The number
The median manufacturing fund returned 10.44% over the year to 1 October 2026. The median infrastructure fund returned 4.13%. For comparison, the median of all 229 sectoral and thematic funds returned 1.24%, and the median large cap fund -4.71%.
All figures are for the Direct plan, Growth option, computed from daily NAVs to 1 October 2026. Funds were grouped by name, so a fund called "Manufacturing & Infrastructure" counts as infrastructure and the groups are small. Defence and banking funds are left out; our July infrastructure post has the earlier picture.
Five themes
| Theme | Funds | 3 months | Year to date | 1 year | Negative over 1 year | Best | Worst |
|---|---|---|---|---|---|---|---|
| Manufacturing | 12 | -0.72% | 10.86% | 10.44% | 1 | 20.43% | -1.85% |
| Infrastructure | 18 | -5.55% | 4.24% | 4.13% | 6 | 16.79% | -13.27% |
| Transport & logistics | 6 | 1.57% | 1.26% | 3.43% | 1 | 10.91% | -3.87% |
| Energy & resources | 6 | -4.46% | 1.31% | 2.84% | 1 | 12.10% | -1.36% |
| PSU | 5 | -6.41% | -2.91% | 0.95% | 2 | 4.14% | -3.03% |
Median returns. Over the last month every group's median was negative, from -3.65% for infrastructure to -7.28% for transport and logistics.
What stands out
Manufacturing leads at the top. The three best funds of the 47 in these groups all have manufacturing in the name: Aditya Birla Sun Life Manufacturing Equity (20.43%), BOI Manufacturing & Infrastructure (16.79%) and Kotak Manufacture in India (15.63%). The three weakest are Taurus Infrastructure (-13.27%), HDFC Infrastructure (-4.85%) and UTI Transportation & Logistics (-3.87%).
Infrastructure funds are the widest group. One-year returns run from -13.27% to 16.79%, a gap of 30 points among 18 funds. The median sits at 4.13% and six funds are below zero.
The same fund house, different outcomes. ICICI Prudential's infrastructure fund returned -0.57% while its manufacturing fund returned 5.19%. HDFC's infrastructure fund returned -4.85%, its manufacturing fund 4.94% and its transportation and logistics fund 4.78%. Within a house the theme decided more than the house did.
Longer records are thin
Three-year and five-year medians look strong, but they rest on different funds:
| Theme | Funds with 3-year record | 3-year median (a year) |
|---|---|---|
| Infrastructure | 17 of 18 | 15.37% |
| Manufacturing | 4 of 12 | 18.85% |
| Transport & logistics | 4 of 6 | 18.81% |
| PSU | 4 of 5 | 17.35% |
| Energy & resources | 2 of 6 | 16.20% |
Manufacturing's 18.85% is the median of four funds. Most manufacturing funds are less than three years old, so the one-year lead above cannot yet be tested over a longer window. Infrastructure's 15.37% rests on 17 funds and is the sturdiest figure in the table.
Past falls are large
Over their full records, several infrastructure funds have fallen more than half from a peak: HDFC Infrastructure by 63.1%, Bandhan Infrastructure by 56.9%, Aditya Birla Sun Life Infrastructure by 53.5% and Nippon India Power & Infra by 53.2%. These are older funds, which have seen more cycles. The strong three-year returns in the table and these large past falls belong to the same group of funds.
What this does not tell you
Names are not mandates. We grouped by fund name. A fund's factsheet says what it may hold, and two "infrastructure" funds can look quite different.
A year is a short window. The lead of manufacturing over infrastructure is a statement about twelve months, not a ranking of themes.
Small groups. Five PSU funds and six transport funds make a median fragile: one fund moves it.
Concentration risk. A theme fund holds a narrow slice of the market, so its results can differ sharply from a diversified fund's.
Where to go from here
The sectoral and thematic category page ranks all 229 funds. The guide to infrastructure and PSU funds explains what they hold, and our third-quarter sector funds post shows where these themes sit among the others.
Frequently asked questions
Which industrial theme did best over the last year?
Manufacturing funds. The median of 12 funds returned 10.44% in the year to 1 October 2026, ahead of transport and logistics (3.43%), energy and resources (2.84%), infrastructure (4.13%) and PSU funds (0.95%).
How many infrastructure funds lost money in the last year?
Six of 18 infrastructure funds were negative over one year. Taurus Infrastructure was the weakest at -13.27%, and BOI Manufacturing & Infrastructure the strongest at 16.79%.
Are manufacturing funds a long-established category?
No. Of the 12 manufacturing funds with a one-year record, only four have a three-year record. Most launched recently, so their longer-term comparisons rest on very few funds.
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.
Keep reading
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