When you contemplate an investment in a mutual fund scheme, one of the key motivations for you could be its past returns over a few years.
Although past returns do not guarantee returns in future, they – to some extent – set the tone for a scheme’s future performance.
Here, we list out the top-performing equity mutual funds in the mid-cap category. We have handpicked the top-performing funds which have delivered more than 25% annualised returns in the past five years.
What are mid-cap mutual funds?
Those who are not aware, mid-cap funds refer to those mutual funds that invest a minimum of 65% of their assets in mid-cap stocks. There are 31 mid-cap mutual funds with total assets under management (AUMs) amounting to ₹4.54 lakh crore, according to the latest Association of Mutual Funds in India (AMFI) data as on 31 October 2025.
(Source: AMFI; Returns as on 26 November)
As shown in the table above, the top-performing mid-cap mutual funds in the past five years include Motilal Oswal Mid Cap Fund (30.31%), Mahindra Manulife Mid Cap Fund (25.99%), HDFC Mid Cap Fund (27.57%) and Invesco India Mid Cap Fund (26.44%).
A CAGR of 25% means that if someone had invested ₹1 lakh in a mutual fund five years ago, the investment would have swelled to ₹3,05,175 now. The same investment would have risen to ₹3.71 lakh if the rate of return were 30%.
However, it is essential to note that investors should also consider several other factors beyond past returns of a scheme. These include the reputation of the fund house, category of mutual fund, past performance of the fund manager (if it is an actively managed fund) and overall macro-economic conditions.
Note: This story is for informational purposes only. Please speak to a SEBI-registered investment advisor before making any investment-related decision.
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