Best Value Funds to Invest in November 2026
Foliyo’s research compared 18 value funds on returns, consistency, risk and cost. These 10 rank highest; 3 are Leaders.
- Value funds reviewed
- 18
- Median 3-year return a year
- 11.0%
- Median expense ratio
- 1.10%
- Data as of
- 23 October 2026
Best 3 in November 2026
- 1
Axis Value Fund Leader16.5% 3Y a year - 2
Mahindra Manulife Value Fund Emerging— 3Y a year - 3
HSBC Value Fund Leader13.9% 3Y a year
Category median 11.0% a year over 3 years
Axis Value Fund and HSBC Value Fund were ahead of the peer median in 100.0% of rolling 3-year periods, while Sundaram Value Fund was ahead in 0.0% and also costs 1.78% against a 1.10% peer median. The 1-year peer median is -8.1%, so a small loss here is relatively good. Advisers should note that DSP Value Fund, Sundaram Value Fund and Baroda BNP Paribas Value all have lead managers who started in May or Jul 2026, so their long records may not describe how they are run now.
Best value funds in November 2026: the ranking of 10
Ranked by Foliyo’s research among 18 value 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 | Axis Value Fund Leader | −0.8% | 16.5% | 13.7% | 0.94% | ₹1,836 Cr |
| 2 | Mahindra Manulife Value Fund Emerging | −1.3% | — | — | 1.02% | ₹1,015 Cr |
| 3 | HSBC Value Fund Leader | −5.7% | 13.9% | 13.4% | 0.89% | ₹14,660 Cr |
| 4 | Quant Value Fund Leader | 1.4% | 18.4% | — | 0.91% | ₹1,917 Cr |
| 5 |  DSP Value Fund Strong | 1.4% | 15.2% | 12.0% | 1.55% | ₹2,225 Cr |
| 6 |  ICICI Prudential Value Fund Strong | −10.4% | 11.0% | 12.2% | 1.09% | ₹57,250 Cr |
| 7 |  HDFC Value Fund Strong | −2.6% | 14.3% | 11.7% | 1.11% | ₹8,039 Cr |
| 8 |  Nippon India Value Fund Strong | −12.5% | 11.2% | 10.7% | 1.28% | ₹8,479 Cr |
| 9 |  Tata Value Fund Steady | −7.9% | 11.2% | 10.9% | 1.07% | ₹8,239 Cr |
| 10 |  Aditya Birla Sun Life Value Fund Steady | 0.9% | 12.2% | 11.9% | 1.20% | ₹6,659 Cr |
Category median: 11.0% a year over 3 years, −8.1% over 1 year, expense ratio 1.10%. # is the fund’s rank among all 18 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
Axis Value Fund Direct Growth
Rank 1 of 18, managed by Nitin Arora (lead since May 2023), Very High risk
Leader Rank 1 of 18 and the best-evidenced leader here: ahead of peers in every rolling 3-year period.
Pros
- 3-year return is 16.5% against a peer median of 11.0%, and 5-year return is 13.7% against 11.4%.
- It was ahead of the peer median in 100.0% of rolling 3-year periods and 99.0% of rolling 1-year periods.
- Downside capture is 87 against upside capture of 118, with alpha of 6.8 and a Sharpe ratio of 0.70.
Cons
- Cash is 7.0%, a sizeable holding that could weigh on returns if markets rise quickly.
- It is 5.1 years old and was in the top half in 3 of 4 calendar years, a shorter record than the oldest peers.
- 1-year return
- −0.8% +7.3 pts median −8.1%
- 3-year return (a year)
- 16.5% +5.5 pts median 11.0%
- 5-year return (a year)
- 13.7% +2.3 pts median 11.4%
- Sharpe ratio (3Y)
- 0.70 +0.35 median 0.35
- Volatility (3Y)
- 15.5% level median 15.5%
- Worst fall (3Y)
- −16.2% +0.7 pts median −17.0%
- Downside capture (3Y)
- 87 −6 median 94
- Expense ratio
- 0.94% −0.16 pts median 1.10%
- Cash
- 7.0% median 3.1%
- Fund size
- ₹1,836 Cr median ₹2,071 Cr
Mahindra Manulife Value Fund Direct Growth
Rank 2 of 18, managed by Krishna Sanghavi (lead since Mar 2025), Very High risk
Emerging Promising young fund, rank 2 of 18, with a good first record but only 1.6 years of history.
Pros
- 1-year return is -1.3% against a peer median of -8.1%, and it was ahead of the peer median in 100.0% of rolling 1-year periods.
- 1-year downside capture is 67 and the maximum fall is -9.9%.
- The expense ratio is 1.02% against a peer median of 1.10%.
Cons
- There is no 3-year or 5-year record to test it across a full cycle.
- The 3-month return is -7.8% and 1-year volatility is 18.1%, so recent weakness is worth watching.
- 1-year return
- −1.3% +6.9 pts median −8.1%
- Expense ratio
- 1.02% −0.08 pts median 1.10%
- Cash
- 1.6% median 3.1%
- Fund size
- ₹1,015 Cr median ₹2,071 Cr
HSBC Value Fund Direct Growth
Rank 3 of 18, managed by Venugopal Manghat (lead since Nov 2012), Very High risk
Leader Leader with a long record and a manager in place since 2012, though it fell almost as much as its benchmark in weak months.
Pros
- 3-year return is 13.9% against a peer median of 11.0%, and 5-year return is 13.4% against 11.4%.
- It was ahead of the peer median in 100.0% of rolling 3-year periods and in the top half in 5 of 5 calendar years.
- Venugopal Manghat has been lead manager since Nov 2012, and the expense ratio is 0.89% against a peer median of 1.10%.
Cons
- Downside capture is 96, so it fell almost as much as the benchmark; the maximum fall is -19.1%.
- Volatility is 16.7% against a peer median of 15.5%, with 38.3% in small caps.
- 1-year return
- −5.7% +2.4 pts median −8.1%
- 3-year return (a year)
- 13.9% +2.8 pts median 11.0%
- 5-year return (a year)
- 13.4% +2.0 pts median 11.4%
- Sharpe ratio (3Y)
- 0.53 +0.18 median 0.35
- Volatility (3Y)
- 16.7% +1.1 pts median 15.5%
- Worst fall (3Y)
- −19.1% −2.2 pts median −17.0%
- Downside capture (3Y)
- 96 +2 median 94
- Expense ratio
- 0.89% −0.21 pts median 1.10%
- Cash
- 1.9% median 3.1%
- Fund size
- ₹14,660 Cr median ₹2,071 Cr
Quant Value Fund Direct Growth
Rank 4 of 18, managed by Sandeep Tandon (lead since Dec 2021), Very High risk
Leader A category leader: ranks 4 of 18 in Value.
Pros
- 3-year return (a year) 18.4% vs peer median 11.0%
- Ahead of the peer median in 97.0% of rolling 3-year periods (weekly, last 3 years)
- Expense ratio 0.91% vs peer median 1.10%
Cons
- Downside capture (3Y) 102 vs peer median 94
- Worst fall (3Y) -23.7% vs peer median -17.0%
- Holds 13.1% in cash (net equity 86.9%)
- Top 10 holdings are 83.8% of the fund
- 1-year return
- 1.4% +9.5 pts median −8.1%
- 3-year return (a year)
- 18.4% +7.4 pts median 11.0%
- Sharpe ratio (3Y)
- 0.65 +0.30 median 0.35
- Volatility (3Y)
- 21.8% +6.3 pts median 15.5%
- Worst fall (3Y)
- −23.6% −6.7 pts median −17.0%
- Downside capture (3Y)
- 102 +8 median 94
- Expense ratio
- 0.91% −0.19 pts median 1.10%
- Cash
- 13.1% median 3.1%
- Fund size
- ₹1,917 Cr median ₹2,071 Cr
DSP Value Fund Direct Growth
Rank 5 of 18, managed by Abhishek Singh (lead since May 2026), Very High risk
Strong Strong risk control, rank 5 of 18, but patchy consistency, high cost and a new lead manager keep conviction low.
Pros
- 3-year return is 15.2% against a peer median of 11.0%, with a 3-year Sharpe ratio of 0.79 against 0.35.
- Downside capture is 47 against a peer median of 94, with a maximum fall of -10.2% and beta of 0.65.
- Upside capture is 87, so protection in falls came with a smaller share of gains.
Cons
- It was ahead of the peer median in only 36.0% of rolling 3-year periods and in the top half in 2 of 5 calendar years; it was a LEADER at the last review.
- The expense ratio is 1.55% against a peer median of 1.10%, and Abhishek Singh has led the fund only since May 2026.
- New lead manager in the last year: Abhishek Singh (lead since May 2026)
- 1-year return
- 1.4% +9.6 pts median −8.1%
- 3-year return (a year)
- 15.2% +4.2 pts median 11.0%
- 5-year return (a year)
- 12.0% +0.6 pts median 11.4%
- Sharpe ratio (3Y)
- 0.79 +0.44 median 0.35
- Volatility (3Y)
- 11.5% −4.1 pts median 15.5%
- Worst fall (3Y)
- −10.2% +6.8 pts median −17.0%
- Downside capture (3Y)
- 47 −47 median 94
- Expense ratio
- 1.55% +0.45 pts median 1.10%
- Cash
- 6.8% median 3.1%
- Fund size
- ₹2,225 Cr median ₹2,071 Cr
ICICI Prudential Value Fund Direct Growth
Rank 6 of 18, managed by Sankaran Naren (lead since Jan 2021), Very High risk
Strong A strong fund: ranks 6 of 18 in Value.
Pros
- Ahead of the peer median in 85.0% of rolling 3-year periods (weekly, last 3 years)
- 5-year return (a year) 12.2% vs peer median 11.4%
Cons
No red flags this month.
- 1-year return
- −10.4% −2.2 pts median −8.1%
- 3-year return (a year)
- 11.0% −0.1 pts median 11.0%
- 5-year return (a year)
- 12.2% +0.8 pts median 11.4%
- Sharpe ratio (3Y)
- 0.35 level median 0.35
- Volatility (3Y)
- 13.2% −2.3 pts median 15.5%
- Worst fall (3Y)
- −12.7% +4.3 pts median −17.0%
- Downside capture (3Y)
- 76 −17 median 94
- Expense ratio
- 1.09% −0.01 pts median 1.10%
- Cash
- 3.3% median 3.1%
- Fund size
- ₹57,250 Cr median ₹2,071 Cr
HDFC Value Fund Direct Growth
Rank 7 of 18, managed by Anand Laddha (lead since Feb 2024), Very High risk
Strong A strong fund: ranks 7 of 18 in Value.
Pros
- 3-year return (a year) 14.3% vs peer median 11.0%
- Sharpe ratio (3Y) 0.58 vs peer median 0.35
Cons
- Ahead of the peer median in 23.9% of rolling 3-year periods (weekly, last 3 years)
- 1-year return
- −2.6% +5.5 pts median −8.1%
- 3-year return (a year)
- 14.3% +3.3 pts median 11.0%
- 5-year return (a year)
- 11.7% +0.3 pts median 11.4%
- Sharpe ratio (3Y)
- 0.58 +0.23 median 0.35
- Volatility (3Y)
- 15.8% +0.2 pts median 15.5%
- Worst fall (3Y)
- −17.3% −0.3 pts median −17.0%
- Downside capture (3Y)
- 91 −3 median 94
- Expense ratio
- 1.11% +0.01 pts median 1.10%
- Cash
- 1.0% median 3.1%
- Fund size
- ₹8,039 Cr median ₹2,071 Cr
Nippon India Value Fund Direct Growth
Rank 8 of 18, managed by Meenakshi Dawar (lead since May 2018), Very High risk
Strong A strong fund: ranks 8 of 18 in Value.
Pros
- Ahead of the peer median in 97.5% of rolling 3-year periods (weekly, last 3 years)
- Ahead of the peer median in 77.4% of rolling 1-year periods (weekly, last 3 years)
Cons
- Expense ratio 1.28% vs peer median 1.10%
- 1-year return -12.5% vs peer median -8.1%
- 1-year return
- −12.5% −4.4 pts median −8.1%
- 3-year return (a year)
- 11.2% +0.2 pts median 11.0%
- 5-year return (a year)
- 10.7% −0.7 pts median 11.4%
- Sharpe ratio (3Y)
- 0.42 +0.07 median 0.35
- Volatility (3Y)
- 16.4% +0.9 pts median 15.5%
- Worst fall (3Y)
- −16.6% +0.4 pts median −17.0%
- Downside capture (3Y)
- 95 +2 median 94
- Expense ratio
- 1.28% +0.18 pts median 1.10%
- Cash
- 3.4% median 3.1%
- Fund size
- ₹8,479 Cr median ₹2,071 Cr
Tata Value Fund Direct Growth
Rank 9 of 18, managed by Sonam Udasi (lead since Apr 2016), Very High risk
Steady Middle of the pack: ranks 9 of 18 in Value.
Pros
- Lead manager has run it for 10.6 years
Cons
- Downside capture (3Y) 98 vs peer median 94
- Worst fall (3Y) -20.4% vs peer median -17.0%
- 1-year return
- −7.9% +0.2 pts median −8.1%
- 3-year return (a year)
- 11.2% +0.2 pts median 11.0%
- 5-year return (a year)
- 10.9% −0.5 pts median 11.4%
- Sharpe ratio (3Y)
- 0.41 +0.06 median 0.35
- Volatility (3Y)
- 15.8% +0.2 pts median 15.5%
- Worst fall (3Y)
- −20.4% −3.4 pts median −17.0%
- Downside capture (3Y)
- 98 +4 median 94
- Expense ratio
- 1.07% −0.03 pts median 1.10%
- Cash
- 5.4% median 3.1%
- Fund size
- ₹8,239 Cr median ₹2,071 Cr
Aditya Birla Sun Life Value Fund Direct Growth
Rank 10 of 18, managed by Kunal Sangoi (lead since Sep 2022), Very High risk
Steady Middle of the pack: ranks 10 of 18 in Value.
Pros
- 1-year return 0.9% vs peer median -8.1%
Cons
- Downside capture (3Y) 99 vs peer median 94
- Worst fall (3Y) -21.8% vs peer median -17.0%
- 1-year return
- 0.9% +9.0 pts median −8.1%
- 3-year return (a year)
- 12.2% +1.2 pts median 11.0%
- 5-year return (a year)
- 11.9% +0.5 pts median 11.4%
- Sharpe ratio (3Y)
- 0.44 +0.09 median 0.35
- Volatility (3Y)
- 18.0% +2.5 pts median 15.5%
- Worst fall (3Y)
- −21.8% −4.8 pts median −17.0%
- Downside capture (3Y)
- 99 +5 median 94
- Expense ratio
- 1.20% +0.10 pts median 1.10%
- Cash
- 2.3% median 3.1%
- Fund size
- ₹6,659 Cr median ₹2,071 Cr
What is a value fund?
A value fund keeps at least 65% of its money in shares it judges cheap against their earnings, assets or cash flows. SEBI lets a fund house run a value fund or a contra fund, not both. Value investing can trail for years before it catches up, so it needs patience.
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 value funds to invest in November 2026?
On Foliyo’s research (data to 23 October 2026), the five highest-ranked value funds are Axis Value Fund (Leader), Mahindra Manulife Value Fund (Emerging), HSBC Value Fund (Leader), Quant Value Fund (Leader), DSP Value Fund (Strong). 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 value fund?
A value fund keeps at least 65% of its money in shares it judges cheap against their earnings, assets or cash flows. SEBI lets a fund house run a value fund or a contra fund, not both. Value investing can trail for years before it catches up, so it needs patience.
How does Foliyo rank value funds?
Each value 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 value funds given?
The median value fund in our review returned 11.0% a year over 3 years and 11.4% a year over 5 years, and −8.1% over the last year, to 23 October 2026 (Direct plans). The top-ranked fund, Axis Value Fund, returned 16.5% a year over 3 years.
What is the expense ratio of value funds?
The median Direct plan in the category charges 1.10% 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 value 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