Archive · 13 Aug 2026
Only 6 Active Large-Cap Funds Consistently Beat BSE 100 Benchmark
Mutual funds are like big shared piggy banks where lots of people pool money to buy shares of companies.
Large-cap funds put that money into big, well-known companies.
Someone studied 24 large-cap funds that have been running for at least 10 years.
Each fund was compared with a measuring stick called the BSE 100, which tracks how the 100 biggest listed companies on India's stock exchange are doing.
Only six funds finished ahead of this measuring stick in all four time checks: one, three, five and 10 years.
The six winners are the Invesco, Baroda BNP Paribas, Edelweiss, Bandhan, Kotak and HDFC large-cap funds.
Invesco's fund had the biggest lead, earning much more than the BSE 100 over one and three years.
But some winners beat the benchmark by only a tiny margin.
In July, investors pulled more money out of large-cap funds than they put in — the first time that happened in almost three years.
Even so, experts warn that past performance does not guarantee future results, and these funds still carry market risk.
Only 6 of 24 active large-cap funds with at least 10 years of history beat the BSE 100 TRI across one, three, five and 10-year periods.
The six funds are Invesco India Largecap Fund, Baroda BNP Paribas Large Cap Fund, Edelweiss Large Cap Fund, Bandhan Large Cap Fund, Kotak Large Cap Fund and HDFC Large Cap Fund, all in Direct Plan – Growth options.
Invesco India Largecap Fund had the widest lead, returning 9.96% over one year and 16.05% over three years, versus the BSE 100 TRI's 2.89% and 11.01%.
Large-cap funds recorded a net outflow of Rs 1,321.69 crore in July 2026 — their first monthly outflow in nearly three years — after inflows of Rs 2,067.48 crore in June.
Large-cap category AUM rose 6.29% year on year to Rs 4,16,422.97 crore as of July 31, 2026, compared with the overall mutual fund industry's 13.80% growth to Rs 85,75,656.52 crore.
- Who
- Investors in Indian large-cap mutual funds; the six funds that beat the benchmark: Invesco India Largecap, Baroda BNP Paribas Large Cap, Edelweiss Large Cap, Bandhan Large Cap, Kotak Large Cap and HDFC Large Cap (Direct Plan – Growth).
- What
- Only 6 of 24 active large-cap funds consistently outperformed the BSE 100 TRI across one, three, five and 10-year periods, while the category recorded its first monthly net outflow in nearly three years.
- When
- As of July 31, 2026, with returns measured over one, three, five and 10-year periods.
- Where
- India
- Why
- To assess how consistently active large-cap funds beat their benchmark and how investor flows into the category are changing.
- Funds analyzed
- 24 active large-cap funds with at least 10 years of history
- Funds beating benchmark
- 6 of 24 (Invesco, Baroda BNP Paribas, Edelweiss, Bandhan, Kotak, HDFC)
- Benchmark
- BSE 100 TRI — 2.89% (1yr), 11.01% (3yr), 11.04% (5yr), 12.97% (10yr)
- Best performer
- Invesco India Largecap Fund — 9.96% (1yr), 16.05% (3yr), 13.58% (5yr), 14.20% (10yr)
- Largest fund by AUM
- HDFC Large Cap Fund — Rs 40,198 crore (as of July 31, 2026)
- July 2026 net flows
- Outflow of Rs 1,321.69 crore; first monthly outflow in nearly 3 years
- Large-cap category AUM
- Rs 4,16,422.97 crore (up 6.29% year on year)
- Data source
- Value Research; AMFI flow data (as of July 31, 2026)