Foliyo Mutual Fund Research
Independent research from a SEBI-registered, fee-only adviser: every month we review 1,035 Indian mutual funds against their peers and publish the rankings.
- Funds reviewed
- 1,035
- Leaders
- 133
- Emerging
- 60
- Data as of
- 23 October 2026
Ranked first in November 2026
HDFC Flexi Cap FundFlexi Cap14.4% 3Y a year
WhiteOak Capital Large Cap FundLarge Cap12.2% 3Y a year- WhiteOak Capital Mid Cap FundMid Cap19.2% 3Y a year
Invesco India Small Cap FundSmall Cap19.5% 3Y a year
60 Emerging funds and 133 Leaders this month
Why hire a Foliyo Advisor?
- Unbiased
- No commissions, ever
- SEBI-registered RIA
- Best-in-class research
Best funds by category
Best Flexi Cap Funds to Invest in November 2026
10 ranked from 38 reviewed
- HDFC Flexi Cap Fund Leader
Bank of India Flexi Cap Fund Leader
Parag Parikh Flexi Cap Fund Leader
Best Large Cap Funds to Invest in November 2026
10 ranked from 27 reviewed
- WhiteOak Capital Large Cap Fund Leader
Nippon India Large Cap Fund Leader- Bajaj Large Cap Fund Emerging
Best Mid Cap Funds to Invest in November 2026
10 ranked from 30 reviewed
- WhiteOak Capital Mid Cap Fund Leader
Edelweiss Mid Cap Fund Leader- Invesco India Mid Cap Fund Leader
Best Small Cap Funds to Invest in November 2026
10 ranked from 33 reviewed
- Invesco India Small Cap Fund Leader
Bandhan Small Cap Fund Leader- TrustMF Small Cap Fund Emerging
Best ELSS Funds to Invest in November 2026
10 ranked from 26 reviewed
Motilal Oswal ELSS Tax Saver Fund Leader
DSP ELSS Tax Saver Fund Leader- HDFC ELSS - Tax Saver Fund Leader
Best Focused Funds to Invest in November 2026
10 ranked from 25 reviewed
- HDFC Focused Fund Leader
- Invesco India Focused Fund Leader
Old Bridge Focused Fund Emerging
Best Value Funds to Invest in November 2026
10 ranked from 18 reviewed
Axis Value Fund Leader
Mahindra Manulife Value Fund Emerging
HSBC Value Fund Leader
Best Technology Funds to Invest in November 2026
8 ranked from 8 reviewed
- Edelweiss Technology Fund Emerging
Franklin India Technology Fund Leader
SBI Technology Opportunities Fund Leader
Best Healthcare Funds to Invest in November 2026
10 ranked from 11 reviewed
- SBI Healthcare Opportunities Fund Leader
- HDFC Pharma and Healthcare Fund Leader
Kotak Healthcare Fund Emerging
Best Financial Services Funds to Invest in November 2026
10 ranked from 18 reviewed
- DSP Banking & Financial Services Fund Emerging
- Invesco India Financial Services Fund Leader
- HSBC Financial Services Fund Emerging
Emerging funds: the largest this month
Funds under 3 years old with the strongest start, ordered by fund size.
Emerging Thematic equity, ₹10,280 Cr, rank 37 of 103
A promising young fund: ranks 37 of 103 in Equity - Other.
Emerging Flexi cap, ₹8,784 Cr, rank 16 of 38
Promising, not proven: ahead of peers in most 1-year windows, but it fell almost as much as its benchmark in bad months.
Emerging Small cap, ₹8,298 Cr, rank 7 of 33
Promising at 2.8 years old: well ahead of peers over 1 year at a median-level cost, but it fell almost as much as the benchmark in bad months.
Emerging Liquid, ₹8,256 Cr, rank 2 of 37
Promising: low cost and a 1-year return of 6.5%, with large assets, but the record is too short to prove anything.
Emerging Energy sector, ₹8,029 Cr, rank 1 of 3
Promising: the only fund of the three with a positive 1-year return, but at 2.3 years old it is not proven.
Fund comparisons
Compare mutual funds Pick any two funds, in any plan, and see them side by side.
What the labels mean
| Label | Meaning | Funds this month |
|---|---|---|
| Leader | A fund that is among the strongest in its category on returns, consistency, risk and cost. | 133 |
| Strong | A fund that is ahead of most funds in its category. | 239 |
| Steady | A fund that sits in the middle of its category. | 289 |
| Laggard | A fund that trails most funds in its category. | 215 |
| Emerging | A fund that is under 3 years old and has had one of the strongest first years against its peers. | 60 |
| Too early | A fund that is under 3 years old, and its first year isn’t strong enough to call yet. | 60 |
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
What is Foliyo’s mutual fund research?
A monthly review by Foliyo’s Research Desk of every Indian mutual fund with at least ₹500 Cr under management, compared with its category peers on performance, consistency, risk, cost and manager tenure. The latest review, of 23 October 2026, covers 1,035 funds.
What does an Emerging fund mean?
A fund under 3 years old whose first year is among the strongest in its category, judged against every peer’s last year over the same months. It is not yet judged on a full record.
Is Foliyo paid by fund houses?
No. Foliyo is a SEBI-registered Investment Adviser (INA000023454) paid only by its clients, and earns no commission from any fund. The research is not a recommendation to buy or sell.
Why hire a Foliyo Advisor?
- Unbiased
- No commissions, ever
- SEBI-registered RIA
- Best-in-class research