Are you looking for mutual funds that have generated 5x returns in the last decade without charging a high fee? While past performance is no guarantee of future returns, a handful of mutual funds have delivered this remarkable feat over the last 10 years.
After analysing Value Research data, we have found that there are top 10 mutual funds that not only have turned every Rs 1 lakh investment into over Rs 5 lakh, but also carry high ratings while keeping their expense ratios below 1%.
However, rather than selecting a mutual fund based just on past performance, one should consider if a fund aligns with your financial objectives, investment horizon, and risk appetite before making an investment.
Here’s a look at 10 mutual funds and how they have performed against their respective benchmarks and sector.
Top 10 mutual funds with 5x returns in 10 years
Lump-sum performance
| Funds | 10 Year Returns In % | Benchmark Returns In % | Category Average Returns In % | Rs 1 lakh lump sum would have grown to approx |
| Nippon India Small Cap Dir | 21.27 | 14.86 | 17.32 | Rs 6.87 lakh |
| Invesco India Mid cap Dir | 20.03 | 17.27 | 16.77 | Rs 6.20 lakh |
| Axis Small Cap Dir | 19.51 | 14.86 | 17.32 | Rs 5.94 lakh |
| Edelweiss Mid Cap Dir | 19.47 | 17.27 | 16.77 | Rs 5.92 lakh |
| Bank of India Manufacturing & Infra Dir | 19.4 | 15.48 | 16.46 | Rs 5.88 lakh |
| Quant Multi Asset Allocation Dir | 18.86 | – | 11.09 | Rs 5.62 lakh |
| Nippon India Growth Mid Cap Dir | 18.74 | 17.27 | 16.77 | Rs 5.57 lakh |
| HDFC Mid Cap Dir | 18.07 | 17.27 | 16.77 | Rs 5.26 lakh |
| DSP India T.I.G.E.R. Dir | 17.92 | 15.48 | 16.46 | Rs 5.19 lakh |
| ICICI Pru Infrastructure Dir | 17.71 | 15.48 | 16.46 | Rs 5.10 lakh |
SIP performance
| Funds | 10 Year Returns In % | Rs 10,000 SIP would have grown to approx |
| Quant Multi Asset Allocation Dir | 22.23 | Rs 38.77 lakh |
| Bank of India Manufacturing & Infra Dir | 22.12 | Rs 38.53 lakh |
| Nippon India Small Cap Dir | 22.02 | Rs 38.33 lakh |
| Invesco India Mid cap Dir | 21.99 | Rs 38.28 lakh |
| Edelweiss Mid Cap Dir | 21.44 | Rs 37.14 lakh |
| DSP India T.I.G.E.R. Dir | 21.14 | Rs 36.55 lakh |
| LIC MF Infrastructure Dir | 20.99 | Rs 36.25 lakh |
| ICICI Pru Infrastructure Dir | 20.93 | Rs 36.13 lakh |
| Nippon India Growth Mid Cap Dir | 20.82 | Rs 35.93 lakh |
| Axis Small Cap Dir | 20.56 | Rs 35.43 lakh |
Source: Value Research as of 28th July 2026
Nippon India Small Cap Fund
The fund was launched on January 01, 2013 and since inception the fund has generated a return of 23.84%. Samir Rachh is the fund manager of Nippon India Small Cap Fund. The fund, which has been rated 4-star by Value Research, has an expense ratio of 0.54%.
Top 5 stock holdings: HDFC Bank, Bharat Heavy Elect, Apar, TD Power Systems, and SBI.
Top 5 sector-wise holdings: Industrials, Financial, Consumer Discretionary, Materials and Healthcare.
Invesco India Mid Cap Fund
Since it was launched on January 1, 2013, this mid-cap fund has produced returns of 21.18%. The Invesco India Mid Cap Fund’s current fund manager is Aditya Khemani. Value Research has given the fund a 4-star rating, and its expense ratio is 0.49%.
Top 5 stock holdings: Prestige Estates, Federal Bank, BSE, Meesho and AU Small Fin Bank.
Top 5 sector-wise holdings: Financial, Healthcare, Consumer Discretionary, Technology and Real Estate.
Axis Small Cap Fund
Since its debut on November 29, 2013, this small cap fund has produced a return of 22.59%. Axis Small Cap Fund’s current fund managers are Tejas Sheth and Mayank Hyanki. Value Research has given the fund a 4-star rating, and its expense ratio is 0.55%.
Top 5 stock holdings: Krishna Institute, CCL Products, JB Chemicals, City Union Bank and Sai Life Sciences.
Top 5 sector-wise holdings: Financial, Industrials, Healthcare, Materials and Consumer Discretionary.
Edelweiss Mid Cap Fund
This mid cap fund was launched on January 01, 2013 and since inception the fund has generated 21.34%. Dhruv Bhatia, Trideep Bhattacharya and Raj Koradia are the current managers of Edelweiss Mid Cap Fund. The fund which has been rated 5-star by Value Research, has an expense ratio of 0.42%.
Top 5 stock holdings: Federal Bank, BSE, Fortis Healthcare, Marico and Solar.
Top 5 sector-wise holdings: Financial, Industrials, Consumer Discretionary, Materials and Healthcare.
Bank of India Manufacturing & Infrastructure Fund
Since its launch on January 1, 2013, this equity fund has produced 17.74%. The Bank of India Manufacturing & Infrastructure Fund’s current fund manager is Nitin Gosar. Value Research has given the fund a 4-star rating, and its expense ratio is 0.64%.
Top 5 stock holdings: Larsen & Toubro, Reliance Ind, NTPC, Bharti Airtel and Dixon Technologies.
Top 5 sector-wise holdings: Industrials, Energy & Utilities, Healthcare, Consumer Discretionary and Materials.
Quant Multi Asset Allocation Fund
This hybrid mutual fund scheme was launched on January 01, 2013 and since inception the fund has generated a return of 15.94%. Sandeep Tandon, Ankit A Pande, Sanjeev Sharma, Sameer Kate, Ayusha Kumbhat, Yug Tibrewal and Varun Pattani are the current fund managers of Quant Multi Asset Allocation Fund. The fund which has been rated 5-star by Value Research, has an expense ratio of 0.51%.
Top 5 stock holdings: ICICI Bank, Adani Enterprises, Adani Green Energy, Bharti Airtel, and Aurobindo Pharma.
Top 5 sector wise holdings: Financial, Technology, Energy & Utilities, Materials and Healthcare.
Nippon India Growth Mid Cap
Nippon India Growth Mid Cap Fund was launched on January 01, 2013 and is currently managed by Rupesh Patel. Since inception, the fund has generated 18.27% returns. The fund which has been rated 5-star by Value Research, has an expense ratio of 0.61%.
Top 5 stock holdings: BSE, Federal Bank, Fortis Healthcare, AU Small Fin Bank and Bharat Forge.
Top 5 sector-wise holdings: Financial, Industrials, Consumer Discretionary, Healthcare and Technology.
HDFC Mid Cap Fund
HDFC Mid Cap Fund’s current fund manager is Chirag Setalvad. The fund, which was launched on January 01, 2013 has generated a return of 20.29% since its inception. The fund, which has been rated 5-star by Value Research, has an expense ratio of 0.61%.
Top 5 stock holdings: Federal Bank, Max Financial, AU Small Fin Bank, Balkrishna Ind, and Fortis Healthcare.
Top 5 sector-wise holdings: Financial, Healthcare, Consumer Discretionary, Technology and Consumer Staples.
DSP India T.I.G.E.R. Fund
Since its launch on January 1, 2013, this thematic infrastructure fund has produced returns of 16.83%. The DSP India T.I.G.E.R. Fund’s current fund manager is Rohit Singhania. Value Research has given the fund a 4-star rating, and its expense ratio is 0.73%.
Top 5 stock holdings: Reliance Ind, NTPC, Apollo Hospitals, Larsen & Toubro and Hindustan Aero.
Top 5 sector-wise holdings: Industrials, Energy & Utilities, Materials, Financial and Healthcare.
ICICI Prudential Infrastructure Fund
This thematic infra fund was launched on January 01, 2013 and since inception, the fund has generated a return of 16.29%. Sanket Gaidhani is the current fund manager of ICICI Prudential Infrastructure Fund. The fund, which has been rated 5-star by Value Research, has an expense ratio of 0.98%.
Top 5 sector holdings: Interglobe Aviation, Larsen & Toubro, Oberoi Realty, NTPC and AIA Engineering.
Top 5 sector-wise holdings: Industrials, Energy & Utilities, Materials, Financial and Real Estate.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully before investing.
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