Value / Contra funds in India
58 plans (30 Regular, 28 Direct), rated on their track record against the Nifty 500 total-return index and their peers. Data as of 5 Nov 2026.
Funds that buy out-of-favour companies. They can lag for years and then catch up quickly, so they reward patience. SEBI requires value / contra funds to follow a value or contrarian strategy, with at least 65% in equities.
The difference, on ₹10 lakh invested three years ago, between the strongest value / contra fund (18.5% a year) and the weakest (6.8% a year). Same category, same SEBI rules, same market. 13 of 24 funds beat the Nifty 500 total-return index over the same period.
Regular plans, to the latest NAV. Past returns, not a forecast.
Regular plans (30)
| Fund | Rating | 3Y return | 3Y vs index | Expense ratio | AUM |
|---|---|---|---|---|---|
| Axis Value FundAxis Mutual Fund · 5.1 yrs | A+ | 17.6% | +5.5% | 2.21% | ₹1,804 cr |
| HSBC Value FundHSBC Mutual Fund · 3.9 yrs | A+ | 14.5% | +2.5% | 1.84% | ₹15,096 cr |
| HDFC Value FundHDFC Mutual Fund · 20.6 yrs | A+ | 15.8% | +3.8% | 1.88% | ₹8,030 cr |
| ICICI Prudential Value Fund (erstwhile Value Discovery Fund)ICICI Prudential Mutual Fund · 20.6 yrs | A | 12.6% | +0.6% | 1.53% | ₹60,108 cr |
| Kotak Contra FundKotak Mahindra Mutual Fund · 20.6 yrs | A | 14.0% | +1.9% | 2.02% | ₹5,428 cr |
| Quant Value Fundquant Mutual Fund · 4.9 yrs | A | 18.5% | +6.5% | 2.31% | ₹1,967 cr |
| Aditya Birla Sun Life Value FundAditya Birla Sun Life Mutual Fund · 18.6 yrs | A | 12.9% | +0.9% | 2.04% | ₹6,807 cr |
| Invesco India Contra FundInvesco Mutual Fund · 19.6 yrs | A | 14.5% | +2.5% | 1.84% | ₹20,132 cr |
| LIC MF Value FundLIC Mutual Fund · 3.3 yrs | B | 16.2% | +4.2% | 3.33% | ₹283 cr |
| Nippon India Value FundNippon India Mutual Fund · 20.6 yrs | B | 12.5% | +0.5% | 1.98% | ₹8,976 cr |
| Tata Value FundTata Mutual Fund · 20.6 yrs | B | 12.7% | +0.6% | 1.98% | ₹8,500 cr |
| DSP Value FundDSP Mutual Fund · 5.9 yrs | B | 16.0% | +4.0% | 2.35% | ₹2,167 cr |
| SBI Contra FundSBI Mutual Fund · 20.6 yrs | B | 10.9% | -1.1% | 1.62% | ₹47,465 cr |
| UTI Value FundUTI Mutual Fund · 20.6 yrs | B | 12.4% | +0.4% | 1.87% | ₹9,537 cr |
| Union Value FundUnion Mutual Fund · 7.9 yrs | B | 11.0% | -1.0% | 2.70% | ₹394 cr |
| Bandhan Value FundBandhan Mutual Fund · 18.4 yrs | B | 10.9% | -1.1% | 1.97% | ₹9,945 cr |
| JM Value FundJM Financial Mutual Fund · 20.6 yrs | C | 10.3% | -1.7% | 2.71% | ₹809 cr |
| ITI Value FundITI Mutual Fund · 5.4 yrs | C | 10.2% | -1.9% | 3.00% | ₹360 cr |
| Templeton India Value FundFranklin Templeton Mutual Fund · 20.6 yrs | C | 8.9% | -3.1% | 2.25% | ₹1,956 cr |
| Quantum Value FundQuantum Mutual Fund · 9.6 yrs | C | 10.0% | -2.0% | 2.20% | ₹1,114 cr |
| Groww Value FundGroww Mutual Fund · 11.2 yrs | C | 11.3% | -0.7% | 2.89% | ₹75 cr |
| Canara Robeco Value FundCanara Robeco Mutual Fund · 5.2 yrs | C | 9.8% | -2.2% | 2.28% | ₹1,278 cr |
| Baroda BNP Paribas Value FundBaroda BNP Paribas Mutual Fund · 3.4 yrs | C | 8.8% | -3.2% | 2.41% | ₹992 cr |
| Sundaram Value FundSundaram Mutual Fund · 20.6 yrs | C | 6.8% | -5.2% | 2.27% | ₹1,285 cr |
| Bank Of India Value FundBank of India Mutual Fund · 0.1 yrs | – | – | – | 4.04% | ₹39 cr |
| Bandhan Contra FundBandhan Mutual Fund · 0.2 yrs | – | – | – | 3.30% | ₹635 cr |
| ICICI Prudential Contra FundICICI Prudential Mutual Fund · 0.1 yrs | – | – | – | –% | – |
| Mahindra Manulife Value FundMahindra Manulife Mutual Fund · 1.7 yrs | – | – | – | 2.53% | ₹983 cr |
| Motilal Oswal Contra FundMotilal Oswal Mutual Fund · 0.4 yrs | – | – | – | 3.61% | ₹386 cr |
| NJ Value FundNJ Mutual Fund · 0.3 yrs | – | – | – | 3.14% | ₹136 cr |
Direct plans (28)
| Fund | Rating | 3Y return | 3Y vs index | Expense ratio | AUM |
|---|---|---|---|---|---|
| Axis Value FundAxis Mutual Fund · 5.1 yrs | A+ | 19.2% | +7.2% | 0.86% | ₹1,804 cr |
| Kotak Contra FundKotak Mahindra Mutual Fund · 13.8 yrs | A+ | 15.4% | +3.4% | 0.78% | ₹5,428 cr |
| HDFC Value FundHDFC Mutual Fund · 13.8 yrs | A+ | 16.7% | +4.7% | 1.11% | ₹8,030 cr |
| Quant Value Fundquant Mutual Fund · 4.9 yrs | A | 20.3% | +8.3% | 0.95% | ₹1,967 cr |
| HSBC Value FundHSBC Mutual Fund · 3.9 yrs | A | 15.6% | +3.6% | 0.88% | ₹15,096 cr |
| Invesco India Contra FundInvesco Mutual Fund · 13.8 yrs | A | 15.8% | +3.8% | 0.75% | ₹20,132 cr |
| ICICI Prudential Value Fund (erstwhile Value Discovery Fund)ICICI Prudential Mutual Fund · 13.8 yrs | A | 13.2% | +1.2% | 1.06% | ₹60,108 cr |
| LIC MF Value FundLIC Mutual Fund · 3.3 yrs | B | 17.6% | +5.6% | 1.89% | ₹283 cr |
| Nippon India Value FundNippon India Mutual Fund · 13.8 yrs | B | 13.3% | +1.3% | 1.26% | ₹8,976 cr |
| Tata Value FundTata Mutual Fund · 13.8 yrs | B | 13.8% | +1.8% | 1.05% | ₹8,500 cr |
| DSP Value FundDSP Mutual Fund · 5.9 yrs | B | 16.9% | +4.9% | 1.45% | ₹2,167 cr |
| SBI Contra FundSBI Mutual Fund · 13.8 yrs | B | 11.8% | -0.2% | 0.86% | ₹47,465 cr |
| Union Value FundUnion Mutual Fund · 7.9 yrs | B | 12.3% | +0.3% | 1.50% | ₹394 cr |
| Groww Value FundGroww Mutual Fund · 11.2 yrs | B | 12.9% | +0.9% | 1.53% | ₹75 cr |
| ITI Value FundITI Mutual Fund · 5.4 yrs | B | 12.2% | +0.2% | 1.31% | ₹360 cr |
| Bandhan Value FundBandhan Mutual Fund · 13.8 yrs | B | 12.1% | +0.1% | 0.94% | ₹9,945 cr |
| JM Value FundJM Financial Mutual Fund · 13.8 yrs | C | 11.7% | -0.3% | 1.55% | ₹809 cr |
| UTI Value FundUTI Mutual Fund · 13.8 yrs | C | 13.1% | +1.1% | 1.35% | ₹9,537 cr |
| Canara Robeco Value FundCanara Robeco Mutual Fund · 5.2 yrs | C | 11.4% | -0.6% | 0.86% | ₹1,278 cr |
| Templeton India Value FundFranklin Templeton Mutual Fund · 13.8 yrs | C | 10.2% | -1.8% | 1.12% | ₹1,956 cr |
| Quantum Value FundQuantum Mutual Fund · 20.6 yrs | C | 11.1% | -0.9% | 1.17% | ₹1,114 cr |
| Baroda BNP Paribas Value FundBaroda BNP Paribas Mutual Fund · 3.4 yrs | C | 10.1% | -1.9% | 1.38% | ₹992 cr |
| Sundaram Value FundSundaram Mutual Fund · 13.8 yrs | C | 7.4% | -4.6% | 1.75% | ₹1,285 cr |
| Bank Of India Value FundBank of India Mutual Fund · 0.1 yrs | – | – | – | 2.95% | ₹39 cr |
| Bandhan Contra FundBandhan Mutual Fund · 0.2 yrs | – | – | – | 1.72% | ₹635 cr |
| ICICI Prudential Contra FundICICI Prudential Mutual Fund · 0.1 yrs | – | – | – | 4.41% | – |
| Mahindra Manulife Value FundMahindra Manulife Mutual Fund · 1.7 yrs | – | – | – | 1.01% | ₹983 cr |
| NJ Value FundNJ Mutual Fund · 0.3 yrs | – | – | – | 1.35% | ₹136 cr |
Common questions
What does a value / contra fund invest in?
SEBI requires value / contra funds to follow a value or contrarian strategy, with at least 65% in equities.
How many value / contra funds beat their index over 3 years?
13 of 24 value / contra funds (Regular plans with 3 years of history) beat the Nifty 500 total-return index over the 3 years to 5 Nov 2026.
How are these funds rated?
Each fund is compared only with funds in its category and plan type, on its long-run return over the index, risk-adjusted return, consistency, cost and portfolio. The ratings describe the track record so far; our own backtest found they do not predict future returns.
Ratings describe past track records and are not a recommendation to buy or sell. Read the scheme documents before investing.