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Top Performing Equity Mutual Funds for 2023-24

Written by - Akarshita Yaji

April 10, 2023 9 minutes

Mutual Funds are becoming a popular investment avenue, especially for the new age investors across the country. The AUM of the mutual fund industry has seen a tremendous growth of around 17 percent. Even in this pandemic, where financial markets show signs of recovery, mutual funds have dominated the investment segment. More and more investors are recognizing the benefits of mutual funds and channeling their funds into different mutual fund schemes.

If you are looking to invest in the year 2023, here is a list of the best mutual funds under various categories.

To help investors in their search for best investment options within large-cap funds, mentioned below are some details on top large-cap mutual funds in India:

ICICI Prudential Bluechip

About  the fund

ICICI Prudential Bluechip Fund is an open-ended large-cap equity fund that offers growth and stability to investors’ portfolios. The fund aims to provide long-term capital appreciation through an equity portfolio that is mainly invested in large-cap stocks. It focuses on investments in blue-chip stocks which are diversified across various sectors. 

Inception Date January 01, 2013
Benchmark Name NIFTY 100 Total Return Index
Fund Manager Anish Tawakley
Expense ratio 1.67%
Fund type Open-ended
Risk Moderately high

Axis Blue chip

About Fund

Axis Blue chip Fund is an open-ended large-cap equity scheme designed for investors who aim for capital appreciation in the long run. The objective of the fund is to offer long-term capital appreciation through portfolio diversification comprising equity and related securities of large-cap firms. It also offers portfolio diversification with a combination of equity and equity-related instruments, predominantly focused on large-cap firms.

Inception Date January 1, 2013
Benchmark Name S&P BSE 100 Total Return Index
Fund Manager Shreyash Devalkar
Expense ratio 1.63%
Fund type Open-ended
Risk Very high

Best Flexi cap funds to invest in 2023

Based on historical performance, here are the top investment options within flexi-cap funds.

UTI Flexi Cap Fund

About Fund

The scheme aims to offer long-term capital appreciation to investors by primarily investing in equity and equity related securities of companies with different market capitalizations.

Inception Date January 01, 2013
Benchmark Name NIFTY 500 Total Return Index
Fund Manager Ajay Tyagi
Expense ratio 1.58%
Fund type Open-ended
Risk Very high

Parag Parikh Flexi Cap Fund

About Fund

The scheme aims to offer long-term capital appreciation to investors through investment focusing primarily on equity and equity-related instruments.

Inception Date May 28, 2013
Benchmark Name NIFTY 500 Total Return Index
Fund Manager Raj MehtaRajeev Thakkar
Expense ratio 1.66%
Fund type Open-ended
Risk Very high

Top Performing Multi Cap Funds to Invest in 2023

Some of the top performing high risk mutual fund recommendations for 2023 are:

Invesco India Multicap Fund

About the Fund

The fund aims to achieve long-term capital appreciation through investments in equity and equity-related securities of large, mid and small companies. The fund adopts a bottom-up investment approach for stock selection across the market capitalization range.

Inception Date March 17, 2008
Benchmark Name Nifty 500 Multicap 50:25:25 Total Return Index
Fund Manager Mr. Amit Nigam and Mr. Pranav Gokhale
Expense Ratio 2.03%
Fund type Open-ended
Risk Very high

Quant Active Fund

About the Fund

The scheme aims to offer investors long-term capital appreciation and regular income by setting up and maintaining a diversified portfolio including stocks of large-cap, mid-cap and small-cap companies. It is ideal for investors looking at a 3-4 year investment horizon with high return expectations and low to moderate risk tolerance.

Inception Date March 21, 2001
Benchmark Name Nifty 500 Multicap 50:25:25 Total Return Index
Fund Manager Sanjeev Sharma
Expense ratio 2.63%
Fund type Open-ended
Risk Low to moderate

Top aggressive hybrid funds to invest in 2023

The top funds under this category are mentioned below:

HDFC Hybrid Equity Fund

HDFC Hybrid Equity Fund belongs to the aggressive hybrid fund category. The fund is an open-ended fund launched in 2000. The details of this fund are mentioned below.

Particulars Details
Fund manager Mr. Chirag Setalvad
Launch date 11th September 2000
Minimum SIP investment Rs. 100
Expense ratio 1.81%
Risk Very high

Mirae Asset Hybrid Equity Fund

Mirae Asset Hybrid Equity Fund was launched in 2015 and has CRISIL Hybrid 35+65 Aggressive Index as its benchmark. The details of this fund are mentioned below.

Particulars Details
Fund manager Mr. Harshad Borawake
Launch date 29th July 2015
Minimum SIP investment Rs. 1,000
Expense ratio 1.78%
Risk Very high

Top dynamic asset allocation funds to invest in 2023

Some of the top funds in this category are mentioned below.

Edelweiss Balanced Advantage Fund

This is an open-ended fund launched in 2009 from the fund house of Edelweiss Mutual Funds. The basic details of the fund are given below.

Particulars Details
Fund manager Bharat Lahoti
Launch date 20th August 2009
Minimum SIP investment Rs. 1,000
Expense ratio 1.76%
Risk Moderately high

ICICI Prudential Balanced Advantage Fund

This fund was launched in the year 2013 from the fund house of ICICI Prudential Mutual funds. The fund follows CRISIL Hybrid 50+50 Moderate Index as its benchmark. The basic details of the fund are mentioned below

Particulars Details
Fund manager Ihab Dalwai
Launch date 30th December 2006
Minimum SIP investment Rs. 1,000
Expense ratio 1.57%
Risk Moderate

Top Sensex index funds to invest in 2023

Mentioned below are some top Sensex index funds in India:

ICICI Prudential S&P BSE Sensex Index Fund Growth

About Fund

ICICI Prudential S&P BSE Sensex Index Fund Growth is an open-ended fund that tracks and emulates the performance of the S&P BSE Sensex index. This is done through investment in the same stocks that are part of the Sensex index. 

Inception Date September 21, 2017
Benchmark Name S&P BSE Sensex Total Return Index
Fund Manager Mr Kayzad Eghlim and Mr. Nishit Patel
Expense ratio 0.29%
Fund type Open-ended
Risk  Moderately high

UTI S&P BSE Sensex Index Fund Regular Growth

About the fund

UTI S&P BSE Sensex Index Fund Regular Growth invests 100% of its funds in Indian stocks. It is ideal for investors who are looking for long-term capital growth. Investment is concentrated in equity instruments of S&P BSE Sensex TRI index stocks and is subject to tracking error.

Inception Date 31st january 2022
Benchmark Name S&P BSE Sensex TRI
Fund Manager Mr. Shravan Kumar Goyal
Expense ratio 0.29%
Fund type Open-ended
Risk Very high

Top Nifty Index Funds to invest in 2023

Mentioned below are some top Nifty index funds in India:

Aditya Birla Sun Life Nifty 50 Index Fund Growth

About the fund

This is an open-ended equity scheme tracking Nifty 50 TRI. This is a passively managed fund that aims to provide returns which closely correspond to the returns of the Nifty. This fund option is rated as very high risk and it requires a minimum SIP investment of Rs. 1,000.

Inception Date 18th September 2002
Benchmark Name Nifty 50 TRI
Fund Manager Mr. Lovelish Solanki
Expense ratio 0.60%
Fund type Open-ended
Risk Very high

HDFC Index Nifty 50

About the fund

HDFC Index Nifty 50 invests 99.99% of its funds in Indian stocks. It is ideal for investors who are looking for long-term capital growth. Investment is concentrated in equity instruments of Nifty 50 TRI index stocks and is subject to tracking error.

Inception Date 17th July 2002
Benchmark Name Nifty 50 TRI
Fund Manager Mr. Arun Agarwal
Expense ratio 0.40%
Fund type Open-ended
Risk Very high

Top 5 ELSS funds to invest in 2023 

Here are the top ELSS funds that investors can consider investing in 2023:

Axis Long Term Equity Fund -ELSS Fund

About the Fund

The objective of the scheme is to generate regular long-term capital appreciation through a diversified portfolio of equity and equity-related securities. It primarily invests in companies that have a strong growth & sustainable business model.

Inception Date 29th December 2009
Benchmark Name Nifty 500 TRI
Fund Manager Jinesh Gopani
Expense Ratio 1.60%
Fund type Open-ended
Risk  Medium-High

DSP Tax Saver Fund

About the Fund

This scheme is ideal for Investors who are looking to fetch higher returns by investing for at least 3 years combined with tax-saving benefits. The scheme’s objective is to achieve long term capital appreciation by investing mainly in equities across primary and secondary markets.

Inception Date 18th January 2007
Benchmark Name Nifty 500 TRI
Fund Manager Mr. Kaushal Maroo and Mr. Rohit Singhania
Expense Ratio 1.75%
Fund Type Open-ended
Risk Very High

Best Mutual Funds SIP Plans to invest in 2023

If you are looking to start your investment journey or if you are an existing investor here is a list of best mutual funds SIP plans to invest in India this year.

Axis Bluechip Fund

About the fund

As the name suggests this fund invests in the blue-chip companies listed on the stock market.

This fund invests in large-cap companies. This fund is suitable for investors looking to create long term wealth. The ideal SIP amount would vary from person to person. You could start a SIP in this fund with Rs 500/-.

Inception Date January 1, 2013
Benchmark Name S&P BSE 100 Total Return Index
Fund Manager Shreyash Devalkar
Expense ratio 1.63%
Fund type Open-ended
Risk Very high

Aditya Birla Sun Life Nifty 50 Index Fund Growth

About the fund

This is an open-ended equity scheme tracking Nifty 50 TRI. This is a passively managed fund that aims to provide returns which closely correspond to the returns of the Nifty. This fund option is rated as very high risk and it requires a minimum SIP investment of Rs. 1,000.

Inception Date 18th September 2002
Benchmark Name Nifty 50 TRI
Fund Manager Mr. Lovelish Solanki
Expense ratio 0.60%
Fund type Open-ended
Risk Very high

Conclusion

These were some of the best equity funds across various categories that you can consider investing in 2023. But, you should keep in mind that investments in equities are subject to risks and you should make sure you have the right risk appetite before venturing into equity mutual funds. Also, equity mutual funds offer good returns when you remain invested over longer time frames. Further, past returns may not be indicative of similar returns in the future.  it is good to base your investments on sound research or advice from SEBI Registered Investment Advisor.

You can invest in any of these funds on the Fisdom App, which could be downloaded from the links at the bottom of the page.

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