July turns the order around
For the first time in 2026, large-cap funds topped the monthly table. Their median gained 2.70% in July and 34 of 35 rose. Small-cap funds, which led in April and June, came last with a median of 1.29%; five of 36 fell.
The median equity fund gained 2.04%, and with that it is now up 2.20% for 2026. It is the first month-end this year at which the median fund is ahead of where it started.
All figures are for the Direct plan, Growth option, computed from daily NAVs between 30 June and 31 July 2026. July and the year so far are plain percentage changes; one, three and five years are compounded annual rates.
The scorecard
Twelve SEBI equity categories, ranked by July's median return.
| Category | Funds | July | 2026 so far | 1 year | 3 years | 5 years |
|---|---|---|---|---|---|---|
| Large Cap | 35 | 2.70% | −2.78% | 1.85% | 11.48% | 11.62% |
| Focused | 28 | 2.42% | 1.12% | 4.27% | 14.21% | 13.47% |
| Sectoral / Thematic | 251 | 2.38% | 2.59% | 6.28% | 15.98% | 14.37% |
| Contra | 3 | 2.37% | −2.21% | 1.15% | 16.18% | 16.32% |
| ELSS | 38 | 2.09% | 0.11% | 2.67% | 12.68% | 12.98% |
| Dividend Yield | 11 | 2.05% | −0.91% | 4.67% | 14.41% | 14.70% |
| Flexi Cap | 44 | 2.00% | 1.95% | 4.37% | 13.34% | 12.47% |
| Large & Mid Cap | 35 | 1.85% | 1.33% | 6.92% | 15.21% | 14.56% |
| Multi Cap | 32 | 1.75% | 4.97% | 8.06% | 16.00% | 14.80% |
| Value | 22 | 1.47% | −1.01% | 3.30% | 14.15% | 14.71% |
| Mid Cap | 33 | 1.44% | 5.74% | 9.50% | 19.31% | 16.82% |
| Small Cap | 36 | 1.29% | 11.21% | 9.37% | 16.63% | 17.03% |
| All equity funds | 568 | 2.04% | 2.20% | 5.61% | 14.63% | 14.09% |
"Funds" counts every Direct Growth plan on 31 July. A fund counts in a period only if it has a full record: 567 for July, 525 for one year, 395 for three years and 306 for five. Contra has only three funds.
Against the indices
Our estimates of total return, built from NSE's daily price and dividend yield, to the close of 31 July:
| Index (estimated total return) | July | 2026 so far | 1 year | 3 years | 5 years |
|---|---|---|---|---|---|
| Nifty 50 | 2.28% | −5.98% | −0.26% | 8.66% | 10.53% |
| Nifty 500 | 2.11% | −1.07% | 3.57% | 12.49% | 12.75% |
| Nifty Midcap 150 | 1.65% | 4.32% | 9.18% | 18.79% | 18.17% |
| Nifty Smallcap 250 | 1.18% | 7.85% | 5.27% | 17.38% | 15.47% |
The indices moved in the same order as the funds: the Nifty 50 first, the Nifty Smallcap 250 last.
What the numbers show
A small reversal, not a large one. July's whole range of category medians spans just 1.41 points, from 2.70% to 1.29%. The year-to-date gap between small and large caps is still 14 points.
Technology funds led the month. The 13 technology and digital funds took the top six spots among all equity funds, led by HDFC Technology at 14.92%, and their median was 11.25%. The Nifty IT rose 16.77% on its price in July. It is still down 18.94% for 2026, and the tech funds' median is down 10.83% for the year.
Last month's leader fell furthest. Nippon India Taiwan Equity, the top equity fund in February, March, April and May, lost 18.22% in July, the worst result of any equity fund. Among diversified funds, Quant Value lost most, 2.75%.
Small caps edge ahead over five years. The median mid-cap fund is first over one and three years. The median small-cap fund is first over five years, 17.03% a year against 16.82%, and for 2026 so far. Large caps are last over three and five years, as they have been at every month-end this year.
Many funds are at fresh highs. On 31 July, 101 of 568 equity funds closed at their highest NAV ever, and the median fund was 1.87% below its peak.
What this does not tell you
One month does not make a rotation. Large caps led July by a small margin, after trailing small caps in five of the year's first six months. The numbers record the change; they cannot say whether it lasts.
Year-to-date figures depend on a start date. The median fund is up 2.20% from the end of 2025, but a fund bought at its January high is in a different position from one bought at the end of March.
The benchmarks are our estimates, the medians cover surviving funds only, and past returns do not predict future ones. Nothing here is advice to buy or sell any fund.
Where to go from here
The categories page has live numbers for every category, and last month's table, with the first half month by month, is the June equity fund scorecard. For the market side of the month, see July 2026 in numbers.
The category that led July is covered in large-cap fund returns in July, and the one that trailed in small-cap fund returns in July.
Frequently asked questions
How did equity mutual funds do in July 2026?
The median equity fund (Direct plan, Growth option) gained 2.04% between the NAVs of 30 June and 31 July 2026, and 492 of 567 funds rose. Large-cap funds led with a median of 2.70%, the first month of 2026 in which they topped the table. Small-cap funds were last at 1.29%.
Are equity funds up for 2026?
Yes, on the median. To 31 July 2026 the median equity fund was up 2.20% for the year, the first month-end of 2026 with a positive median; 190 of 568 funds were still down. Small-cap funds led at 11.21% and large caps trailed at −2.78%.
How did technology funds do in July 2026?
The 13 technology and digital funds gained between 6.39% and 14.92% in July 2026, with a median of 11.25%, and took the top six spots among all equity funds. For 2026 as a whole their median was still down 10.83% at 31 July.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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