Mutual funds, July 10 -- If you are planning to invest in mutual funds, it is important to understand a fund's investment strategy before investing. Comparing its long-term performance with peers in the same category can also help you make a more informed decision.

Here's a look at the top-performing value mutual funds (direct plans) that have delivered more than 15% annualised returns over the past five years.

Value mutual funds invest in stocks they consider undervalued relative to their intrinsic value. The idea is to buy quality companies at relatively attractive valuations and benefit as the market eventually recognises their true value.

Typically, these funds carry higher risk because choosing the wrong stock can have a substanti...