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The value of pharma schemes rose as investors shifted focus to drugmakers, considered defensive in uncertain times. As per data from Value Research the mid-cap category offered the highest return of 8.93%, followed by multi-caps which returned 7.88%.
Small-caps and flexi-caps lagged, returning about 6.61% and 6.62%, respectively. The large-cap category returned the lowest of 5.47%, while the broad Nifty 50 benchmark returned 6.55%.

Multi-asset allocation outperformed several equity-fund categories because of their exposure to gold, which beat most asset classes.
Amongst the hybrid funds, multi-asset funds that mix equity, debt and gold returned 9.4% followed by balanced and aggressive hybrid categories that returned 8.81% and 8.22%.
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https://economictimes.indiatimes.com/mf/analysis/popular-equity-categories-lag-in-fy25-pharma-schemes-returnedmuch-more-than-the-rest/articleshow/119834839.cms