56% ELSS mutual funds fail to beat their benchmarks in three years

The Axis ELSS Tax Saver Fund, the largest in its category by assets under management, underperformed its benchmark. Over the past three years, the fund returned 10.80%, compared to the 20% delivered by its benchmark, the NIFTY 500 - TRI. As of July 2024, the fund manages Rs 38,278 crore in assets. In comparison, the Mahindra Manulife ELSS Tax Saver Fund achieved a 17.84% return over the same period, while the Union ELSS Tax Saver Fund provided an 18.26% return, both slightly below the benchmark's 20% and 19.99%, respectively.