Year-ender 2024: Top 5 ELSS mutual funds offer over 25% return, Motilal Oswal ELSS Tax Saver Fund offer 45% return

The top 5 ELSS or tax-saving mutual funds have offered over 25% return in 2024. There were 38 funds in the category in the said period.

Motilal Oswal ELSS Tax Saver Fund, the topper in the category, posted a return of around 45.36% in 2024. HSBC ELSS Tax saver Fund and JM ELSS Tax Saver Fund gave 32.97% and 27.58% returns respectively in the said period.


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WOC ELSS Tax Saver Fund delivered 27.46% return in the same time period. The oldest ELSS fund, SBI Long Term Equity Fund, posted a return of around 26.68% in the mentioned period.

Franklin India ELSS Tax Saver Fund gave 21.48% return in 2024, followed by Kotak ELSS Tax Saver Fund which gave 21.41% return in the same period.

Axis ELSS Tax Saver Fund, the largest ELSS fund, delivered 16.98% return in 2024. Samco ELSS Tax Saver Fund and Quant ELSS Tax Saver Fund offered the lowest returns of 9.10% and 8.06% respectively in 2024.

Performance with benchmarks

ETMutualFunds also compared the performance of these ELSS funds with the performance of their respective benchmarks in 2024. Out of 38 funds in the category, 27 schemes managed to outperform their respective benchmarks.

The schemes which have managed to outperform against their respective benchmarks include the schemes that have offered over 25% return and 22 other schemes.

Motilal Oswal ELSS Tax Saver Fund and HSBC ELSS Tax saver Fund which are benchmarked against NIFTY 500 - TRI outperformed the benchmark. SBI Long Term Equity Fund delivered 26.68% return in 2024 against 15.20% return offered by its benchmark (BSE 500 - TRI).

Franklin India ELSS Tax Saver Fund, Kotak ELSS Tax Saver Fund, and HDFC ELSS Tax saver which are benchmarked against NIFTY 500 - TRI have managed to beat their benchmark in 2024.

Nippon India ELSS Tax Saver Fund and Mirae Asset ELSS Tax Saver Fund offered 17.55% and 17.18% returns respectively in 2024 against 15.70% offered by their benchmark (NIFTY 500 - TRI).

Axis ELSS Tax Saver Fund posted a return of around 16.98% in 2024 against 15.70% by its benchmark (NIFTY 500 - TRI) in the same period.

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Underperformers

PGIM India ELSS Tax Saver Fund and Sundaram ELSS Tax Saver Fund which are benchmarked against Nifty 500 - TRI failed to outperform their benchmark. Bandhan ELSS Tax Saver Fund gave 12.96% return in 2024 against 15.20% offered by its benchmark (BSE 500 - TRI).

Mahindra Manulife ELSS Tax Saver Fund and Navi ELSS Tax Saver Fund failed to beat their respective benchmarks. Quant ELSS Tax Saver Fund gave 8.06% return in 2024 against 15.70% by its benchmark (NIFTY 500 - TRI).

ELSS or tax-saving funds offered an average return of around 19.31% in 2024. The schemes are benchmarked against NIFTY 500 - TRI and BSE 500 - TRI which gave 15.70% and 15.20% returns respectively in 2024.

We considered all ELSS or tax-saving mutual funds in the market. We considered regular and growth options. We calculated the performance from January 1, 2024 to December 20, 2024.

Note, the above exercise is not a recommendation. The exercise was done to evaluate the performance of ELSS funds in 2024. One should not make investment or redemption decisions based on the above exercise.

One should always consider risk appetite, investment horizon, and goals before making any investment decisions.