Nifty 50 down nearly 14% from September 2024 peak: Which equity mutual funds have cushioned the fall, and which have lost the most?

The Nifty 50 has remained under pressure since its September 2024 peak, with the benchmark index closing at 22,600 on October 23, 2026, against 26,216.05 on September 26, 2024. The decline of around 13.8% over this period provides a backdrop to assess how actively managed equity mutual fund schemes have navigated the market correction.

An analysis of point-to-point absolute returns across large-cap, mid-cap, small-cap, large-and-mid-cap, flexi-cap, focused, multi-cap and value/contra schemes shows substantial differences in performance, even within the same category. While some schemes have delivered positive returns, others have suffered losses exceeding 15%, highlighting the divergence in outcomes during the correction.

The comparison covers absolute returns between September 26, 2024, and October 23, 2026. These figures are not annualised returns and reflect the change in scheme value over the entire period.

Which equity mutual funds have cushioned the fall?

Among large-cap schemes, Taurus Large Cap Fund recorded the smallest decline at 2.23%, followed by Motilal Oswal Large Cap Fund, which lost 4.11%. At the other end, LIC MF Large Cap Fund declined 15.90%, while JM Large Cap Fund lost 15.60%.

The performance of the better-performing schemes stands out against the benchmark's nearly 14% decline. However, a smaller loss than the Nifty 50 does not necessarily mean a fund has outperformed its appropriate benchmark, as actively managed schemes may follow different investment mandates and stock allocations.

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Mid-cap funds displayed an even wider performance gap. WhiteOak Capital Mid Cap Fund delivered a positive return of 5.26%, while HSBC Midcap Fund gained 3.06%. Quant Mid Cap Fund, however, registered the steepest decline in the category at 18.69%.

Small-cap funds also produced sharply divergent results. Motilal Oswal Small Cap Fund topped the category with a 12.34% return, followed by Bank of India Small Cap Fund at 6.61%. Tata Small Cap Fund, by contrast, declined 18.24%. The difference highlights how scheme selection and portfolio construction can influence returns even among funds investing in the same market-cap segment.

Flexi-cap and large-and-mid-cap funds show a wide gap

Flexi-cap funds recorded some of the sharpest differences in performance. Parag Parikh Flexi Cap Fund limited its decline to 1.53%, whereas Samco Flexi Cap Fund fell 23.32%. The gap between the two schemes was nearly 22 percentage points.

Large-and-mid-cap funds also saw a wide divergence. Invesco India Large & Mid Cap Fund was marginally positive at 0.32%, while Tata Large & Mid Cap Fund lost 20.40%. This suggests that exposure to a combination of large- and mid-sized companies did not translate into similar outcomes across schemes during the period.

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Focused funds offered another example of contrasting results. SBI Focused Fund gained 9.34%, but Baroda BNP Paribas Focused Fund declined 19.08%. In the multi-cap category, Motilal Oswal Multi Cap Fund returned 9.11%, compared with a 15.80% loss for Quant Multi Cap Fund.

Value and contra strategies were not immune to the correction either. DSP Value Fund gained 4.24%, while JM Value Fund recorded a loss of 19.72%. Although value-oriented strategies seek opportunities in stocks trading below their perceived intrinsic value, their performance remains sensitive to stock selection, sector exposure and prevailing market conditions.

How far did fund returns diverge from the Nifty 50?

The Nifty 50 lost approximately 13.8% over the comparison period. Against this benchmark decline, several schemes recorded positive absolute returns, while others registered losses significantly larger than the index's fall.

What should investors take away?

The figures underline that a market correction does not affect every equity mutual fund scheme equally. Even within the same category, returns can vary significantly because of differences in portfolio holdings, sector exposure, stock selection and investment strategy.

However, investors should not select a fund solely because it has lost less during one correction. They should also examine performance against the scheme's appropriate total-return benchmark, rolling returns across different periods, portfolio concentration, volatility, downside risk and consistency across market cycles.

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The comparison is best used to understand how schemes navigated this particular market phase, rather than as a standalone buy-or-sell ranking. Past performance does not guarantee future returns, and a fund that has cushioned a fall may not necessarily lead the market during a recovery.