Finding a mutual fund that beats the market for a few years is not difficult. Finding one that consistently delivers over 15% annualised SIP returns across 3, 5, 10, 15 and even 20 years is a different story altogether.
An analysis of nearly 600 active equity mutual funds using Value Research data shows that only 5 schemes have achieved this rare feat.
The 5 funds that made the cut are HSBC Midcap Fund (Regular), SBI Healthcare Opportunities Fund (Regular), ICICI Prudential Midcap Fund, UTI Healthcare Fund (Regular), and DSP India T.I.G.E.R. Fund (Regular).
Interestingly, there is not a single diversified flexi-cap or large-cap fund on the list. Instead, the list is dominated by two mid-cap funds, two healthcare sector funds, and one infrastructure-focused fund, suggesting that investors who stayed invested in these high-growth themes over long periods were rewarded with exceptional SIP returns.
Take a closer look at the funds with their performance, along with each fund’s risk profile, portfolio composition, and much more.
5 best-performing equity mutual funds in the long term
Despite multiple market cycles over the past two decades, only a handful of equity mutual funds have managed to consistently deliver more than 15% SIP returns across every major investment horizon.
Taking 20-year SIP returns with a SIP investment of Rs 10,000 into consideration, HSBC Midcap Fund would have generated the highest corpus of Rs 1.86 Cr, followed by SBI Healthcare Opportunities Fund at Rs 1.68 Cr, ICICI Prudential Midcap Fund at Rs 1.61 Cr, UTI Healthcare Fund at Rs 1.45 Cr, and DSP India T.I.G.E.R. Fund, which would have created a corpus of Rs 1.40 Cr.
| Funds | 3-Year SIP Returns In % | 5-Year SIP Returns In % | 10-Year SIP Returns In % | 15-Year SIP Returns In % | 20-Year SIP Returns In % |
| HSBC Midcap Reg | 20.05 | 21.46 | 18.39 | 18.96 | 17.70 |
| SBI Healthcare Opportunities Reg | 19.14 | 20.87 | 18.77 | 16.83 | 16.80 |
| ICICI Pru Midcap | 17.34 | 19.25 | 18.49 | 18.33 | 16.52 |
| UTI Healthcare Reg | 18.68 | 19.57 | 17.87 | 15.50 | 15.61 |
| DSP India T.I.G.E.R. Reg | 16.60 | 22.25 | 20.64 | 18.09 | 15.40 |
Source: Value Research as of 29-Jun-2026
Lumpsum performance
| Funds | 3-Year Trailing Returns In % | 5-Year Trailing Returns In % | 10-Year Trailing Returns In % |
| HSBC Midcap Reg | 26.39 | 19.06 | 17.25 |
| SBI Healthcare Opportunities Reg | 23.87 | 16.24 | 13.67 |
| ICICI Pru Midcap | 23.80 | 18.11 | 16.78 |
| UTI Healthcare Reg | 25.44 | 14.59 | 13.78 |
| DSP India T.I.G.E.R. Reg | 25.04 | 23.19 | 17.95 |
Source: Value Research as of 29-Jun-2026
Risk profile
Here are five equity mutual funds that have not only delivered impressive long-term returns but also stand out for their risk profiles.
| Funds | Standard Deviation (%) | Sharpe (%) | Sortino (%) | Beta (%) | Alpha (%) |
| SBI Healthcare Opportunities Reg | 14.8 | 1.18 | 1.97 | 0.85 | 1.25 |
| HSBC Midcap Fund | 19.9 | 1 | 1.15 | 1.04 | 5.7 |
| DSP India T.I.G.E.R. Reg | 20.42 | 0.97 | 1.41 | 0.69 | 4.3 |
| ICICI Pru Midcap | 18.65 | 1.02 | 1.42 | 0.99 | 4.02 |
| UTI Healthcare Reg | 16.64 | 1.15 | 1.85 | 0.96 | 0.95 |
Source: Value Research as of 29-Jun-2026
HSBC Midcap Fund
Since its launch on August 9, 2004, this fund has produced returns of 19.08%. Cheenu Gupta is now in charge of managing the fund, which has a higher expense ratio of 1.45%.
The fund has generated an average annual return of 26.20%, significantly outperforming both its benchmark BSE 150 MidCap TRI (20.99%) and the mid-cap category average (19.95%), reflecting strong long-term return potential, according to Value Research.
Benchmark: BSE 150 MidCap TRI
Top 5 holdings: GE Vernova T&D, FSN E-Commerce, BSE, PB Fintech, and Lenskart Solutions.
Top 5 sector-wise holdings: Financial, Industrials, Consumer Discretionary, Healthcare, and Technology.
DSP India T.I.G.E.R. Fund – Regular Plan
Since its launch on June 11, 2004, the fund has produced returns of 17.66%. The fund presently has an expense ratio of 1.56% and is managed by Rohit Singhania.
The fund has generated an average annual return of 25.64% in the last 3 years, lower than its benchmark BSE India Infrastructure TRI (28.44%), but comfortably ahead of the thematic infrastructure category average (21.81%), reflecting strong long-term performance relative to peers, according to Value Research.
Benchmark: BSE India Infrastructure TRI
Top 5 holdings: Reliance Ind, NTPC, Apollo Hospitals, Larsen & Toubro, and Kirloskar Oil.
Top 5 sector-wise holdings: Industrials, Energy & Utilities, Materials, Financial, and Healthcare.
ICICI Prudential Midcap Fund
Since its October 28, 2004, launch, the fund has produced 17.61%. Lalit Kumar is now in charge of the fund, which has a higher expense ratio of 1.53%.
According to Value Research, the fund has generated an average annual return of 24.88%, significantly outperforming both the BSE 150 MidCap TRI (20.99%) and the mid-cap category average (19.95%), indicating strong and consistent performance over the last three years.
Benchmark: BSE 150 MidCap TRI
Top 5 holdings: BSE, MCX, Apar, Jindal Steel, and Hindustan Petro.
Top 5 sector-wise holdings: Materials, Financial, Industrials, Consumer Discretionary, and Real Estate.
UTI Healthcare Fund – Regular Plan
Since its launch on June 28, 1999, the fund has produced returns of 14.93%. Kamal Gada is currently in charge of managing the fund, which has a higher expense ratio of 1.85%.
The fund has generated a mean return of 25.06%, marginally outperforming the BSE Healthcare TRI (24.92%) and comfortably beating the sectoral pharma category average (22.79%), reflecting strong long-term performance, according to Value Research.
Benchmark: BSE Healthcare TRI
Top 5 holdings: Sun Pharmaceutical, Divi’s Lab, Ajanta Pharma, Gland Pharma and Lupin.
SBI Healthcare Opportunities Fund
Since its launch on July 5, 1999, this SBI mutual fund has produced returns of 16.64%.
Tanmaya Desai is now in charge of managing the fund, which has a higher expense ratio of 1.60%.
Benchmark: BSE Healthcare TRI
Top 5 holdings: Sun Pharmaceutical, Divi’s Lab, Acutaas Chemicals, Apollo Hospitals and Max Healthcare.
Top sector-wise holdings: Healthcare and materials.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully before investing.
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