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The worst performing mutual funds of 2023: are you invested in these funds?

This article shows the funds and categories of mutual funds which have been the worst performers in 2023.

The worst performing mutual funds of 2023: are you invested in these funds?


Posted on 03 Jan 2024
Author: Sayan Sircar
22 mins read
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This article shows the funds and categories of mutual funds which have been the worst performers in 2023.

The worst performing mutual funds of 2023: are you invested in these funds?

This article is a part of our detailed article series on the worst performing mutual funds in India. Ensure you have read the other parts here:

Disclaimer: Fund names in this article do not constitute as recommendations to either enter or exit those funds.

📚 Topics covered:

Note: Domestic index funds tracking broad indices like the Nifty 50 or Sensex will generally not be found in a table of worst performing mutual funds. Since index funds give “average” return, their position will always be above the worst performers in their respective category. For the same reason, they will not be found in the best performing fund lists as well.

The fund categories in this article are as per AMFI classification. The performance figures are from AMFI website. All funds in this article are of the Direct Growth Category: Do not make this mistake when investing in mutual funds.

Please use the find feature of your browser to locate the funds or categories you are interested in.

Worst performing types of funds

Worst debt funds category-wise

Category Fund count Average Max Min
Liquid Fund 32 7.07% 7.24% 6.73%
Overnight Fund 30 6.72% 7.17% 6.41%
Banking and PSU Fund 22 7.05% 7.71% 6.52%
Ultra Short Duration Fund 21 7.21% 7.53% 6.37%
Short Duration Fund 21 7.34% 8.10% 6.43%
Money Market Fund 21 7.34% 7.64% 6.70%
Gilt Fund 21 7.55% 8.83% 6.06%
Dynamic Bond 20 7.28% 8.62% 6.25%
Low Duration Fund 19 7.37% 7.73% 7.05%
Corporate Bond Fund 19 7.19% 7.83% 6.49%
Medium Duration Fund 14 7.35% 8.04% 6.34%
Medium to Long Duration Fund 12 7.70% 11.32% 6.66%
Credit Risk Fund 12 8.87% 16.57% 6.79%
Floater Fund 10 7.78% 8.46% 7.32%
Long Duration Fund 5 7.78% 8.30% 7.32%
Gilt Fund with 10 year constant duration 4 7.80% 7.92% 7.60%

Worst equity funds category-wise

Category Fund count Average Max Min
Sectoral/ Thematic 108 33.92% 61.50% 1.67%
ELSS 36 29.10% 39.06% 19.85%
Large Cap Fund 29 25.65% 33.23% 18.06%
Flexi Cap Fund 29 29.83% 41.55% 20.73%
Mid Cap Fund 27 39.52% 49.76% 22.47%
Large & Mid Cap Fund 27 31.84% 40.01% 24.18%
Focused Fund 24 28.22% 36.29% 18.36%
Small Cap Fund 23 43.55% 60.03% 25.85%
Value Fund 18 36.42% 48.68% 27.61%
Multi Cap Fund 18 34.98% 41.93% 23.31%
Dividend Yield Fund 7 38.10% 41.41% 34.51%
Contra Fund 2 33.58% 36.86% 30.29%

Worst hybrid funds category-wise

Category Fund count Average Max Min
Aggressive Hybrid Fund 26 22.53% 35.47% 15.49%
Dynamic Asset Allocation or Balanced Advantage 24 20.20% 32.13% 15.21%
Arbitrage Fund 24 7.62% 8.07% 6.65%
Equity Savings 21 14.50% 18.13% 8.96%
Conservative Hybrid Fund 17 11.60% 15.40% 8.26%
Multi Asset Allocation 8 21.85% 30.21% 14.36%
Balanced Hybrid Fund 1 18.94% 18.94% 18.94%

Worst “other” funds category-wise

Category Fund count Average Max Min
FoF Overseas 48 22.64% 67.00% -9.46%
Index Funds 121 21.16% 63.34% 6.81%
FoF Domestic 70 19.15% 93.16% -5.64%
Retirement Fund 27 21.36% 39.85% 6.40%
Children’s Fund 6 22.70% 31.47% 14.72%

In the sections below, we will pick up up to 3 worst performers in the same category.

Funds: worst performing debt mutual funds

Category: Liquid Fund

Fund (category avg = 7.07% 2023 return
Motilal Oswal Liquid Fund 6.73%
Parag Parikh Liquid Fund 6.73%
ITI Liquid Fund Option 6.84%

Category: Overnight Fund

Fund (category avg = 6.72% 2023 return
Groww Overnight Fund 6.41%
ITI Overnight Fund Option 6.50%
Franklin India Overnight Fund 6.65%

Category: Banking and PSU Fund

Fund (category avg = 7.05% 2023 return
Canara Robeco Banking and PSU Debt Fund 6.52%
Edelweiss Banking and PSU Debt Fund 6.74%
Mirae Asset Banking and PSU Fund 6.79%

Category: Ultra Short Duration Fund

Fund (category avg = 7.21% 2023 return
LIC MF Ultra Short Duration Fund 6.37%
Motilal Oswal Ultra Short Term Fund 6.48%
BANK OF INDIA Ultra Short Duration Fund 6.69%

Category: Short Duration Fund

Fund (category avg = 7.34% 2023 return
BANK OF INDIA Short Term Income Fund 6.43%
Groww Short Duration Fund 6.63%
JM Short Duration Fund 6.98%

Category: Money Market Fund

Fund (category avg = 7.34% 2023 return
LIC MF Money Market Fund 6.70%
Union Money Market Fund 7.03%
Baroda BNP Paribas Money Market Fund 7.09%

Category: Gilt Fund

Fund (category avg = 7.55% 2023 return
Franklin India Government Securities Fund 6.06%
HSBC Gilt Fund 6.91%
Edelweiss Government Securities Fund 6.94%

Category: Dynamic Bond

Fund (category avg = 7.28% 2023 return
Groww Dynamic Bond Fund 6.25%
JM Dynamic Bond Fund 6.66%
Union Dynamic Bond Fund 6.75%

Category: Low Duration Fund

Fund (category avg = 7.37% 2023 return
JM Low Duration Fund 7.05%
Invesco India Treasury Advantage 7.19%
LIC MF Low Duration Fund 7.19%

Category: Corporate Bond Fund

Fund (category avg = 7.19% 2023 return
Sundaram Corporate Bond Fund 6.49%
Union Corporate Bond Fund 6.74%
Mirae Asset Corporate Bond Fund 6.75%

Category: Medium Duration Fund

Fund (category avg = 7.35% 2023 return
Sundaram Medium Term Bond Fund 6.34%
Union Medium Duration Fund 6.98%
UTI Medium Duration Fund Option 7.14%

Category: Medium to Long Duration Fund

Fund (category avg = 7.70% 2023 return
BANDHAN Bond Fund - Income Plan 6.66%
UTI Medium to Long Duration Fund 6.81%
HSBC Medium to Long Duration Fund 6.99%

Category: Credit Risk Fund

Fund (category avg = 8.87% 2023 return
BANDHAN Credit Risk Fund 6.79%
HDFC Credit Risk Debt Fund Option 7.27%
HSBC Credit Risk Fund 7.34%

Category: Floater Fund

Fund (category avg = 7.78% 2023 return
UTI Floater Fund 7.32%
Tata Floating Rate Fund 7.43%
Nippon India Floating Rate Fund 7.50%

Category: Long Duration Fund

Fund (category avg = 7.78% 2023 return
ICICI Prudential Long Term Bond Fund 7.32%
Nippon India Nivesh Lakshya Fund 7.58%
Axis Long Duration Fund 7.72%

Category: Gilt Fund with 10 year constant duration

Fund (category avg = 7.80% 2023 return
BANDHAN Government Securities Fund - Constant Maturity 7.60%

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Funds: worst performing equity mutual funds

Category: Sectoral/ Thematic

Fund (category avg = 33.92% 2023 return
ITI Banking and Financial Services Fund Option 16.85%
Taurus Banking & Financial Services Fund 16.88%
ICICI Prudential Banking and Financial Services 18.86%

Category: ELSS

Fund (category avg = 29.10% 2023 return
Aditya Birla Sun Life ELSS 19.85%
PGIM India ELSS 21.26%
Axis ELSS 22.89%

Category: Large Cap Fund

Fund (category avg = 25.65% 2023 return
LIC MF Large Cap Fund 18.06%
Axis Bluechip Fund 18.54%
Mirae Asset Large Cap Fund 19.65%

Category: Flexi Cap Fund

Fund (category avg = 29.83% 2023 return
UTI - Flexi Cap Fund 20.73%
Axis Flexi Cap Fund 21.44%
PGIM India Flexi Cap Fund 21.66%

Category: Mid Cap Fund

Fund (category avg = 39.52% 2023 return
PGIM India Midcap Opportunities Fund 22.47%
Axis Midcap Fund 31.00%
UTI Mid Cap Fund 31.73%

Category: Large & Mid Cap Fund

Fund (category avg = 31.84% 2023 return
Tata Large & MId Cap Fund 24.18%
Navi Large & Midcap Fund Option 25.80%
Axis Growth Opportunities Fund 27.71%

Category: Focused Fund

Fund (category avg = 28.22% 2023 return
Axis Focused 25 Fund Option 18.36%
Mirae Asset Focused Fund 18.58%
Motilal Oswal Focused 25 Fund 20.19%

Category: Small Cap Fund

Fund (category avg = 43.55% 2023 return
PGIM India Small Cap Fund 25.85%
SBI Small Cap Fund 26.62%
Axis Small Cap Fund 35.57%

Category: Value Fund

Fund (category avg = 36.42% 2023 return
Quantum Long Term Equity Value Fund 27.61%
UTI Value Fund Option 27.63%
HDFC Capital Builder 30.73%

Category: Multi Cap Fund

Fund (category avg = 34.98% 2023 return
Sundaram Multi Cap Fund 23.31%
SBI Multicap Fund option 23.63%
Aditya Birla Sun Life Multi-Cap Fund 29.94%

Category: Dividend Yield Fund

Fund (category avg = 38.10% 2023 return
Templeton India Equity Income Fund 34.51%
Sundaram Dividend Yield Fund 35.70%
UTI-Dividend Yield Fund 36.27%

Category: Contra Fund

Fund (category avg = 33.58% 2023 return
Invesco India Contra Fund 30.29%

Also read
What is MFCentral and why you should be using it?

Funds: worst performing hybrid mutual funds

Category: Aggressive Hybrid Fund

Fund (category avg = 22.53% 2023 return
Motilal Oswal Equity Hybrid Fund 15.49%
Axis Equity Hybrid Fund Option 15.56%
Tata Hybrid Equity Fund 17.27%

Category: Dynamic Asset Allocation or Balanced Advantage

Fund (category avg = 20.20% 2023 return
LIC MF Balanced Advantage Fund 15.21%
Sundaram Balanced Advantage Fund 15.81%
BANDHAN Balanced Advantage Fund 16.45%

Category: Arbitrage Fund

Fund (category avg = 7.62% 2023 return
Mahindra Manulife Arbitrage Fund 6.65%
BANK OF INDIA Arbitrage Fund 6.85%
ITI Arbitrage Fund Option 7.15%

Category: Equity Savings

Fund (category avg = 14.50% 2023 return
PGIM India Equity Savings Fund 8.96%
BANDHAN Equity Savings Fund 10.73%
Franklin India Equity Savings Fund 11.14%

Category: Conservative Hybrid Fund

Fund (category avg = 11.60% 2023 return
LIC MF Conservative Hybrid Fund 8.26%
ITI Conservative Hybrid Fund Option 8.95%
Navi Regular Savings Fund 9.03%

Category: Multi Asset Allocation

Fund (category avg = 21.85% 2023 return
Axis Multi Asset Allocation Fund 14.36%
Motilal Oswal Multi Asset Fund 14.96%
HDFC Multi-Asset Fund 19.43%

Category: Retirement Fund

Fund (category avg = 21.36% 2023 return
Aditya Birla Sun Life Retirement Fund-The 50s Plus-Debt Plan 6.40%
ICICI Prudential Retirement Fund - Pure Debt 7.06%
Aditya Birla Sun Life Retirement Fund-The 50s Plan 11.41%

Category: Children’s Fund

Fund (category avg = 22.70% 2023 return
Axis Children’s Gift Fund - Lock in 14.72%
Axis Children’s Gift Fund - No Lock in 14.96%
LIC MF Children’s Gift Fund 22.65%

Funds: worst performing international mutual funds

Fund (category avg = 22.64% 2023 return
Edelweiss Greater China Equity Off-shore Fund -9.46%
Axis Greater China Equity Fund of Fund -7.64%
DSP World Agriculture Fund -4.80%

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This post titled The worst performing mutual funds of 2023: are you invested in these funds? first appeared on 03 Jan 2024 at https://arthgyaan.com


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