In this article, we evaluate the performance of 207 actively managed mutual funds across eight categories to identify consistent performers.
Regular readers may be aware that we have proclaimed the benefits of low-volatility investing for a few years. See Nifty Low Volatility 50: A Benchmark Index to watch out for (July 2016). We publish a low volatility + momentum stock screener each month and update the direct equity portfolio performance based on this idea.
Our monthly screener uses the NIfty 100 Low Volatility 30 as an additional benchmark for these actively managed mutual fund categories.
- Aggressive Hybrid Fund
- Contra Fund
- Dividend Yield Fund
- Flexicap
- Large Cap Fund
- Sectoral/ Thematic
- Sectoral/ Thematic (international)
- Value Fund
Rolling return outperformance consistency: the fund returns are compared with category benchmark returns over every possible 3Y,4Y, and 5Y period. Higher the outperformance consistency, the better. Suppose 876 fund returns were compared with 876 benchmark returns, and the fund has beaten the benchmark 675 times. The consistency score will be 675/876 ~ 77%. This data is part of our monthly equity mutual fund screeners.
Disclaimer: Fund performance reports present return and risk analysis of a fund with representative benchmarks and not investment recommendations. It must be expressly understood that the data below reflect only past performance and is in no way an indication of future performance. Our investment recommendations are Handpicked List of Mutual Funds (PlumbLine).
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Out of 207 funds, only 19 manage 70% or more rolling return outperformance consistency against the Nifty 100 Low Volatility 30 and 14 are sectoral or thematic funds! They are tabulated below.
| Category | Fund |
| Contra Fund | Invesco India Contra Fund – Direct Plan – Growth |
| Contra Fund | Kotak India EQ Contra Fund – Growth – Direct |
| Flexicap | quant Flexi Cap Fund – Growth Option-Direct Plan |
| Large Cap Fund | Axis Bluechip Fund – Direct Plan – Growth |
| Large Cap Fund | Mirae Asset Large Cap Fund – Direct Plan – Growth |
| Sectoral/ Thematic | Aditya Birla Sun Life Digital India Fund – Growth – Direct Plan |
| Sectoral/ Thematic | Aditya Birla Sun Life India Gennext Fund – Growth – Direct Plan |
| Sectoral/ Thematic | CANARA ROBECO CONSUMER TRENDS FUND – DIRECT PLAN – GROWTH OPTION |
| Sectoral/ Thematic | DSP Natural Resources and New Energy Fund – Direct Plan – Growth |
| Sectoral/ Thematic | ICICI Prudential Technology Fund – Direct Plan -Growth |
| Sectoral/ Thematic | Invesco India Financial Services Fund – Direct Plan – Growth |
| Sectoral/ Thematic | Mirae Asset Great Consumer Fund – Direct Plan – Growth |
| Sectoral/ Thematic | SBI BANKING & FINANCIAL SERVICES FUND – DIRECT PLAN – GROWTH |
| Sectoral/ Thematic | SBI TECHNOLOGY OPPORTUNITIES FUND – DIRECT PLAN – GROWTH |
| Sectoral/ Thematic | Tata Digital India Fund-Direct Plan-Growth |
| Sectoral/ Thematic | Tata India Consumer Fund-Direct Plan-Growth |
| Sectoral/ Thematic | Tata Resources & Energy Fund-Direct Plan-Growth |
| Sectoral/ Thematic (international) | ICICI Prudential US Bluechip Equity Fund – Direct Plan -Growth |
| Sectoral/ Thematic (international) | Nippon India US Equity Opportunites Fund- Direct Plan- Growth Plan- Growth Option |
Out of these 19, if we further demand a rolling return outperformance consistency score of >= 70% over four years, the count drops to these ten.
| Category | Fund |
| Contra Fund | Invesco India Contra Fund – Direct Plan – Growth |
| Contra Fund | Kotak India EQ Contra Fund – Growth – Direct |
| Flexicap | quant Flexi Cap Fund – Growth Option-Direct Plan |
| Large Cap Fund | Mirae Asset Large Cap Fund – Direct Plan – Growth |
| Sectoral/ Thematic | CANARA ROBECO CONSUMER TRENDS FUND – DIRECT PLAN – GROWTH OPTION |
| Sectoral/ Thematic | Mirae Asset Great Consumer Fund – Direct Plan – Growth |
| Sectoral/ Thematic | Aditya Birla Sun Life Digital India Fund – Growth – Direct Plan |
| Sectoral/ Thematic | Aditya Birla Sun Life India Gennext Fund – Growth – Direct Plan |
| Sectoral/ Thematic | Tata Digital India Fund-Direct Plan-Growth |
| Sectoral/ Thematic | Tata Resources & Energy Fund-Direct Plan-Growth |
| Sectoral/ Thematic (international) | Nippon India US Equity Opportunites Fund- Direct Plan- Growth Plan- Growth Option |
Out of these ten, if we further demand a rolling return outperformance consistency score of >= 60% over three years, we are left with these eight funds.
- Invesco India Contra Fund – Direct Plan – Growth
- Quant Flexi Cap Fund – Growth Option-Direct Plan
- Mirae Asset Large Cap Fund – Direct Plan – Growth
- CANARA ROBECO CONSUMER TRENDS FUND – DIRECT PLAN – GROWTH OPTION
- Mirae Asset Great Consumer Fund – Direct Plan – Growth
- Aditya Birla Sun Life Digital India Fund – Growth – Direct Plan
- Aditya Birla Sun Life India Gennext Fund – Growth – Direct Plan
- Tata Digital India Fund-Direct Plan-Growth
- Nippon India US Equity Opportunites Fund- Direct Plan- Growth Plan- Growth Option
That is a pretty poor performance!
Caution: Although we prefer the low volatility factor to other factors, it must be understood that it would not always outperform the Nifty 50 or Nifty 100. See, for example, Nifty 100 Low Volatility 30 vs Nifty 50: Return difference at an all-time low.
Readers may be aware that we are invested in the UTI S&P BSE Low Volatility Index Fund (link points to a detailed review) and low-volatility stocks. Also, see: Portfolio Audit 2022: The annual review of my goal-based investments.
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Dr M. Pattabiraman (PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over 14 years of experience publishing news analysis, research and financial product development.
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