Why these four
Of the 35 large and mid-cap funds with a published average AUM for the July–September 2026 quarter, these four are the largest: Mirae Asset Large & Midcap, SBI Large & Midcap, ICICI Prudential Large & Mid Cap, and Kotak Large & Mid Cap. Together they hold ₹1,51,416 crore, 42% of the category. A large and mid-cap fund must hold at least 35% in large caps and 35% in mid caps. The rule fixes the mix loosely, so the four biggest funds can differ in how much of their money sits at either end. Every figure is for the Direct plan, Growth option, from NAVs to 22 October 2026.
| Fund | Average AUM, July–September 2026 (₹ crore) | Share of category | Direct plan expense ratio |
|---|---|---|---|
| Mirae Asset Large & Midcap | 44,976 | 12.6% | 0.87% |
| SBI Large & Midcap | 41,910 | 11.7% | 0.86% |
| ICICI Prudential Large & Mid Cap | 32,638 | 9.1% | 1.27% |
| Kotak Large & Mid Cap | 31,891 | 8.9% | 0.6575% |
Returns
| Fund | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| Mirae Asset Large & Midcap | −5.61% | 10.13% | 8.75% | 15.00% |
| SBI Large & Midcap | −4.57% | 11.14% | 11.20% | 13.65% |
| ICICI Prudential Large & Mid Cap | −9.12% | 12.19% | 12.08% | 14.25% |
| Kotak Large & Mid Cap | −6.01% | 11.33% | 12.00% | 14.36% |
| Category median | −3.87% | 11.86% | 10.37% | 13.65% |
Returns of a year or more are compounded annual rates. Over three years ICICI Prudential Large & Mid Cap led at 12.19% and Mirae Asset Large & Midcap was lowest at 10.13%, a gap of 2.06 points a year against a category median of 11.86%. All four were negative over one year.
Calendar years
| Year | Mirae Asset Large & Midcap | SBI Large & Midcap | ICICI Prudential Large & Mid Cap | Kotak Large & Mid Cap | Category median |
|---|---|---|---|---|---|
| 2022 | −0.47% | 8.13% | 12.67% | 8.30% | 2.97% |
| 2023 | 30.59% | 27.91% | 31.00% | 30.85% | 31.29% |
| 2024 | 16.65% | 19.12% | 21.49% | 25.54% | 25.11% |
| 2025 | 10.22% | 11.00% | 15.38% | 6.68% | 5.88% |
| 2026 to 22 Oct | −7.28% | −7.19% | −10.54% | −6.58% | −4.38% |
A single calendar year can flatter or punish a fund by several points, which is why a table by year says more than one trailing figure. A dash means the fund did not hold a full record for that year.
Risk
| Fund | Volatility (3 yr) | Worst fall (3 yr) | Sharpe ratio | Now vs peak |
|---|---|---|---|---|
| Mirae Asset Large & Midcap | 14.7% | −19.5% | 0.25 | −9.0% |
| SBI Large & Midcap | 12.9% | −14.2% | 0.36 | −10.1% |
| ICICI Prudential Large & Mid Cap | 13.4% | −14.8% | 0.43 | −12.6% |
| Kotak Large & Mid Cap | 15.1% | −18.5% | 0.32 | −9.2% |
| Category median | 14.8% | −18.7% | 0.36 | −9.1% |
SBI Large & Midcap was the steadiest of the four on three-year volatility (12.9%) and Kotak Large & Mid Cap the bumpiest (15.1%). Volatility is the annualised standard deviation of daily returns; the worst fall is the deepest peak-to-trough drop in the last three years. The Sharpe ratio uses a 6.5% risk-free rate.
What a monthly SIP earned
| Fund | 3-year SIP return (a year) | 5-year SIP return (a year) |
|---|---|---|
| Mirae Asset Large & Midcap | 1.92% | 8.84% |
| SBI Large & Midcap | 2.27% | 9.61% |
| ICICI Prudential Large & Mid Cap | 0.64% | 10.37% |
| Kotak Large & Mid Cap | 1.75% | 10.21% |
| Category median | 2.18% | 10.07% |
SIP returns are annualised (XIRR) for ₹10,000 a month. They differ from lump-sum returns because each instalment buys at a different price.
What they own
| Fund | Stocks held | Top-10 share of portfolio | Largest five holdings |
|---|---|---|---|
| Mirae Asset Large & Midcap | 82 | 32.9% | HDFC Bank Ltd 6.4%, Laurus Labs Ltd 4.1%, ICICI Bank Ltd 3.9%, Axis Bank Ltd 3.5%, State Bank of India 3.0% |
| SBI Large & Midcap | 85 | 30.1% | HDFC Bank Ltd 6.7%, ICICI Bank Ltd 3.8%, Axis Bank Ltd 3.3%, Balkrishna Industries Ltd 2.5%, Adani Enterprises Ltd 2.5% |
| ICICI Prudential Large & Mid Cap | 118 | 33.5% | Interglobe Aviation Ltd 4.9%, SBI Cards & Payment Services Ltd 4.9%, Multi Commodity Exchange of India Ltd 3.4%, Sona Blw Precision Forgings Ltd 3.3%, Ultratech Cement Ltd 3.2% |
| Kotak Large & Mid Cap | 67 | 29.9% | HDFC Bank Ltd 4.5%, State Bank of India 3.9%, Eternal Ltd 3.8%, Bharat Electronics Ltd 3.6%, ICICI Bank Ltd 3.0% |
Portfolios are the latest filed monthly disclosures. A concentrated fund puts more of its result on a few names; ICICI Prudential Large & Mid Cap is the most concentrated of the four with 33.5% in its ten largest holdings, and Kotak Large & Mid Cap the least at 29.9%.
How much they overlap
| Pair | Stocks in common | Overlap by weight |
|---|---|---|
| Mirae Asset Large & Midcap / SBI Large & Midcap | 23 | 27.8% |
| Mirae Asset Large & Midcap / ICICI Prudential Large & Mid Cap | 37 | 21.6% |
| Mirae Asset Large & Midcap / Kotak Large & Mid Cap | 27 | 36.1% |
| SBI Large & Midcap / ICICI Prudential Large & Mid Cap | 30 | 16.2% |
| SBI Large & Midcap / Kotak Large & Mid Cap | 18 | 24.5% |
| ICICI Prudential Large & Mid Cap / Kotak Large & Mid Cap | 26 | 16.9% |
"Overlap by weight" adds up, stock by stock, the smaller of the two weights. The closest pair is Mirae Asset Large & Midcap and Kotak Large & Mid Cap at 36.1%; the most different is SBI Large & Midcap and ICICI Prudential Large & Mid Cap at 16.2%. Holding two funds with a high overlap buys little diversification.
Cost
Among the four, Kotak Large & Mid Cap charged the lowest Direct expense ratio at 0.6575% and ICICI Prudential Large & Mid Cap the highest at 1.27%. On a ₹10 lakh holding that is a difference of ₹6,125 a year. Expense ratios are deducted from the NAV every day, so they are already inside the returns shown above.
Reading the comparison
- Size is not a verdict. These are the largest funds in the category, not the best; a fund's rank by AUM says nothing about its rank by return.
- Three years is a short window for an equity fund. A fund that led in the last rally may lag in the next fall.
- Returns are historical, computed from NAVs, and not a forecast. The closest pair by holdings was Mirae Asset Large & Midcap and Kotak Large & Mid Cap (36.1% overlap by weight).
- This is not a recommendation to buy or sell any fund.
- Large and mid-cap fund returns in October 2026
- Four biggest flexi-cap funds compared
- All large and mid-cap funds
Source: AMFI NAVs to 22 October 2026; AMFI average AUM for July–September 2026; fund houses' TER disclosures; monthly portfolio disclosures.
Frequently asked questions
Which is the biggest large and mid-cap fund in India?
By average AUM for July–September 2026, Mirae Asset Large & Midcap at about ₹44,976 crore, ahead of SBI Large & Midcap (₹41,910 crore), ICICI Prudential Large & Mid Cap (₹32,638 crore) and Kotak Large & Mid Cap (₹31,891 crore).
Which of the four biggest large and mid-cap funds has the best 3-year return?
ICICI Prudential Large & Mid Cap, at 12.19% a year to 22 October 2026, against 10.13% for Mirae Asset Large & Midcap and a category median of 11.86%. Direct plan, Growth option.
Which has the lowest expense ratio?
Kotak Large & Mid Cap, at 0.6575% for the Direct plan; ICICI Prudential Large & Mid Cap charges 1.27%.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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