Reliance Mutual Fund's Reliance Large Cap Fund was ranked the best large-cap fund by research firm Morningstar, with an annual return of 12 perecnt in 2018. Aditya Birla Sun Life Frontline Equity and HDFC Top 100 were the other nominees in this category.

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The awards recognise the retail funds and fund houses that had the best risk-adjusted in one-, three- and five-year performance in 2018. For 2017, Mirae Asset India opportunities had won the best large-cap equity fund award.

Reliance Large has given returns of 17.2 percent and 17.4 percent in 3-year and 5-year periods.

Meanwhile, returns for Aditya Birla Sun Life Frontline Equity and HDFC Top 100 in 2018 were 7 percent and 14.8 percent, respectively. For 3-year and 5-year periods, Aditya Birla Sun Life Frontline Equity grew 13.5 percent and 14.9 percent, respectively, while, HDFC Top 100 yielded 17.9 percent and 15.4 percent returns, respectively.

In the 'Best Fund House' (Overall) category, Aditya Birla Sun Life AMC was the winner, while Franklin Templeton Asset Management (India) and L&T Investment Management were the other nominees. L&T Investment Management swooped this award last year.

For the mid-cap space, Franklin India Prima was the best performing fund as compared to peers last year. HDFC Mid-Cap Opportunities and ICICI Prudential Midcap were the other nominees in the segment. Last year SBI Small and Midcap fund won the award in this category.

Franklin India Prima gave a 1 percent return in 2018, while HDFC Mid-Cap Opportunities and ICICI Prudential Midcap saw a decline of 1.5 percent and 3 percent in the given period.

However, in the 3-year and 5-year period both these funds grew over 13 percent and over 20.4 percent, respectively.

According to the research, it is appropriate to emphasize a fund’s one-year performance, however, the fund said it does not believe it serves the investors well to give awards to funds that have posted a strong one-year return but have otherwise not delivered good results for investors.

"Therefore, while the awards methodology emphasizes on the one-year track record, but funds must also have delivered strong three- and five-year returns after adjusting for risk within the awards peer groups in order to obtain an award," it added.