New Delhi, Sept. 27 -- Thematic mutual funds invest in companies linked to a particular theme. Under SEBI's rules, a thematic fund must invest at least 80% of its total assets in stocks of that theme.

Manufacturing is one such theme, giving investors exposure to companies that could benefit from growth in India's manufacturing activity.

Over the last 1 year, the Nifty India Manufacturing TRI has delivered 6.97% returns. For investors, the key questions are whether actively managed manufacturing funds have outperformed the index tracking the same theme and whether they have done so with lower risk.

The numbers show a wide gap between the benchmark and the five funds over 1 year period.

ABSL Manufacturing Equity Fund delivered the highe...