Halfway, as designed
SEBI requires a large & mid cap fund to keep at least 35% in large companies and at least 35% in mid-sized ones. Over the three years to 10 June 2026, the category's returns landed almost exactly where that rule suggests.
| Median, to 10 June 2026 | 1 year | 3 years | 5 years | Volatility, 3 years | Worst fall, 3 years |
|---|---|---|---|---|---|
| Large Cap | −4.94% | 11.35% | 10.66% | 13.19% | −16.44% |
| Large & Mid Cap | −1.29% | 15.59% | 14.34% | 14.84% | −18.70% |
| Mid Cap | 2.88% | 19.75% | 17.02% | 16.01% | −21.23% |
The average of the large-cap and mid-cap medians over three years is 15.55% a year. The large & mid cap median is 15.59%. Over five years the average is 13.84% and the category median 14.34%. On risk, too, the category sits between its neighbours.
All figures are for the Direct plan, Growth option, computed from daily NAVs to 10 June 2026. Returns of one year or more are compounded annual rates.
The spread, period by period
There are 33 large & mid cap funds. A fund counts in a period only if it has a full record for it.
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Funds counted | 32 | 26 | 26 | 19 |
| Worst | −11.68% | 9.28% | 9.22% | 12.01% |
| Lower quartile | −3.36% | 14.31% | 13.07% | 14.12% |
| Median | −1.29% | 15.59% | 14.34% | 15.47% |
| Upper quartile | 0.98% | 17.61% | 15.62% | 16.25% |
| Best | 7.81% | 24.47% | 20.35% | 17.33% |
The worst one-year figure belongs to Samco Large & Mid Cap, which has just under a year of NAVs. Over one year, 22 of 32 funds are down.
Top and bottom over three years
| Fund (Direct, Growth) | 1 year | 3 years | 5 years | Worst fall, 3 years |
|---|---|---|---|---|
| Motilal Oswal Large and Midcap | 2.40% | 24.47% | 20.35% | −26.06% |
| Invesco India Large & Mid Cap | 0.88% | 22.84% | 17.81% | −18.60% |
| Bandhan Large & Mid Cap | 1.27% | 21.55% | 17.82% | −17.95% |
| HSBC Large & Mid Cap | 7.81% | 19.66% | 16.30% | −25.08% |
| Quant Large & Mid Cap | 2.52% | 18.82% | 16.89% | −24.13% |
| … | ||||
| Canara Robeco Large and Mid Cap | −7.18% | 13.22% | 12.07% | −18.29% |
| Aditya Birla SL Large & Mid Cap | −1.80% | 12.72% | 9.22% | −20.51% |
| Navi Large & Midcap | −1.14% | 11.77% | 12.74% | −18.80% |
| Tata Large & Mid Cap | −9.15% | 9.28% | 10.81% | −21.72% |
Three funds near the top also took the deepest falls. Motilal Oswal, HSBC and Quant had the three worst peak-to-trough drops in the category over three years, all more than 24%. They are also the only three large & mid cap funds up for 2026 so far, by between 3.73% and 4.65%.
Deep falls did not guarantee high returns, though. Tata Large & Mid Cap had the fourth-worst fall, 21.72%, and the lowest three-year return.
Against the NIFTY LargeMidcap 250
The category's benchmark is the NIFTY LargeMidcap 250, which holds the Nifty 100 and the Nifty Midcap 150 at equal weight. We estimated its total return from NSE's daily price and dividend yield, to the close of 10 June.
| Period | Index, estimated total return | Funds that beat it |
|---|---|---|
| 1 year | −2.05% | 19 of 32 |
| 3 years | 15.72% a year | 12 of 26 |
| 5 years | 13.83% a year | 15 of 26 |
Over three years the median fund trailed the index by 0.13 points a year, and fewer than half beat it. The index's own figure is close to the average of its two halves: our estimates put the Nifty 100 at 10.77% a year and the Nifty Midcap 150 at 20.56%.
June so far
The first eight trading days of June have been negative for the whole category. Between the NAVs of 29 May and 10 June, all 33 funds fell, with a median loss of 1.70%. Large caps lost a median 1.49% and mid caps 2.02% over the same days.
What this does not tell you
"Halfway" depends on the period. In a stretch when mid caps lead, a fund that must hold 35% in them tends to beat large caps. When large caps lead, the same rule works the other way.
The benchmark is our estimate. NSE's official total return index can differ from ours by a few tenths of a point a year. Our index history is too short for a ten-year comparison.
Survivors only. Merged funds are not counted, and nothing here is advice to buy or sell any fund.
Where to go from here
Every fund is on the large & mid cap fund page, and large & mid cap funds explained covers the rules.
The two halves of the category have their own posts: large-cap fund returns in March and mid-cap fund returns in May. For every category side by side, see the May equity fund scorecard.
Frequently asked questions
What is the three-year return of large & mid cap funds?
To the NAV of 10 June 2026, the median large & mid cap fund (Direct plan, Growth option) returned 15.59% a year over three years, across 26 funds. The best, Motilal Oswal Large and Midcap, returned 24.47% and the worst, Tata Large & Mid Cap, 9.28%.
Do large & mid cap funds beat their index?
About half do. Over three years to 10 June 2026, 12 of 26 funds beat our estimate of the NIFTY LargeMidcap 250's total return, 15.72% a year. Over five years 15 of 26 beat its estimated 13.83% a year.
Are large & mid cap funds riskier than large-cap funds?
Somewhat. To 10 June 2026, their median three-year volatility was 14.84% a year, against 13.19% for large-cap funds and 16.01% for mid-cap funds. Their median worst fall over three years was 18.70%, between large caps' 16.44% and mid caps' 21.23%.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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