New Delhi, Aug. 30 -- Innovation funds are a type of equity thematic mutual fund that invests in businesses at the forefront of emerging technologies, new ideas, and disruptive trends.

They are designed for investors looking to gain exposure to companies that could benefit from innovation and technological advances.

According to the Value Research data list, there are 13 innovation-focused thematic funds. Of these, five funds delivered more than 15% returns over the last one year, while none of the funds in the category gave negative returns during this period.

Bandhan Innovation Fund topped the category with a 21.54% return over the last one year, followed by HDFC Innovation Fund at 18.89%.

Axis Innovation Fund and Union Innovation &...