The headline
On 13–14 October 2026 the latest NAV of not one of 528 equity funds was at its all-time high. The median fund sat 7.2% below its record, and none was within 0.05% of it.
We took every equity fund with a Direct plan, Growth option, counted once per scheme, that had a NAV on 10 October or later and more than 250 days of NAV history, and compared its latest NAV with its highest NAV since the plan began. A fund that was launched within the past year is left out, since a young fund's "record" is just its launch price, and so are closed-ended ELSS series, which no longer take money.
By category
| Category | Funds | Median distance below peak | More than 10% below | Worst |
|---|---|---|---|---|
| Small cap | 31 | -3.9% | 1 | -10.5% |
| Multi cap | 32 | -5.7% | 0 | -9.8% |
| Flexi cap | 40 | -6.5% | 5 | -20.3% |
| Focused | 28 | -6.9% | 5 | -16.4% |
| Mid cap | 31 | -6.9% | 2 | -13.9% |
| Large & mid cap | 33 | -7.0% | 2 | -14.9% |
| Sectoral and thematic | 228 | -8.0% | 73 | -28.9% |
| ELSS | 37 | -8.0% | 14 | -16.9% |
| Value | 22 | -8.0% | 9 | -13.6% |
| Contra | 3 | -8.3% | 1 | -10.2% |
| Large cap | 33 | -9.6% | 15 | -14.7% |
| Dividend yield | 10 | -9.7% | 5 | -13.5% |
| All equity funds | 528 | -7.2% | 132 | -28.9% |
Small cap funds are closest to their highs, with a median 3.9% below, and among the larger categories large cap is furthest, at 9.6% below with 15 of 33 down more than 10%. Small-cap funds are also the only diversified category with a double-digit gain in 2026 so far, as our calendar-year table shows.
The deepest drawdowns are in the thematic shelf: 73 of the 228 sector and thematic funds are more than 10% off their peak, and the one furthest is 28.9% off.
When the peaks were set
| Month the record NAV was set | Funds |
|---|---|
| Before 2026 | 151 |
| January–February 2026 | 73 |
| March–July 2026 | 21 |
| August 2026 | 223 |
| September–October 2026 | 60 |
The August cluster is the main finding. 223 of 528 funds (42%) set their record in August 2026, and 72 of them on a single day, 31 August, the last trading day of the month. September and October produced another 60 new peaks, 19 of them in small-cap funds, so for the largest group of funds the high-water mark is about six weeks old, not a year old. A further 151 funds, 29%, are still below a peak they reached before 2026. Large cap is the category that peaked earliest: 15 of its 33 funds set their records in January or February.
Distance from a peak is not the same as loss
A fund 7% below its record NAV has lost 7% for someone who bought at the top, and nothing for someone who bought a year ago at a lower price. Most investors are neither. The better question is what a fund has done since your purchase, which depends on the date. The SIP calculator shows how monthly instalments spread the purchase price across highs and lows.
Falls from a peak are also normal. Our look at the deepest fall in the Nifty 50 in every year since 1999 shows that even good years usually contain a drop of several percent, and our list of equity funds with negative one-year returns covers who is below water over twelve months.
What the count does not say
It measures NAV, not the market. Growth plans reinvest dividends, which is why they are the fair test here. An index at a record high does not require every fund to be.
A record is just a record. Being near a peak is not a sign that a fund is expensive, and being far from one is not a sign it is cheap.
The list changes daily. The count is for a single date, 13–14 October 2026. A few good sessions could move several funds back to a record, and several weak ones could erase the August cluster's lead.
This is not a recommendation to buy or sell any fund. For a given fund's distance from its high and its drawdown history, see its page via the screener.
Frequently asked questions
How many equity mutual funds are at an all-time high NAV?
None of 528. We compared the latest NAV (13–14 October 2026) of every Direct plan, Growth option equity fund with more than 250 days of history to its highest NAV ever. None was within 0.05% of it, and only 6 were within 2%.
How far below their peak are equity funds?
The median fund is 7.2% below its record NAV. 132 of 528 are more than 10% below it and 9 are more than 20% below, all of them flexi cap or sector and thematic funds. The worst is a thematic fund 28.9% below its peak.
When did most funds hit their peak?
In August 2026 for 223 of the 528 funds, with 72 recording their highest NAV on 31 August itself. Another 60 peaked in September or October, 73 in January or February 2026, and 151 before 2026.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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