Growth, balanced or income: which kind of fund did what
The three fund types do different jobs and get judged as if they were interchangeable. Here is how each group actually performed over the same window.
These figures update themselves. Every number below is recalculated from NAV history each day, so this page is current as of 24 September 2026 rather than the day it was written.
A ranking that puts every fund in one list has a hidden flaw: it compares funds that were never trying to do the same thing. An income fund holding bonds and an equity growth fund are not competitors any more than a savings account and a business are.
Split by type, the picture is more useful.
Over 2 years, income funds averaged 14.50% a year, balanced 7.76% and growth 8.37%. The widest gap between a type's best and weakest fund was 14.59 points, among growth funds.
Averages hide the spread, so here is every fund, one row per type on the same scale.
Growth17 funds · 1.00% to 15.59% · spread 14.59 pts
Balanced11 funds · 0.34% to 14.46% · spread 14.12 pts
Income7 funds · 8.77% to 20.00% · spread 11.23 pts
Tap or point at a dot to see the fund.
Growth funds
17 funds, mostly holding listed equity. Averaged 8.37% a year over 2 years, ranging from 15.59% down to 1.00%.
| # | Fund | Per year |
|---|---|---|
| 1 | EDGE Bangladesh Mutual Fund (Growth) | 15.59% |
| 2 | EDGE AMC Growth Fund (Growth) | 15.46% |
| 3 | Ekush Growth Fund (Growth) | 15.20% |
| 4 | IDLC Growth Fund (Growth) | 10.02% |
| 5 | BCB ICL Growth Fund (Growth) | 9.95% |
| 6 | VIPB Growth Fund (Growth) | 9.05% |
| 7 | CWT Emerging Bangladesh First Growth Fund (Growth) | 8.92% |
| 8 | CWT Sadharan Bima Growth Fund (Growth) | 8.41% |
| 9 | Esquire ICL Apparel Fund (Growth) | 7.97% |
| 10 | CWT Opportunities Fund (Growth) | 7.74% |
| 11 | Shanta First Income Unit Fund (Growth) | 7.43% |
| 12 | VIPB NLI 1st Unit Fund (Growth) | 6.79% |
| 13 | IDLC AML Shariah Fund (Growth) | 6.56% |
| 14 | VIPB SEBL 1st Unit Fund (Growth) | 6.41% |
| 15 | Shanta Amanah Shariah Fund (Growth) | 4.58% |
| 16 | UCB Taqwa Growth Fund (Growth) | 1.18% |
| 17 | CWT Community Bank Shariah Fund (Growth) | 1.00% |
Holding equities is why this group usually shows the widest spread of the three; over this window the widest belonged to growth funds. EDGE Bangladesh Mutual Fund led it.
Balanced funds
11 funds, mixing equity with fixed income. Averaged 7.76%, ranging from 14.46% to 0.34%.
| # | Fund | Per year |
|---|---|---|
| 1 | Ekush First Unit Fund (Balanced) | 14.46% |
| 2 | IDLC Balanced Fund (Balanced) | 10.83% |
| 3 | LB Gratuity Opportunities Fund (Balanced) | 9.74% |
| 4 | LankaBangla 1st Balanced Unit Fund (Balanced) | 9.58% |
| 5 | VIPB Balanced Fund (Balanced) | 9.33% |
| 6 | ICL Balanced Fund (Balanced) | 9.17% |
| 7 | EDGE Al-Amin Shariah Consumer Fund (Balanced) | 8.40% |
| 8 | LankaBangla Al-Arafah Shariah Unit Fund (Balanced) | 4.84% |
| 9 | LB Gratuity Wealth Builder Fund (Balanced) | 4.44% |
| 10 | ICL INCTL Shariah Fund (Balanced) | 4.18% |
| 11 | UCB AML First Mutual Fund (Balanced) | 0.34% |
Ekush First Unit Fund led this group. Balanced funds are supposed to give up some of the upside for a steadier ride, so when their spread is narrower than the growth group's, that is the design working rather than a disappointment.
Income funds
7 funds, holding bonds, government securities and deposits rather than shares. Averaged 14.50%, from 20.00% down to 8.77%.
| # | Fund | Per year |
|---|---|---|
| 1 | VIPB Fixed Income Fund (Income) | 20.00% |
| 2 | Ekush Stable Return Fund (Income) | 16.21% |
| 3 | UCB Income Plus Fund (Income) | 16.09% |
| 4 | Shanta Fixed Income Fund (Income) | 14.76% |
| 5 | EDGE High Quality Income Fund (Income) | 14.73% |
| 6 | IDLC Income Fund (Income) | 10.93% |
| 7 | VIPB Accelerated Income Unit Fund (Income) | 8.77% |
VIPB Fixed Income Fund led here.
Reading the comparison honestly
The averages above invite a conclusion they cannot really support. One window is not enough to say a category is better, and the periods when income funds look strong are usually periods when interest rates are high and equities are flat. Those conditions reverse.
What the split does support is a fairer comparison. If you are choosing between two funds, choose within a type first. A growth fund beating an income fund tells you almost nothing about either manager.
The second use is expectation setting. If you cannot hold through the drop that a growth fund's spread implies, the honest answer is that you want a balanced or income fund, and a higher headline number elsewhere is not worth the sleep.
Here is that drop, measured: how far each type's funds fell from a previous high on the way.
| Type | Middle | Deepest | Shallowest |
|---|---|---|---|
| Growth16 funds | -12.4% | -23.3% | -8.1% |
| Balanced10 funds | -13.3% | -22.6% | -9.0% |
| Income6 funds | -4.0% | -14.9% | -2.4% |
How type is assigned
Each fund's category follows its own stated mandate in its prospectus, not our judgment of what it holds. Where a fund calls itself balanced, it appears under balanced, even if its current mix leans one way. The holdings panel on each fund page shows the actual mix as of its latest AMC portfolio statement, which is the better guide to what it owns today.
Common questions
Which fund type is best?
They answer different needs. Over this window income funds averaged 14.50%, balanced 7.76% and growth 8.37%, but those relationships shift with interest rates and market conditions.
Why do income funds sometimes beat equity funds?
When interest rates are high and the equity market is flat, bonds and deposits can out-earn shares. Neither outcome is permanent.
How is a fund's type decided?
By the mandate in its own prospectus, not by our reading of its portfolio.
Should I hold more than one type?
That depends on your horizon and how much fluctuation you can tolerate. This site shows what each fund did; it does not give personal advice, and a licensed adviser is the right person for that question.
Further reading on this site
Run these numbers on your own amount
