How Mirae Asset Healthcare Fund Direct Growth survived The 2018 NBFC Crisis
IL&FS defaulted and India's shadow-banking system seized up. While the Sensex fell a modest 14%, mid- and small-cap funds crashed 25-40% — the crash that taught a generation the difference between index pain and portfolio pain.
The fall
-11.1%
7 Sept 2018 → 10 Dec 2018
Index fell
-14%
Sensex, peak to trough
Recovery time
13 mo
peak regained 3 Jan 2020
₹1L at the peak → today
₹4,44,286
worst-possible timing, held on
The full round trip
NAV from 1 Aug 2018 to 3 Jan 2020 — peak ₹11.279, bottom ₹10.032, peak regained 3 Jan 2020.
The ₹1 lakh stress test — invested at the worst possible moment
| Invested at the pre-crash peak (7 Sept 2018) | ₹1,00,000 |
| Value at the bottom (10 Dec 2018) | ₹88,944 |
| Value one year after the peak | ₹93,528 |
| Value today (3 Jul 2026) | ₹4,44,286 |
The lesson isn't that crashes don't hurt — it's that selling at the bottom turns a temporary fall into a permanent loss. The investor who bought at the absolute worst day and simply held is in profit today.
The unluckiest SIP experiment
Imagine starting a ₹10,000/month SIP on the exact peak day — the single unluckiest start date possible — and continuing for 24 months straight through the crash:
Invested
₹2,40,000
Worth today
₹10,72,526
Return
+347%
Crash-month installments bought units cheap — that's the whole SIP thesis, demonstrated with real data instead of a brochure.
This fund in other crashes
Other Sectoral / Thematic funds in this crash
All figures computed from published AMFI NAV history for Mirae Asset Healthcare Fund Direct Growth. Past performance — including past recoveries — does not guarantee future results. This is educational research, not investment advice. Mutual fund investments are subject to market risks.