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As we approach 2024, discerning the best mutual funds to invest in 2024 is essential for anyone looking to enhance their investment strategy. This year, focus on funds that have demonstrated resilience and adaptability in a fluctuating market, particularly those in sectors like technology, financials, pharma and renewable energy, which are poised for growth. Additionally, consider funds with strong historical performance and experienced management teams, as these attributes can significantly impact returns.
Diversification remains key, so exploring a mix of equity and bond funds might be beneficial. By aligning your investment choices with current market trends and economic forecasts, you can identify the best mutual funds to invest in 2024 and set the stage for a successful financial year ahead.
The below table shows some top performing Mutual funds.
| Fund Type / Fund | AuM (Cr) | 1 Year Return | 3 Year Return | 5 year Return |
|---|---|---|---|---|
| ELSS | ||||
| SBI Long Term Equity Fund – Direct Plan – Growth | 28,732.52 | 16.76% | 64.29% | 114.55% |
| Motilal Oswal ELSS Tax Saver Fund – Growth | 4,194.64 | 24.21% | 70.84% | 113.49% |
| SBI Long Term Equity Fund – Regular Plan – Growth | 28,732.52 | 16.30% | 62.38% | 110.32% |
| JM ELSS Tax Saver Fund – Direct Plan – Growth | 186.75 | 16.47% | 54.69% | 98.47% |
| JM ELSS Tax Saver Fund – Growth | 186.75 | 15.63% | 51.84% | 92.69% |
| Flexi Cap Fund | ||||
| JM Flexi Cap Fund – Direct – Growth | 4,531.48 | 17.43% | 68.65% | 120.89% |
| JM Flexi Cap Fund – Growth | 4,531.48 | 16.41% | 65.04% | 113.85% |
| Motilal Oswal Flexi Cap Fund – Growth | 12,563.85 | 23.42% | 61.93% | 85.65% |
| Bank of India Flexi Cap Fund – Regular Plan – Growth | 1,918.25 | 13.12% | 55.31% | 0.00% |
| Bank of India Flexi Cap Fund – Direct Plan – Growth | 1,918.25 | 14.11% | 59.28% | 0.00% |
| Focused Fund | ||||
| HDFC Focused 30 Fund – Direct Plan – Growth | 15,109.01 | 16.64% | 56.90% | 115.36% |
| HDFC Focused 30 Fund – Growth | 15,109.01 | 15.85% | 53.52% | 107.25% |
| ICICI Prudential Focused Equity Fund – Direct Plan – Growth | 10,201.4 | 17.52% | 55.60% | 104.79% |
| ICICI Prudential Focused Equity Fund – Regular Plan – Growth | 10,201.4 | 16.71% | 52.39% | 97.27% |
| Invesco India Focused Fund – Growth | 3,249.98 | 22.83% | 64.09% | 0.00% |
| Large & Mid Cap Fund | ||||
| Motilal Oswal Large and Midcap Fund – Direct Plan – Growth | 6,500.18 | 24.51% | 73.98% | 129.35% |
| Motilal Oswal Large and Midcap Fund – Regular Plan – Growth | 6,500.18 | 23.56% | 69.86% | 119.29% |
| Bandhan Core Equity Fund – Regular Plan – Growth | 6,982.00 | 15.21% | 57.96% | 103.45% |
| Invesco India Large & Mid Cap Fund – Growth | 6,493.35 | 18.46% | 56.33% | 91.03% |
| Large Cap Fund | ||||
| Nippon India Large Cap Fund – Direct Plan – Growth | 34,432.09 | 11.53% | 47.10% | 92.32% |
| Nippon India Large Cap Fund – Growth | 34,432.09 | 10.96% | 44.97% | 87.48% |
| ICICI Prudential Bluechip Fund – Direct Plan – Growth | 66,206.57 | 12.08% | 43.29% | 81.77% |
| ICICI Prudential Bluechip Fund – Growth | 66,206.57 | 11.71% | 41.88% | 78.58% |
| Baroda BNP Paribas Large Cap Fund – Direct Plan – Growth | 2,439.97 | 12.84% | 43.47% | 76.42% |
| Baroda BNP Paribas Large Cap Fund – Regular Plan – Growth | 2,439.97 | 12.08% | 40.66% | 70.39% |
| Mid Cap Fund | ||||
| Motilal Oswal Midcap Fund – Direct Plan – Growth | 1,604.02 | 29.60% | 88.77% | 174.25% |
| Motilal Oswal Midcap Fund – Growth | 18,604.02 | 28.77% | 85.12% | 164.54% |
| Mahindra Manulife Mid Cap Fund – Direct Plan – Growth | 3,442.41 | 16.06% | 66.16% | 128.15% |
| LIC MF Mid cap Fund – Growth | 334.33 | 15.45% | 52.11% | 91.37% |
| ITI Mid Cap Fund – Regular Plan – Growth | 1,162.93 | 13.37% | 59.28% | 0.00% |
| ITI Mid Cap Fund – Direct Plan – Growth | 1,162.93 | 14.53% | 64.56% | 0.00% |
| Multi Cap Fund | ||||
| ICICI Prudential Multicap Fund – Direct Plan – Growth | 14,690.79 | 14.43% | 53.31% | 99.45% |
| ICICI Prudential Multicap Fund – Growth | 14,690.79 | 13.89% | 51.15% | 94.33% |
| Sectoral/Thematic | ||||
| Invesco India Infrastructure Fund – Growth | 1,666.48 | 14.25% | 67.84% | 131.67% |
| Bank of India Manufacturing & Infrastructure Fund – Direct Plan – Growth | 528.69 | 13.17% | 63.69% | 130.51% |
| Bank of India Manufacturing & Infrastructure Fund – Growth | 528.69 | 12.22% | 59.91% | 121.24% |
| DSP Natural Resources and New Energy Fund – Direct Plan – Growth | 1,335.59 | 12.88% | 51.68% | 107.31% |
| DSP Natural Resources and New Energy Fund – Regular Plan – Growth | 1,335.59 | 12.15% | 48.86% | 100.33% |
| Sundaram Consumption Fund – Direct Plan – Growth | 1,723.71 | 14.19% | 46.62% | 80.27% |
| Sundaram Consumption Fund – Growth | 1,723.71 | 13.63% | 44.46% | 75.71% |
| Small Cap Fund | ||||
| Nippon India Small Cap Fund – Growth | 62,259.55 | 13.93% | 63.73% | 152.51% |
| Bandhan Small Cap Fund – Regular Plan – Growth | 8,489.25 | 22.48% | 78.22% | 0.00% |
| ITI Small Cap Fund – Direct Plan – Growth | 2,415.00 | 15.03% | 68.77% | 0.00% |
| Value Fund | ||||
| JM Value Fund – (Direct) – Growth | 1,084.63 | 13.62% | 66.69% | 120.58% |
| JM Value Fund – Growth | 1,084.63 | 12.76% | 63.90% | 114.98% |
| DSP Value Fund – Direct Plan – Growth | 940.10 | 13.68% | 44.04% | 0.00% |
| DSP Value Fund – Growth | 940.10 | 13.18% | 42.21% | 0.00% |
Summary analysis:
Best mutual funds to invest in 2024 – ELSS
The Motilal Oswal ELSS Tax Saver Fund – Growth is the standout performer in this analysis, showcasing remarkable returns that make it a top choice for investors.
Annual Return: 24.21%, Cumulative Returns: 70.84%
Best mutual funds to invest in 2024 – Flexi Cap Fund
The JM Flexi Cap Fund – Direct – Growth emerges as the top performer among the analyzed flexi cap funds, demonstrating strong metrics that appeal to investors.
Annual Return: 17.43%, Cumulative Returns: 68.65%, Overall Growth: 120.89%
Best mutual funds to invest in 2024 – Focused Fund
The Invesco India Focused Fund – Growth stands out as the top performer in this group, showcasing impressive performance metrics that highlight its strength.
Annual Return: 22.83%, Cumulative Returns: 64.09%
Best mutual funds to invest in 2024 – Large & Mid Cap Fund
The Motilal Oswal Large and Midcap Fund – Direct Plan – Growth is the standout performer in this group, showcasing impressive metrics that highlight its effectiveness as an investment option.
Annual Return: 24.51%, Cumulative Returns: 73.98%, Overall Growth: 129.35%
Best mutual funds to invest in 2024 – Large Cap Fund
The Baroda BNP Paribas Large Cap Fund – Direct Plan – Growth emerges as the top performer in this analysis, showcasing strong performance metrics that appeal to investors.
Annual Return: 12.84%, Cumulative Returns: 43.47%, Overall Growth: 76.42%
Best mutual funds to invest in 2024 – Mid Cap Fund
The Motilal Oswal Midcap Fund – Direct Plan – Growth stands out as the top performer among midcap funds, showcasing exceptional performance metrics that make it highly appealing to investors.
Annual Return: 29.60%, Cumulative Returns: 88.77%, Overall Growth: 174.25%
Best mutual funds to invest in 2024 – Multi Cap Fund
The ICICI Prudential Multicap Fund – Direct Plan – Growth is the standout performer in the multicap category, demonstrating solid performance metrics that attract investors.
Annual Return: 14.43%, Cumulative Returns: 53.31%, Overall Growth: 99.45%
Best mutual funds to invest in 2024 – Sectoral/Thematic
The Invesco India Infrastructure Fund – Growth is the top performer in the infrastructure fund category, showcasing strong metrics that highlight its effectiveness.
Annual Return: 14.25%, Cumulative Returns: 67.84%, Overall Growth: 131.67%
Best mutual funds to invest in 2024 – Small Cap Fund
The Bandhan Small Cap Fund – Regular Plan – Growth stands out as the top performer among the analyzed small cap funds, showcasing impressive metrics that highlight its strength.
Annual Return: 22.48%, Cumulative Returns: 78.22%
Best mutual funds to invest in 2024 – Value Fund
The JM Value Fund – (Direct) – Growth emerges as the top performer in the value fund category, demonstrating strong performance metrics that make it a noteworthy choice for investors.
Annual Return: 13.62%, Cumulative Returns: 66.69%, Overall Growth: 120.58%
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