Funds from HSBC, Lion Global and Enam Asset Management are outperforming the wider Indian equity market as the former emerging market index heavyweight lags its peers.

India has dramatically underperformed its peers over the past twelve months, with the equity market down 10% over the period, versus a 30% gain from the broader MSCI emerging markets index.

This comes as other regions in the index such as Korea and Taiwan have soared 103% and 82.7% respectively over the last year.

Over a longer period of five years, Indian equities have also lagged its peers, returning only 12.4% compared with 50% from the wider emerging markets index. Meanwhile, Taiwan and Korea are up 197% and 84% respectively, over the same five-year period.

However, as Indian equities continue to trade broadly flat in 2026, some Indian equity strategies have managed to deliver positive returns over the past six months.

Despite risks from higher oil prices, a rotation away from growth equities and rising geopolitical uncertainty, the asset class may be starting to look appealing for contrarian allocators.

With this backdrop, FSA highlights 10 Indian equity funds that are the top performers in their peer group over the past six months, according to data compiled from FE fundinfo*.

Fund	6 month return (%)	YTD return (%)	3yr return (%)	5yr return (%)	Fund size ($m)
HSBC Large and Mid Cap Equity Gth	15.91	1.13	38.21	43.38	600.5
LionGlobal India Acc SGD	15.05	-5	17.65	21.81	150.4
Enamamc Enam India Growth A3 Acc	14.78	4.15	12.63	24.8	440
DSP BR India TIGER Gth	13.4	5.79	46.51	91.33	166.6
HSBC Focused Equity Direct Plan Growth	9.89	-3.24	27.14	35.38	183.7
Matthews India A Acc	9.81	-4.92	20.66	19.79	25.2
IDFC Focused Equity Gth	9.52	-2.68	29.87	30.96	156.9
Allianz India Equity I NAV	8.74	-6.84	22.19	22.88	164
Schroder ISF Indian Opportunities A Acc	8.57	-2.34	16.24	-3.12	222
Invesco India Equity A Annual Dis	7.62	-8.43	11.48	13.66	436.4

*Funds without a 5-year track record and a negative return over the past 3 years were excluded.