Investment and insurance: The ULIP midcap funds that won the race in 2022

Investments in mid-cap stocks failed to reward investors with top of the chart returns. Though the midcap barometer outperformed the smallcap index, they underperformed the largecap counterpart. For instance, the Nifty 50-TRI gained 5.7% while Nifty Midcap 150-TRI clocked 3.9% in 2022. Meanwhile, the Nifty Smallcap 100-TRI lost 13% during the period. Midcap funds offered by both mutual funds and Unit Linked Insurance Plans (ULIP) followed suit. Interestingly, as a category, ULIP midcap funds outperformed the mutual funds’ midcap category in 2022. They delivered an average return of 3.6% and 2.5% respectively during the period. However, only six out of 18 ULIP midcap funds outperformed the Nifty Midcap 150-TRI. Here are the top 10 ULIP midcap funds in 2022 as per the Morningstar India data. Only ULIP funds offered for individuals were considered for the study. ULIP funds offered with group, pension and health products were excluded

AEGON Life-Opportunity Fund
Return (CAGR) in 2022: 15%
Fund manager: Avinash Agarwal
AUM: Rs 197 Crore
Top 3 stocks: Sundaram Fasteners, City Union Bank and The Federal Bank

Future Generali Life-Future Midcap Fund
Return (CAGR) in 2022: 10.4%
Fund manager: Niraj Kumar and Srijan Sinha
AUM: Rs 44 Crore
Top 3 stocks: SBI, Genus Power Infra and Bandhan Bank

Bajaj Allianz Life-Equity Midcap Plus
Return (CAGR) in 2022: 5.6%
Fund manager: Sampath Reddy and Reshma Banda
AUM: Rs 128 Crore
Top 3 stocks: Maruti Suzuki, JB Chemicals & Pharma and Karur Vusya Bank

Bajaj Allianz Life-Accelerator Mid Cap Fund
Return (CAGR) in 2022: 5.4%
Fund manager: Sampath Reddy and Reshma Banda
AUM: Rs 452 Crore
Top 3 stocks: Maruti Suzuki, Karur Vusya Bank and Varun Beverage

PNB Met Life-Mid Cap Fund
Return (CAGR) in 2022: 4.7%
Fund manager: Amit Shah
AUM: Rs 36 Crore
Top 3 stocks: Axis Bank, The Federal Bank and TVS Motors

HDFC Standard Life-Mid Cap Niche Life Fund
Return (CAGR) in 2022: 4%
Fund manager: NA
AUM: Rs 6 Crore
Top 3 stocks: Bajaj Holdings and Investment, Canara Bank and Voltas

Aditya Birla Sun Life - Individual Multiplier Fund
Return (CAGR) in 2022: 3.8%
Fund manager: Bhaumik Bhatia
AUM: Rs 2,942 Crore
Top 3 stocks: Varun Beverages, REC and Trent

Bajaj Allianz Life-Equity Mid Cap Fund
Return (CAGR) in 2022: 3.8%
Fund manager: Sampath Reddy and Reshma Banda
AUM: Rs 67 Crore
Top 3 stocks: Maruti Suzuki, Karur Vysya Bank and Varun Beverages

Canara HSBC OBC Life-Unit Linked Emerging Leaders Equity Fund
Return (CAGR) in 2022: 2.2%
Fund manager: Vikas Gupta
AUM: Rs 381 Crore
Top 3 stocks: The Federal Bank, Page Industries and M&M Financial Services

Reliance Life Midcap Fund 2
Return (CAGR) in 2022: 1.9%
Fund manager: Biswarup Mohapatra
AUM: Rs 46 Crore
Top 3 stocks: Trent, The Federal Bank and Ashok Leyland