India's best equity fund managers: 2022

Mar 01, 2023

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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