Mutual funds remain one of the most powerful long-term wealth creation tools for Indian investors. With diversification and professional fund management, they help investors participate in India’s growth story without directly picking stocks. Over the last 15 years, a few mutual funds have delivered spectacular returns between 983% and 1,560%, turning every ₹1 lakh investment into ₹10.8 to ₹16.6 lakhs. In this article, we highlight the top 10 mutual funds that outperformed in the last 15 years, their detailed performance, and insights into who should invest in them.
Earlier we analysed 10 Mutual Funds Outperformed in Last 10 Years with 495% to 630% Returns and good response from readers.
How We Filtered These Mutual Funds?
For this analysis, we evaluated all equity mutual funds, including largecap, midcap, smallcap, and thematic categories. We reviewed their 15-year performance data as of 2-Nov-2025.
Since direct plans were not available 15 years ago, we have considered regular plans of these mutual funds for consistent and comparable data.
From this extensive list, we shortlisted 10 funds with CAGRs ranging from 17.2% to 20.6%, translating into 983% to 1,560% absolute returns.
List of 10 Mutual Funds Outperformed in Last 15 Years
| Rank | Mutual Fund Scheme | 15-Year CAGR (%) | 15-Year Absolute Return (%) | ₹1 Lakh would have grown to (approx.) |
|---|---|---|---|---|
| 1 | Nippon India Small Cap Fund | 20.6 | 1,560% | ₹16.60 Lakh |
| 2 | SBI Small Cap Fund | 19.2 | 1,294% | ₹13.94 Lakh |
| 3 | Mirae Asset Large & Midcap Fund | 18.9 | 1,242% | ₹13.42 Lakh |
| 4 | Edelweiss Mid Cap Fund | 18.0 | 1,097% | ₹11.97 Lakh |
| 5 | HDFC Mid Cap Fund | 18.0 | 1,097% | ₹11.97 Lakh |
| 6 | Invesco India Mid Cap Fund | 17.8 | 1,070% | ₹11.70 Lakh |
| 7 | ICICI Prudential Technology Fund | 17.4 | 1,010% | ₹11.10 Lakh |
| 8 | Quant Small Cap Fund | 17.4 | 1,010% | ₹11.10 Lakh |
| 9 | Franklin Build India Fund | 17.4 | 1,010% | ₹11.10 Lakh |
| 10 | DSP Small Cap Fund | 17.2 | 983% | ₹10.83 Lakh |
Data as on 2-Nov-2025 from Moneycontrol and Valueresearch
Deep Dive into 10 Mutual Funds That Outperformed in Last 15 Years
#1 – Nippon India Small Cap Fund
Fund Objective:
Focuses on small-cap companies with scalable business models and strong growth potential.
Performance Highlights:
- 3-Year CAGR: 22.9%
- 5-Year CAGR: 32.8%
- 10-Year CAGR: 20.5%
- 15-Year CAGR: 20.6%
- Absolute Return (15Y): 1,560%
- ₹1 Lakh grew to ₹16.6 Lakh
Who Can Invest:
- Long-term investors aiming for aggressive wealth creation
- Those comfortable with high volatility
Risk Factors:
- High short-term volatility
- Liquidity risks in small-cap segment
As explored earlier, this is one of the Best Long Term Mutual Funds to invest in India in 2025.
#2 – SBI Small Cap Fund
Fund Objective:
Invests in small-cap companies with high earnings growth potential and strong fundamentals.
Performance Highlights:
- 3-Year CAGR: 15.0%
- 5-Year CAGR: 24.3%
- 10-Year CAGR: 18.3%
- 15-Year CAGR: 19.2%
- Absolute Return (15Y): 1,294%
- ₹1 Lakh grew to ₹13.94 Lakh
Who Can Invest:
- Investors seeking long-term capital appreciation
- Suitable for high-risk investors
Risk Factors:
- Market corrections can impact returns
- Illiquidity in smaller companies
#3 – Mirae Asset Large & Midcap Fund
Fund Objective:
Focuses on a mix of large and midcap companies for balanced growth and stability.
Performance Highlights:
- 3-Year CAGR: 17.6%
- 5-Year CAGR: 21.3%
- 10-Year CAGR: 17.6%
- 15-Year CAGR: 18.9%
- Absolute Return (15Y): 1,242%
- ₹1 Lakh grew to ₹13.42 Lakh
Who Can Invest:
- Investors seeking moderate risk with steady growth
- Suitable for medium to long-term investment
Risk Factors:
- Market-wide volatility
- Sector concentration risk
We analysed this fund earlier in 10 Equity Mutual Funds Turn ₹ 10,000 SIP to Over ₹ 1 Crore in 15 Years.
#4 – Edelweiss Mid Cap Fund
Fund Objective:
Targets mid-cap companies with solid earnings visibility and growth consistency.
Performance Highlights:
- 3-Year CAGR: 24.5%
- 5-Year CAGR: 29.3%
- 10-Year CAGR: 18.2%
- 15-Year CAGR: 18.0%
- Absolute Return (15Y): 1,097%
- ₹1 Lakh grew to ₹11.97 Lakh
Who Can Invest:
- Investors seeking mid-cap growth potential
- Suitable for long-term wealth creation
Risk Factors:
- Mid-cap valuation volatility
- Short-term underperformance during market dips
#5 – HDFC Mid Cap Fund
Fund Objective:
Invests in mid-cap stocks with strong management and sustainable growth potential.
Performance Highlights:
- 3-Year CAGR: 25.9%
- 5-Year CAGR: 29.7%
- 10-Year CAGR: 18.3%
- 15-Year CAGR: 18.0%
- Absolute Return (15Y): 1,097%
- ₹1 Lakh grew to ₹11.97 Lakh
Who Can Invest:
- Long-term investors seeking higher alpha
- Those comfortable with mid-cap risk levels
Risk Factors:
- Market volatility
- Liquidity risks in smaller mid-caps
This fund is among 6 Best Midcap Mutual Funds That Outperformed with 267% to 365% Returns in 5 Years.
#6 – Invesco India Mid Cap Fund
Fund Objective:
Focuses on mid-cap companies with sustainable growth and competitive advantages.
Performance Highlights:
- 3-Year CAGR: 27.3%
- 5-Year CAGR: 28.3%
- 10-Year CAGR: 18.3%
- 15-Year CAGR: 17.8%
- Absolute Return (15Y): 1,070%
- ₹1 Lakh grew to ₹11.70 Lakh
Who Can Invest:
- Medium to long-term investors
- Those seeking balanced returns with controlled risk
Risk Factors:
- Mid-cap market corrections
- Liquidity constraints
#7 – ICICI Prudential Technology Fund
Fund Objective:
Invests in IT and technology companies benefiting from global digital transformation.
Performance Highlights:
- 3-Year CAGR: 14.2%
- 5-Year CAGR: 19.4%
- 10-Year CAGR: 16.8%
- 15-Year CAGR: 17.4%
- Absolute Return (15Y): 1,010%
- ₹1 Lakh grew to ₹11.10 Lakh
Who Can Invest:
- Investors bullish on technology sector
- Those with long-term horizons
Risk Factors:
- Sector-specific dependency
- Global IT spending slowdown risks
While long term performance is good, this is among 10 Mutual Funds That Crashed the Most Since Last Diwali (-14% to -17%).
#8 – Quant Small Cap Fund
Fund Objective:
Targets small-cap stocks using dynamic investment strategies for high growth.
Performance Highlights:
- 3-Year CAGR: 24.1%
- 5-Year CAGR: 33.7%
- 10-Year CAGR: 19.5%
- 15-Year CAGR: 17.4%
- Absolute Return (15Y): 1,010%
- ₹1 Lakh grew to ₹11.10 Lakh
Who Can Invest:
- Aggressive investors aiming for long-term compounding
- Those with high-risk appetite
Risk Factors:
- Short-term volatility
- Small-cap valuation risks
#9 – Franklin Build India Fund
Fund Objective:
Focuses on infrastructure and capital goods sectors poised for long-term growth.
Performance Highlights:
- 3-Year CAGR: 27.0%
- 5-Year CAGR: 33.4%
- 10-Year CAGR: 17.8%
- 15-Year CAGR: 17.4%
- Absolute Return (15Y): 1,010%
- ₹1 Lakh grew to ₹11.10 Lakh
Who Can Invest:
- Investors optimistic about India’s infrastructure development
- Those seeking thematic exposure
Risk Factors:
- Policy and project execution delays
- Cyclicality in infrastructure sector
We reviewed this fund in 11 Mutual Funds Outperformed in Last 5 Years with 376% to 415% Absolute Returns.
#10 – DSP Small Cap Fund
Fund Objective:
Invests primarily in small-cap companies with scalable business potential.
Performance Highlights:
- 3-Year CAGR: 20.2%
- 5-Year CAGR: 26.4%
- 10-Year CAGR: 16.6%
- 15-Year CAGR: 17.2%
- Absolute Return (15Y): 983%
- ₹1 Lakh grew to ₹10.83 Lakh
Who Can Invest:
- Long-term investors seeking growth in emerging companies
- Those comfortable with volatility
Risk Factors:
- Market corrections can significantly impact NAV
- Liquidity challenges in small-caps
Conclusion
The last 15 years have rewarded disciplined mutual fund investors with exceptional wealth creation opportunities. These 10 mutual funds have delivered 983% to 1,560% absolute returns, reinforcing the power of long-term investing and compounding.
However, investors must remember that past performance does not guarantee future results. Choose funds aligned with your risk profile, investment horizon, and financial goals. Combining small-cap and mid-cap exposure with diversified categories can help achieve superior long-term returns.
If you plan to invest for the next 10–15 years, these outperforming funds deserve a place in your research list.
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Excellent and well-researched analysis! It’s impressive to see how consistent performers like Nippon India Small Cap and SBI Small Cap have delivered such extraordinary long-term returns. This clearly shows the power of disciplined SIP investing and staying invested through market cycles. The breakdown by CAGR and absolute returns really helps in comparing fund strength. Great read for anyone building a long-term mutual fund portfolio!