The same funds, four months on
On 10 March the median large-cap fund showed a one-year return of 10.47%. On 15 July it shows −0.54%. Over the same four months, the median fund's NAV actually rose 2.04%.
Nothing went wrong in between. The window moved. In March the one-year figure counted from 10 March 2025; now it counts from 15 July 2025. The median large-cap fund gained 13.81% between those two start dates, and that stretch has dropped out of the calculation.
The three-year figure lost a similar stretch: the Nifty 100 rose 12.81% on its price between 10 March and 14 July 2023.
All figures are for the Direct plan, Growth option, computed from daily NAVs. Returns of one year or more are compounded annual rates; the change since March is a plain percentage.
March and July, side by side
| Median large-cap fund | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| To 10 March 2026 | 10.47% | 15.50% | 12.14% | 13.96% |
| To 15 July 2026 | −0.54% | 11.41% | 11.23% | 12.73% |
| Nifty 100, est. total return, to 15 July | −1.49% | 10.32% | 10.66% | 12.61% |
| Funds that beat it, July | 21 of 33 | 23 of 30 | 18 of 27 | 13 of 22 |
| Funds that beat it, March | 16 of 33 | 22 of 30 | 17 of 26 | 10 of 22 |
Every median is lower, yet more funds now beat the index in every period. The funds lost less of their old gains than the index did. Over ten years the median fund has moved from 0.14 points a year behind the Nifty 100 to 0.12 points ahead.
The Nifty 100 estimate is ours, built from NSE's daily price and dividend yield.
The spread now
There are 35 large-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 | 33 | 30 | 27 | 22 |
| Worst | −8.85% | 8.60% | 8.09% | 10.07% |
| Lower quartile | −2.02% | 10.53% | 10.16% | 11.90% |
| Median | −0.54% | 11.41% | 11.23% | 12.73% |
| Upper quartile | 1.09% | 13.04% | 12.04% | 13.53% |
| Best | 7.69% | 16.15% | 15.79% | 14.95% |
The worst one-year figure is again Samco Large Cap, the youngest fund with a full year.
Who moved
Since 10 March, 33 of 34 funds have risen. The median gained 2.04%, against 1.15% for our Nifty 100 estimate. Two funds pulled well clear: quant Large Cap, up 12.30%, and Invesco India Large Cap, up 7.92%. Both are now within 0.5% of their all-time high NAVs; the median fund is 5.25% below its high.
The three-year leaders reshuffled. quant Large Cap has gone from eighth to first, at 16.15% a year. Nippon India Large Cap, first in March, is now sixth at 13.47%. The rest of the top five are Invesco India (14.82%), WhiteOak Capital (14.59%), Bank of India (14.58%) and Bandhan (13.54%), all of which were in March's top five.
The five-year leaders did not. Nippon India (15.79%), Invesco India (13.78%), ICICI Prudential (13.64%), HDFC (13.05%) and Bandhan (12.94%) are the same five funds that led in March.
The bottom barely moved either. Four of the five weakest three-year funds in March are still in the bottom five: Sundaram, UTI, LIC MF and PGIM India, each between 8.60% and 8.95% a year.
One-year ranks moved most. quant Large Cap rose from 15th to first. Groww Large Cap fell from second to tenth, and Kotak Large Cap from ninth to 19th.
What this does not tell you
Trailing returns are partly a calendar effect. A fund can look worse on every period without losing money, as this one-year column shows. Rolling returns smooth that out by averaging many windows.
Four months is short. quant Large Cap's jump comes mostly from the period since March. It is a fund less than four years old.
The benchmark is our estimate, and merged funds are not counted. Nothing here is advice to buy or sell any fund.
Where to go from here
The March version of this post is large-cap fund returns in March. For the same funds against index funds rather than the index, see active large caps vs index funds.
Every fund is on the large-cap fund page. For what the Nifty 50 is priced at now, read the Nifty 50's P/E in July.
Frequently asked questions
What is the one-year return of large-cap funds in July 2026?
To the NAV of 15 July 2026, the median large-cap fund (Direct plan, Growth option) returned −0.54% over one year, across 33 funds. The best, quant Large Cap, returned 7.69% and the weakest −8.85%. Our estimate of the Nifty 100's total return over the year is −1.49%.
Why did large-cap fund returns drop between March and July 2026?
Mostly because the measuring window moved. On 10 March 2026 the one-year window began on 10 March 2025; by 15 July it began on 15 July 2025. The median large-cap fund gained 13.81% between those two start dates, and that stretch is no longer counted. The funds themselves rose a median 2.04% between 10 March and 15 July 2026.
How many large-cap funds beat the Nifty 100 in July 2026?
To 15 July 2026, 23 of 30 large-cap funds beat our estimate of the Nifty 100's total return over three years, 10.32% a year, and 18 of 27 over five years, 10.66% a year. Over ten years 13 of 22 beat its estimated 12.61%.
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.
Keep reading
Arbitrage funds vs liquid funds: the 2026 scorecard
The median arbitrage fund returned 6.68% in the year to 30 September 2026, against 6.46% for liquid funds. Where each came out ahead, and what it cost.
Balanced advantage funds in 2026's falling market
The Nifty 50 fell 13.4% from 31 December 2025 to 30 September 2026. The median balanced advantage fund lost 1.7%, and its worst dip was 8.7%.
Direct vs regular plans: the 1.16-point equity fee gap
A regular equity plan costs a median 1.16 points a year more than its direct twin, on AMFI's September 2026 data. Over ten years, direct ended 10.2% ahead.