Why these four
Of the 34 large-cap funds with a published average AUM for the July–September 2026 quarter, these four are the largest: ICICI Prudential Large Cap, SBI Large Cap, Nippon India Large Cap, and HDFC Large Cap. Together they hold ₹2,27,682 crore, 55% of the category. Large-cap funds must keep at least 80% in the hundred biggest listed companies, which leaves less room for the funds to differ than in most categories. The differences that remain are in cost, in how far a manager strays from the index and in what the last few years rewarded. 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 |
|---|---|---|---|
| ICICI Prudential Large Cap | 79,821 | 19.4% | 1.01% |
| SBI Large Cap | 54,696 | 13.3% | 0.89% |
| Nippon India Large Cap | 53,646 | 13.1% | 0.86% |
| HDFC Large Cap | 39,519 | 9.6% | 1.02% |
Returns
| Fund | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| ICICI Prudential Large Cap | −10.35% | 9.34% | 9.29% | 12.81% |
| SBI Large Cap | −6.85% | 7.91% | 7.65% | 11.30% |
| Nippon India Large Cap | −9.53% | 9.75% | 11.14% | 13.40% |
| HDFC Large Cap | −9.45% | 7.38% | 8.64% | 11.51% |
| Category median | −7.86% | 9.02% | 7.65% | 11.43% |
Returns of a year or more are compounded annual rates. Over three years Nippon India Large Cap led at 9.75% and HDFC Large Cap was lowest at 7.38%, a gap of 2.37 points a year against a category median of 9.02%. All four were negative over one year.
Calendar years
| Year | ICICI Prudential Large Cap | SBI Large Cap | Nippon India Large Cap | HDFC Large Cap | Category median |
|---|---|---|---|---|---|
| 2022 | 7.53% | 5.11% | 12.30% | 11.27% | 2.99% |
| 2023 | 28.14% | 23.50% | 33.23% | 30.78% | 24.57% |
| 2024 | 17.55% | 13.24% | 19.30% | 12.31% | 16.31% |
| 2025 | 11.95% | 10.49% | 10.08% | 8.60% | 8.97% |
| 2026 to 22 Oct | −11.79% | −8.40% | −9.97% | −10.54% | −8.41% |
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 |
|---|---|---|---|---|
| ICICI Prudential Large Cap | 12.7% | −15.4% | 0.22 | −12.6% |
| SBI Large Cap | 12.6% | −15.4% | 0.11 | −9.4% |
| Nippon India Large Cap | 13.7% | −15.4% | 0.24 | −10.6% |
| HDFC Large Cap | 13.6% | −16.4% | 0.07 | −12.6% |
| Category median | 13.4% | −16.4% | 0.18 | −10.1% |
SBI Large Cap was the steadiest of the four on three-year volatility (12.6%) and Nippon India Large Cap the bumpiest (13.7%). 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) |
|---|---|---|
| ICICI Prudential Large Cap | −1.03% | 7.50% |
| SBI Large Cap | 0.53% | 6.78% |
| Nippon India Large Cap | −0.02% | 9.04% |
| HDFC Large Cap | −1.95% | 6.43% |
| Category median | −0.04% | 6.82% |
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 |
|---|---|---|---|
| ICICI Prudential Large Cap | 83 | 45.7% | ICICI Bank Ltd 8.9%, HDFC Bank Ltd 8.4%, Reliance Industries Ltd 5.5%, Bharti Airtel Ltd 4.2%, Axis Bank Ltd 4.1% |
| SBI Large Cap | 53 | 47.6% | ICICI Bank Ltd 8.3%, HDFC Bank Ltd 8.2%, Larsen & Toubro Ltd 5.3%, Kotak Mahindra Bank Ltd 4.6%, Samvardhana Motherson International Ltd 3.8% |
| Nippon India Large Cap | 69 | 43.6% | HDFC Bank Ltd 9.6%, ICICI Bank Ltd 6.1%, Axis Bank Ltd 5.3%, Reliance Industries Ltd 3.9%, Larsen & Toubro Ltd 3.6% |
| HDFC Large Cap | 46 | 53.0% | ICICI Bank Ltd 9.8%, HDFC Bank Ltd 7.4%, Bharti Airtel Ltd 6.5%, Kotak Mahindra Bank Ltd 6.1%, Titan Company Ltd 5.1% |
Portfolios are the latest filed monthly disclosures. A concentrated fund puts more of its result on a few names; HDFC Large Cap is the most concentrated of the four with 53.0% in its ten largest holdings, and Nippon India Large Cap the least at 43.6%.
How much they overlap
| Pair | Stocks in common | Overlap by weight |
|---|---|---|
| ICICI Prudential Large Cap / SBI Large Cap | 30 | 51.6% |
| ICICI Prudential Large Cap / Nippon India Large Cap | 38 | 54.9% |
| ICICI Prudential Large Cap / HDFC Large Cap | 29 | 48.5% |
| SBI Large Cap / Nippon India Large Cap | 26 | 52.0% |
| SBI Large Cap / HDFC Large Cap | 18 | 47.5% |
| Nippon India Large Cap / HDFC Large Cap | 24 | 42.3% |
"Overlap by weight" adds up, stock by stock, the smaller of the two weights. The closest pair is ICICI Prudential Large Cap and Nippon India Large Cap at 54.9%; the most different is Nippon India Large Cap and HDFC Large Cap at 42.3%. Holding two funds with a high overlap buys little diversification.
Cost
Among the four, Nippon India Large Cap charged the lowest Direct expense ratio at 0.86% and HDFC Large Cap the highest at 1.02%. On a ₹10 lakh holding that is a difference of ₹1,600 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 ICICI Prudential Large Cap and Nippon India Large Cap (54.9% overlap by weight).
- This is not a recommendation to buy or sell any fund.
- Large-cap fund returns in October 2026
- Large-cap funds against the Nifty 50 over five years
- All large-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-cap fund in India?
By average AUM for July–September 2026, ICICI Prudential Large Cap at about ₹79,821 crore, ahead of SBI Large Cap (₹54,696 crore), Nippon India Large Cap (₹53,646 crore) and HDFC Large Cap (₹39,519 crore).
Which of the four biggest large-cap funds has the best 3-year return?
Nippon India Large Cap, at 9.75% a year to 22 October 2026, against 7.38% for HDFC Large Cap and a category median of 9.02%. Direct plan, Growth option.
Which has the lowest expense ratio?
Nippon India Large Cap, at 0.86% for the Direct plan; HDFC Large Cap charges 1.02%.
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.
Keep reading
The four biggest flexi-cap funds compared, head to head
The four biggest flexi-cap funds, compared on returns, calendar years, risk, SIP results and cost. 3-year range 10.00% to 14.06% a year.
Large & mid cap: Invesco vs Motilal vs HSBC vs Bandhan
The four best 3-year large & mid-cap funds, 16.6% to 21.4% a year to 9 October 2026, side by side on risk, fees, portfolios, managers and exit loads.
Small cap: ITI vs Bandhan vs Bank of India vs Invesco
The four best 3-year small-cap funds made 21.5% to 23.3% a year to 9 October 2026. How they differ on risk, cash, fees, exit loads and what they hold.