# 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. Updated 2 November 2026 by the Foliyo Research Desk, led by Sachin Kabra, Principal Officer (SEBI RIA INA000023454) · https://foliyo.ai/mutual-funds/research/ Talk to Foliyo: book a free 30-minute call with the SEBI-registered team at https://foliyo.ai/book/ (pick a time, then name, mobile, email and two quick questions; no sign-up). - Funds reviewed: 1,035 - Leaders: 133 - Emerging: 60 - Data as of: 23 October 2026 Ranked first in November 2026 1. [HDFC Flexi Cap Fund](https://foliyo.ai/mutual-funds/best-flexi-cap-funds/)Flexi Cap14.4% 3Y a year 2. [WhiteOak Capital Large Cap Fund](https://foliyo.ai/mutual-funds/best-large-cap-funds/)Large Cap12.2% 3Y a year 3. [WhiteOak Capital Mid Cap Fund](https://foliyo.ai/mutual-funds/best-mid-cap-funds/)Mid Cap19.2% 3Y a year 4. [Invesco India Small Cap Fund](https://foliyo.ai/mutual-funds/best-small-cap-funds/)Small Cap19.5% 3Y a year 60 Emerging funds and 133 Leaders this month ## Best funds by category ### [Best Flexi Cap Funds to Invest in November 2026](https://foliyo.ai/mutual-funds/best-flexi-cap-funds/) 10 ranked from 38 reviewed 1. HDFC Flexi Cap Fund (Leader) 2. Bank of India Flexi Cap Fund (Leader) 3. Parag Parikh Flexi Cap Fund (Leader) [See all 10](https://foliyo.ai/mutual-funds/best-flexi-cap-funds/) ### [Best Large Cap Funds to Invest in November 2026](https://foliyo.ai/mutual-funds/best-large-cap-funds/) 10 ranked from 27 reviewed 1. WhiteOak Capital Large Cap Fund (Leader) 2. Nippon India Large Cap Fund (Leader) 3. Bajaj Large Cap Fund (Emerging) [See all 10](https://foliyo.ai/mutual-funds/best-large-cap-funds/) ### [Best Mid Cap Funds to Invest in November 2026](https://foliyo.ai/mutual-funds/best-mid-cap-funds/) 10 ranked from 30 reviewed 1. WhiteOak Capital Mid Cap Fund (Leader) 2. Edelweiss Mid Cap Fund (Leader) 3. Invesco India Mid Cap Fund (Leader) [See all 10](https://foliyo.ai/mutual-funds/best-mid-cap-funds/) ### [Best Small Cap Funds to Invest in November 2026](https://foliyo.ai/mutual-funds/best-small-cap-funds/) 10 ranked from 33 reviewed 1. Invesco India Small Cap Fund (Leader) 2. Bandhan Small Cap Fund (Leader) 3. TrustMF Small Cap Fund (Emerging) [See all 10](https://foliyo.ai/mutual-funds/best-small-cap-funds/) ### [Best ELSS Funds to Invest in November 2026](https://foliyo.ai/mutual-funds/best-elss-funds/) 10 ranked from 26 reviewed 1. Motilal Oswal ELSS Tax Saver Fund (Leader) 2. DSP ELSS Tax Saver Fund (Leader) 3. HDFC ELSS - Tax Saver Fund (Leader) [See all 10](https://foliyo.ai/mutual-funds/best-elss-funds/) ### [Best Focused Funds to Invest in November 2026](https://foliyo.ai/mutual-funds/best-focused-funds/) 10 ranked from 25 reviewed 1. HDFC Focused Fund (Leader) 2. Invesco India Focused Fund (Leader) 3. Old Bridge Focused Fund (Emerging) [See all 10](https://foliyo.ai/mutual-funds/best-focused-funds/) ### [Best Value Funds to Invest in November 2026](https://foliyo.ai/mutual-funds/best-value-funds/) 10 ranked from 18 reviewed 1. Axis Value Fund (Leader) 2. Mahindra Manulife Value Fund (Emerging) 3. HSBC Value Fund (Leader) [See all 10](https://foliyo.ai/mutual-funds/best-value-funds/) ### [Best Technology Funds to Invest in November 2026](https://foliyo.ai/mutual-funds/best-technology-funds/) 8 ranked from 8 reviewed 1. Edelweiss Technology Fund (Emerging) 2. Franklin India Technology Fund (Leader) 3. SBI Technology Opportunities Fund (Leader) [See all 8](https://foliyo.ai/mutual-funds/best-technology-funds/) ### [Best Healthcare Funds to Invest in November 2026](https://foliyo.ai/mutual-funds/best-healthcare-funds/) 10 ranked from 11 reviewed 1. SBI Healthcare Opportunities Fund (Leader) 2. HDFC Pharma and Healthcare Fund (Leader) 3. Kotak Healthcare Fund (Emerging) [See all 10](https://foliyo.ai/mutual-funds/best-healthcare-funds/) ### [Best Financial Services Funds to Invest in November 2026](https://foliyo.ai/mutual-funds/best-financial-services-funds/) 10 ranked from 18 reviewed 1. DSP Banking & Financial Services Fund (Emerging) 2. Invesco India Financial Services Fund (Leader) 3. HSBC Financial Services Fund (Emerging) [See all 10](https://foliyo.ai/mutual-funds/best-financial-services-funds/) ## Emerging funds: the largest this month Funds under 3 years old with the strongest start, ordered by fund size. ### [HDFC Manufacturing Fund](https://foliyo.ai/mutual-funds/hdfc-manufacturing-fund-direct-growth/) (Emerging) Thematic equity, ₹10,280 Cr, rank 37 of 103 A promising young fund: ranks 37 of 103 in Equity - Other. ### [Helios Flexi Cap Fund](https://foliyo.ai/mutual-funds/helios-flexi-cap-fund-direct-growth/) (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. ### [Motilal Oswal Small Cap Fund](https://foliyo.ai/mutual-funds/motilal-oswal-small-cap-fund-direct-growth/) (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. ### [JioBlackRock Liquid Fund](https://foliyo.ai/mutual-funds/jioblackrock-liquid-fund-direct-growth/) (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. ### [ICICI Prudential Energy Opportunities Fund](https://foliyo.ai/mutual-funds/icici-prudential-energy-opportunities-fund-direct-growth/) (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](https://foliyo.ai/mutual-funds/compare/) Pick any two funds, in any plan, and see them side by side. ### [Parag Parikh Flexi Cap Fund vs HDFC Flexi Cap Fund](https://foliyo.ai/mutual-funds/compare/parag-parikh-flexi-cap-vs-hdfc-flexi-cap/) ### [Parag Parikh Flexi Cap Fund vs Kotak Flexi Cap Fund](https://foliyo.ai/mutual-funds/compare/parag-parikh-flexi-cap-vs-kotak-flexi-cap/) ### [ICICI Prudential Large Cap Fund vs SBI Large Cap Fund](https://foliyo.ai/mutual-funds/compare/icici-prudential-large-cap-vs-sbi-large-cap/) ### [ICICI Prudential Large Cap Fund vs Nippon India Large Cap Fund](https://foliyo.ai/mutual-funds/compare/icici-prudential-large-cap-vs-nippon-india-large-cap/) ### [Nippon India Small Cap Fund vs SBI Small Cap Fund](https://foliyo.ai/mutual-funds/compare/nippon-india-small-cap-vs-sbi-small-cap/) ### [Nippon India Small Cap Fund vs HDFC Small Cap Fund](https://foliyo.ai/mutual-funds/compare/nippon-india-small-cap-vs-hdfc-small-cap/) ## 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. **About this research.** Labels, ranks and notes come from Foliyo’s Research Desk, led by Sachin Kabra, Principal Officer, which reviews every Indian mutual fund with at least ₹500 Cr under management against its category peers each month, using funds data. They describe how a fund has done, not how it will do, and they are not a recommendation to buy, hold or sell any fund. Mutual fund investments are subject to market risks; read all scheme-related documents carefully. Past performance is not indicative of future returns. Foliyo is the brand of Weekend Bytes Tech Private Limited, a SEBI-registered Investment Adviser (INA000023454). Registration granted by SEBI and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors. Foliyo earns no commission from any fund house. ## Related - [How to choose a flexi cap fund](https://foliyo.ai/guides/build-portfolio/best-flexi-cap-fund/) - [How to choose a large cap fund](https://foliyo.ai/guides/build-portfolio/best-large-cap-fund/) - [How to choose a mid cap fund](https://foliyo.ai/guides/build-portfolio/best-mid-cap-fund/) - [How much to put in large, mid and small cap funds](https://foliyo.ai/guides/build-portfolio/large-mid-small-cap-allocation/) - [How to choose an ELSS fund](https://foliyo.ai/guides/build-portfolio/best-elss-fund/) - [How to build a mutual fund portfolio](https://foliyo.ai/guides/build-portfolio/) - [How to build a mutual fund portfolio](https://foliyo.ai/guides/build-portfolio/) - [Sector and thematic funds: when to use them](https://foliyo.ai/guides/build-portfolio/sectoral-thematic-funds/) - [Sector and thematic funds: when to use them](https://foliyo.ai/guides/build-portfolio/sectoral-thematic-funds/) - [Sector and thematic funds: when to use them](https://foliyo.ai/guides/build-portfolio/sectoral-thematic-funds/) - [Direct vs Regular calculator](https://foliyo.ai/tools/direct-vs-regular-calculator/) ### Why hire a Foliyo Advisor? - Unbiased - No commissions, ever - SEBI-registered RIA - Best-in-class research