Mid cap: HSBC vs Invesco vs WhiteOak vs Edelweiss

Why these four

Twenty-nine mid-cap funds have a three-year record. The top four are HSBC Midcap at 22.57% a year, Invesco India Mid Cap at 22.15%, WhiteOak Capital Mid Cap at 20.63% and Edelweiss Mid Cap at 19.72%, against a category median of 15.88%. ₹1 lakh three years ago is about ₹1.84 lakh in the HSBC fund today and ₹1.72 lakh in the Edelweiss fund; the median fund turned it into ₹1.56 lakh.

The same four also hold the top four Sharpe ratios in the category, so they did not simply take more risk than the rest. Figures are for the Direct plan, Growth option, from NAVs to Friday 9 October 2026.

Returns

All are compounded annual rates. WhiteOak's fund launched in September 2022. HSBC Midcap is older (it was L&T Midcap until HSBC took over L&T's funds in 2022), but our NAV series for this plan starts on 28 November 2022, so there is no five-year figure here.

HSBC and WhiteOak lead the past year, first and second of 31 funds. Invesco is the only one of the four with ten years, and its 17.75% over five years is second of 22. Invesco against HSBC is 0.42 points apart on three years.

Risk

All over three years. Down capture compares the fund with the Nifty Midcap 150 TRI in the months that index fell; under 100% means the fund lost less.

HSBC's lead came with the most volatility and the deepest fall, 25.96% against a category median of 21.23%. WhiteOak was the calmest: lowest volatility, shallowest fall and the lowest down capture. WhiteOak against HSBC is the plainest view of that trade, 1.94 points of return for 2.81 points more volatility. Invesco has the best Sharpe ratio of all 29.

Fees, size and exit load

Expense ratios are AMFI's, dated 8 October 2026. Exit loads are from each house's Scheme Summary Document.

Edelweiss is both the largest and the cheapest of the four, and HSBC the dearest. Edelweiss against HSBC is a 0.42-point fee gap: ₹4,200 a year on ₹10 lakh. The returns above are already after these fees, so HSBC's lead is net of its higher charge.

The bigger gap is between plans. The regular plan of each fund costs 1.06 to 1.31 points a year more than the direct plan; the direct vs regular calculator shows what that compounds to over a decade, and our study of the gap puts the median across equity funds at 1.16 points.

WhiteOak's summary document, filed 5 October 2026, states a nil exit load. Its November 2025 scheme information document stated 1% within one month, so confirm the current terms before investing.

What they own

From each house's monthly disclosure. The cap split is of equity holdings, by current market value against AMFI's July 2026 cut-offs, rounded.

One bank sits in all four top fives: The Federal Bank, at 5.37% of Invesco, 3.96% of HSBC, 3.73% of Edelweiss, where it is the largest holding, and 2.50% of WhiteOak. Beyond it the styles part. Invesco holds 43 stocks with half the fund in ten, led by Prestige Estates at 7.33%. Invesco against Edelweiss sets that against 98 stocks and a 22.3% top ten. HSBC's two largest positions, Lenskart and Meesho, are worth just over the large-cap line today.

WhiteOak is the least fully invested: 85.0% in equity, with 8.0% cash, 4.2% debt and 2.8% in REITs. It also trades the most, a stated turnover of 240% against Invesco's 27%. Invesco against WhiteOak is the concentrated, low-turnover book against the wide, active one, and Edelweiss against WhiteOak the two widest books.

Who runs them

• HSBC: Cheenu Gupta since 1 March 2024 and Sonal Gupta since 26 November 2022, at HSBC Mutual Fund.
• Invesco India: Aditya Khemani since 9 November 2023, at Invesco.
• WhiteOak Capital: Ramesh Mantri, Piyush Baranwal and Trupti Agarwal since launch on 7 September 2022, joined by Dheeresh Pathak in April 2024 and Ashish Agrawal in January 2025, at WhiteOak Capital.
• Edelweiss: Trideep Bhattacharya since 1 October 2021, Dhruv Bhatia since 14 October 2024 and Mehul Dalmia since 3 August 2026, at Edelweiss.

Dates are from the summary documents filed between August and October 2026.

What the numbers do not tell you

Three years is not a full market cycle, and two of these funds have no longer record here. A fee is certain while a return is not, but a fee gap of a few tenths of a point has been small next to the gaps in return here. The Nifty Midcap 150 valuation page shows what the whole segment costs today, and our October look at mid-cap funds covers all of them.

None of this is a recommendation to buy or sell any fund.