As we step into March 2025, India’s mutual fund landscape continues to evolve, shaped by economic developments, policy changes, and global market movements.
Several equity mutual funds have delivered impressive returns based on a 5-year CAGR. From small-cap and mid-cap funds to sectoral and flexi-cap options.
Let’s dive into the top 10 equity mutual funds in India in March 2025, ranked by their 5-year CAGR performance.
| Name | Sub Category | AUM (₹ Cr) | CAGR 5Y (%) | Expense Ratio (%) |
| Quant Small Cap Fund | Small Cap Fund | 25,183.45 | 41.39 | 0.68 |
| Quant Infrastructure Fund | Sectoral Fund – Infrastructure | 3,303.71 | 33.4 | 0.73 |
| Bandhan Small Cap Fund | Small Cap Fund | 9,236.21 | 33.09 | 0.45 |
| ICICI Pru Commodities Fund | Thematic Fund | 2,508.28 | 33 | 1.04 |
| Nippon India Small Cap Fund | Small Cap Fund | 57,009.70 | 30.67 | 0.7 |
| ICICI Pru Infrastructure Fund | Sectoral Fund – Infrastructure | 7,434.93 | 30.32 | 1.15 |
| Quant Flexi Cap Fund | Flexi Cap Fund | 6,829.09 | 30.02 | 0.61 |
| Quant ELSS Tax Saver Fund | Equity Linked Savings Scheme | 10,278.66 | 29.87 | 0.5 |
| Quant Mid Cap Fund | Mid Cap Fund | 8,608.01 | 29.79 | 0.62 |
| Bank of India Small Cap Fund | Small Cap Fund | 1,555.78 | 29.1 | 0.48 |
Note: The top 10 equity mutual funds listed above are sorted as per the 5-year CAGR as of March 05, 2025.
The Quant Small Cap Fund – Growth is designed to generate capital appreciation by investing in a well-diversified portfolio of small-cap companies.
The fund maintains a strategic sector allocation, with significant exposure to services (17.59%), healthcare (16.35%), energy (15.13%), financials (13.92%),
As of January 2025, its key holdings include Reliance Industries, which constitutes 9.63% of the portfolio under the energy sector, and Jio Financial Services with 6.71% allocation in the financial sector.
Key metrics:
The Quant Infrastructure Fund – Growth focuses on investing predominantly in equity and equity-related instruments of companies within the infrastructure sector.
The fund is heavily weighted toward energy (29.01%), construction (24.84%), materials (10.27%).
As of January 2025, Reliance Industries is a major holding, making up 9.65% of the portfolio within the energy sector, while ITC, representing 9.5% of the portfolio.
Key metrics:
The Bandhan Small Cap Fund – Growth aims to generate long-term capital appreciation by investing predominantly in equities and equity-linked securities of small-cap companies.
Sector-wise, the fund is primarily invested in financials (19.01%), healthcare (13.03%), services (9.51%).
The fund’s largest stock holding is Sobha Limited (2.88%), while Cholamandalam Financial and PCBL Chemical are also key investments. PCBL Chemical has a 3.16% allocation.
Key metrics:
The ICICI Pru Commodities Fund – Growth focuses on long-term capital appreciation by investing in equity and equity-related securities of companies engaged in the commodity and commodity-related sectors.
The fund has a significant allocation to Metals & Mining (48.96%) and Chemicals (23.50%), making up a substantial portion of its portfolio.
Among its top holdings, Jindal Steel & Power holds 8.68% of the fund’s assets, while Jindal Stainless accounts for 8.37%, both belonging to the Metals & Mining sector.
Key metrics:
The Nippon India Small Cap Fund – Growth aims to generate long-term capital appreciation by investing primarily in equity and equity-related instruments of small-cap companies.
The fund has a notable allocation to Capital Goods (18.56%) and Financial (11.23%) sectors.
Among its key holdings, HDFC Bank holds 1.85% of the fund’s assets, representing the Financial sector, while Tube Investments of India accounts for 1.74%, contributing to the Automobile sector.
Key metrics:
| Name | Sub Category | AUM (₹ Cr) | CAGR 5Y (%) |
| Nippon India Small Cap Fund | Small Cap Fund | 57,009.70 | 30.67 |
| Quant Small Cap Fund | Small Cap Fund | 25,183.45 | 41.39 |
| Quant ELSS Tax Saver Fund | Equity Linked Savings Scheme (ELSS) | 10,278.66 | 29.87 |
| Bandhan Small Cap Fund | Small Cap Fund | 9,236.21 | 33.09 |
| Quant Mid Cap Fund | Mid Cap Fund | 8,608.01 | 29.79 |
| ICICI Pru Infrastructure Fund | Sectoral Fund – Infrastructure | 7,434.93 | 30.32 |
| Quant Flexi Cap Fund | Flexi Cap Fund | 6,829.09 | 30.02 |
| Quant Infrastructure Fund | Sectoral Fund – Infrastructure | 3,303.71 | 33.4 |
| ICICI Pru Commodities Fund | Thematic Fund | 2,508.28 | 33 |
| Bank of India Small Cap Fund | Small Cap Fund | 1,555.78 | 29.1 |
Note: The top 10 equity mutual funds listed above are sorted as per their AUM as of March 05, 2025.
| Name | Sub Category | CAGR 5Y (%) | Expense Ratio (%) |
| ICICI Pru Infrastructure Fund | Sectoral Fund – Infrastructure | 30.32 | 1.15 |
| ICICI Pru Commodities Fund | Thematic Fund | 33 | 1.04 |
| Quant Infrastructure Fund | Sectoral Fund – Infrastructure | 33.4 | 0.73 |
| Nippon India Small Cap Fund | Small Cap Fund | 30.67 | 0.7 |
| Quant Small Cap Fund | Small Cap Fund | 41.39 | 0.68 |
| Quant Mid Cap Fund | Mid Cap Fund | 29.79 | 0.62 |
| Quant Flexi Cap Fund | Flexi Cap Fund | 30.02 | 0.61 |
| Quant ELSS Tax Saver Fund | Equity Linked Savings Scheme (ELSS) | 29.87 | 0.5 |
| Bank of India Small Cap Fund | Small Cap Fund | 29.1 | 0.48 |
| Bandhan Small Cap Fund | Small Cap Fund | 33.09 | 0.45 |
Note: The list of mutual funds above is sorted based on their expense ratio from highest to lowest as of March 5, 2025.
Investing in mutual funds requires thorough research and an understanding of market trends. Whether prioritising high returns, lower expense ratios, or larger AUM for stability, investors have diverse options to align with their financial goals.
However, past performance does not guarantee future returns, and market conditions can change. One should asses their risk appetite, investment horizon, and financial objectives before making decisions. Consulting a financial advisor and staying updated on market trends can help optimise investment choices.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.
Published on: Mar 8, 2025, 10:54 AM IST
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