Mirae Asset Hybrid Equity Fund is known to perform well in tough markets. A case in point is its extraordinary performance in 2018, when the fund delivered positive returns when its peers were in the red. While the fund has beaten its category peers since inception, it underperformed slightly in the bull market of 2021 but nudged past an average peer again in 2022 (the fund's 3.78 per cent versus 3.1 per cent). Reasons for its good show Its allocation to sectors like Financials (driven by Axis Bank, ICICI Bank and State Bank of India) and Automobiles (driven by TVS Motor Company, Craftsman Automation and Apollo Tyres) have helped it beat an average peer. The technology and healthcare sectors were a drag, though. That said, if you look at the fund's performance over longer time periods, it sits comfortably ahead
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