Manufacturing Mutual Funds

All 13 manufacturing funds, Direct Growth plans, compared on returns, risk and cost. NAV as of 7 Oct 2026.

Category average

+18.4%

3-year return, annualised

Category average

+16.1%

5-year return, annualised

Category average

18.2%

Volatility, 3 years

Category average

1.14%

Expense ratio

Against the NIFTY India Manufacturing Index: 2 of 2 funds with at least 5 calendar years of history returned more than the index in at least half of the years from 2017 to 2026. The 2026 figure is year to date.

Manufacturing funds compared

Direct plan, Growth option. Returns as of 7 Oct 2026. Click a column heading to sort.

Returns (3Y and 5Y annualised)ConsistencyRiskAgainst the indexCost and size
1ICICI Prudential Manufacturing Fund
+5.0%+18.6%+17.8%2 of 418.3%-22.8%4 of 81.21%₹7,175 Cr
2Aditya Birla Sun Life Manufacturing Equity Fund
+20.1%+20.6%+14.5%2 of 417.9%-22.9%6 of 101.39%₹1,402 Cr
3Kotak Manufacture in India Fund
+15.0%+20.5%N/A4 of 417.0%N/A2 of 40.75%₹3,127 Cr
4Mirae Asset NIFTY India Manufacturing ETF FOF
+1.7%+16.4%N/A1 of 417.2%N/A0 of 40.07%₹129 Cr
5Quant Manufacturing Fund
+12.0%+16.0%N/A1 of 322.1%N/A1 of 31.48%₹737 Cr
6Invesco India Manufacturing Fund
+14.0%N/AN/A1 of 2N/AN/A1 of 21.10%₹758 Cr
7LIC MF Manufacturing Fund
+12.6%N/AN/A1 of 2N/AN/A1 of 21.48%₹781 Cr
8Axis India Manufacturing Fund
+12.5%N/AN/A2 of 317.0%N/A2 of 30.94%₹5,796 Cr
9Canara Robeco Manufacturing Fund
+9.7%N/AN/A0 of 2N/AN/A1 of 20.95%₹1,757 Cr
10Baroda BNP Paribas Manufacturing Fund
+8.5%N/AN/A1 of 2N/AN/A1 of 21.31%₹850 Cr
11Mahindra Manulife Manufacturing Fund
+6.1%N/AN/A1 of 2N/AN/A0 of 21.20%₹684 Cr
12HDFC Manufacturing fund
+5.4%N/AN/A1 of 2N/AN/A1 of 20.93%₹10,752 Cr
13Motilal Oswal Manufacturing Fund
-1.2%N/AN/A0 of 2N/AN/A0 of 22.01%₹700 Cr

Ordered by 5-year annualised return, highest first; funds younger than 5 years follow by 3-year, then 1-year return. Click a heading to sort by another figure. Top half, by year shows the fund's quartile in the category each calendar year from 2017 to 2026(green top quarter, grey second, amber third, red bottom; an outline means too young to rank) and how many of those years it finished in the top half. Years ahead of index counts the calendar years from 2017 to 2026 in which the fund returned more than the NIFTY India Manufacturing Index. Returns over 3 years and longer are compounded annual returns. Volatility is the annualised standard deviation of monthly returns. Worst fall is the largest drop from a peak in the last 5 years. N/A means the fund is too young for that period.

What a manufacturing fund is

Manufacturing funds put at least 80% of their assets in manufacturing companies.

Source: SEBI categorisation of mutual fund schemes, 6 October 2017, as amended.

Investing from the UAE

NRIs living in the UAE can generally invest once KYC is complete, paying from an NRE or NRO bank account. Some fund houses do not accept residents of the United States or Canada, or accept them only offline. The UAE does not levy personal income tax, and the India UAE tax treaty may affect how gains are treated, so confirm your own position with a tax adviser.

Questions

How are these manufacturing funds ordered?

By 5-year annualised return, highest first. Funds younger than 5 years follow, ordered by 3-year return and then 1-year return. Every figure is worked out from each fund's own Direct Growth NAV, the same way for every fund. We do not label any fund as the best.

Can NRIs living in the UAE invest in manufacturing funds?

Generally yes, once KYC is complete, paying from an NRE or NRO bank account. Some fund houses do not accept investments from residents of the United States or Canada, or accept them only offline, so check the fund house's current policy if that applies to you.

How are gains taxed for NRIs?

For equity funds, India taxes gains on units held for 12 months or less at 20%, and gains on units held longer at 12.5% on the amount above ₹1.25 lakh in a financial year, plus cess and any surcharge. For NRIs the fund house deducts this tax when you redeem. The outcome depends on your tax residence and facts, so confirm your position with a tax adviser.

Fund data comes from RuDo Wealth fund analytics; every return, volatility and worst fall is computed from the fund's ownDirect Growth NAV. Method reviewed by Alok Kumar, Chief Executive Officer, RuDo Digital Wealth, October 2026.

RuDo Wealth is a fee-only cross-border advisory operating through two separate companies. India: RuDo Wealth Investment Advisory, SEBI Registered Investment Adviser, registration INA000019503. UAE: RuDo Digital Wealth, FSRA Financial Services Permission 220155, Category 3C (Retail), ADGM. The entity permitted to serve you depends on your country of residence.

This page is general information, not a recommendation to buy or sell any fund. Past performance does not indicate future returns.

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