New Delhi, Dec. 26 -- Calendar year 2025 has been marked by uneven equity performance, sharp style rotation, and renewed interest in hard assets and global diversification. While frontline indices delivered moderate returns, stock selection and category choice became critical, leading to wide dispersion across mutual fund categories.

Diversified equity strategies with flexibility and valuation discipline clearly outperformed, while excessive exposure to frothy segments hurt returns.

Here is the scorecard on the performance of mutual funds in the year 2025, as of 19 December.

Among mutual fund categories, going by category average, the top category by performance was silver funds. Following them in order were gold funds, international f...