A comprehensive analysis reveals that India’s oldest equity-oriented mutual fund schemes have consistently delivered impressive compounded annualized returns of 9-19% since their inception. These venerable schemes fall into the categories of equity and hybrid, boasting a robust track record of dividend payouts. They have consistently rewarded long-term investors, assisting them in achieving their financial investor.
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From the inception of India’s inaugural mutual fund, Unit Trust of India (UTI), over six decades ago to the launch of the country’s first private sector mutual fund in 1993 and up to the present day, mutual funds have emerged as the preferred investment vehicle for retail investors. Mutual funds are renowned for their strong regulatory oversight, making them one of the most trusted financial investment options.
These mutual funds have not disappointed when it comes to returns. Here, we spotlight the top 15 oldest mutual funds in India that have been operational since 1986. These funds predominantly fall under the categories of equity or hybrid, and they have established a commendable tradition of consistently disbursing dividends. Notably, schemes incorporating insurance and children’s funds, such as UTI ULIP, LIC MF ULIS, and UTI CCF – Savings Plan, are excluded from this list.
UTI Mastershare
Inception Date: 15-Oct-1986
UTI Mastershare, the pioneer among diversified equity funds in the Indian mutual fund industry, began as a closed-ended fund. In 2003, it transitioned into an open-ended fund, impressively maintaining a history of dividend payments, bonus issues, and rights issues. Today, it is categorized as a large-cap fund.
SBI Magnum Equity ESG Fund
Inception Date: 01-Jan-1991
Originally launched as Magnum Multiplier Scheme ’90, this equity-oriented fund transformed into Magnum Equity Fund upon becoming an open-ended fund in 1997. In 2018, during a re-categorization exercise, the fund evolved into SBI Magnum Equity ESG Fund.
LIC MF Aggressive Hybrid Fund
Inception Date: 01-Jan-1991
Previously known as LIC Balanced Fund, LIC MF Aggressive Hybrid Fund has consistently maintained a balanced portfolio of equity and debt since its inception. It presently falls under the Aggressive Hybrid Fund category.
UTI Flexi Cap Fund
Inception Date: 18-May-1992
Originally introduced as UTI Mastergain ’91, this fund underwent several name changes, culminating in its current designation as UTI Flexi Cap Fund in 2021 when market regulators introduced the flexicap and multi-cap categories.
Canara Robeco Equity Hybrid Fund
Inception Date: 01-Feb-1993
This tax-saving mutual fund, formerly known as Can Equity Taxsaver, has garnered a stellar reputation for its consistent and above-average performance since its inception. As a tax-saving fund, it not only offers the potential for wealth appreciation but also provides valuable tax benefits, making it an attractive choice for investors looking to both grow their investments and optimize their tax liability.
Tata Large & Mid Cap Fund
Inception Date: 25-Feb-1993
Initially launched as Ind Sagar and later rebranded as Tata Large & Mid Cap Fund, it presently allocates approximately 35% of its assets to both large and mid-cap stocks.
SBI Large & Midcap Fund
Inception Date: 28-Feb-1993
Formerly known as SBI Magnum Multiplier Plus, this fund allocates around 35% of its portfolio to large and mid-cap stocks.
Canara Robeco Equity Tax Saver Fund
Inception Date: 31-Mar-1993
Previously named Can Equity Taxsaver, this fund has consistently outperformed over most periods since its launch.
SBI Long-Term Equity Fund
Inception Date: 31-Mar-1993
Formerly known as Magnum Taxgain Scheme 93, SBI Long Term Equity Fund initially had a portfolio skewed toward mid-cap stocks. It has proven to be a long-term wealth creator, offering tax benefits.
Franklin India Bluechip Fund
Inception Date: 01-Dec-1993
This fund commenced as Kothari Pioneer Bluechip Fund and later rebranded as Franklin India Bluechip Fund.
These venerable mutual funds have consistently demonstrated their ability to generate strong returns, making them noteworthy options for long-term investor seeking to achieve their financial objectives.