Large-cap funds: 30 of 33 lost money in the year

The number

Of the 33 large-cap funds that have a full one-year record, 30 lost money in the year to 1 October 2026. The median fund fell 4.71%. Only three funds finished in positive territory.

The longer record looks better but not by much. Over three years the median large-cap fund returned 8.88% a year, over five years 8.32%, and over ten years 11.64%.

All figures are for the Direct plan, Growth option, computed from daily NAVs to 1 October 2026 (30 September for a handful of funds). Returns of a year or more are compounded annual rates. There are 35 funds in the category; two more launched too recently for a one-year number.

The spread, period by period

Large-cap funds are the tightest category in the market. The middle half of funds sits within 3.4 points of each other over one year and 2 points over three. When the benchmark moves, they all move.

Best and worst over three years

Two of the three positive one-year funds (Taurus and quant) are also in the top three over three years, so some of the same funds are doing well on both clocks.

The big names

The largest fund houses' flagship funds sit in the lower half of the table over three years: HDFC Large Cap returned 7.34% a year, SBI Large Cap 8.04%, ICICI Prudential Large Cap 9.21%. Five-year leader Nippon India Large Cap made 11.94% a year, the best in the category, yet it lost 7.02% over the past twelve months.

That mix — best over five years, near the bottom over one — is typical of this category. Rankings rotate.

Risk

The median large-cap fund had a three-year volatility of 13.3% and a worst peak-to-trough fall of 16.44% over three years. The shallowest was DSP Large Cap at -13.35%; the deepest was quant Large Cap at -21.11%, which is also the fund with the highest volatility (15.99%) and a top-three three-year return.

Reading this

A one-year loss in a diversified large-cap fund is not unusual, but 30 of 33 is a broad one. It is a statement about the year, not about any manager. For the same window the median small-cap fund gained 12.41% (see small-cap fund returns). The gap between the two categories is about 17 points, and it can reverse as quickly as it opened.

For how large-cap funds behaved in earlier months, see the July update and ten-year rolling returns. To filter the whole category yourself, use the screener.

Returns are historical and computed from NAVs; they are not a forecast. Past returns do not indicate future performance.