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12 Mutual Funds Outperformed in Last 2 Years with 66% to 104% Returns

By Suresh KP Updated 02 Oct 2025 Not yet rated 5 min read
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Mutual funds remain one of the most attractive investment options for individuals aiming to create long-term wealth through professional fund management. They allow investors to participate in equity and debt markets without directly picking and managing individual securities. While market trends can change rapidly, certain funds have consistently delivered outstanding performance over the last two years. In this article, we highlight the Top 12 mutual funds that outperformed in the last two years, delivering returns ranging from 66% to 104% in absolute terms. We will discuss their investment objectives, past performance, potential risks, and suitability for different types of investors.

Earlier we wrote about 10 Mutual Funds that Outperformed in Last 1 year with 37% to 82%.

List of Top 12 Mutual Funds Outperformed in Last 2 Years

Rank Mutual Fund Scheme 2-Year Annualised Return (%) Absolute Return (%) 1 Lakh would have been (₹)
1 HDFC Defence Fund 43% 104% 2,04,000
2 Nippon India Taiwan Equity Fund 39% 93% 1,93,000
3 HDFC Transportation and Logistics Fund 34% 80% 1,80,000
4 SBI Long Term Advantage Fund – Series V 31% 72% 1,72,000
5 Invesco India Mid Cap Fund 30% 69% 1,69,000
6 Bandhan Small Cap Fund 30% 69% 1,69,000
7 LIC MF Infrastructure Fund 30% 69% 1,69,000
8 ICICI Prudential Transportation and Logistics Fund 30% 69% 1,69,000
9 Invesco India Large & Mid Cap Fund 29% 66% 1,66,000
10 Invesco India Focused Fund 29% 66% 1,66,000
11 Invesco India PSU Equity Fund 29% 66% 1,66,000
12 Franklin India Opportunities Fund – Direct Growth 29% 66% 1,66,000

Data as as on 2-Oct-2025 from Moneycontrol and Valueresearch

Deep Dive into Each Mutual Fund Scheme

#1 – HDFC Defence Fund

This fund is among 10 Mutual Funds That Crashed the Most in the Last 3 Months in 2025 (-7% to -15%).

#2 – Nippon India Taiwan Equity Fund

#3 – HDFC Transportation and Logistics Fund

#4 – SBI Long Term Advantage Fund – Series V

#5 – Invesco India Mid Cap Fund

Explore more about this fund at 5 Best Midcap Mutual Funds to Invest in 2025 (Based on Rolling Returns),

#6 – Bandhan Small Cap Fund

#7 – LIC MF Infrastructure Fund

#8 – ICICI Prudential Transportation and Logistics Fund

#9 – Invesco India Large & Mid Cap Fund

#10 – Invesco India Focused Fund

#11 – Invesco India PSU Equity Fund

Ealier we covered this fund as part of 8 Mutual Fund Schemes with 3 Months Returns Between 20% to 54%.

#12 – Franklin India Opportunities Fund

We analysed this fund as part of 15 Mutual Funds Outperformed in Last 3 Years with 120% to 380% Returns earlier

Conclusion

The last two years have been exceptional for certain thematic, sectoral, and mid-cap mutual funds. While these returns are impressive, it is important to remember that high-performing funds often come with higher risks. Investors should assess their risk appetite, investment horizon, and financial goals before committing capital to such schemes.

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Suresh KP
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Disclaimer: This article is for education and comparison only and is not investment, insurance or tax advice. Suresh KP is not a SEBI-registered investment adviser. Investments are subject to market risks. Read all offer, scheme and policy documents carefully before making any decision. Mutual fund investments are subject to market risks; read all scheme-related documents carefully.