Mutual fund returns 2026: Pharma, small-cap funds outperform as last year's winners stumble

Mutual fund returns in 2026 show pharma and small-cap funds outperform as last year’s winners stumble. Value Research data shows six of seven major categories reversed rankings. Debasish Mohanty said, "The belief that yesterday's winners will continue to be tomorrow's winners is one of the biggest misconceptions in mutual fund investing."