Equity Shares and Equity Related Instruments:5 The investment predominantly in equity and equity related instruments and is for long term capital appreciation. Since equity market are volatile in the short term, consider your investment horizons, risk appetite and financial circumstances before investing.

Thinking of an equity mutual funds list? First, you should be aware of the various types of funds. As per SEBI’s mutual fund system, the categories of equity schemes are based on the investment approach as well as the type of firms it mainly invests in.

This Article Belongs to Mutual Funds

Equity Mutual Funds List

The following table provides a simplified list of equity mutual fund categories commonly available in India:

Equity Mutual Fund Category	Primary Investment Focus
Large Cap Fund	Large-cap companies
Mid Cap Fund	Mid-cap companies
Small Cap Fund	Small-cap companies
Large & Mid Cap Fund	Large-cap and mid-cap companies
Multi Cap Fund	Large, mid and small-cap companies
Flexi Cap Fund	Large, mid and small-cap companies with flexible allocation
Value Fund	Stocks following a value-investing strategy
Contra Fund	Contrarian investment strategy
Dividend Yield Fund	Stocks with relatively higher dividend yields
Focused Fund	Concentrated portfolio of stocks
Sectoral/Thematic Fund	Specific sectors or themes
ELSS	Equity investments with a tax-saving objective

SEBI’s 2026 categorisation framework includes these equity scheme categories and specifies minimum investment requirements for several of them.

Types of Equity Mutual Funds

There are several types of equity mutual funds, and each has a different investment approach.

Equity mutual funds are classified into different categories based on their investment strategy and portfolio composition. The Securities and Exchange Board of India (SEBI) has standardised the characteristics of mutual fund scheme categories.

1. Large Cap Mutual Funds

Large cap mutual funds predominantly invest in large-cap companies. Under the current SEBI framework, a Large Cap Fund must invest at least 80% of total assets in large-cap companies.

Large-cap companies are generally the top 100 companies by full market capitalisation according to the classification used by SEBI and AMFI.

These funds may be considered by investors seeking equity exposure with a focus on established companies.

2. Mid Cap Mutual Funds

Mid cap mutual funds predominantly invest in mid-cap companies. The current framework requires Mid Cap Funds to invest at least 65% of total assets in mid-cap companies.

Mid-cap companies are generally ranked from 101st to 250th by full market capitalisation.

These funds can provide exposure to companies that fall between large established businesses and smaller companies.

3. Small Cap Mutual Funds

Small cap mutual funds primarily invest in small-cap companies. Under SEBI’s categorisation, a Small Cap Fund must invest at least 65% of its total assets in small-cap companies.

Small-cap companies are generally those ranked 251st onwards by full market capitalisation.

Because smaller companies can experience substantial price fluctuations, investors should understand the higher volatility that may accompany this category.

Large Cap vs Mid Cap vs Small Cap Funds

Factor	Large Cap	Mid Cap	Small Cap
Main focus	Large companies	Mid-sized companies	Smaller companies
SEBI minimum allocation	80%	65%	65%
Market-cap classification	1st–100th	101st–250th	251st onwards
Typical consideration	Established businesses	Growing businesses	Smaller businesses
Market volatility	Can be comparatively lower	Can be higher	Can be significantly higher

The market-cap rankings are based on the classification maintained by AMFI in consultation with SEBI and the stock exchanges. AMFI periodically publishes the applicable large-, mid- and small-cap stock lists.

Multi Cap and Flexi Cap Funds

Multi Cap Funds Multi Cap Funds are equity mutual funds investing in large-, mid- and small-cap stocks. As per SEBI, Multi Cap Funds should have a minimum of 75 per cent of total assets invested in equities and equity-related instruments, out of which minimum 25 per cent each in large-, mid- and small-cap stocks.

Flexi Cap Funds, on the other hand, can dynamically invest across large-, mid- and small-cap companies. They must invest at least 65% of total assets in equity and equity-related instruments.

How to Choose an Equity Mutual Fund

Before selecting a fund from an equity mutual funds list, consider:

• Investment objective: Match the fund with your financial goal.
• Investment horizon: Equity funds are generally more suitable for longer-term investing.
• Risk level: Small-cap and sector-focused funds can experience significant fluctuations.
• Portfolio allocation: Check where and how the fund invests.
• Expense ratio: Compare the costs charged by different schemes.
• Fund performance: Review performance across multiple periods rather than relying on a single year’s return.
• Fund documents: Read the scheme information and related disclosures before investing.

Conclusion

The equity mutual fund list comprises large cap, mid cap, small cap, multi cap, flexi cap, large & mid cap, and a host of other strategy/ theme-based funds. Large cap mutual funds invest primarily in the largest companies, while the mid cap and small cap mutual funds have medium-sized and smaller companies.

Learning about the different types of equity mutual funds, the investments they require and the risks involved can allow for a better comparison of schemes. Remember that investment in a scheme does not assure returns and the performance of a fund will depend on your unique requirements.