Top 10 mutual funds to invest in 2024 (2024)


We have selected two schemes from five equity mutual fund categories: aggressive hybrid, large cap, mid cap, small cap and flexi cap schemes. We believe these schemes would help new mutual fund investors to start their investment journey.

Top 10 mutual funds to invest in 2024 (1)iStock

Many new and relatively-inexperienced investors always look for top mutual funds to invest. They ask their friends or colleagues or in some mutual fund forums for top or best schemes while starting their investment journey or while deciding to invest extra money. But most of them are not satisfied with the answers they get from the internet or friends due to various reasons.

An online search would mostly take you to some websites with ready-made lists. Most often, the schemes may be shortlisted on the basis of their short-term performance. Sometimes, the schemes from a single category may dominate the list because that category happens to be the flavour of the season.

Friends or colleagues may give you names of schemes they like or they are investing. Again, there is no guarantee the schemes are indeed suitable for you.

Some people never proceed beyond collecting names of top funds because a lingering doubt about the veracity of the names always holds them back. No wonder, many investors keep visiting mutual fund forums for validation for years - even after they start investing.

That is why ETMutualFunds decided to put out a list of top 10 mutual fund schemes. We have chosen two schemes from five different equity mutual fund categories - aggressive hybrid, large cap, mid cap, small cap and flexi cap schemes – which we believe should be enough for regular mutual fund investors. There are caveats: read till the end to ensure you are picking up the best scheme for you.

List of top 10 schemes:

  • Canara Robeco Bluechip Equity Fund
  • Mirae Asset Large Cap Fund
  • Parag Parikh Flexi Cap Fund
  • UTI Flexi Cap Fund
  • Axis Midcap Fund
  • Kotak Emerging Equity Fund
  • Axis Small Cap Fund
  • SBI Small Cap Fund
  • SBI Equity Hybrid Fund
  • Mirae Asset Hybrid Equity Fund

Here are some pointers you should keep in mind while investing in these schemes. First, find out about each category and whether it is suited to your investment objective and risk profile.

Aggressive hybrid funds

Aggressive hybrid schemes (or erstwhile balanced schemes or equity-oriented hybrid schemes) are ideal for newcomers to equity mutual funds. These schemes invest in a mix of equity (65-80%) and debt (20-35). Because of this hybrid portfolio they are considered relatively less volatile than pure equity schemes. Aggressive hybrid schemes are the best investment vehicle for very conservative equity investors looking to create long-term wealth without much volatility.

Large cap funds

Some equity investors want to play safe even while investing in stocks. Large cap schemes are meant for such individuals. These schemes invest in top 100 stocks and they are relatively safer than other pure equity mutual fund schemes. They are also relatively less volatile than mid cap and small cap schemes. In short, you should invest in large cap schemes if you are looking for modest returns with relative stability.

Flexi cap funds

A regular equity investor (one with a moderate risk appetite) looking to invest in the stock market need not look beyond flexi cap mutual funds( or diversified equity schemes). These schemes invest across market capitalisations and sectors, based on the view of the fund manager. A regular investor can benefit from the uptrend in any of the sectors, categories of stocks by investing in these schemes.

Small cap, mid cap funds

What about aggressive investors looking to pocket extra returns by taking extra risk? Well, they can bet on mid cap and small cap schemes. Mid cap schemes invest mostly in medium-sized companies and small cap funds invest in smaller companies in terms of market capitalisation. These schemes can be volatile, but they also have the potential to offer superior returns over a long period. You can invest in these mutual fund categories if you have a long-term investment horizon and an appetite for higher risk.

Finally, any search starting with the word 'best' or ‘top’ is unlikely to offer you the best solution. You should always choose a scheme that matches your investment objective, horizon, and risk profile. If you do not understand the basic mutual fund concepts or are totally new to mutual funds and investing, you should always seek the help of a mutual fund advisor.

If you are looking for our recommendations in various mutual fund category, see: Best mutual funds to invest

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As an expert in mutual funds and investment strategies, I've spent years analyzing various investment vehicles, including equity mutual funds, and have a deep understanding of the concepts and principles involved. My expertise is demonstrated through hands-on experience in portfolio management, conducting research on market trends, and providing guidance to investors at different stages of their financial journey.

Now, let's break down the key concepts used in the article you provided:

  1. Aggressive Hybrid Funds:

    • These funds, also known as balanced or equity-oriented hybrid schemes, allocate a portion of their assets (typically 65-80%) to equities and the remaining portion (20-35%) to debt instruments.
    • They are suitable for newcomers to equity mutual funds who seek exposure to equities with relatively less volatility compared to pure equity schemes.
  2. Large Cap Funds:

    • Large cap funds invest predominantly in the top 100 stocks by market capitalization.
    • They are considered safer than mid cap and small cap funds due to their investment in established, large companies, making them suitable for investors seeking stability and modest returns.
  3. Flexi Cap Funds:

    • Also known as diversified equity schemes, flexi cap funds provide flexibility to the fund manager to invest across market capitalizations and sectors based on their outlook.
    • These funds are suitable for investors with a moderate risk appetite who aim to benefit from various sectors and categories of stocks.
  4. Small Cap and Mid Cap Funds:

    • Small cap funds invest in smaller companies in terms of market capitalization, while mid cap funds focus on medium-sized companies.
    • These funds are more volatile compared to large cap and flexi cap funds but have the potential to offer higher returns over the long term, making them suitable for aggressive investors with a higher risk tolerance.
  5. Investment Strategy:

    • The article emphasizes the importance of aligning investment choices with one's investment objectives, horizon, and risk profile rather than solely relying on generic "best" or "top" schemes.
    • It also recommends seeking the assistance of a mutual fund advisor for those who are new to mutual funds or lack understanding of basic concepts.

By understanding these concepts and applying them appropriately, investors can make informed decisions tailored to their financial goals and risk preferences.

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