The stock market has seen many ups and downs in the last three years and especially since mid-2024 — volatility ahead of the Lok Sabha elections in May last year, geopolitical tensions around the world and concerns of a growing tariff war after Donald Trump’s return to power in the US in January 2025. All these factors have kept the Indian equity market under constant pressure.
Indian equity benchmarks Sensex and Nifty fell to their 52-week lows on April 7. Since then, both indices, however, have rebounded by over 15%. Likewise, equity mutual funds also recovered over the last three months.
What should mutual fund investors do in a volatile market?
During the times of volatility, mutual fund investors need to think strategically instead of panicking. Continuing to invest through SIPs is like ‘buying equity funds at a discount’ in a falling market. In the long term, this strategy can lead to better cost averaging and potentially higher returns. A market correction can turn into an opportunity for smart investors if they continue to invest with patience and discipline.
Despite this volatility in the short to medium term, some equity mutual fund schemes have still managed to double investors’ capital by giving more than 100% returns in the last three years. At a time when the market has been through multiple ups and downs, and even then if some mutual fund schemes still double the investment, then this performance becomes commendable. In this write-up, we will find 10 equity mutual funds (direct plans) that have more than doubled the investment in the last three years.
Also read: Start Rs 5,000 SIP and retire with Rs 3.5 crore — Know how many years it takes to reach your goal
Here are the top 10 equity mutual funds with over 2x growth in just 3 years
1. Nippon India Power & Infra Fund
3-year returns (CAGR): 36.20%
The scheme has turned Rs 1 lakh lump sum investment into Rs 2,52,671 lakh in 3 years.
3-year annualised SIP returns: 26.59%
At this rate of SIP returns, a Rs 10,000 monthly investment started three years ago would be worth Rs 5.22 lakh now.
2. Bandhan Small Cap Fund
3-year returns (CAGR): 36.16%
The scheme has grown Rs 1 lakh lump sum investment into Rs 2,52,413 lakh in 3 years.
3-year annualised SIP returns: 35.20%
A Rs 10,000 monthly SIP investment would have grown to Rs 5.84 lakh if started 3 years ago.
3. ICICI Prudential Infrastructure Fund
3-year returns (CAGR): 35.94%
The scheme has turned Rs 1 lakh lump sum investment into Rs 2,51,186 lakh in 3 years.
3-year annualised SIP returns: 28.34%
At this rate of SIP returns, a Rs 10,000 monthly investment would be worth Rs 5.34 lakh now after 3 years.
4. Franklin Build India Fund – Direct Plan
3-year returns (CAGR): 34.67%
The scheme has grown Rs 1 lakh lump sum investment into Rs 2,44,251 lakh in 3 years.
3-year annualised SIP returns: 28.28%
A Rs 10,000 monthly investment in this fund’s SIP would have grown to Rs 5.84 lakh in 3 years.
5. LIC MF Infrastructure Fund
3-year returns (CAGR): 34.11%
The scheme has turned Rs 1 lakh lump sum investment into Rs 2,41,213 lakh in 3 years.
3-year annualised SIP returns: 31.54%
At this rate of SIP returns, a Rs 10,000 monthly investment would be worth Rs 5.57 lakh in 3 years.
6. Motilal Oswal Large and Midcap Fund
3-year returns (CAGR): 34%
The scheme has turned Rs 1 lakh lump sum investment into Rs 2,40,620 lakh in 3 years.
3-year annualised SIP returns: 30.68%
At this rate of returns, a Rs 10,000 monthly SIP investment would have become now Rs 5.51 lakh after 3 years.
7. Motilal Oswal Midcap Fund
3-year returns (CAGR): 33.81%
The scheme has grown Rs 1 lakh lump sum investment into Rs 2,39,562 lakh in 3 years.
3-year annualised SIP returns: 29.34%
At this rate of SIP returns, a Rs 10,000 monthly investment would have become Rs 5.41 lakh now after 3 years.
8. Invesco India Mid Cap Fund
3-year returns (CAGR): 33.45%
The mid-cap scheme has grown Rs 1 lakh lump sum investment into Rs 2,37,662 lakh in 3 years.
3-year annualised SIP returns: 33.21%
A Rs 10,000 monthly SIP investment started three years ago would be worth now Rs 5.69 lakh.
Also read: Your smallcap fund gave 100% returns. Here are 4 reasons that might be a warning sign
9. Invesco India Smallcap Fund
3-year returns (CAGR): 32.57%
The scheme has grown Rs 1 lakh lump sum investment into Rs 2,33,006 lakh in 3 years.
3-year annualised SIP returns: 29.39%
At this rate of SIP returns, a Rs 10,000 monthly investment started 3 years ago would be worth now Rs 5.42 lakh.
10. Motilal Oswal ELSS Tax Saver Fund – Direct Plan
3-year returns (CAGR): 32.16%
The tax-saver scheme has turned Rs 1 lakh lump sum investment into Rs 2,30,819 lakh in 3 years.
3-year annualised SIP returns: 29.18%
A Rs 10,000 monthly SIP investment would have become Rs 5.40 lakh now after 3 years.
(Source: Value Research)
Although these 10 funds have performed exceptionally well in the last 3 years, doubling the investment, investors must also understand that these are past returns — there is no guarantee that the same returns will be repeated in the future. Mutual funds are market-linked and their returns are dependent on market movements. Hence, make a decision before investing keeping in mind your financial goals, risk profile and time horizon.
Disclaimer: The above content is for informational purposes only. Mutual Fund investments are subject to market risks. Please consult your financial advisor before investing.