Many investors chase mutual funds that have delivered the highest returns in the recent past. However, generating high returns in one or two years is not enough. A truly strong mutual fund is one that can deliver positive returns consistently across different market conditions.
The period from 2021 to 2025 witnessed several market phases. Equity markets surged in 2021, faced volatility in 2022, recovered strongly in 2023 and 2024, and experienced mixed performance in 2025. Despite these varying market conditions, only a handful of mutual funds managed to deliver positive returns in every calendar year.
In this article, we screened mutual funds that generated positive calendar-year returns in each year from 2021 to 2025 and further shortlisted funds that delivered more than 18% CAGR over the last 5 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 2021 to 2025.
To qualify for the first level of screening, a mutual fund should have:
- 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 the fund’s ability to navigate different market conditions while avoiding negative calendar-year returns.
How We Screened These Mutual Funds
We first identified mutual funds that delivered positive returns in every calendar year from 2021 to 2025. A total of 161 mutual funds passed this initial screen.
To further identify funds that combined consistency with strong wealth creation, we applied an additional filter of 18%+ CAGR in the last 5 years (equivalent to approximately 129% cumulative returns).
After applying both filters, only 12 mutual funds qualified for this list. These funds not only delivered positive returns in every calendar year since 2021 but also generated strong long-term returns for investors.
12 Mutual Funds with Positive Returns in Every Calendar Year Since 2021
| Mutual Fund | 2021 (%) | 2022 (%) | 2023 (%) | 2024 (%) | 2025 (%) | Total Absolute Returns (%) |
|---|---|---|---|---|---|---|
| ICICI Prudential BHARAT 22 FOF | 39.8 | 28.6 | 58.6 | 17.7 | 9.9 | 154.5 |
| Edelweiss Mid Cap Fund | 52.5 | 4.0 | 40.4 | 40.4 | 5.1 | 142.4 |
| HDFC Small Cap Fund | 66.5 | 5.6 | 46.2 | 21.3 | 0.3 | 139.9 |
| Mahindra Manulife Mid Cap Fund | 52.3 | 2.0 | 49.3 | 30.9 | 2.7 | 137.1 |
| Nippon India Growth Mid Cap Fund | 47.6 | 6.7 | 49.8 | 27.7 | 4.5 | 136.1 |
| HDFC Mid Cap Fund | 40.9 | 13.1 | 45.5 | 29.2 | 7.5 | 136.1 |
| Nippon India Multi Cap Fund | 49.9 | 15.0 | 39.2 | 26.6 | 4.9 | 135.5 |
| Invesco India Mid Cap Fund | 45.2 | 2.0 | 35.9 | 44.5 | 7.6 | 135.2 |
| ICICI Prudential Retirement Fund – Pure Equity Plan | 49.3 | 3.6 | 39.9 | 25.0 | 15.6 | 133.3 |
| SBI Contra Fund | 51.0 | 13.6 | 39.5 | 19.9 | 7.0 | 131.1 |
| HDFC Focused Fund | 41.8 | 19.9 | 31.3 | 25.2 | 12.1 | 130.3 |
| Bandhan Value Fund | 66.2 | 4.3 | 34.1 | 19.1 | 6.2 | 129.9 |
Key Observations
Mid Cap Funds Dominated the List
A majority of the funds in this list belong to the mid-cap category. Mid-cap funds typically offer higher growth potential than large-cap funds, though they can be more volatile.
Do you know that there are 7 Midcap Mutual Funds Delivered 25%+ Annualised Returns in 3 Years?
Consistency and High Returns Went Hand in Hand
These funds did not just avoid negative calendar-year returns. They also generated more than 129% cumulative returns over the last five years, indicating strong wealth creation potential.
Different Investment Styles Featured in the List
The shortlist includes mid-cap, small-cap, multi-cap, focused, value, contra and retirement-oriented equity funds. This shows that consistent performance can be achieved through different investment approaches.
Should Investors Invest in These Mutual Funds Now?
While the funds featured in this article have demonstrated consistency in the past, investors should not make investment decisions based solely on historical returns.
Before investing, investors should evaluate:
- Their financial goals
- Risk appetite
- Investment horizon
- Fund category suitability
- Portfolio diversification requirements
Risks Investors Should Know
Past performance may or may not be sustained in the future. Equity mutual funds are subject to market risks and can experience periods of volatility and underperformance.
Investors should read all scheme-related documents carefully and ensure that any investment aligns with their financial goals and risk profile.
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Final Thoughts
Many mutual funds delivered positive returns in every calendar year from 2021 to 2025. However, when an additional filter of 18%+ CAGR over the last 5 years was applied, only 12 funds qualified.
These mutual funds demonstrated a combination of consistency and strong long-term performance. Investors can use this list as a starting point for further research while evaluating whether these funds fit their investment objectives.
Disclaimer: This article is for educational and informational purposes only and should not be construed as investment advice, recommendation, or solicitation to invest in any mutual fund scheme. Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing.
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