New Delhi, Sept. 20 -- Thematic mutual funds have seen a sharp divergence in performance in 2026, with some categories delivering double-digit gains while others have fallen sharply.

Data from Vallum Capital Advisors' latest report titled "Vallum Cross-Asset Macro Grid" shows that defence, healthcare, special opportunity, commodities and innovation were among the top-performing thematic categories in 2026 so far.

For mutual fund investors, the data highlights how returns within the thematic-fund universe have varied significantly depending on the theme chosen. The report uses median category performance, rather than the return of a single mutual fund scheme.

Defence funds have delivered the strongest median performance among the themat...