In 2024, 32 equity mutual funds in India reached the significant milestone of completing 25 years. These funds, spanning categories such as ELSS, large-cap, flexi-cap, mid-cap, value, contra, multi-cap, and small-cap, have provided investors with a unique opportunity to assess the long-term wealth creation potential of Indian equities. Below is a comprehensive, data-driven analysis of their returns, including the exact years of completion and performance figures, based on information from Money control and leading financial publications.
Summary Table: 32 Equity Mutual Funds That Completed 25 Years in 2024
Fund Name Category Launch Date 25 Years Completed CAGR Since Inception*
SBI Contra Fund (Magnum Contra) Contra July 1999 July 2024 19.24%
ICICI Prudential Multicap Fund (Top 200) Multicap October 1994 October 2019 15.50%
Quant Small Cap Fund (Income Bond) Small Cap October 1996 October 2021 12.86%
*Note: Due to space and data limitations, only select funds with publicly available returns are listed individually. The full list of 32 funds includes 7 ELSS, 6 large-cap, 5 flexi/large-cap, 4 mid-cap, 2 value, and one each from contra, multi-cap, and small-cap categories.
Category Breakdown and Performance
ELSS Funds (7 Funds)
Categories: Tax-saving equity funds with a 3-year lock-in.
Performance: Historically, ELSS funds have delivered between 12% and 18% CAGR over 25 years, depending on fund and market cycles.
Notable Example: Some of the oldest ELSS funds like SBI Magnum Taxgain and HDFC Taxsaver have consistently outperformed traditional savings instruments over 25 years.
Large-Cap Funds (6 Funds)
Categories: Invest primarily in top 100 companies by market capitalization.
Performance: Long-term CAGR typically ranges from 12% to 15% since inception.
Market Context: Large-cap funds have shown resilience during market downturns and steady compounding in bull markets.
Flexi-Cap and Large-Cap Funds (5 Funds)
Categories: Flexible mandate to invest across market capitalizations.
Performance: Several funds in this segment have delivered 13% to 16% CAGR over 25 years.
Advantage: Ability to dynamically shift between large, mid, and small caps has helped these funds capture broader market rallies.
Mid-Cap Funds (4 Funds)
Categories: Focus on mid-sized companies with higher growth potential.
Performance: 14% to 18% CAGR over 25 years, with higher volatility.
Risk/Reward: These funds tend to outperform in bullish phases but can be more volatile during corrections.
Value Funds (2 Funds)
Categories: Invest in undervalued stocks with strong fundamentals.
Performance: 13% to 16% CAGR since inception.
Investment Style: Value investing has delivered strong returns, especially during market recovery phases.
Contra, Multi-Cap, Small-Cap Funds (1 Each)
Contra: SBI Contra Fund, with a standout 19.24% CAGR since July 1999.
Multi-Cap: ICICI Prudential Multicap Fund, 15.50% CAGR since October 1994.
Small-Cap: Quant Small Cap Fund, 12.86% CAGR since October 1996.
Detailed Performance Analysis
SBI Contra Fund
Launch Date: July 1999
25 Years Completed: July 2024
CAGR Since Inception: 19.24%
Fund Managers: Dinesh Balachandran, Pradeep Kesavan
Investment Approach: Contrarian, investing against prevailing market trends.
ICICI Prudential Multicap Fund
Launch Date: October 1994
25 Years Completed: October 2019
CAGR Since Inception: 15.50%
Fund Managers: Sankaran Naren, Anand Sharma
Investment Approach: Diversified across market caps, with a focus on long-term growth.
Quant Small Cap Fund
Launch Date: October 1996
25 Years Completed: October 2021
CAGR Since Inception: 12.86%
Fund Managers: Ankit Pande, Vasav Sahgal, Sanjeev Sharma
Investment Approach: Focused on high-growth small-cap companies.
Wealth Creation Over 25 Years
Power of Compounding: A 19.24% CAGR over 25 years (as seen in SBI Contra Fund) means ₹1 lakh invested at inception would have grown to over ₹65 lakh by 2024.
ELSS and Large-Cap Funds: Even at a conservative 13% CAGR, ₹1 lakh would have grown to over ₹17 lakh in 25 years.
Mid and Small Cap Funds: Despite higher volatility, these funds have rewarded patient investors with significant long-term growth.
Market and Economic Context
Indian Equity Markets (1999–2024): This period saw multiple bull and bear cycles, including the dot-com bust, the 2008 global financial crisis, and the COVID-19 pandemic. Despite these, disciplined SIP and lump-sum investors in these funds have seen robust wealth creation.
Benchmark Outperformance: Over 60% of equity mutual funds outperformed their respective benchmarks in December 2024, with flexi-cap, large-cap, and multi-cap funds leading the way.
How to Use This Data
For Investors: This 25-year track record demonstrates the potential of equity mutual funds to deliver inflation-beating returns over the long term.
For Planners: Use this data to reinforce the importance of staying invested through market cycles and the benefits of diversification across fund categories.
Important Disclaimers
Past Performance: Not indicative of future results. Returns are subject to market risks and fund management strategies.
Fund Selection: Always consider your risk profile, investment horizon, and financial goals before investing.
Data Source: Returns and launch dates are based on public disclosures from Money control and financial news sources as of November 2024.
Conclusion
The 32 equity mutual funds in India that completed 25 years in 2024 have delivered impressive long-term returns across categories. With CAGR figures ranging from 12% to over 19% since inception, these funds underscore the wealth creation potential of Indian equities and the importance of long-term investing. Staying invested through market ups and downs, and diversifying across fund types, remains the cornerstone of successful wealth accumulation in mutual funds.
References
Economic Times Mutual Funds Analysis
Sakthi Financial Services Weekly Newsletter
Money control (for fund launch dates and detailed returns)
Business Standard (for benchmark outperformance data)
