Many investors look for mutual funds that generated the highest returns in the recent past. However, a better way to identify quality mutual funds is to check whether they have consistently delivered positive returns across different market cycles rather than performing well in just one or two years.
The period from 2019 to 2025 witnessed several market phases. Markets corrected sharply during the COVID-led volatility in 2020 before recovering strongly. The rally continued in 2021, followed by volatility in 2022, strong gains in 2023 and 2024, and relatively moderate returns during 2025. Despite these varying market conditions, only a handful of mutual funds managed to generate positive calendar-year returns in each of these seven years.
In this article, we screened mutual funds that generated positive returns every calendar year from 2019 to 2025 and further shortlisted those that delivered more than 160% cumulative returns over the last seven years.
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What Does Positive Returns in Every Calendar Year Mean?
For this analysis, we considered calendar-year returns for each year from 2019 to 2025.
To qualify for the first level of screening, a mutual fund should have:
- Delivered positive returns in 2019
- Delivered positive returns in 2020
- Delivered positive returns in 2021
- Delivered positive returns in 2022
- Delivered positive returns in 2023
- Delivered positive returns in 2024
- Delivered positive returns in 2025
This indicates that the fund was able to generate positive returns across multiple market environments without posting a negative calendar-year return during the period considered.
How We Screened These Mutual Funds
We first identified mutual funds that generated positive calendar-year returns in every year from 2019 to 2025.
To identify funds that combined consistency with wealth creation, we applied another filter:
- More than 160% cumulative returns in the last seven years.
After applying both filters, only 10 mutual funds qualified for this list.
These funds demonstrated not only consistency across different market conditions but also created substantial long-term wealth during the seven-year period.
10 Mutual Funds with Positive Returns in Every Calendar Year Since 2019
| Mutual Fund | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total Returns in Last 7 Years (%) |
|---|---|---|---|---|---|---|---|---|
| Quant ELSS Tax Saver Fund | 4.20 | 49.66 | 63.27 | 14.18 | 32.03 | 10.29 | 7.93 | 181.56 |
| Edelweiss Mid Cap Fund | 6.84 | 28.45 | 52.45 | 3.98 | 40.44 | 40.42 | 5.13 | 177.71 |
| Bank of India Manufacturing & Infrastructure Fund | 3.81 | 29.76 | 54.41 | 4.74 | 46.43 | 27.35 | 9.48 | 175.98 |
| Invesco India PSU Equity Fund | 11.49 | 7.17 | 32.94 | 22.23 | 56.64 | 27.04 | 11.65 | 169.16 |
| ICICI Prudential Infrastructure Fund | 3.27 | 4.10 | 50.82 | 29.60 | 45.40 | 28.09 | 7.50 | 168.78 |
| Invesco India Mid Cap Fund | 5.42 | 26.13 | 45.24 | 1.98 | 35.85 | 44.52 | 7.61 | 166.75 |
| Nippon India Growth Mid Cap Fund | 7.43 | 22.90 | 47.56 | 6.67 | 49.76 | 27.68 | 4.45 | 166.45 |
| Mahindra Manulife Mid Cap Fund | 7.04 | 20.67 | 52.30 | 1.96 | 49.29 | 30.91 | 2.66 | 164.83 |
| ICICI Prudential Smallcap Fund | 11.35 | 24.68 | 63.29 | 7.17 | 39.47 | 16.74 | 0.65 | 163.35 |
| Canara Robeco Infrastructure Fund | 3.19 | 9.97 | 57.68 | 10.29 | 42.94 | 36.70 | 1.43 | 162.20 |
Mutual Fund Performance Snapshot
1) Quant ELSS Tax Saver Fund
- Category: ELSS (Tax Saving)
- Positive returns in every calendar year from 2019 to 2025.
- Highest cumulative return in this list.
- Total 7-year return: 181.56%
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2) Edelweiss Mid Cap Fund
- Category: Mid Cap Fund.
- Maintained positive returns despite volatile markets.
- Strong performance in 2023 and 2024.
- Total 7-year return: 177.71%
3) Bank of India Manufacturing & Infrastructure Fund
- Category: Sectoral/Thematic Fund.
- Benefited from manufacturing and infrastructure growth.
- Delivered consistent gains across all seven calendar years.
- Total 7-year return: 175.98%
4) Invesco India PSU Equity Fund
- Category: PSU Equity Fund.
- Strong gains during the PSU rally in recent years.
- Positive returns every calendar year.
- Total 7-year return: 169.16%
5) ICICI Prudential Infrastructure Fund
- Category: Infrastructure Fund.
- Benefited from infrastructure-led market momentum.
- Positive returns in all calendar years considered.
- Total 7-year return: 168.78%
6) Invesco India Mid Cap Fund
- Category: Mid Cap Fund.
- Delivered steady performance across varying market conditions.
- Strong recovery in 2024.
- Total 7-year return: 166.75%
7) Nippon India Growth Mid Cap Fund
- Category: Mid Cap Fund.
- One of the consistently performing mid-cap funds.
- Positive returns every year since 2019.
- Total 7-year return: 166.45%
8) Mahindra Manulife Mid Cap Fund
- Category: Mid Cap Fund.
- Generated healthy long-term returns.
- Maintained consistency across seven calendar years.
- Total 7-year return: 164.83%
9) ICICI Prudential Smallcap Fund
- Category: Small Cap Fund.
- Strong returns during bull market years.
- Continued positive performance even during volatile periods.
- Total 7-year return: 163.35%
10) Canara Robeco Infrastructure Fund
- Category: Infrastructure Fund.
- Benefited from infrastructure sector momentum.
- Positive returns throughout the seven-year period.
- Total 7-year return: 162.20%
Earlier we analysed 16 Mutual Funds with Positive Returns in last 10 years which investors can explore too.
Key Observations
1) Mid Cap Funds Dominated Again
Several mid-cap funds featured in the list, indicating that quality mid-cap fund managers were able to create wealth while maintaining consistency over multiple years.
2) Sectoral Funds Delivered Strong Returns
Infrastructure, PSU and Manufacturing-focused funds occupy several positions in the list. These sectors have benefited significantly from government spending, capital expenditure, manufacturing growth and improving corporate earnings over the last few years.
However, investors should remember that sectoral funds can also witness periods of underperformance when the underlying sector goes out of favour.
3) Consistency Doesn’t Mean Highest Return Every Year
None of these funds topped the return charts every single year. Instead, they consistently generated positive returns, which helped them compound wealth over the long term.
4) ELSS Fund Topped the List
Quant ELSS Tax Saver Fund emerged as the highest-returning fund among the shortlisted schemes while maintaining positive calendar-year returns throughout the seven-year period.
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Should Investors Invest in These Mutual Funds?
Historical consistency is an important parameter while evaluating mutual funds, but it should never be the only factor for making investment decisions.
Before investing, investors should evaluate:
- Their financial goals.
- Investment horizon.
- Risk tolerance.
- Whether the fund category matches their asset allocation.
- Existing portfolio diversification.
For example, sectoral and thematic funds may deliver strong returns during favourable market cycles but can also witness extended periods of underperformance.
Risks Investors Should Know
While these mutual funds have demonstrated impressive historical performance, future returns may differ significantly.
Investors should remember:
- Past performance may or may not be sustained.
- Equity mutual funds are subject to market risks.
- Mid-cap, small-cap and sectoral funds can experience higher volatility.
- Avoid investing solely based on recent rankings or historical returns.
- Review the Scheme Information Document (SID) and other scheme-related documents before investing.
Final Thoughts
Finding mutual funds that consistently deliver positive returns year after year is not easy. After screening funds that generated positive calendar-year returns from 2019 to 2025 and further filtering for more than 160% cumulative returns over the last seven years, only 10 mutual funds qualified.
These funds showcased both consistency and long-term wealth creation across multiple market cycles. However, investors should use this list as a starting point for further research rather than as a ready-made investment portfolio. Consider your financial goals, investment horizon and risk appetite before making any investment decisions.
Disclaimer
This article is purely for educational and informational purposes and should not be construed as investment advice, recommendation or solicitation to invest in any mutual fund scheme. I am not a SEBI-registered investment adviser. Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully and consult a qualified financial adviser if required before investing.
