If you’re looking for a mutual fund house with a long track record, Tata Mutual Fund is one of them, with assets under management (AUM) of around Rs 2.03 lakh crore and a portfolio of 68 mutual fund schemes.
Over the past 10 years, four of its schemes among its offerings have delivered more than 18% SIP returns despite market volatility triggered by economic slowdowns, pandemic crash, inflation and rate hike cycle, tariff & geopolitical turbulence, and substantial FII sell-offs and rupee depreciation.
Here’s a closer look at these top-performing Tata mutual funds, their long-term performance, and the risk they carry.
Top-performing Tata mutual funds in the last 10 years
Here’s a look at the top-performing funds and how disciplined investing through market cycles helped create long-term wealth.
| Funds | 10-Year SIP Returns In % | Rs 10,000 SIP turns up to |
| Tata India Pharma & Healthcare Fund – Direct Plan | 18.46 | Rs 31.70 lakh approx |
| Tata Mid Cap Fund – Direct Plan | 18.30 | Rs 31.25 lakh approx |
| Tata Infrastructure Fund – Direct Plan | 18.23 | Rs 31.10 lakh approx |
| Tata Resources & Energy Fund – Direct Plan | 18.02 | Rs 30.89 lakh approx |
| Source: Value Research as of 29-Jun-2026 | ||
Lumpsum performance
| Funds | 10-Year Returns In % | Benchmark Returns In % | Category Average Returns In % | Rs 1 lakh lump sum would have grown to |
| Tata Resources & Energy Fund – Direct Plan | 17.43 | 12.97 | 15.36 | Rs 4.98 lakh approx |
| Tata Mid Cap Fund – Direct Plan | 17.42 | 17.72 | 17.23 | Rs 4.98 lakh approx |
| Tata Infrastructure Fund – Direct Plan | 16.30 | 17.42 | 17.42 | Rs 4.52 lakh approx |
| Tata India Pharma & Healthcare Fund – Direct Plan | 14.91 | 18.94 | 17.43 | Rs 4.01 lakh approx |
| Source: Value Research as of 29-Jun-2026 | ||||
Tata India Pharma & Healthcare Fund – Direct Plan
Value Research has given this mutual fund scheme a 3-star rating and categorised it as very high risk.
Since its launch on December 28, 2015, the fund has produced a 13.48% return. Rajat Srivastava is now in charge of managing the fund, which has a 0.65% expense ratio.
Despite high risk, the fund has delivered a mean return of 23.47% in the last 3 years, marginally lower than the BSE Healthcare TRI (24.92%), but broadly in line with the sectoral pharma category average (23.66%), highlighting competitive long-term performance.
Benchmark: BSE Healthcare TRI
Top 10 holdings: Sun Pharmaceutical, Healthcare Global, Divi’s Lab, Abbott India, Cipla, Max Healthcare, Apollo Hospitals, Rainbow Children’s, Dr. Reddy’S Labs, and Mankind Pharma.
Top sector-wise holdings: Healthcare, Materials, Consumer Staples, and Financial.
Risk profile: The fund’s standard deviation of 17.12% is slightly higher than both the benchmark (17.05%) and the category average (16.03%), indicating higher volatility of the fund.
The fund’s Sharpe ratio of 1.03 is lower than both the benchmark (1.12) and the category average (1.11), indicating that the fund has underperformed for every unit of risk undertaken.
With a Sortino ratio of 1.62, the fund trails both the benchmark (1.74) and the category average (1.83), indicating weaker downside risk-adjusted performance.
The fund has a beta of 0.99, which is higher than the category average (0.91) and close to 1, indicating the fund’s performance has largely moved in line with the sector.
The fund has generated a negative alpha of -1.30%, compared with the category average of 0.43%, indicating that the fund has underperformed its expected risk-adjusted return.
Tata Mid Cap Fund – Direct Plan
Value Research has also given this fund a 3-star rating and categorised it as a very high-risk scheme. Since its launch on January 1, 2013, the fund has produced a 19.01% return. Satish Chandra Mishra is now in charge of managing the fund, which has a 0.55% expense ratio.
The fund has generated an average annual return of 19.93% compared to BSE 150 MidCap TRI (20.99%) and the mid-cap category average (20.78%), reflecting strong long-term performance despite market fluctuations in the last 3 years.
Benchmark: BSE 150 MidCap TRI
Top 10 holdings: Mankind Pharma, Federal Bank, Bharat Heavy Elect, BSE, Max Financial, IndusInd Bank, Indian Bank, AU Small Fin Bank, Marico, and Indus Towers.
Top 5 sector-wise holdings: Financial, Industrials, Healthcare, Consumer Discretionary, and Materials.
Risk profile: The fund’s standard deviation of 16.71% is lower than both the benchmark (18.22%) and the category average (18.09%), indicating the fund has experienced lower volatility for generating stable returns than its competitors.
The fund has a Sharpe ratio of 0.84, marginally higher than the benchmark (0.83) and the category average (0.82), indicating a better risk-adjusted performance against the level of risk undertaken.
With a Sortino ratio of 1.08, the fund is broadly in line with the category average (1.08) but marginally below the benchmark (1.09), indicating that the fund manager has managed downside risk more efficiently.
The fund’s beta of 0.90 is lower than the category average (0.96) and below 1, indicating that it is less volatile than the mid-cap sector, whereas it has generated an alpha of 0.40%, marginally higher than the category average (0.39%), indicating that after adjusting for the risk taken, it has generated excess returns above the benchmark index.
Tata Infrastructure Fund – Direct Plan
Value Research has classified this mutual fund as high risk, which makes it reasonable for a thematic category.
Since its launch on January 1, 2013, the fund has produced a 15.11% return. The fund currently has a higher expense ratio of 0.97% and is managed by Abhinav Sharma.
The fund has generated an average annual return of 19.64%, which is significantly lower than the BSE India Infrastructure TRI (28.44%) and the thematic infrastructure category average (23.03%). This suggests the fund has underperformed both its benchmark and peers over the last 3 years, according to Value Research.
Benchmark: BSE India Infrastructure TRI
Top 10 holdings: Larsen & Toubro, NTPC, Adani Ports, Adani Energy, Bharat Heavy Elect, Interglobe Aviation, Adani Power, The Ramco Cements, Ultratech Cement, and Cummins India.
Top 5 sector-wise holdings: Industrials, Energy & Utilities, Materials, Real Estate, and Consumer Discretionary.
Risk profile: The fund’s standard deviation of 20.81% is lower than the benchmark (25.51%), indicating lower volatility than the broader infrastructure index. However, it is marginally higher than the category average (20.27%), which means the fund is more volatile and carries higher risk than its peers.
The fund has a Sharpe ratio of 0.66, which is lower than both the benchmark (0.89) and the category average (0.85), indicating that the fund has delivered comparatively weaker risk-adjusted returns.
With a Sortino ratio of 0.99, the fund trails both the benchmark (1.70) and the category average (1.27), indicating that the fund has weaker management of downside risk compared to its peers for generating returns.
The fund’s beta of 0.72 is slightly higher than the category average (0.69) but remains well below 1, indicating lower volatility of the fund than the broader market.
The fund has generated a negative alpha of -2.42%, compared with the category average of 1.55%, indicating poor active management by the fund manager.
Tata Resources & Energy Fund – Direct Plan
This is another thematic fund in the list that also carries a high level of risk. Value Research reports that from the fund’s launch on December 28, 2015, it has produced a return of 17.98%.
Satish Chandra Mishra is now in charge of managing the fund, which has a 0.59% expense ratio.
The fund has generated an average annual return of 20.57%, outperforming the BSE Energy TRI (17.83%). However, it trails the thematic energy category average (22.46%), indicating that the fund has beaten its benchmark but failed to beat its category in the last 3 years.
Benchmark: BSE Energy TRI
Top 10 holdings: Ultratech Cement, Ambuja Cements, Tata Steel, Adani Power, Adani Energy, ONGC, NTPC, Jindal Steel, JSW Steel, and Vedanta.
Top sector-wise holdings: Materials, Energy & Utilities, Industrials, and Consumer Discretionary.
Risk profile: The fund’s standard deviation of 17.48% is significantly lower than the benchmark (20.58%) and slightly higher than the category average (16.66%), indicating relatively stable returns compared with the index but marginally greater fluctuations than its peers.
The fund has a Sharpe ratio of 0.84, which is substantially higher than the benchmark (0.58), indicating superior risk-adjusted returns relative to the index. However, it remains below the category average (1.00), suggesting peer funds have delivered better returns for the level of risk taken.
With a Sortino ratio of 1.35, the fund outperforms the benchmark (0.94) but falls short of the category average (1.65), indicating that the fund has managed downside risk better than its benchmark but not as effectively as the average fund in its category.
The fund has a beta of 0.70, slightly higher than the category average (0.67) but well below 1, suggesting that the fund is less volatile than the broader market.
The fund has generated a positive alpha of 6.33% compared to the category average (8.63%), indicating that the fund manager has generated returns above what would be expected for the level of risk taken, although the excess return is lower than the average fund in its category.
Word of caution
Past performance should never be the only reason when choosing a mutual fund. While the above-discussed Tata Mutual Fund schemes have delivered strong SIP returns over the past decade, future returns are not guaranteed and may vary with market conditions and sector-specific risks.
Hence, investors should always assess their financial goals, investment horizon, and risk appetite before investing and evaluate factors such as the fund’s investment objective, portfolio diversification, expense ratio, fund manager’s track record, and consistency of performance rather than relying solely on historical returns.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully before investing.
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