Top 10 mutual funds that turned Rs 1 lakh into over Rs 5 lakh in 10 years — all have expense ratio below 1%

After analysing Value Research data, we have found that there are top 10 mutual funds that not only have turned every Rs 1 lakh investment into over Rs 5 lakh, but also carry high ratings while keeping their expense ratios below 1%.  

However, rather than selecting a mutual fund based just on past performance, one should consider if a fund aligns with your financial objectives, investment horizon, and risk appetite before making an investment. 

Here’s a look at 10 mutual funds and how they have performed against their respective benchmarks and sector.

Top 10 mutual funds with 5x returns in 10 years

Lump-sum performance

Funds	10 Year Returns In %	Benchmark Returns In %	Category Average Returns In %	Rs 1 lakh lump sum would have grown to approx
Nippon India Small Cap Dir	21.27	14.86	17.32	Rs 6.87 lakh
Invesco India Mid cap Dir	20.03	17.27	16.77	Rs 6.20 lakh
Axis Small Cap Dir	19.51	14.86	17.32	Rs 5.94 lakh
Edelweiss Mid Cap Dir	19.47	17.27	16.77	Rs 5.92 lakh
Bank of India Manufacturing & Infra Dir	19.4	15.48	16.46	Rs 5.88 lakh
Quant Multi Asset Allocation Dir	18.86	–	11.09	Rs 5.62 lakh
Nippon India Growth Mid Cap Dir	18.74	17.27	16.77	Rs 5.57 lakh
HDFC Mid Cap Dir	18.07	17.27	16.77	Rs 5.26 lakh
DSP India T.I.G.E.R. Dir	17.92	15.48	16.46	Rs 5.19 lakh
ICICI Pru Infrastructure Dir	17.71	15.48	16.46	Rs 5.10 lakh

SIP performance

Funds	10 Year Returns In %	Rs 10,000 SIP would have grown to approx
Quant Multi Asset Allocation Dir	22.23	Rs 38.77 lakh
Bank of India Manufacturing & Infra Dir	22.12	Rs 38.53 lakh
Nippon India Small Cap Dir	22.02	Rs 38.33 lakh
Invesco India Mid cap Dir	21.99	Rs 38.28 lakh
Edelweiss Mid Cap Dir	21.44	Rs 37.14 lakh
DSP India T.I.G.E.R. Dir	21.14	Rs 36.55 lakh
LIC MF Infrastructure Dir	20.99	Rs 36.25 lakh
ICICI Pru Infrastructure Dir	20.93	Rs 36.13 lakh
Nippon India Growth Mid Cap Dir	20.82	Rs 35.93 lakh
Axis Small Cap Dir	20.56	Rs 35.43 lakh

Source: Value Research as of 28th July 2026

Nippon India Small Cap Fund

The fund was launched on January 01, 2013 and since inception the fund has generated a return of 23.84%. Samir Rachh is the fund manager of Nippon India Small Cap Fund. The fund, which has been rated 4-star by Value Research, has an expense ratio of 0.54%.

Top 5 stock holdings: HDFC Bank, Bharat Heavy Elect, Apar, TD Power Systems, and SBI.

Top 5 sector-wise holdings: Industrials, Financial, Consumer Discretionary, Materials and Healthcare.

Invesco India Mid Cap Fund

Since it was launched on January 1, 2013, this mid-cap fund has produced returns of 21.18%. The Invesco India Mid Cap Fund’s current fund manager is Aditya Khemani. Value Research has given the fund a 4-star rating, and its expense ratio is 0.49%.

Top 5 stock holdings: Prestige Estates, Federal Bank, BSE, Meesho and AU Small Fin Bank.

Top 5 sector-wise holdings: Financial, Healthcare, Consumer Discretionary, Technology and Real Estate.

Axis Small Cap Fund

Since its debut on November 29, 2013, this small cap fund has produced a return of 22.59%. Axis Small Cap Fund’s current fund managers are Tejas Sheth and Mayank Hyanki. Value Research has given the fund a 4-star rating, and its expense ratio is 0.55%.

Top 5 stock holdings: Krishna Institute, CCL Products, JB Chemicals,  City Union Bank and Sai Life Sciences.

Top 5 sector-wise holdings: Financial, Industrials, Healthcare, Materials and Consumer Discretionary.

Edelweiss Mid Cap Fund

This mid cap fund was launched on January 01, 2013 and since inception the fund has generated 21.34%. Dhruv Bhatia, Trideep Bhattacharya and Raj Koradia are the current managers of Edelweiss Mid Cap Fund. The fund which has been rated 5-star by Value Research, has an expense ratio of 0.42%. 

Top 5 stock holdings: Federal Bank, BSE, Fortis Healthcare, Marico and Solar.

Top 5 sector-wise holdings: Financial, Industrials, Consumer Discretionary, Materials and Healthcare.

Bank of India Manufacturing & Infrastructure Fund

Since its launch on January 1, 2013, this equity fund has produced 17.74%. The Bank of India Manufacturing & Infrastructure Fund’s current fund manager is Nitin Gosar. Value Research has given the fund a 4-star rating, and its expense ratio is 0.64%.

Top 5 stock holdings: Larsen & Toubro, Reliance Ind, NTPC, Bharti Airtel and Dixon Technologies.

Top 5 sector-wise holdings: Industrials, Energy & Utilities, Healthcare, Consumer Discretionary and Materials.

Quant Multi Asset Allocation Fund

This hybrid mutual fund scheme was launched on January 01, 2013 and since inception the fund has generated a return of 15.94%. Sandeep Tandon, Ankit A Pande, Sanjeev Sharma, Sameer Kate, Ayusha Kumbhat, Yug Tibrewal and Varun Pattani are the current fund managers of Quant Multi Asset Allocation Fund. The fund which has been rated 5-star by Value Research, has an expense ratio of 0.51%.  

Top 5 stock holdings: ICICI Bank, Adani Enterprises, Adani Green Energy, Bharti Airtel, and Aurobindo Pharma.

Top 5 sector wise holdings: Financial, Technology, Energy & Utilities, Materials and Healthcare.

Nippon India Growth Mid Cap

Nippon India Growth Mid Cap Fund was launched on January 01, 2013 and is currently managed by Rupesh Patel. Since inception, the fund has generated 18.27% returns. The fund which has been rated 5-star by Value Research, has an expense ratio of 0.61%. 

Top 5 stock holdings: BSE, Federal Bank, Fortis Healthcare, AU Small Fin Bank and Bharat Forge.

Top 5 sector-wise holdings: Financial, Industrials, Consumer Discretionary, Healthcare and Technology.

HDFC Mid Cap Fund

HDFC Mid Cap Fund’s current fund manager is Chirag Setalvad. The fund, which was launched on January 01, 2013 has generated a return of 20.29% since its inception. The fund, which has been rated 5-star by Value Research, has an expense ratio of 0.61%.

Top 5 stock holdings: Federal Bank, Max Financial, AU Small Fin Bank, Balkrishna Ind, and Fortis Healthcare.

Top 5 sector-wise holdings: Financial, Healthcare, Consumer Discretionary, Technology and Consumer Staples.

DSP India T.I.G.E.R. Fund

Since its launch on January 1, 2013, this thematic infrastructure fund has produced returns of 16.83%. The DSP India T.I.G.E.R. Fund’s current fund manager is Rohit Singhania. Value Research has given the fund a 4-star rating, and its expense ratio is 0.73%.

Top 5 stock holdings: Reliance Ind, NTPC, Apollo Hospitals, Larsen & Toubro and Hindustan Aero.

Top 5 sector-wise holdings: Industrials, Energy & Utilities, Materials, Financial and Healthcare.

ICICI Prudential Infrastructure Fund

This thematic infra fund was launched on January 01, 2013 and since inception, the fund has generated a return of 16.29%. Sanket Gaidhani is the current fund manager of ICICI Prudential Infrastructure Fund. The fund, which has been rated 5-star by Value Research, has an expense ratio of 0.98%.

Top 5 sector holdings: Interglobe Aviation, Larsen & Toubro, Oberoi Realty, NTPC and AIA Engineering.

Top 5 sector-wise holdings: Industrials, Energy & Utilities, Materials, Financial and Real Estate.

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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