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The domestic equity markets are likely to stay volatile in the near term due to rising Covid cases across the country. Therefore, a risk-based asset allocation strategy can help investors tide over the uncertainty.

According to IIFL Securities, a stock investor may consider investing in select companies having strong fundamentals and growth outlook. However, those with a low-risk appetite for direct equities can invest in equities through mutual fund route via systematic investment plans.

Data available with value research showed that mutual funds have delivered a handsome return to investors during the past year. On average, smallcap as a category delivered an average return of 103% since May last year. Technology and energy funds have also doubled investors wealth during the same period.

Midcaps, Value-oriented funds, banking and largecap funds have also delivered an average return of over 57% in the past one year.

Top mutual fund gainers

As many as 24 equity mutual funds have rallied over 100% during the past one year. With a gain of 192.63%, Quant Smallcap Fund emerged as the top gainer in the list. It was followed by ICICI Prudential Commodities (173.92%), Quant Infrastructure (145%), ICICI Prudential Technology (129.58%) and Quant Tax (123.75%).

Kotak Smallcap, Quant Active Regular, DSP Natural Resources, Nippon India Smallcap, Motilal Oswal Nifty Smallcap, Quant Consumption, IFC Sterling Value, PGIM India Midcap Opportunities, ABSL Digitial India, Tata Digital India, Canara Robeco Smallcap, ICICI Prudential Smallcap and BOI Axa Small Cap are among other funds which have delivered triple digit-return to investors.

Where to invest?
IIFL Securities recommends various mutual funds from across the categories with a horizon of over 3-7 years. In the largecap space, it suggested Mirae Asset Large Cap Fun, Canara Robeco Bluechip Equity Fund, Kotak Equity Opp Fund. On the other hand, it is bullish on Kotak Emerging Equity Fund, L&T Midcap Fund, Nippon India Small Cap Fund and ICICI Prudential Smallcap Fund in the midcap and smallcap space. HDFC Capital Builder Value Fund and UTI Value Opportunities Fund are among its top preference in the value fund category.