The number
The median large & mid-cap fund returned 0.91% in the year to 1 October 2026. Of 33 funds with a full one-year record, 19 gained and 14 lost money. That puts the category between large caps (median -4.71%) and small caps (median +12.41%) — which is where a fund that must hold at least 35% in each of large and mid caps should sit.
All figures are for the Direct plan, Growth option, computed from daily NAVs to 1 October 2026. Returns of a year or more are compounded annual rates. There are 36 funds in the category; three are too new for a one-year figure and ten have no three-year record yet.
The spread, period by period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Funds counted | 33 | 26 | 26 | 19 |
| Worst | -7.62% | 5.65% | 6.84% | 10.88% |
| Lower quartile | -2.52% | 11.08% | 10.43% | 12.96% |
| Median | 0.91% | 11.90% | 11.54% | 14.21% |
| Upper quartile | 2.87% | 13.33% | 13.06% | 14.87% |
| Best | 8.06% | 21.14% | 18.20% | 16.90% |
The distribution is skewed: the median three-year return is 11.90%, but the two best funds are near 21%, almost 8 points above the upper quartile.
Best and worst over three years
| Fund (Direct, Growth) | 1 year | 3 years | 5 years |
|---|---|---|---|
| Invesco India Large & Mid Cap | 5.93% | 21.14% | 16.29% |
| Motilal Oswal Large and Midcap | 5.56% | 20.48% | 18.20% |
| Bandhan Large & Mid Cap | 1.56% | 16.26% | 15.92% |
| HSBC Large & Mid Cap | 7.29% | 16.20% | 13.72% |
| Axis Large & Mid Cap | 5.10% | 14.31% | 11.54% |
| … | |||
| Franklin India Large & Mid Cap | -4.81% | 9.84% | 8.73% |
| Navi Large & Midcap | 0.71% | 8.59% | 9.67% |
| Tata Large & Mid Cap | -7.62% | 5.65% | 8.61% |
The best one-year return belongs to Quant Large & Mid Cap at 8.06%, which is sixth over three years at 13.58%.
The large houses
Most big-house funds finished in the middle: SBI Large & Midcap returned 0.91% (1 year) and 11.57% (3 years); HDFC Large & Mid Cap -2.52% and 11.23%; Kotak Large & Mid Cap -1.51% and 11.69%; ICICI Prudential Large & Mid Cap -3.18% and 13.35%. The last of these had the shallowest three-year fall of any fund above the median return (14.8%).
Risk: the price of the leaders
The two three-year leaders are not the same kind of fund. Invesco's worst three-year fall was 18.6% on volatility of 16.7%. Motilal Oswal's was 26.1% on 19.3%: the deepest fall and highest volatility in the category. Bandhan, third over three years, had a fall of 18.0% and volatility of only 14.3%, below the median.
The median fund's worst three-year fall was 18.71%; the median volatility 14.77%. The shallowest fall was SBI Large & Midcap at 14.2%.
Reading this
The category's job is a blend, and the numbers show a blend: returns, volatility and falls all sit between large-cap and small-cap funds. What is less predictable is which fund wins. The one-year leader is sixth over three years, and the five-year leader (Motilal Oswal, 18.20%) is also the riskiest.
For comparison, see large-cap fund returns and small-cap fund returns, or the June update of this category. The screener lets you sort the whole group by drawdown.
Returns are historical and computed from NAVs; they are not a forecast. Past returns do not indicate future performance.
Frequently asked questions
How have large & mid-cap funds performed over the last year?
The median large & mid-cap fund (Direct plan, Growth option) returned 0.91% in the year to 1 October 2026, across 33 funds. Nineteen were positive and 14 negative; the range ran from -7.62% to 8.06%.
What is the three-year return of large & mid-cap funds?
The median was 11.90% a year across 26 funds. Invesco India Large & Mid Cap (21.14%) and Motilal Oswal Large and Midcap (20.48%) led; Tata Large & Mid Cap (5.65%) trailed.
Are large & mid-cap funds more volatile than large-cap funds?
Slightly. The median three-year volatility was 14.77% against 13.30% for large-cap funds, and the median worst fall over three years was 18.71% against 16.44%.
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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