Best Focused Funds to Invest in November 2026
Foliyo’s research compared 25 focused funds on returns, consistency, risk and cost. These 10 rank highest; 5 are Leaders.
- Focused funds reviewed
- 25
- Median 3-year return a year
- 11.8%
- Median expense ratio
- 1.01%
- Data as of
- 23 October 2026
Best 3 in November 2026
- 1
HDFC Focused Fund Leader14.2% 3Y a year - 2
Invesco India Focused Fund Leader19.3% 3Y a year - 3
Old Bridge Focused Fund Emerging— 3Y a year
Category median 11.8% a year over 3 years
The leaders, HDFC Focused Fund and Invesco India Focused Fund, were ahead of the peer median in 100.0% and 98.7% of rolling 3-year periods. Axis Focused Fund and Mirae Asset Focused Fund were ahead in 0.0%. Expense ratios sit close to the 1.01% peer median for most funds here, so the gap is mainly about return and risk. The 1-year peer median is -5.1%, so most funds are down over the last year, and the 3-year and 5-year records matter more.
Best focused funds in November 2026: the ranking of 10
Ranked by Foliyo’s research among 25 focused funds with at least ₹500 Cr. Returns are for the Direct Growth plan to 23 October 2026 (3 and 5-year returns a year; the bar shows the 3-year return); fund size as of 30 September 2026.
| # | Fund (Direct Growth) and Foliyo label | 1Y return | 3Y return | 5Y return | Expense ratio | Fund size |
|---|---|---|---|---|---|---|
| 1 | HDFC Focused Fund Leader | −7.4% | 14.2% | 14.6% | 0.82% | ₹26,553 Cr |
| 2 | Invesco India Focused Fund Leader | −1.4% | 19.3% | 12.9% | 0.70% | ₹6,229 Cr |
| 3 | Old Bridge Focused Fund Emerging | 4.3% | — | — | 1.05% | ₹4,542 Cr |
| 4 |  ICICI Prudential Focused Fund Leader | −7.4% | 15.4% | 12.9% | 1.14% | ₹17,168 Cr |
| 5 | ITI Focused Fund Leader | −3.2% | 14.5% | — | 0.91% | ₹607 Cr |
| 6 |  SBI Focused Fund Leader | 2.4% | 13.6% | 9.7% | 0.84% | ₹50,180 Cr |
| 7 |  Bandhan Focused Fund Strong | −5.0% | 14.3% | 10.2% | 0.98% | ₹2,087 Cr |
| 8 |  Mahindra Manulife Focused Fund Strong | −9.2% | 11.8% | 11.5% | 0.82% | ₹1,930 Cr |
| 9 |  Kotak Focused Fund Strong | −4.9% | 12.9% | 9.9% | 0.75% | ₹4,273 Cr |
| 10 |  Canara Robeco Focused Fund Strong | −9.9% | 11.6% | 10.2% | 0.82% | ₹2,730 Cr |
Category median: 11.8% a year over 3 years, −5.1% over 1 year, expense ratio 1.01%. # is the fund’s rank among all 25 in the review; funds too young or with too little data to rank are left out. A “—” means the fund is too young for that period.
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The 10 funds, one by one
HDFC Focused Fund Direct Growth
Rank 1 of 25, managed by Amit B. Ganatra (lead since Feb 2026), Very High risk
Leader Most consistent fund in the category and rank 1 of 25, but the lead manager changed in Feb 2026.
Pros
- 3-year return is 14.2% against a peer median of 11.9%, and 5-year return is 14.6% against 9.4%.
- It was ahead of the peer median in 100.0% of rolling 3-year periods and in the top half of its category in 5 of 5 calendar years.
- Downside capture is 73 with a maximum fall of -12.7% and volatility of 13.4%, so it fell less than its benchmark in weak months.
Cons
- The 1-year return of -7.4% is behind the peer median of -5.1%, so it has lagged recently.
- Amit B. Ganatra has led the fund only since Feb 2026, and the 3-to-5-year record was built before that.
- New lead manager in the last year: Amit B. Ganatra (lead since Feb 2026)
- 1-year return
- −7.4% −2.4 pts median −5.1%
- 3-year return (a year)
- 14.2% +2.4 pts median 11.8%
- 5-year return (a year)
- 14.6% +5.2 pts median 9.4%
- Sharpe ratio (3Y)
- 0.62 +0.22 median 0.40
- Volatility (3Y)
- 13.4% −2.1 pts median 15.4%
- Worst fall (3Y)
- −12.7% +3.4 pts median −16.1%
- Downside capture (3Y)
- 73 −17 median 91
- Expense ratio
- 0.82% −0.19 pts median 1.01%
- Cash
- 2.7% median 3.7%
- Fund size
- ₹26,553 Cr median ₹2,730 Cr
Invesco India Focused Fund Direct Growth
Rank 2 of 25, managed by Taher Badshah (lead since Sep 2020), Very High risk
Leader Leader on 3-year and 5-year returns with a stable manager, but the extra return came with higher volatility and a deeper fall.
Pros
- 3-year return is 19.3% against a peer median of 11.9%, and 5-year return is 12.9% against 9.4%.
- It was ahead of the peer median in 98.7% of rolling 3-year periods, with the same lead manager, Taher Badshah, since Sep 2020.
- Downside capture is 86 against upside capture of 129, and the expense ratio is 0.70% against a peer median of 1.01%.
Cons
- Volatility is 18.3% against a peer median of 15.5%, and the maximum fall is -19.8% against -16.1%.
- The portfolio holds 25.0% in mid caps and 25.6% in small caps with a P/E of 33.4, which fits the higher risk, though the data does not prove the cause.
- 1-year return
- −1.4% +3.6 pts median −5.1%
- 3-year return (a year)
- 19.3% +7.4 pts median 11.8%
- 5-year return (a year)
- 12.9% +3.5 pts median 9.4%
- Sharpe ratio (3Y)
- 0.76 +0.36 median 0.40
- Volatility (3Y)
- 18.3% +2.8 pts median 15.4%
- Worst fall (3Y)
- −19.8% −3.8 pts median −16.1%
- Downside capture (3Y)
- 86 −4 median 91
- Expense ratio
- 0.70% −0.31 pts median 1.01%
- Cash
- 3.0% median 3.7%
- Fund size
- ₹6,229 Cr median ₹2,730 Cr
Old Bridge Focused Fund Direct Growth
Rank 3 of 25, managed by Tarang Agrawal (lead since Jan 2024), Very High risk
Emerging Promising young fund with a strong first-year record and low downside capture, but too early to call proven.
Pros
- 1-year return is 4.3% against a peer median of -5.1%, and it was ahead of the peer median in 74.2% of rolling 1-year periods.
- 1-year downside capture is 36, the maximum fall is -11.5% and the 1-year Sharpe is 0.65.
- The fund is 2.7 years old, and the lead manager, Tarang Agrawal, has been in place since Jan 2024.
Cons
- There is no 3-year or 5-year record, so none of this has been tested across a full market cycle.
- Cash is 9.1%, and the data does not show whether that explains the low downside capture.
- 1-year return
- 4.3% +9.4 pts median −5.1%
- Expense ratio
- 1.05% +0.04 pts median 1.01%
- Cash
- 9.1% median 3.7%
- Fund size
- ₹4,542 Cr median ₹2,730 Cr
ICICI Prudential Focused Fund Direct Growth
Rank 4 of 25, managed by Vaibhav Dusad (lead since Aug 2022), Very High risk
Leader A category leader: ranks 4 of 25 in Focused Fund.
Pros
- 3-year return (a year) 15.4% vs peer median 11.9%
- Ahead of the peer median in 100.0% of rolling 3-year periods (weekly, last 3 years)
- 5-year return (a year) 12.9% vs peer median 9.4%
Cons
- Expense ratio 1.14% vs peer median 1.01%
- 1-year return
- −7.4% −2.3 pts median −5.1%
- 3-year return (a year)
- 15.4% +3.6 pts median 11.8%
- 5-year return (a year)
- 12.9% +3.5 pts median 9.4%
- Sharpe ratio (3Y)
- 0.63 +0.23 median 0.40
- Volatility (3Y)
- 15.5% +0.1 pts median 15.4%
- Worst fall (3Y)
- −15.8% +0.3 pts median −16.1%
- Downside capture (3Y)
- 87 −4 median 91
- Expense ratio
- 1.14% +0.13 pts median 1.01%
- Cash
- 3.7% median 3.7%
- Fund size
- ₹17,168 Cr median ₹2,730 Cr
ITI Focused Fund Direct Growth
Rank 5 of 25, managed by Dhimant Shah (lead since Jun 2023), Very High risk
Leader A category leader: ranks 5 of 25 in Focused Fund.
Pros
- 3-year return (a year) 14.5% vs peer median 11.9%
- Ahead of the peer median in 94.3% of rolling 1-year periods (weekly, last 3 years)
- Sharpe ratio (3Y) 0.64 vs peer median 0.40
Cons
- Volatility (3Y) 16.7% vs peer median 15.5%
- 1-year return
- −3.2% +1.8 pts median −5.1%
- 3-year return (a year)
- 14.5% +2.7 pts median 11.8%
- Sharpe ratio (3Y)
- 0.64 +0.24 median 0.40
- Volatility (3Y)
- 16.7% +1.3 pts median 15.4%
- Worst fall (3Y)
- −17.7% −1.6 pts median −16.1%
- Downside capture (3Y)
- 87 −4 median 91
- Expense ratio
- 0.91% −0.10 pts median 1.01%
- Cash
- 2.7% median 3.7%
- Fund size
- ₹607 Cr median ₹2,730 Cr
SBI Focused Fund Direct Growth
Rank 6 of 25, managed by R. Srinivasan (lead since May 2009), Very High risk
Leader A category leader: ranks 6 of 25 in Focused Fund.
Pros
- 3-year return (a year) 13.6% vs peer median 11.9%
- Expense ratio 0.84% vs peer median 1.01%
- Sharpe ratio (3Y) 0.61 vs peer median 0.40
Cons
No red flags this month.
- 1-year return
- 2.4% +7.5 pts median −5.1%
- 3-year return (a year)
- 13.6% +1.7 pts median 11.8%
- 5-year return (a year)
- 9.7% +0.2 pts median 9.4%
- Sharpe ratio (3Y)
- 0.61 +0.21 median 0.40
- Volatility (3Y)
- 14.2% −1.2 pts median 15.4%
- Worst fall (3Y)
- −11.5% +4.5 pts median −16.1%
- Downside capture (3Y)
- 61 −30 median 91
- Expense ratio
- 0.84% −0.17 pts median 1.01%
- Cash
- 7.5% median 3.7%
- Fund size
- ₹50,180 Cr median ₹2,730 Cr
Bandhan Focused Fund Direct Growth
Rank 7 of 25, managed by Gaurav Satra (lead since Jun 2024), Very High risk
Strong A strong fund: ranks 7 of 25 in Focused Fund.
Pros
- 3-year return (a year) 14.3% vs peer median 11.9%
- Sharpe ratio (3Y) 0.58 vs peer median 0.40
- Downside capture (3Y) 81 vs peer median 91
Cons
- Lead manager has run it for 2.4 years
- 1-year return
- −5.0% +0.1 pts median −5.1%
- 3-year return (a year)
- 14.3% +2.4 pts median 11.8%
- 5-year return (a year)
- 10.2% +0.8 pts median 9.4%
- Sharpe ratio (3Y)
- 0.58 +0.18 median 0.40
- Volatility (3Y)
- 16.6% +1.2 pts median 15.4%
- Worst fall (3Y)
- −15.0% +1.1 pts median −16.1%
- Downside capture (3Y)
- 81 −9 median 91
- Expense ratio
- 0.98% −0.03 pts median 1.01%
- Cash
- 2.3% median 3.7%
- Fund size
- ₹2,087 Cr median ₹2,730 Cr
Mahindra Manulife Focused Fund Direct Growth
Rank 8 of 25, managed by Krishna Sanghavi (lead since Nov 2020), Very High risk
Strong A strong fund: ranks 8 of 25 in Focused Fund.
Pros
- Ahead of the peer median in 97.7% of rolling 3-year periods (weekly, last 3 years)
- Expense ratio 0.82% vs peer median 1.01%
- 5-year return (a year) 11.5% vs peer median 9.4%
Cons
- 1-year return -9.2% vs peer median -5.1%
- 1-year return
- −9.2% −4.1 pts median −5.1%
- 3-year return (a year)
- 11.8% level median 11.8%
- 5-year return (a year)
- 11.5% +2.0 pts median 9.4%
- Sharpe ratio (3Y)
- 0.40 level median 0.40
- Volatility (3Y)
- 14.8% −0.6 pts median 15.4%
- Worst fall (3Y)
- −15.7% +0.3 pts median −16.1%
- Downside capture (3Y)
- 89 −1 median 91
- Expense ratio
- 0.82% −0.19 pts median 1.01%
- Cash
- 2.4% median 3.7%
- Fund size
- ₹1,930 Cr median ₹2,730 Cr
Kotak Focused Fund Direct Growth
Rank 9 of 25, managed by Shibani Sircar Kurian (lead since Jul 2019), Very High risk
Strong A strong fund: ranks 9 of 25 in Focused Fund.
Pros
- Expense ratio 0.75% vs peer median 1.01%
Cons
No red flags this month.
- 1-year return
- −4.9% +0.2 pts median −5.1%
- 3-year return (a year)
- 12.9% +1.0 pts median 11.8%
- 5-year return (a year)
- 9.9% +0.4 pts median 9.4%
- Sharpe ratio (3Y)
- 0.52 +0.12 median 0.40
- Volatility (3Y)
- 15.2% −0.3 pts median 15.4%
- Worst fall (3Y)
- −16.5% −0.5 pts median −16.1%
- Downside capture (3Y)
- 88 −3 median 91
- Expense ratio
- 0.75% −0.26 pts median 1.01%
- Cash
- 4.2% median 3.7%
- Fund size
- ₹4,273 Cr median ₹2,730 Cr
Canara Robeco Focused Fund Direct Growth
Rank 10 of 25, managed by Shridatta Bhandwaldar (lead since May 2021) and 1 other lead, Very High risk
Strong A strong fund: ranks 10 of 25 in Focused Fund.
Pros
- Ahead of the peer median in 82.8% of rolling 3-year periods (weekly, last 3 years)
- Expense ratio 0.82% vs peer median 1.01%
Cons
- 1-year return -9.9% vs peer median -5.1%
- 1-year return
- −9.9% −4.8 pts median −5.1%
- 3-year return (a year)
- 11.6% −0.3 pts median 11.8%
- 5-year return (a year)
- 10.2% +0.7 pts median 9.4%
- Sharpe ratio (3Y)
- 0.39 −0.01 median 0.40
- Volatility (3Y)
- 15.2% −0.2 pts median 15.4%
- Worst fall (3Y)
- −15.0% +1.1 pts median −16.1%
- Downside capture (3Y)
- 94 +3 median 91
- Expense ratio
- 0.82% −0.19 pts median 1.01%
- Cash
- 4.8% median 3.7%
- Fund size
- ₹2,730 Cr median ₹2,730 Cr
What is a focused fund?
A focused fund holds at most 30 stocks and keeps at least 65% of its money in shares, of any company size. With fewer stocks each idea counts for more, so its returns can stray further from the index, in both directions.
Read more: How to build a mutual fund portfolio.
How Foliyo’s research ranks funds
Every month Foliyo’s Research Desk reviews each Indian mutual fund with at least ₹500 Cr under management (1,035 funds in the review of 23 October 2026), through its Direct Growth plan, and ranks it against the other funds in its category. No fund house pays us, and we earn no commission, so the ranking has no reason to favour anyone. For equity funds the ranking weighs:
- Performance (35%): 3, 5 and 1-year returns, and where the fund stands among all funds in its category over 3 and 5 years.
- Consistency (25%): how often the fund was ahead of its peers over rolling 1 and 3-year periods, and in how many calendar years it finished in the top half.
- Risk (25%): return per unit of risk (Sharpe and Sortino ratios), how much of the market’s falls it took (downside capture), its worst fall and its volatility.
- Cost (10%) and stability (5%): the expense ratio, and how long the lead manager has run the fund.
Where a fund stands sets its label: Leader (the strongest in the category), Strong, Steady and Laggard (behind most of its peers). A fund under 3 years old is never judged on a full record: its first year is compared with every peer’s last year (1-year return 25%, steadiness against peers 15%, Sharpe ratio 15%, worst fall 10%, downside capture 10%, cost 15%), and it is labelled Emerging when that start is among the strongest, or Too early otherwise. Red flags are set by rule, never by opinion: a new lead manager, a portfolio that strays from the category’s mandate, high cash, high cost or a concentrated portfolio.
Frequently asked questions
Which are the best focused funds to invest in November 2026?
On Foliyo’s research (data to 23 October 2026), the five highest-ranked focused funds are HDFC Focused Fund (Leader), Invesco India Focused Fund (Leader), Old Bridge Focused Fund (Emerging), ICICI Prudential Focused Fund (Leader), ITI Focused Fund (Leader). The full list of 10, with each fund’s pros and cons, is on this page. Which one suits you depends on your goals and the funds you already own.
What is a focused fund?
A focused fund holds at most 30 stocks and keeps at least 65% of its money in shares, of any company size. With fewer stocks each idea counts for more, so its returns can stray further from the index, in both directions.
How does Foliyo rank focused funds?
Each focused fund with at least ₹500 Cr is compared with the others on performance (3, 5 and 1-year returns), consistency (rolling returns and calendar years), risk (Sharpe and Sortino ratios, downside capture, worst fall, volatility), cost (expense ratio) and the lead manager’s tenure. The strongest are Leaders, then Strong, Steady and Laggard; funds under 3 years old are Emerging (a strong first year) or Too early.
What return have focused funds given?
The median focused fund in our review returned 11.8% a year over 3 years and 9.4% a year over 5 years, and −5.1% over the last year, to 23 October 2026 (Direct plans). The top-ranked fund, HDFC Focused Fund, returned 14.2% a year over 3 years.
What is the expense ratio of focused funds?
The median Direct plan in the category charges 1.01% a year. Regular plans cost more, often 0.6 to 1.2 points a year more, because the fee includes the distributor’s commission. See what that gap costs over time.
Is the top-ranked focused fund the best one for me?
Not necessarily. The ranking says how funds have done against each other, not how they will do, and the right fund depends on your goals, horizon and the funds you already hold. A fee-only adviser can check your whole portfolio: talk to a Foliyo adviser.
Why hire a Foliyo Advisor?
- Unbiased
- No commissions, ever
- SEBI-registered RIA
- Best-in-class research