India's best equity fund managers: 2022

By Kaustubh Belapurkar |  01-03-23 | 

Morningstar and ET Wealth collaborate each year to bring out the study of India’s Best Equity Fund Managers. The winners are chosen based on their ability to generate risk-adjusted alpha on a consistent basis.

Best Large Cap Fund Managers:

  1. Shridatta Bhandwaldar - Canara Robeco Bluechip Equity
  2. Gaurav Misra - Mirae Asset Large Cap
  3. Shreyash Devalkar - Axis Bluechip Fund
  4. Swati Kulkarni - UTI Mastershare Unit
  5. Harish Krishnan - Kotak Bluechip

Best Mid & Small Cap Fund Managers:

  1. Aniruddha Naha - PGIM India Midcap Opportunities Fund
  2. Anupam Tiwari - Axis Small Cap Fund
  3. Shreyash Devalkar - Axis Midcap
  4. Samir Rachh - Nippon India Small Cap
  5. Pankaj Tibrewal - Kotak Emerging Equity / Kotak Small Cap

Best Flexi-Cap Fund Managers:

  1. Rajeev Thakkar - Parag Parikh Flexi Cap / Parag Parikh Tax Saver
  2. Aniruddha Naha - PGIM India Flexi Cap
  3. Shridatta Bhandwaldar - Canara Robeco Emerging Equities / Canara Robeco Equity Taxsaver / Canara Robeco Flexi Cap
  4. Shreyash Devalkar - Axis Flexi Cap
  5. Neelesh Surana - Mirae Asset Emerging Bluechip / Mirae Asset Tax Saver

Winners from the past:

2015: Best fund managers

2016: Best fund managers

2017: Best fund managers

2018: Best fund managers

2019: Best fund managers

2020: Best fund managers

2021: Best fund managers

Read in detail: Best equity mutual fund managers 2022 who created most wealth for investors: Ranking by ET-Wealth-Morningstar



  • Funds Considered: open ended, actively managed, equity funds
  • Funds Avoided: index, thematic, sector, balanced funds
  • Fund Size: Minimum corpus size of Rs 200 cr
  • Time Period: January 1, 2018 – December 31, 2022
  • Track Record: Funds managed continuously for the specified period of 5 years, with a minimum 2-year track record as lead manager.  Fund managers completing 5 years on the fund management side were considered. If a manager has changed jobs in between, up to a four-month break in between is considered normal. Track record only for completed months was considered; part months was not considered.
  • Returns: Asset weighted monthly returns are calculated for all the funds managed by the fund manager, which satisfied the above-mentioned criteria. Annualised geometric returns were calculated for a 5-year period. Standard deviation of the monthly returns was calculated. Risk adjusted returns calculated for a fund manager, and the managers were ranked accordingly. Risk Free Rate used is the FBIL MIBOR Overnight.
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