Everyday several new mutual fund schemes hit the market, adding to confusion among investors about decision-making. Apart from the returns offered by a mutual fund scheme, consistency over years is an essential factor to be considered for decision making. While many mutual funds deliver high returns over a short-term time, there are a very few mutual funds that have consistently churned out returns over a prolonged time. Among 45 mutual fund houses in India, let’s take a look at the oldest mutual fund houses in India.
Oldest Mutual Fund House in India
UTI (Unit Trust of India) is the oldest Mutual Fund House in India and UTI Mastershare Fund is the oldest equity scheme, a large cap fund launched in 1986. JP Medium to Long Duration and Canara Robeco Equity Hybrid Fund are the oldest debt and hybrid schemes launched in 1995 and 1993 respectively.
Non-UTI public sector mutual funds came into the market in 1987 – LIC and GIC launched their mutual funds. SBI Mutual Fund and Canara Bank Mutual Fund were established in June 1987 and December 1987, respectively.
An SIP of Rs. 10,000 in some of the oldest mutual funds has generated up to Rs. 8.9 cr returns.
Oldest Equity Mutual Funds in India
| Scheme Name | Inception Date | Absolute Returns Since Inception | Annualized Returns Since Inception | Fund Size |
|---|---|---|---|---|
| UTI Master share Unit Scheme – IDCW | 1/6/1989 | 5392.52% | 12.66% | Rs. 11038.9 Cr |
| SBI Magnum Equity ESG Fund | 1/1/1991 | 1543.49% | 9.14% | Rs. 4757.31 Cr |
| UTI Flexi Cap Fund – IDCW | 30/06/1992 | 3640.76% | 12.60% | Rs. 26102.37 Cr |
| SBI Large & Mid Cap Fund (D) | 31/03/1997 | 4461.02% | 15.99% | Rs. 8993.03 Cr |
| Franklin India Bluechip Fund (G) | 1/12/1993 | 16629.86% | 19.24% | Rs. 6791.29 Cr |
| Franklin India Prima Fund (G) | 1/12/1993 | 15122.39% | 18.86% | Rs. 7814.7 Cr |
| Tata Large & Mid Cap Fund (G) | 31/03/2003 | 4683.22% | 21.62% | Rs. 3695.29 Cr |
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Oldest Hybrid Mutual Funds in India
| Scheme Name | Inception Date | Absolute Returns Since Inception | Annualized Returns Since Inception | Fund Size |
|---|---|---|---|---|
| Canara Robeco Equity Hybrid Fund | 1/2/1993 | 3694.32% | 15.80% | Rs. 8593.14 Cr |
| HDFC Balanced Advantage Fund | 1/2/1994 | 7475.69% | 18.63% | Rs. 51249.87 Cr |
| UTI Hybrid Equity Fund | 2/1/1995 | 3525.53% | 13.81% | Rs. 4557.3 Cr |
| Aditya BSL Equity Hybrid ‘95 | 10/2/1995 | 10383.30% | 18.15% | Rs. 7807.59 Cr |
| JM Equity Hybrid Fund | 1/4/1995 | 2059.33% | 11.70% | Rs. 10.77 Cr |
| Tata Hybrid Equity Fund | 8/10/1995 | – | 14.81 | Rs. 3,395.54 Cr |
Privatization of the mutual fund market started in 1993 in India with several players launching their respective schemes, including ICICI Mutual Fund, 20th Century Mutual Fund, Morgan Stanley Mutual Fund, Kothari Pioneer Mutual Fund, and Taurus Mutual Fund. Since then, the sector has witnessed phenomenal growth, surpassing the milestone of Rs. 10 trillion for the first time in May 2014. The industry’s AUM climbed more than twice, crossing Rs. 20 trillion for the first time in August 2017. Till July 31st, 2021, the asset under management reached Rs. 35.32 trillion, with enormous upside still left for the future.
Final Words
Since inception, the average returns in equity schemes range from 8-23% in the last 25 years. Most of the equity schemes have delivered double digit returns since inception.
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