Predictably, small cap funds topped the return chart. The small cap category gave an average return of around 24.13% in 2023. The category has around 24 schemes and Mahindra Manulife Small Cap Fund offered the highest return of around 34.65%, followed by Union Small Cap Fund which offered 30.83%.
These actively-managed multi cap schemes are benchmarked against Nifty500 Multicap 50:25:25 - TRI and NIFTY 500 - TRI. These benchmarks gave 17.06% and 11.71% respectively.