-sized fund within its aggressive hybrid fund category. Notably, the fund maintains an expense ratio of 1.12%, which is relatively higher compared to the standard fees associated with most other aggressive hybrid funds.
Over the past year, the fund has demonstrated strong performance, delivering returns of 24.29%. Since its inception, it has consistently provided an average annual return of 17.10%. An interesting feature of this fund is its historical pattern of potentially doubling invested capital approximately every 3 years. Surely, among the best mutual funds in India when it comes to investing in a hybrid mutual fund.
ICICI Prudential Multi-Asset Fund Direct-Growth
ICICI Prudential Multi-Asset Fund Direct-Growth is a mutual fund scheme specializing in multi-asset allocation, offered by ICICI Prudential Mutual Fund. This fund has a commendable track record, spanning 10 years and 8 months since its launch on January 1, 2013. As of June 30, 2023, it manages a substantial asset portfolio totaling ₹22,631 Crores, placing it in the medium-sized category within its multi-asset allocation fund segment. Notably, the fund maintains an expense ratio of 1.01%, which exceeds the typical fees associated with most other multi-asset allocation funds.
Over the past year, the fund has shown strong performance, delivering returns of 24.37%. Since its inception, it has consistently provided an average annual return of 16.28%. An interesting aspect of this fund is its historical pattern of potentially doubling invested capital approximately every 3 years. ICICI Prudential Multi-Asset Fund Direct-Growth is one of the best mutual funds in India to invest in 2023.
HDFC Balanced Advantage Fund Direct Plan-Growth
HDFC Balanced Advantage Fund Direct Plan-Growth is a dynamic asset allocation mutual fund offered by HDFC Mutual Fund. This fund has a strong track record, with a history spanning 10 years and 8 months since its launch on January 1, 2013. As of June 30, 2023, it manages a substantial asset portfolio totaling ₹61,599 Crores, making it a medium-sized fund within its dynamic asset allocation fund category. It’s worth noting that the fund maintains an expense ratio of 0.84%, which is relatively higher compared to the typical fees associated with most other dynamic asset allocation funds.
Over the past year, the fund has exhibited robust performance, delivering returns of 27.49%. Since its inception, it has consistently provided an average annual return of 15.26%. A noteworthy aspect of this fund is its historical pattern of potentially doubling invested capital approximately every 3 years. HDFC Balanced Advantage Fund Direct Plan-Growth is another exciting hybrid mutual fund to invest in India right now.
Edelweiss Aggressive Hybrid Fund Direct-Growth
Edelweiss Aggressive Hybrid Fund Direct-Growth is an aggressive hybrid mutual fund scheme offered by Edelweiss Mutual Fund. With a track record spanning 10 years and 8 months since its inception on January 1, 2013, this fund falls within the medium-sized category among its peers in the aggressive hybrid fund segment. As of June 30, 2023, the fund manages assets totaling ₹823 Crores. Notably, the fund maintains a competitive expense ratio of 0.57%, which is lower than the standard fees associated with most other aggressive hybrid funds.
Over the past year, the fund has demonstrated strong performance, delivering returns of 22.96%. Since its inception, it has consistently provided an average annual return of 13.88%. An interesting feature of this fund is its historical pattern of potentially doubling invested capital approximately every 4 years. This is also one of the most reliable mutual funds to invest in India in 2023.
Quant Infrastructure Fund Direct-Growth
Quant Infrastructure Fund Direct-Growth is a sectoral-infrastructure mutual fund scheme offered by Quant Mutual Fund. With a tenure spanning 10 years and 8 months since its launch on January 1, 2013, this fund falls within the medium-sized category among its peers in the sectoral-infrastructure fund segment. As of June 30, 2023, the fund manages assets totaling ₹930 Crores. Notably, the fund maintains a competitive expense ratio of 0.77%, which is lower than the standard fees associated with most other sectoral-infrastructure funds.
Over the past year, Quant Infrastructure Fund Direct-Growth has exhibited robust performance, delivering returns of 17.95%. Since its inception, it has consistently provided an average annual return of 16.83%. An interesting aspect of this fund is its historical pattern of potentially doubling invested capital approximately every 3 years. It is also one of the best equity mutual funs to invest in India.
Nippon India Small Cap Fund Direct-Growth
Nippon India Small Cap Fund Direct-Growth is a small-cap mutual fund scheme offered by Nippon India Mutual Fund. With a track record spanning 10 years and 8 months since its launch on January 1, 2013, this fund falls within the medium-sized category among its peers in the small-cap fund segment. As of June 30, 2023, the fund manages assets totaling ₹36,540 Crores. Notably, the fund maintains a competitive expense ratio of 0.72%, which is in line with the typical fees associated with most other small-cap funds.
Over the past year, Nippon India Small Cap Fund Direct-Growth has demonstrated impressive performance, delivering returns of 39.03%. Since its inception, it has consistently provided an average annual return of 26.32%. An outstanding feature of this fund is its historical pattern of potentially doubling invested capital approximately every 3 years. If you want to double your investment quickly, then this is one of the best mutual funds for you.
Quant Tax Plan Direct-Growth
Quant Tax Plan Direct-Growth is an Equity Linked Savings Scheme (ELSS) mutual fund offered by Quant Mutual Fund. This fund has a track record of 10 years and 8 months since its inception on January 1, 2013, placing it within the medium-sized category among ELSS funds. As of June 30, 2023, the fund manages assets totaling ₹4,606 Crores. Notably, the fund maintains a competitive expense ratio of 0.76%, which is lower than the standard fees associated with most other ELSS funds.
Over the past year, Quant Tax Plan Direct-Growth has exhibited solid performance, delivering returns of 17.00%. Since its launch, it has consistently provided an average annual return of 21.02%. An appealing aspect of this fund is its historical pattern of potentially doubling invested capital approximately every 3 years. Quant offers some of the best mutual funds in India and this surely ranks among them.
Quant Active Fund Direct-Growth
Quant Active Fund Direct-Growth is a multi-cap mutual fund scheme offered by Quant Mutual Fund. This fund boasts a track record of 10 years and 8 months since its launch on January 1, 2013, positioning it as a medium-sized fund within its multi-cap fund category. As of June 30, 2023, the fund manages assets totaling ₹5,688 Crores. It’s noteworthy that the fund maintains an expense ratio of 0.77%, which is somewhat higher compared to the typical fees associated with most other multi-cap funds.
Over the past year, Quant Active Fund Direct-Growth has demonstrated strong performance, with returns of 19.71%. Since its inception, it has consistently provided an average annual return of 20.47%. An attractive feature of this fund is its historical pattern of potentially doubling invested capital approximately every 3 years.
Bank of India Mid & Small Cap Equity & Debt Fund Direct-Growth
Bank of India Mid & Small Cap Equity & Debt Fund Direct-Growth is an aggressive hybrid mutual fund scheme offered by Bank Of India Mutual Fund. This fund has a history of 7 years and 3 months, starting from its launch on June 29, 2016. It falls into the category of small-sized funds within the aggressive hybrid fund segment, managing assets worth ₹463 Crores as of June 30, 2023. It’s important to note that the fund comes with a relatively higher expense ratio of 1.55%, which exceeds the typical fees associated with most other aggressive hybrid funds.
Presently, the Bank of India Mid & Small Cap Equity & Debt Fund Direct-Growth maintains an allocation of 79.61% in equities and 19.89% in debt instruments. Over the past year, this fund has shown strong performance, delivering returns of 27.06%. Since its inception, it has consistently provided an average annual return of 16.38%. Notably, the fund has a historical pattern of potentially doubling invested capital approximately every 3 years. It is among the best aggressive hybrid mutual funds to invest in India in 2023.
Kotak Equity Hybrid Fund Direct-Growth
Kotak Equity Hybrid Fund Direct-Growth is an aggressive hybrid mutual fund scheme offered by Kotak Mahindra Mutual Fund. This fund has a history of 8 years and 10 months since its launch on November 1, 2014, making it a medium-sized fund within its aggressive hybrid fund category. As of June 30, 2023, the fund manages assets totaling ₹4,171 Crores. Importantly, the fund maintains a competitive expense ratio of 0.47%, which is lower than the standard fees associated with most other aggressive hybrid funds.
At present, Kotak Equity Hybrid Fund Direct-Growth maintains a strategic asset allocation, with 69.94% of its portfolio invested in equities and 23.78% allocated to debt instruments. Over the past year, this fund has exhibited solid performance, delivering returns of 17.59%. Since its inception, it has consistently provided an average annual return of 13.79%. An interesting feature of this fund is its historical pattern of potentially doubling invested capital approximately every 4 years. This might be your best bet when it comes to investing in hybrid mutual funds in India in 2023.
*Mutual funds are subject to market risks, and you should read carefully about the one you are interested in to understand all the risks associated before proceeding with any one of the mutual funds suggested in this list of the best mutual funds to invest in India in 2023 to avoid losing your money in the market.