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Research The Signal MF Industry in 2023

MF Industry in 2023

Written by - Fisdom Research

December 29, 2023 3 minutes

If you have invested in mutual funds (MFs), 2023 so far has been a sweet happy year for mutual fund investors. The mutual fund industry has bounced back strongly this year after a lackluster 2022 with a remarkable Rs 9 lakh crore surge in the asset base, driven by a buoyant equity market, stable interest rates and robust economic expansion.

In this report we will talk about the key trends in the MF industry across schemes, categories and AMCs.

Best and worst performing AMCs

Best Performing AMC
AMC NameReturns
JM Financial Asset Management Limited37.90%
360 ONE Asset Management Limited36.90%
Bank of India Investment Managers Private Limited36.90%
Franklin Templeton Asst Mgmt (IND) Pvt Ltd36.50%
Nippon Life India Asset Management Ltd35.90%
HDFC Asset Management Co Ltd35.80%
Bandhan Asset Management Company Limited35.40%
ITI Asset Management Limited35.10%
Invesco Asset Management (India) Private Ltd35.00%
HSBC Asset Management (India) Private Ltd34.50%
Worst Performing AMC
AMC NameReturns
PGIM India Asset Management Private Limited21.60%
Quantum Asset Management Co Pvt. Ltd.24.70%
Navi AMC Limited25.00%
Mirae Asset Investment Managers (India) Private Limited25.20%
Shriram Asset Management Co Ltd26.30%
Groww Asset Management Ltd.26.60%
Axis Asset Management Company Limited27.20%
Taurus Asset Management Company Limited27.90%
LIC Mutual Fund Asset Management Limited28.00%
UTI Asset Management Co Ltd28.10%


  • The top 10 best-performing funds offer more than 50% returns.
  • Even the worst-performing schemes in CY2023 have offered more than 18% returns.
  • Smaller AMCs like JM and 360 have topped the charts for CY23.
  • Nippon AMC has shown a significant turnaround in its performance, specifically in the last 2 years, where the economic recovery theme has played very well in its favour.
  • Surprisingly, more prominent names like HDFC, ICICI and SBI are not among the top 10 performers.

2. Best and Worst Performing Category

Best Performing Category
Equity – PSU52.90%
Equity – Infrastructure44.10%
Sector – Technology35.80%
Dividend Yield35.60%
Sector – Healthcare33.30%
Equity – PSU52.90%
Equity – Infrastructure44.10%
Worst Performing Category
Category NameReturns
Sector – Financial Services23.20%
Equity – ESG24.00%
Focused Fund26.30%
Equity – Consumption27.60%
ELSS (Tax Savings)27.80%
Flexi Cap28.30%
Equity – Business Cycle28.60%
Large & Mid- Cap29.90%
Equity – Quant30.60%

3. Best and worst Performing Thematic/Sectoral Categories

Equity – PSU52.90%
Equity – Infrastructure44.10%
Sector – Technology35.80%
Sector – Healthcare33.30%
Equity – Other32.30%
Equity – Quant30.60%
Equity – Business Cycle28.60%
Equity – Consumption27.60%
Equity – ESG24.00%
Sector – Financial Services23.20%


  • Broader markets performed exceptionally well in CY23, and the results can be seen in the performance of certain sectoral thematic funds and small-cap funds.
  • The large-cap pack suffered the most and delivered the most negligible returns as investors flocked towards chasing alpha.
  • Defence stocks were in the limelight as their order books surged, creating a solid pipeline for future revenue.
  • Still, even the worst performing sectoral/thematic category, financial services and ESG, has delivered more than 20% returns

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