Mutual fund investments are gaining immense popularity lately due to the attractive returns they offer. In addition, mutual funds offer the diversification of investment portfolio as most of the mutual fund houses invest in equity, bonds, gold and other assets. However, choosing the correct funds could be a little tricky and a wrong decision could wipe off the possibilities of earning higher returns.

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To make things easier, you can refer to the below-mentioned list of 5 best mutual funds which have given high returns:

5 Best Mutual Funds in September 2023

Bank of India Flexi Cap Fund - Direct Plan - Growth

The Bank of India Flexi Cap Fund's NAV is Rs 24.99, and it has gained 6.25 per cent in September 2023. The fund invests 94.03 per cent of its investments in domestic equities, with a breakdown of 33.91 per cent in Large Cap stocks, 19.11 per cent in Mid Cap stocks, and 22.82 per cent in Small Cap stocks. Moreover, a small portion is dedicated to Debt, specifically in government-backed securities.

The current AUM stands at Rs 396.81 crore. This investment opportunity is well-suited for individuals seeking a minimum investment horizon of about three to four years, with moderate risk exposure.

Quant Mid Cap Fund - Direct Plan - Growth

The current NAV of Quant Mid Cap Fund is Rs 182.19, which suggests a 6.19 per cent increase from its price a month ago. This fund predominantly allocates 67.43 per cent of its investments to domestic equities, comprising 25.61 per cent in Large Cap stocks, 18.92 per cent in Mid Cap stocks, and 9.72 per cent in Small Cap stocks. Further, there is a 2.18 per cent allocation to Debt, specifically in Government securities.

The AUM size currently is Rs 2,788.8 crore. The mutual fund is ideal for investors with a horizon of at least three to four years. This opportunity is tailored for those who want potentially higher returns. However, they have to remain open to the possibility of moderate to high risk. The fund has given more than 26 per cent return in 5 years.

Bank of India Manufacturing & Infrastructure Fund - Direct Plan - Growth

The fund has an NAV of Rs 43.64, representing an increase of 4.80 per cent in September 2023. This fund allocates 99.26 per cent of its investments to domestic equities, with a breakdown of 33.12 per cent in Large Cap stocks, 14.76 per cent in Mid Cap stocks, and 40.92 per cent in Small Cap stocks. In addition, it has a minimal 0.08 per cent allocation to Debt, specifically in government-backed securities. The current AUM is Rs 127.87 crore.

The Bank of India Manufacturing & Infrastructure Fund is best suited for knowledgeable investors who closely follow macroeconomic trends and are willing to make selective investments to potentially achieve higher returns compared to other equity funds. However, it's important to note that investors in this fund should be prepared for the possibility of moderate to high risk. In the last 1 year, the mutual fund has given nearly 35 per cent return.

Motilal Oswal Midcap Fund - Direct Plan - Growth

The NAV of Motilal Oswal Midcap Fund is Rs 70.55, indicating a one-month return of 4.70 per cent. This fund primarily invests 95.09 per cent of its assets in domestic equities, with 18.67 per cent share in Mid Cap stocks and 39.81 per cent in Small Cap stocks. It's an ideal choice for investors with an investment horizon of at least three to four years who seek the potential for high returns. However, it's important to be prepared for the possibility of moderate risk. Its AUM currently is Rs 5,734 crore and it has given a return of more than 22 per cent.

Quant Tax Plan - Direct Plan - Growth

The NAV of Quant Tax Plan is Rs 302.99, which shows a 4.50 per cent increase in the current month. This fund predominantly invests 96.78 per cent of its assets in domestic equities. Out of this allocation, 50.67 per cent is directed towards Large Cap stocks, 16.51 per cent share is in Mid Cap stocks, and 10.62 per cent towards Small Cap stocks. The AUM stands at Rs 4,607 currently.

This investment option is ideal for investors seeking a minimum investment horizon of three years and aiming to enjoy not only the potential for higher returns but also the advantages of tax savings. It's important to note that this fund comes with a mandatory 3-year lock-in period. The mutual fund has given more than 26 per cent return in the last 5 years.