22 Equity Mutual Funds Lost 10%–24% in One Year (Sep 2026 Update)

# Quick summary A September 2026 update identified 22 equity mutual funds that lost between 10% and 24% over the most recent 1-year period (direct-growth NAVs, data as of Sept 27, 2026). The list includes sector funds, thematic funds, index funds and international exposures. Technology/IT funds are disproportionately represented, and several index funds tracking the same Nifty IT index posted near-identical declines.

# What was measured

# Who features on the list The screened group of 22 breaks into two broad clusters:

• Non-IT/tech funds (11 funds): examples include index funds tied to niche India indices (railways, tourism, top-10 equal weight), sectoral funds such as FMCG and consumption-oriented schemes, a focused equity fund and an infrastructure fund. The largest single 1-year loss reported is -24% (Groww Nifty India Railways PSU Index Fund). ICICI Prudential FMCG Fund and SBI Consumption Opportunities Fund are among those with negative 1-year results but positive multi-year CAGRs.

• IT/technology funds (11 funds): seven Nifty IT index funds recorded similar 1-year falls around -17% (small differences driven by tracking error and expense ratios). Actively managed technology funds also declined: HDFC Technology Fund (-14.1%), Tata Digital India Fund (-13.1%), Franklin India Technology Fund (-11.0%), ICICI Prudential Technology Fund (-10.5%).

# Why these funds fell The article identifies several concrete drivers:

• Sector concentration: Sector and thematic funds have concentrated exposure. When the underlying sector turns down, multiple funds tracking that sector can fall together.

• International exposure and macro factors: Global or international thematic funds (for example, an ETF FoF focused on Hong Kong tech) add currency, overseas market and global sentiment risks.

No single cause explains all funds on the list because categories and exposures differ.

# How to read these numbers

# Practical investor takeaways

• Check category and concentration: Know whether a fund is sectoral, thematic, index-tracking or diversified. Concentration increases short-term risk.

• For index funds, examine tracking error and expense ratio if near-identical indices are producing similar declines.
• For international funds, factor in currency and global market drivers beyond domestic conditions.

# Bottom line The list highlights how sectoral and thematic exposure can produce sizeable short-term losses. Use the 1-year result as a prompt to review a fund's mandate, concentration and longer-term performance rather than as the sole basis for decisions.