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28 equity schemes consistently beat their benchmarks in 3, 5, 7, and 10 years

January 25, 2023
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Around 28 equity schemes have outperformed their respective benchmarks in three, five, seven, and 10-year horizons, data crunching by ETMutualFunds showed. For the study, ETMutualFunds considered the rolling returns of around 144 schemes that have been in the market for 10 years.

The purpose of this was to see how many schemes consistently beat their benchmarks in different periods like three, five, seven, and 10 years. Mutual fund advisors often ask investors to choose schemes that have consistently beaten their benchmarks over a long period of time.

Around seven small cap schemes managed to outperform their benchmarks in three, five, seven, and 10-year horizons. Four ELSS and mid cap funds also beat their benchmarks in these different horizons.


Here’s the list of schemes that have outperformed their benchmark in different periods based on rolling returns:

Contra Funds
 Scheme returns (%)
 Benchmark returns (%)
Scheme Name
 Benchmark
 3 Year
 5 Year
 7 Year
 10 Year
 3 Year
 5 Year
 7 Year
 10 Year
Invesco India Contra Fund S&P BSE 500 – TRI 12.71 15.62 16.14 15.47 12.50 12.90 12.73 12.62

Source:ACE MF, Rolling returns as on January 22 2023

ELSS Funds
 Scheme returns (%)
 Benchmark returns (%)
Scheme Name
 Benchmark
 3 Year
 5 Year
 7 Year
 10 Year
 3 Year
 5 Year
 7 Year
 10 Year
Axis Long Term Equity Fund NIFTY 500 – TRI 12.84 15.09 17.13 17.08 12.23 12.75 12.56 13.14
Bank of India Tax Advantage Fund S&P BSE 500 – TRI 16.72 14.31 13.57 13.34 12.50 12.90 12.73 12.62
Canara Robeco Equity Tax Saver Fund S&P BSE 500 – TRI 16.40 13.95 13.85 14.11 12.50 12.90 12.73 12.62
DSP Tax Saver Fund NIFTY 500 – TRI 13.16 14.21 15.64 14.84 12.23 12.75 12.56 13.14

Source:ACE MF, Rolling returns as on January 22 2023

Flexi Cap Funds
 Scheme returns (%)
 Benchmark returns (%)
Scheme Name
 Benchmark
 3 Year
 5 Year
 7 Year
 10 Year
 3 Year
 5 Year
 7 Year
 10 Year
Canara Robeco Flexi Cap Fund S&P BSE 500 – TRI 14.61 13.23 13.06 14.48 12.50 12.90 12.73 12.62
DSP Flexi Cap Fund NIFTY 500 – TRI 13.45 13.51 13.56 13.21 12.23 12.75 12.56 13.14
UTI Flexi Cap Fund NIFTY 500 – TRI 15.85 13.89 14.25 14.10 12.23 12.75 12.56 13.14

Source:ACE MF, Rolling returns as on January 22 2023

Source:ACE MF, Rolling returns as on January 22 2023

Large & Mid Cap Funds Scheme returns (%)
 Benchmark returns (%)
Scheme Name Benchmark
 3 Year 5 Year 7 Year 10 Year 3 Year 5 Year 7 Year 10 Year
Canara Robeco Emerg Equities Fund NIFTY LargeMidcap 250 – TRI 13.71 17.81 21.08 18.93 13.15 14.24 14.55 13.50
Mirae Asset Emerging Bluechip NIFTY LargeMidcap 250 – TRI 16.43 20.02 22.40 22.26 13.15 14.24 14.55 13.50
Quant Large & Mid Cap Fund NIFTY LargeMidcap 250 – TRI 14.56 15.60 16.40 14.23 13.15 14.24 14.55 13.50

Source:ACE MF, Rolling returns as on January 22 2023

Large Cap Funds
 Scheme returns (%)
 Benchmark returns (%)
Scheme Name Benchmark 3 Year 5 Year 7 Year 10 Year 3 Year 5 Year 7 Year 10 Year
Axis Bluechip Fund S&P BSE 100 – TRI 13.98 13.89 13.53 13.71 12.32 12.50 12.18 12.31
Canara Robeco Bluechip Equity Fund S&P BSE 100 – TRI 14.81 13.11 12.87 13.68 12.32 12.50 12.18 12.31

Source:ACE MF, Rolling returns as on January 22 2023

Mid Cap Funds
 Scheme returns (%)
 Benchmark returns (%)
Scheme Name Benchmark 3 Year 5 Year 7 Year 10 Year 3 Year 5 Year 7 Year 10 Year
Axis Midcap Fund S&P BSE 150 MidCap – TRI 17.96 16.73 17.81 19.80 14.30 15.54 16.34 15.36
Edelweiss Mid Cap Fund Nifty Midcap 150 – TRI 14.99 15.91 18.84 17.79 14.01 15.63 16.61 14.92
Kotak Emerging Equity Fund Nifty Midcap 150 – TRI 15.17 16.67 18.63 16.37 14.01 15.63 16.61 14.92
SBI Magnum Midcap Fund S&P BSE SENSEX – TRI 13.86 13.00 17.55 15.37 13.39 12.84 11.98 13.25

Source:ACE MF, Rolling returns as on January 22 2023

Multi Cap Funds
 Scheme returns (%)
 Benchmark returns (%)
Scheme Name Benchmark 3 Year 5 Year 7 Year 10 Year 3 Year 5 Year 7 Year 10 Year
Quant Active Fund NIFTY 50 – TRI 22.61 17.96 16.16 13.96 12.62 12.40 11.80 12.94

Source:ACE MF, Rolling returns as on January 22 2023

Small Cap Funds
 Scheme returns (%)
 Benchmark returns (%)
Scheme Name Benchmark 3 Year 5 Year 7 Year 10 Year 3 Year 5 Year 7 Year 10 Year
DSP Small Cap Fund S&P BSE 250 Small Cap – TRI 13.98 15.77 20.81 19.37 9.91 10.73 10.58 9.49
HDFC Small Cap Fund S&P BSE 250 Small Cap – TRI 11.37 15.31 15.96 15.51 9.91 10.73 10.58 9.49
ICICI Prudential Smallcap Fund Nifty Smallcap 250 – TRI 15.09 11.72 13.61 13.34 10.04 11.47 13.44 12.10
Kotak Small Cap Fund Nifty Smallcap 250 – TRI 18.87 15.99 17.64 15.39 10.04 11.47 13.44 12.10
Nippon India Small Cap Fund Nifty Smallcap 250 – TRI 16.87 19.61 21.87 22.57 10.04 11.47 13.44 12.10
SBI Small Cap Fund S&P BSE 250 Small Cap – TRI 17.61 21.21 23.03 21.53 9.91 10.73 10.58 9.49
Sundaram Small Cap Fund Nifty Smallcap 100 – TRI 9.15 11.54 15.27 15.13 6.83 9.31 11.29 11.08
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Source:ACE MF, Rolling returns as on January 22 2023

Based on the trailing returns, 17 equity schemes have outperformed their respective benchmarks in three, five, seven, 10 year horizons. Small cap schemes also topped the trailing return chart of schemes outperforming the benchmarks. No large cap and mid cap schemes made it to the list of schemes that were able to beat the benchmarks in different horizons.

Here’s the list of schemes that have outperformed their benchmark in different periods based on trailing returns:

Contra Funds
 Scheme returns (%)
 Benchmark returns (%)
Scheme Name Benchmark 3 Year 5 Year 7 Year 10 Year 3 Year 5 Year 7 Year 10 Year
SBI Contra Fund S&P BSE 500 – TRI 29.02 12.95 16.37 14.26 16.67 11.21 15.40 13.71

Source:ACE MF, Trailing returns as on January 19 2023

ELSS Funds
 Scheme returns (%)
 Benchmark returns (%)
Scheme Name Benchmark 3 Year 5 Year 7 Year 10 Year 3 Year 5 Year 7 Year 10 Year
Canara Robeco Equity Tax Saver Fund S&P BSE 500 – TRI 18.51 13.87 15.75 14.48 16.67 11.21 15.40 13.71
DSP Tax Saver Fund NIFTY 500 – TRI 16.87 11.36 15.86 15.89 16.30 10.93 15.18 13.56
Kotak Tax Saver Fund NIFTY 500 – TRI 16.33 12.01 15.60 14.00 16.30 10.93 15.18 13.56
Quant Tax Plan NIFTY 500 – TRI 36.87 20.67 22.97 20.39 16.30 10.93 15.18 13.56

Source:ACE MF, Trailing returns as on January 19 2023

Flexi Cap Funds
 Scheme returns (%)
 Benchmark returns (%)
Scheme Name Benchmark 3 Year 5 Year 7 Year 10 Year 3 Year 5 Year 7 Year 10 Year
HDFC Flexi Cap Fund NIFTY 500 – TRI 19.43 11.48 16.30 14.35 16.30 10.93 15.18 13.56
Quant Flexi Cap Fund NIFTY 500 – TRI 36.10 17.82 21.03 18.39 16.30 10.93 15.18 13.56

Source:ACE MF, Trailing returns as on January 19 2023

Focused Funds
 Scheme returns (%)
 Benchmark returns (%)
Scheme Name Benchmark 3 Year 5 Year 7 Year 10 Year 3 Year 5 Year 7 Year 10 Year
Franklin India Focused Equity Fund NIFTY 500 – TRI 18.83 11.17 15.39 17.08 16.30 10.93 15.18 13.56

Source:ACE MF, Trailing returns as on January 19 2023

Source:ACE MF, Trailing returns as on January 19 2023

Small Cap Funds
 Scheme returns (%)
 Benchmark returns (%)
Scheme Name Benchmark 3 Year 5 Year 7 Year 10 Year 3 Year 5 Year 7 Year 10 Year
DSP Small Cap Fund S&P BSE 250 Small Cap – TRI 24.79 9.58 16.22 20.49 22.52 6.58 14.63 12.39
HDFC Small Cap Fund S&P BSE 250 Small Cap – TRI 24.84 11.15 18.42 17.29 22.52 6.58 14.63 12.39
ICICI Prudential Smallcap Fund Nifty Smallcap 250 – TRI 25.73 12.16 16.75 15.88 22.53 6.13 14.11 14.52
Kotak Small Cap Fund Nifty Smallcap 250 – TRI 27.59 14.05 18.80 18.35 22.53 6.13 14.11 14.52
Nippon India Small Cap Fund Nifty Smallcap 250 – TRI 30.55 13.97 20.86 24.24 22.53 6.13 14.11 14.52
Quant Small Cap Fund Nifty Smallcap 250 – TRI 49.79 23.53 18.66 15.65 22.53 6.13 14.11 14.52
SBI Small Cap Fund S&P BSE 250 Small Cap – TRI 25.82 12.08 20.20 23.99 22.52 6.58 14.63 12.39
Sundaram Small Cap Fund Nifty Smallcap 100 – TRI 22.16 5.96 12.86 16.04 16.37 1.95 11.38 11.03

Source:ACE MF, Trailing returns as on January 19 2023

We considered all market cap based schemes – large cap, large & mid cap, small cap, mid cap, ELSS, flexi cap, focused fund, and contra fund. We considered rolling returns for all time periods, rolled on a daily basis. For three year horizon we calculated returns starting from January 22 2020 to January 22 2023. For five year horizon we calculated returns starting from January 22 2018 to January 22 2023. For seven year period, we calculated returns starting from January 22 2016 to January 22 2023. For 10 year horizon, we calculated the returns starting from January 22 2013 to January 22 2023.

We filtered out the schemes that have outperformed their benchmarks in two or three horizons.Some schemes that might have outperformed their benchmark returns with great margin might have been missed out in the analysis.

Note, this is not a recommendation. This exercise is just to find out the schemes who have outperformed their benchmarks in three, five, seven and 10 year horizon. You need to include other factors while choosing a scheme to invest in.



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