Top Mutual Funds 2023 – Which are the Best Mutual Funds for 2023? Which mutual funds should I invest my money in 2023? I got many questions like these from blog readers. I am sure, like many other people you are also searching for answers to these questions.
So, here are the answers to your questions. In this post, I will share my list of top mutual funds for 2023 where you can safely invest and stay relaxed.
The best mutual funds list contains mutual funds from various categories such as large-cap, mid-cap, flexicap and ELSS schemes. I have shortlisted the two best mutual funds from each category.
Here is a list of the top 10 best mutual funds for investment in 2023-24. If you are planning to invest in a mutual fund for the long term you should consider these funds.
What are Best Mutual Funds?
Best is an adjective term and the definition of best mutual funds varies from person to person however, mutual funds that are better compared to other funds in the following parameters can be classified as “Best Mutual Funds”.
Fund performance – Mutual funds should be performing well compared to other funds in 3-5 years’ time frame and generating two-digit returns for the investors.
Fund Rating – Best mutual fund must have a fund rating above 3 stars by reliable credit agencies or companies like CRISIL or Value Research.
Fund Manager Experience – The Fund manager should be expert and experienced in buying, selling, or holding stocks as per market movements.
Holdings – Fund should be holding good blue-chip or fundamentally strong stocks that are likely to appreciate in the future.
Expense Ratio – The expense ratio of a fund should be lower compared to other funds.
Based on the above parameters the Top 10 Best Mutual Funds SIP to Invest in for 2023 are given below.
Top Mutual Funds to Invest in 2023 – 10 Best Mutual Funds India 2023
Best Large Cap Funds 2023
#1 ICICI Prudential Bluechip Fund – Direct Plan-Growth
ICICI Prudential Bluechip Fund is one of the best large-cap funds for investment in 2023. This fund has given magnificent returns in the past. It is five stars rated fund by value research. The expense ratio of this fund is 1.07%. It is suitable for an investor with 5 years time horizon. This fund has generated 80% absolute returns for the investor in the last 5 years.
#2 Nippon India Large Cap Fund – Direct Plan-Growth
Nippon India Large Cap Fund is Top performing mutual fund for investment in 2023-24. The value research fund rating of this fund is 5 stars. This fund has generated 18.24% annualized returns for the investor in the last 3 years. The expense ratio of this fund is very low 1%. The major portfolio of this mutual fund is in the engineering and housing sectors. Overall it is a very good mutual fund for investment.
Best Flexi Cap Funds 2023
#3 HDFC Flexi Cap Fund – Direct Plan-Growth
HDFC Flexi Cap Fund Direct Plan-Growth is a top-performing fund for investment. This fund generated 21% returns in the past 3 years. The expense ratio of this fund is 1.06%. It is 5 stars rated fund. It is a diversified fund and gives the benefit of large-cap, mid-cap, and small-cap sectors.
#4 Franklin India Flexi Cap Fund – Direct-Growth
Franklin India Flexi Cap Direct-Growth Fund is the next best mutual fund in the flexicap category. The expense ratio of this fund is slightly higher but this fund has still managed to give 22% returns to investors in past 3 years. The major investment of this fund is in the banking and IT sector. You can invest in this stock from a long-term perspective.
Best Mid Cap & Small Cap Funds 2023
#5 Canara Robeco Small Cap Fund – Direct Plan-Growth
If you want to invest in a small-cap fund you can invest in Canara Robeco Small Cap Direct Plan-Growth. This fund is 5 stars rated fund and this fund has generated nearly 50% returns for the investors in past 2 years. The expense ratio of this fund is the lowest at 0.39% as of now. The investment stock portfolio of this mutual fund is attractive. However, the risk factor involved with this mutual fund is high.
#6 Quant Mid Cap Fund – Direct Plan-Growth
Quant Mid Cap Fund Direct Plan-Growth is five stars rated fund. It is a high-risk fund however, this fund has generated very good returns for the investors in past. The expense ratio of this fund is average. You can invest in this fund if you are a risk-taking investor.
Best Hybrid Funds 2023
#7 ICICI Prudential Equity & Debt Fund Direct-Growth
ICICI Prudential Equity & Debt Fund Direct-Growth is a very good hybrid fund. I have also invested in this fund via SIP way. This fund has generated 90% absolute returns to investors in the last 2 years. As it is a hybrid fund and it makes investments in both equity and debt it is a risk-averse fund for investment.
#8 ICICI Prudential Multi-Asset Fund – Direct Plan-Growth
ICICI Prudential Multi-Asset Fund Direct Plan-Growth is the next hybrid fund suggested for investing in 2023. This fund has a very low expense ratio 1.07%. This fund has generated 66% absolute returns for the investors in past 3 years. You can plan to invest in this fund for the long term.
Best ELSS Funds 2023
#9 Parag Parikh Tax Saver Fund – Direct Plan-Growth
Parag Parikh Tax Saver fund is one of my favorite mutual funds and I would love to recommend this fund for investment in 2023. I have also invested in this fund for tax savings. It is 5 stars rated fund and it has generated 25% returns for the investors in past 3 years.
#10 HDFC Tax Saver Fund – Direct Plan-Growth
HDFC Tax Saver Fund Direct Plan-Growth is next on the list of ELSS for investment in 2023. It is a four-star rated fund. As per the risk-meter, it is a high-risk fund. This fund has generated more than 65% returns for the investors in past 3 years.
Over to you
The list of best mutual funds 2023 (Top 10 Mutual Funds India) given above is based on performance and various other parameters. You can invest in these funds based on your financial goal, risk profile & investment objective. If you are new to mutual fund investment you should take help from a mutual fund advisor.
Make sure to go through an objective of the fund and match it with your financial goal before investing.
Once the investment is made in the mutual funds, you need to monitor it at regular intervals and make changes in the portfolio from time to time.
I hope the information given here will help you in your investment journey.
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Note – Mutual funds return details are taken from moneycontrol website