Top mutual funds that delivered big gains in the last 10 years

If you were investing ₹10,000 every month in mutual fund SIPs since 2015, your patience and discipline would have paid off generously by now. Over the past 10 years, some mutual funds have delivered surprisingly high returns, even beating the market by a good margin. With so many options out there, which funds truly stand out, and why?

SIPs in diversified equity funds have proven to be a resilient and rewarding strategy for long-term investors in the past decade. A monthly investment of ₹10,000 from January 2015 to June 2025 would mean ₹12,60,000 cumulatively in 126 installments. Atul Shinghal, founder and CEO of Scripbox, suggests the following four insights based on actual SIP returns as measured by XIRR (%): 

1. Flexi cap and large & mid-cap funds have delivered strong SIP returns

Many flexi cap and large & mid-cap funds have consistently delivered SIP returns (XIRR) in the 15–18% range over the last 10 years.

Amongst diversified schemes, Quant Flexi Cap Fund (XIRR: 20.62%), Parag Parikh Flexi Cap Fund (XIRR: 19.38%), SBI Contra Fund (XIRR: 19.28%), and Nippon India Value Fund (XIRR: 18.17%) have been the top performers.

In the large & mid-cap category, DSP Large & Mid Cap Fund (16.89%), Canara Robeco Emerging Equities (16.67%), and Mirae Asset Large & Midcap Fund (17.41%) have also shown robust SIP performance.

2. Diversified equity funds consistently outperform the NIFTY50 Index on a SIP basis

Over this period, the NIFTY50 TRI delivered an SIP XIRR of 13.03%.

Many diversified equity funds outperformed the Nifty50 SIP returns by a significant margin, demonstrating the advantage of professional fund management and active stock selection.

3. Fund selection matters: Wide range of outcomes

The range of SIP returns across funds is notable, with the top quartile generating XIRRs well above 17%, while some funds have delivered XIRRs below 13%.

Investors should focus on consistent long-term performance, fund manager tenure, and the underlying investment process, rather than chasing past short-term returns.

4. What should investors focus on?

Core allocation: Diversified funds in Flexi Cap, Large Cap, and Mid Cap categories are well-suited as core SIP holdings for most investors.

Satellite positions: Thematic and sector funds (not detailed here) can be used for tactical allocation but should not form the core of one’s SIP portfolio.

Long-term discipline: Continue SIPs for at least 7-10 years for meaningful wealth creation, as seen in the above data.

Consistency over timing

The key driver for successful SIP outcomes remains consistency—maintaining investments through all market phases, including periods of correction and recovery.

The benefits of compounding and rupee cost averaging are clearly visible in the data, especially for investors who stayed invested during volatile years such as 2020 and 2022.

Key takeaway

Disciplined SIP investing in well-managed, diversified equity funds has historically delivered strong risk-adjusted returns for Indian investors. While several funds have stood out for their performance, the core principle remains: select high-quality funds, diversify, and maintain discipline through market cycles.

Disclaimer: This analysis is based on historical data and does not constitute a recommendation for any specific fund. Individual fund selection should always align with personal risk profile, investment horizon, and financial goals.