January 20, 2026
4 mins read
India’s oldest mutual funds include UTI Mastershare Fund, launched in 1986 as the country’s first equity mutual fund. Other long-standing schemes such as SBI Magnum Equity ESG, UTI Flexi Cap, Canara Robeco Equity Hybrid, LIC MF Aggressive Hybrid, and Tata Large & Mid Cap highlight decades of performance. These funds are preferred for their long track record, diversification benefits, and seasoned fund management.
New mutual fund schemes enter the market almost every year. Still, a few older funds continue their long journeys quietly. UTI, or Unit Trust of India, started operations in 1963. That step shaped organised mutual fund investing in the country.
As time passed, more asset management companies entered the space. Each helped build structure and investor confidence. These early schemes still receive attention, mainly because of their long track records.
This guide looks at the oldest mutual funds in India and their role today. It focuses on relevance, continuity, and familiarity. It explains how long-standing funds continue to feature in modern investment portfolios.
The UTI Master Share Unit Scheme started in October 1986. It remains the oldest existing equity mutual fund in India. Later, it was renamed the UTI Large Cap Fund.
At launch, it made professionally managed equity investing accessible to retail investors. Over the last 25 years, the fund delivered an annual return of 12.87%, compared to an average of 12.39%.
Apart from these oldest mutual funds, there are a few notable ones, which are the Tata Large & Mid Cap Fund and UTI Flexi Cap Fund – Regular Growth. Both companies started in 1992. Another notable company, Canara Robeco Equity Hybrid Fund, started in 1993.
The UTI Mastershare Unit Scheme, started in October 1986, is the oldest existing equity mutual fund in India. It was renamed the UTI Large Cap Fund following its rebranding and marked a breakthrough in bringing professionally managed, equity-oriented investments to Indian retail investors.
Over the last 25 years, the UTI Large Cap Fund has delivered a return of 12.87% annually. This beats the average, which is 12.39%. By June 2025, its five-year growth rate was 20.38%. It had a one-year return of 7.59%, total assets of ₹12,719 crore, and a cost-to-income ratio of 1.76%. These facts demonstrate its past significance and its current performance in the mutual fund market.
Source: LiveMint
Here's a list of some of the oldest mutual funds in India that are still actively managed:
Started in February 1993, the Canara Robeco Equity Hybrid Fund is one of the oldest and most trusted hybrid funds in India. It holds a well-diversified portfolio, with approximately 65% to 80% in equity investments and the remaining in debt securities, offering a combination of growth prospects and capital stability.
As of June 2025, the fund gave a one-year gain of 10.12%. Its steady results, safe investing plan, and long history make it a top pick for those who want a fair amount of risk and steady, long-term gains.
Source: LiveMint
The SBI Magnum Equity Fund began in May 1991. In 2018, it was renamed the SBI Magnum Equity ESG Fund, but it retained the same setup and record. The fund now has around ₹5,556 crore in assets and costs 1.94% in fees for its regular plan.
Over the last five years, it has delivered a yearly return of 20.72%. Its ESG focus makes it attractive for investors who care about social issues and want good equity options that are also good for the world.
Source: LiveMint
Started in May 1992 as the UTI Equity Fund, the UTI Flexi Cap Fund has a mix of large-, medium-, and small-cap stocks. By November 2024, it had about ₹27,706 crore in assets, with a plan cost of 1.64%. Over the past ten years, it has consistently delivered strong returns of approximately 14%, demonstrating its stability and long-term growth.
This fund is known for its well-balanced mix and steady returns, making it a suitable choice for those seeking long-term growth in stocks with a flexible investment plan.
Source: LiveMint
The LIC MF Aggressive Hybrid Fund was initially launched as the LIC MF Balanced Fund in March 1991. It is a mixed fund that typically allocates approximately 74% to stocks and 26% to loans, providing a blend of growth and safety. As of March 2025, it has about ₹506 crore in assets and an expense fee of 2.48% for the main plan.
Over the last five years, the main plan experienced a growth rate of approximately 10.46%, with a return of around 10.89% over the same period. With a medium risk and a plan suitable for safe-to-moderate investors, the fund remains a good option for those seeking a balanced mix of stocks and loans for steady growth over time.
The Tata Large and Mid Cap Fund was launched in February 1993. It invests in large and mid-sized stocks to help grow wealth over time. This fund has about ₹8,294 crore to manage, and it has a fee of around 1.78% for the regular plan.
Over the last five years, it has achieved a strong return of 23.74% CAGR. The fund's returns for one year and three years are 6.46% and 20.65%. With consistent results across various market periods, this fund offers a balanced mix of growth and stability. It is a smart choice for individuals who want to invest in stocks with a diverse mix.
Source: LiveMint
The UTI Mastershare Fund, the first large-cap equity mutual fund in India, was launched in October 1986 and continues to be a landmark in the country's investments. The fund has approximately ₹12,719 crore in assets under management (AUM) and an expense ratio of around 1.76% (regular plan).
It has delivered a strong 20.38% compound annual growth rate (CAGR) over the past five years and a one-year return of 7.59%. Its investment is nearly fully equity-linked (approximately 95 per cent) in large-cap blue-chip stocks. This consistency in performance over the long run, along with a disciplined approach to investing, underscores the long-term appeal of the fund to investors seeking consistent large-cap growth.
Source: UTI Mutual Fund
Fund Name | Launch Year | Category | 10-Yr CAGR / Since Inception (%) | Fund Size (INR Cr) |
UTI Mastershare Unit Scheme – Regular Growth | 1986 | Large Cap | 12.54% / 15.35% since inception | ₹13,399 Cr |
SBI Magnum Equity ESG Fund – Regular Growth | 1991 | Equity – ESG | 12.82% / 9.58% since inception | ₹5,769 Cr |
Tata Large & Mid Cap Fund – Regular Plan | 1993 | Large & Mid Cap | 13.32% / 12.78% since inception | ₹ 8752.87 Cr |
UTI Flexi Cap Fund – Regular Growth | 1992 | Flexi Cap | 13.20% / 11.56% since inception | ₹25,575 Cr |
Canara Robeco Equity Hybrid Fund | 1993 | Hybrid | 12.34% | ₹11,450.59 Cr |
Additional Read: What are High Return Mutual Funds in India
Investments in older mutual funds have a number of benefits, particularly to risk-averse long-term investors:
Proven track record: This fund has delivered through various market cycles.
Established fund management: Older funds generally possess experienced fund managers who are well-versed with the market.
Reduced volatility: There is a degree of predictability based on past data and performance trends.
Trust and transparency: They have a long life that inspires trust and in most cases, good governance and transparency practices.
Diversification: Most of these funds are diversified in nature, both in terms of sectors and market caps and this aids in risk management.
Regulatory compliance: Older funds are more likely to possess an excellent internal control environment and are more compliant with SEBI guidelines.
Online investment options: Online investing is now widely used. Investments can be made through AMC websites, mutual fund platforms, banks, or registered brokers after completing basic KYC steps.
Offline investment options: Some investors prefer offline methods. Investments can be completed through authorised distributors, mutual fund agents, or bank branches with in-person verification.
Basic checks before investing: Before investing, it helps to review key details. These include the expense ratio, exit load, and the fund manager’s experience, as stated in the scheme documents.
Additional Read: Track All Mutual Funds With PAN Number
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UTI Mastershare Fund, launched in 1986, is the oldest mutual fund in India still in operation and managed by UTI Asset Management Company.
Since its inception in 1986, UTI Mastershare Fund has delivered a long-term CAGR of around 12–13%, showcasing resilience across market cycles and consistent dividend payouts.
Older mutual funds often demonstrate proven track records and risk management, but newer funds may offer innovative strategies. Reliability depends more on management quality and fund objectives than age alone.
The historical CAGR of India’s oldest mutual funds like UTI Mastershare typically ranges between 12–14% over the long term, depending on market phases and reinvestment assumptions.
Yes, it's generally safe to invest in older funds with strong track records, provided the fund still aligns with your risk tolerance, goals, and current performance metrics.
Older mutual funds may have slightly higher expense ratios, especially in regular plans, but direct plans are cost-efficient. Expense ratios vary more by fund type than by age.
Track long-term mutual fund performance via platforms like Morningstar, Value Research, or AMC websites. Look at CAGR, volatility, Sharpe ratio, and rolling returns for a holistic view.
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