What are Mutual Funds? Definition, Objectives & How They Work

A mutual fund is a popular investment option among retail investors. They are known to provide easy access, liquidity, and straightforward exits, eliminating the need for individual investment management since professional fund managers handle them. Though they might seem complicated or intimidating, mutual funds are essentially money pooled from many investors and managed by a professional fund manager. This article will understand mutual funds in detail, including their types, features, benefits, risks, and a list of the top mutual funds for 2024. 

List of Best Mutual Funds in India in 2024

Here is a list of the top 10 mutual funds in India in 2024 based on their 3-yr average annual rolling returns:

Fund Name	Fund Size (in cr)	3Y CAGR (%)	Expense Ratio	Absolute Returns- 1Y	3Y Avg Annual Rolling Returns
Bank of India Credit Risk Fund	₹137.49	39.65	1.19	6.56	52.18
Quant Small Cap Fund	₹20,164.09	33.62	0.64	68.89	49.97
Quant Infrastructure Fund	₹3,564.61	38.27	0.66	84.95	46.97
ICICI Pru Infrastructure Fund	₹5,034.14	41.04	1.13	69.67	43.16
Aditya Birla SL PSU Equity Fund	₹4,711.18	41.79	0.45	94.67	43.03
Sundaram LT Micro Cap Tax Adv Fund-Sr VI	₹40.75	28.44	1.24	45.26	42.99
Nippon India Small Cap Fund	₹51,566.11	34.35	0.68	59.93	42.92
HDFC Infrastructure Fund	₹2,054.80	39.48	1.21	79.00	42.32
Bandhan Infrastructure Fund	₹1,342.96	37.94	0.97	91.57	41.60
ICICI Pru Bharat 22 FOF	₹1,178.73	40.78	0.12	67.09	41.49

Disclaimer: Please note that the above list is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing.

Note: The data on the top mutual fund in India is from 3rd July 2024. The data on the list is derived from Tickertape’s Mutual Funds Screener.

🚀 Pro Tip: You can use Tickertape’s Mutual Fund Screener to research and evaluate funds with over 50+ pre-loaded filters and parameters.

Top 10 Mutual Fund Investments: An Overview

Let’s discuss which mutual funds are at the top according to their 3yr average annual rolling returns:

Bank of India Credit Risk Fund

This fund is managed by Bank of India Mutual Fund. This small-cap fund aims to achieve capital appreciation by primarily investing in stocks of small-cap companies. It is designed for investors seeking growth opportunities in the small-cap segment. Bank of India Credit Risk Fund is managed by Alok Singh. It has assets under management (AUM) of Rs.137.49 cr, and its latest net asset value (NAV) is Rs.11.717. The fund has a 1-year CAGR of 6.64%, a 3-year CAGR of 40.02%, and a 5-year CAGR of 3.46%. 

Quant Small Cap Fund

This direct plan fund is managed by Quant Mutual Fund. The fund aims to capitalise on the growth potential of small-cap companies. By investing in small-cap stocks, it seeks to generate long-term capital appreciation. The fund is managed by Sanjeev Sharma, Vasav Sahgal, and Ankit A Pande. It has an AUM of Rs.20,164.09 cr, with the latest NAV at Rs.277.071. The fund has a 1-year CAGR of 67.03%, a 3-year CAGR of 35.53%, and a 5-year CAGR of 44.58%. 

Quant Infrastructure Fund

This fund is managed by Quant Mutual Fund and focuses on the infrastructure sector. It aims to provide long-term capital growth by investing in stocks of mutual fund companies engaged in infrastructure-related activities, including construction and development. The fund is managed by Vasav Sahgal and Ankit A Pande. It has an AUM of Rs.3,187.60 cr and a recent NAV of Rs.42.181. The fund has a 1-year CAGR of 83.37%, a 3-year CAGR of 38.56%, and a 5-year CAGR of 39.48%. 

ICICI Pru Infrastructure Fund

ICICI Prudential Infrastructure Fund is an open-ended sectoral infrastructure equity scheme. The fund was launched on 31st August 2005. It is an ICICI Prudential Mutual Fund equity mutual fund managed by Ihab Dalwai. The fund has an AUM of Rs.5,004.78 cr and a NAV of Rs.200.06. The fund has a 1-year CAGR of 69.98%, a 3-year CAGR of 40.71%, and a 5-year CAGR of 30.20%.

Aditya Birla SL PSU Equity Fund

Aditya Birla Sun Life PSU Equity Fund is an equity mutual fund managed by Dhaval Gala. It has Rs.4,711 cr in AUM and a NAV of Rs.38.42, 3rd July 2024. Over the past year, the fund has delivered a return of 91.14%, and its 3-year CAGR is 42.04%. The minimum SIP investment for this fund is ₹100. 

Sundaram LT Micro Cap Tax Adv Fund-Sr VI

Sundaram Long Term Micro Cap Tax Advantage Fund Series VI is an equity fund launched on 28 September 2017. The fund is managed by Rohit Seksaria and Sudhir Kedia. It has Rs.40 cr in AUM and a NAV of Rs.27.71, as of 3rd July 2024 and the fund’s expense ratio is 1.24%. The fund has a 1-year CAGR of 43.94%, 3-year CAGR of 27.96% and 5-year CAGR of 28.08%. 

Nippon India Small Cap Fund

The Nippon India Small Cap Fund is managed by Nippon India Mutual Fund. This small-cap fund targets long-term capital appreciation by investing predominantly in small-cap stocks. It offers investors exposure to the potential high-growth opportunities in smaller companies. Nippon India Small Cap Fund is managed by Samir Rachh. The fund has an AUM of Rs.50,422.78 cr, with a NAV of Rs.177.30. The fund has a 1-year CAGR of 57.59%, a 3-year CAGR of 35.31%, and a 5-year CAGR of 35.28%.

ICICI Pru Commodities Fund

This small-cap fund seeks long-term capital appreciation by investing primarily in small-cap stocks. It suits investors with a higher risk appetite looking for potential high returns. ICICI Prudential Commodities Fund is an equity mutual fund from ICICI Prudential Mutual Fund. Managed by Lalit Kumar, the fund has an AUM of ₹2,298.59 crores and a latest NAV of ₹44.080. Since its launch, the fund has a 1-year CAGR of 48.80%, a 3-year CAGR of 26.09%, and a 5-year CAGR of 38.26%.

HDFC Infrastructure Fund

HDFC Infrastructure Fund is managed by Srinivasan Ramamurthy. It is an equity mutual fund from HDFC Mutual Fund and has an AUM of Rs.2,054 cr and a NAV of Rs.53.67. The fund’s 1-year CAGR is 79.06%, 3-year CAGR is 39.25%, and 5-year CAGR is 24.25%. Investors can start a SIP with a minimum amount of ₹100. The fund invests 88.02% in domestic equities, divided into 36.5% largecap stocks, 7.64% midcap stocks, and 24.18% smallcap stocks.

Bandhan Infrastructure Fund

Bandhan Infrastructure Fund is an equity mutual fund from Bandhan Mutual Fund. It is managed by Vishal Biraia. The fund has an AUM of Rs.1,342 cr and a NAV of Rs.64.29, it boasts a 1-year CAGR of 91.48%, 3-year CAGR of 38.06%, and 5-year CAGR of 30.82%. Investors can start a SIP with a minimum amount of ₹100.

ICICI Pru Bharat 22 FOF

ICICI Prudential BHARAT 22 FOF is an equity mutual fund from ICICI Prudential Mutual Fund. The fund is managed by Kayzad Eghlim, Nishit Patel, Priya Sridhar, and Ajay Kumar Solanki, it has an AUM of Rs.1,178.73 cr and a NAV of Rs.32.97. The fund’s 1-year CAGR is 65.69%, 3-year CAGR is 40.75% and 5-year CAGR is 23.50%. The minimum SIP investment is ₹1,000.

What is a Mutual Fund?

A mutual fund scheme is a popular way to diversify portfolios and grow wealth over the long term. They collect money from multiple investors to buy a range of assets, including stocks, bonds, and securities. Professional fund managers handle these investments, making decisions for the investors. Different types of mutual funds cater to various investment preferences, including equity funds, debt funds, balanced funds, index funds, and sectoral funds. Let us now discover how mutual funds work. 

How do Mutual Funds Work?

Mutual funds are funds that pool money from different investors and use the funding to purchase a portfolio of assets. When you invest in a mutual fund, you become a shareholder in the mutual fund, and the fund manager uses the pooled money to buy the portfolio of assets.The fund manager manages the investments, buying and selling assets to generate the highest return for investors. Thus, a mutual fund’s performance is reflected in its net asset value (NAV), which represents the value of the assets held by the fund minus any liabilities.

What are the Types of Mutual Funds in India?

Starting a mutual fund investment requires investors to choose the type of fund that interests them. Here’s a look at the main mutual fund types based on different factors:

Based on Asset Classes

There are 4 types of mutual funds based on their asset classes, they are:

• Equity Funds (Stocks): These funds in the mutual fund industry invest in company shares. Large-cap equity funds focus on well-established companies, while small-cap equity funds target smaller, high-growth businesses.
• Debt Funds (Bonds): These funds invest in bonds to provide steady income. Examples include government and corporate bond funds.
• Money Market Funds (Short-term securities): These funds invest in low-risk, short-term securities like treasury bills and commercial paper.
• Hybrid Funds (Mix of assets): These funds combine stocks and bonds to aim for growth and stability.

Based on Investment Goals

• Growth Funds: These funds focus on capital appreciation by investing in high-growth companies that are suitable for long-term investors.
• Income Funds: These funds prioritise regular mutual fund income by investing in bonds, fixed-income securities, or dividend-yielding stocks.
• Liquid Funds: These funds invest in short-term debt instruments for liquidity and safety, ideal for quick access to money with minimal risk.
• Tax-Saving Funds (ELSS): These funds provide tax benefits under Section 80C by investing primarily in equities.
• Aggressive Growth Funds: These funds target substantial capital appreciation with higher market risks, suitable for long-term investors with high risk tolerance.
• Capital Protection Funds: These funds focus on preserving the principal while generating modest returns for risk-averse investors.
• Fixed Maturity Funds: These funds offer a predetermined maturity date, providing a clear investment horizon and minimal interest rate risk.
• Pension Funds: These funds invest in a mix of assets to build a retirement corpus for a secure financial future post-retirement.

Based on Structure

• Open-Ended Funds: These funds allow investors to buy and sell units anytime, offering liquidity and flexibility.
• Closed-Ended Funds: These funds have a set maturity and fixed number of units, traded on stock exchanges, suitable for long-term investments.
• Interval Funds: These funds combine features of open- and closed-ended funds, allowing periodic redemption at specific intervals.

Based on Risk Factors

• Very Low-Risk Funds: Liquid and ultra-short-term funds offer low risk and modest returns, used for short-term financial goals.
• Low-Risk Funds: These funds are suitable during market instability, offering returns of 6-8% with options like liquid, ultra-short-term, or arbitrage funds.
• Medium-Risk Funds: These funds balance investments between debt and equity, offering moderate risk and returns of 9-12%.
• High-Risk Funds: These funds are suited for investors comfortable with volatility, seeking substantial returns through interest and dividends, potentially up to 20%.

Specialised Mutual Funds

• Sectoral Funds: These funds focus exclusively on specific sectors, carrying higher risk but potentially significant returns in growing sectors like banking, IT, and pharmaceuticals.
• Index Funds: These funds track an index. rather than being actively managed, providing a stable investment option. Examples include Nifty 50 index funds. 
• Fund of Funds: These funds offer diversification by investing in various funds within a single portfolio, reducing costs and achieving broad market exposure.
• Emerging Market Funds: These funds invest in developing economies, offering high long-term returns but with volatility.
• International Funds: These funds diversify beyond domestic markets with various strategies, such as hybrid allocation or theme-based investing.
• Global Funds: These funds include investments worldwide and in domestic markets, offering diverse investments but with currency and policy risks.
• Real-Estate Funds: These funds provide indirect exposure to real estate markets through established companies or trusts.
• Commodity Funds: These funds invest directly in commodities like gold or in shares of commodity-related companies, offering diversification into commodities.
• Market-Neutral Funds: These funds aim for stable returns by hedging against market volatility.
• Inverse Funds: These funds move opposite to benchmark indices, offering gains during market downturns by selling and repurchasing lower-priced shares.
• Asset Allocation Funds: These funds combine different asset classes like debt, equity, and gold based on market conditions for flexibility and risk management.
• ETFs: ETFs track indices and trade on exchanges, offering real-time trading opportunities and extensive market exposure. Section 80C of the Indian Tax Act allows taxpayers to claim deductions up to ₹150,000 from their total annual income, providing tax relief.

Features of Mutual Funds 

Mutual fund investment boasts unique features that make it attractive to many investors. Here are some key features you should consider:

• Professional Management: You don’t need to be a market expert. Experienced fund managers research, select, and manage a diversified portfolio of investments on your behalf, saving you time and effort.
• Diversification: MFs pool money from multiple investors, allowing you to own various assets within a single investment. This spreads your risk across different sectors and reduces the impact of individual security fluctuations.
• Affordability: Many actively managed mutual funds have low minimum investment requirements, making them accessible even to small investors. Through systematic investment plans (SIPs), you can start investing with as little as ₹500, making it easier to build wealth gradually.
• Liquidity: Most open-ended mutual funds offer daily redemption, allowing you to access your invested capital easily. This can provide a degree of flexibility compared to some other investment options.
• Convenience: Investing in MFs is simple and convenient. You can easily purchase and redeem units online or through various financial institutions, eliminating the need for complex transaction processes.
• Transparency: Fund houses provide regular updates on fund performance, portfolio holdings, and fees, allowing you to stay informed about your investment. Let’s now examine the types of funds.

Who Should Invest in Mutual Funds?

Mutual fund investing can suit various investors with varying financial goals and risk appetites. 

• Beginners: Individuals who may not have the expertise or time to manage their investments can benefit from Mutual Funds, as they pool their money with other investors and rely on professional fund managers to make investment decisions. 
• Career Investors: Career investors may find mutual funds a convenient way to start investing with relatively lower amounts. 
• Investors with Moderate Risk Tolerance: Those with a moderate risk tolerance looking for a diversified investment approach may also consider MFs. 

How to Invest in Mutual Funds in India?

If you are now wondering, ‘How do I invest in mutual funds?’, here’s a step-by-step guide on how to invest in mutual funds:

• Identify your investment goals and risk appetite.
• Determine your investment horizon.
• Choose the best mutual fund type that suits your investment goals and risk tolerance.
• Choose between a lump-sum investment or a systematic investment plan (SIP).
• Select a mutual fund portfolio image scheme and complete the KYC formalities.
• Invest in the mutual fund through an online platform or offline mode.

Why Invest in Mutual Funds in India?

Mutual funds offer a smart route to wealth creation in India for several reasons. For starters, you gain access to professional expertise, letting seasoned fund managers navigate the market on your behalf for a marginal fee called expense ratio. This saves you time and research while offering diversification across a basket of assets, protecting you from putting all your eggs in one basket. Plus, with small investment amounts and flexible options like SIPs, even small savings can blossom into long-term wealth. And lastly, mutual funds such as ELSS funds boast tax benefits, adding extra sweetness to your financial goals.

How to Choose a Mutual Fund? 

To find the best mutual funds to invest in, you should look at the following:

• Define Your Investment Objectives and Risk Tolerance: Before investing in a mutual fund, determine your investment objectives and how they align with the particular objectives of mutual funds that interest you, as well as your risk tolerance. If you want a long-term investment, you may want to invest in equity funds. Conversely, bond or balanced investment funds might be a better option to avoid volatility.
• Look for Consistent Performance: While past performance does not guarantee future mutual fund returns. It is an excellent indicator of how a fund has performed historically. Look for a mutual fund that has consistently performed well over the years.
• Check Fund Manager Track Record: The fund manager manages the fund and makes investment decisions. Look for a manager with a track record of success.

How to Buy & Sell Mutual Funds?

Selling active mutual funds can be done in a few simple steps. The process of selling mutual funds depends on the type of fund and where the investment is held. Here are the general steps:

• Contact the investment firm: The first step to selling mutual funds is to contact the investment firm that holds the fund. This can be done online, by phone, or by visiting a branch office.
• Provide account information: To sell mutual funds, the investment firm may ask for account information. Such as the fund name, mutual fund account number, and the number of mutual fund shares to be sold.
• Place the sell order: After providing the necessary information, the sell order can be placed with the investment firm. The price at which the shares are sold is based on the net asset value (NAV) of the fund at the time of the sale.
• Confirm the sale: Once the sell order is placed, the investment firm will confirm the sale. The proceeds from the sale are then deposited into the investor’s account.

It is important to note that mutual fund fees, such as transaction fees or redemption fees, may be associated with selling mutual funds.

How are Mutual Fund Returns Generated?

Mutual funds generate returns for investors through dividends, interest income, and capital gains. 

1. When the mutual fund earns income from its investments, it distributes that to its investors through dividends. 
2. Interest income is earned when the mutual fund invests in fixed-income securities like bonds. 
3. Capital gains are realised when the mutual fund sells securities at a higher price than it paid for them.

Fees and Charges Associated With Mutual Funds

• Entry Load: An entry load is a one-time fee for investing in a mutual fund. It is expressed as a percentage of the amount invested, ranging from 0% to 2.5%. The entry load is deducted from the investment amount.
• Expense Ratio: The cost of managing a mutual fund, expressed as a percentage of the fund’s assets under management (AUM). This fee covers the fund’s operational expenses, including the fund manager’s salary, administrative expenses, marketing costs, etc. Investors should look for MFs with a low expense ratio to maximise their returns. 
• Exit Load: An exit load is a fee charged when you sell your different categories of mutual fund units. It is expressed as a percentage of the amount redeemed, ranging from 0% to 5%. The exit load is deducted from the redemption amount. It is important to note that the exit load varies depending on the duration of the investment. 

Benefits and Risks of Investing in Mutual Funds 

Before finding the best online mutual funds to invest in, it is important to understand the advantages of investing in mutual funds and the disadvantages of mutual funds. Here are some benefits and disadvantages of mutual fund investments:

Benefits	Risks
Diversification of Portfolio: Investing in mutual funds allows for diversification of your portfolio, which can help to minimise risks.	Market Risks: Mutual funds are subject to market risks; hence, mutual fund returns are also subject to market risks.
Professional Management: Mutual funds are managed by experienced fund managers with the necessary expertise to make investment decisions on behalf of the investors.	Managerial Risks: Mutual fund performance depends on the fund manager’s skill and expertise. Poor investment decisions can result in investors’ losses.
Easy Accessibility and Affordability: Investing in mutual funds is easy; anyone can do so with as little as Rs. 500.	Credit Risks: Investing in debt mutual funds carries the risk of credit defaults, which can cause the mutual fund to lose value.
Higher Returns Compared to Traditional Savings Options: Mutual funds offer the highest return compared to traditional savings options such as fixed deposits, savings accounts, and recurring deposits.	Liquidity Risks: Some mutual funds have a lock-in period, which means that investors cannot withdraw their funds before a specified period. This can be a disadvantage if the investor requires funds urgently.

How to Evaluate Mutual Fund Returns?

Here are some of the factors that are crucial while evaluating mutual fund performance.

• Use Performance Metrics: When evaluating a mutual fund’s performance, you need to use some performance metrics, such as absolute return, relative return, and risk-adjusted return. These metrics help you compare the performance of all the best-performing mutual funds.
• Compare Fund Performance Against its Benchmark: MFs have benchmarks against which their performance is measured. Compare a mutual fund’s performance against its benchmark to determine whether it is the best-performing mutual fund.
• Analyse the Portfolio: Mutual funds invest in different stock funds and bonds. Analyse the portfolio to determine whether it is aligned with your investment goals and risk tolerance.

Understanding Mutual Fund Ratings

Let’s have a look at the mutual fund ratings.

• Morningstar Ratings: Morningstar Ratings are a widely used rating system that rates mutual funds based on historical risk-adjusted performance.
• Lipper Ratings: Lipper Ratings are another rating system that rates mutual funds based on risk-adjusted performance.
• CRISIL Ratings: CRISIL Ratings are India’s leading mutual fund options rating system, providing an independent assessment of a mutual fund’s quality.

Taxability on Mutual Fund Investments

The taxation of capital gains in schemes of mutual funds is contingent on the type of scheme and the duration of holding the units. Let’s delve into these aspects in detail.

Let’s elucidate the concepts of long-term capital gains (LTCG) and short-term capital gains (STCG). LTCG arises from holding an asset for an extended period, whereas STCG stems from selling assets held for a relatively brief duration.

The definitions of long and short durations vary concerning tax implications for equity and debt schemes. For example, to qualify as a long-term capital gain in equity-oriented schemes, the holding period must be a minimum of 12 months. Meanwhile, debt-oriented schemes extend to 36 months. The table below provides a concise summary of the requisite holding periods for capital gains to be categorised as long-term and short-term

Type of Mutual Fund	Holding Period on STCG	Holding Period on LTCG
Equity Funds	Less than 12 months	More than 12 months
Debt Funds	Less than 36 months	More than 36 months
Hybrid Fund-Equity Funded	Less than 12 months	More than 12 months
Hybrid Fund-Debt Funded	Less than 36 months	More than 36 months

Difference Between Mutual Funds vs smallcase

smallcase vs mutual funds are two distinct types of investment vehicles. Let’s look and learn mutual fund investments and how they differ from smallcase. However, a smallcase is a basket of stocks or exchange-traded funds (ETFs) centred around a theme or strategy. Mutual Funds pool money from various investors to invest in a diversified portfolio of stocks, bonds, or other securities. Investors own units or shares of the mutual fund.

Feature	smallcase	Mutual Fund
Structure	Portfolio of pre-selected stocks curated by the platform	The pool of money from multiple investors managed by a fund manager
Investment Choice	You choose from curated portfolios	Limited control over individual holdings
Management	No active management (you invest & exit as you please)	Actively managed by professional fund managers
Diversification	Limited within the chosen smallcase	Typically more diversified across various sectors and asset classes
Minimum Investment	Lower; often ₹100 or less	Varies depending on the fund; could be ₹500 or more
Transparency	Full transparency of underlying holdings and their weightages.	Less transparent; detailed portfolio composition might not be readily available
Costs	Lower expense ratios (0.5-1.5%)	Higher expense ratios (1-2.5%)
Flexibility	High; easily invest, modify, or withdraw from smallcases	Lower; lock-in periods might apply, and exit loads common
Control	More control over your holdings and investment timing	Less control; relies on fund manager’s decisions
Suitability	Good for beginners, DIY investors, and those seeking specific themes/strategies	Good for passive investors with long-term goals and seeking professional management

Factors to Consider Before Investing in Mutual Fund Investments

Understanding mutual funds also comes with a few factors to consider, including:

• Investment Goals and Risk Tolerance: Clearly define your investment mutual fund objectives and assess your risk tolerance before venturing into MFs.
• Expense Ratios and Fees: Examine mutual fund functions like expense ratios and associated fees. These costs can significantly impact your returns over time. Opt for managed funds with competitive expense ratios. Be aware of any front-end or back-end loads, as these can affect the overall profitability of your investment.
• Diversification and Portfolio Composition: Consider the fund’s asset allocation and composition. Diversification helps spread risk, reducing the impact of poor performance in any single investment. Assess whether the fund investment aligns with your desired level of diversification and if it complements your existing investment portfolio.
• Managerial Expertise and Stability: Investigate the fund manager’s experience, track record, and investment philosophy. A seasoned and stable management team can be crucial to the fund’s success.

To Wrap It Up…

In summary, the best mutual funds offer investors a diversified investment option managed by professional fund managers. The minimum investment amount varies from fund to fund, and investors should focus on their investment goals and risk appetite before investing. Unlike other investment options, mutual funds offer higher returns in the long run. smallcase, too, can be an  attractive investment opportunity for those who want to diversify their portfolios & yield significant type of returns. smallcase offers an excellent opportunity for portfolio investing!

Frequently Asked Questions About Mutual Funds

 Mutual Funds Investments Guides on smallcase – 

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What are Mutual Funds	Types of Mutual Funds	Best Mutual Fund Apps	Tax Saving Mutual Funds	Mutual Fund Taxation
NAV in Mutual Funds	Index Funds	NFO Mutual Funds	Liquid Funds	Dividend Mutual Funds
Debt Mutual Funds	IDCW in Mutual Funds	Hedge Funds	Mutual Fund Overlap	Multicap Fund
Hybrid Funds	Blue Chip Funds	AMFI	Mutual Fund Distributor	SWP in Mutual Funds
Balanced Advantage Funds	ELSS	Equity Mutual Funds	Flexi Cap Funds	Direct Mutual Funds
Mutual Fund Advisors	Best Mutual Fund Managers	Mutual Fund KYC