Thematic mutual funds: Top and bottom 5 categories in 2026 so far; only 2 remain positive in 1 month

Thematic mutual fund returns have diverged sharply in 2026. Defence, Healthcare and IPO lead the categories, while Railways and Technology have posted steep declines. Over five years, PSU and Transportation & Logistics delivered the highest returns.
Key takeaways
- Category: Stocks.
Why it matters
A routine update. Use the price and stock snapshot to gauge how the market is responding.













