EquityMid Cap FundRegularGrowthVery High

Union Midcap Fund

Q: What is the NAV of Union Midcap Fund?

As of 05 Oct 2026, the NAV of Union Midcap Fund is ₹50.09 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Union Midcap Fund delivered?

Union Midcap Fund has returned +4.53% over 1 year, +14.20% per year over 3 years, +12.23% per year over 5 years and +27.30% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of Union Midcap Fund?

Union Midcap Fund charges an expense ratio of 2.39% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of Union Midcap Fund?

Union Midcap Fund's largest holdings are The Federal Bank Ltd. (3.3%), One 97 Communications Ltd. (3.0%), Max Financial Services Ltd. (2.8%), Multi Commodity Exchange of India Ltd. (2.6%) and Fortis Healthcare Ltd. (2.4%). Holdings are disclosed monthly and change over time.

Q: How risky is Union Midcap Fund?

Union Midcap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 16.9% and its worst peak-to-trough fall in our sample was -21.7%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of 0.45 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Union Midcap Fund's 0.45 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of Union Midcap Fund?

Union Midcap Fund is benchmarked against the BSE 150 MidCap Index (TRI). Its alpha and beta on this page are measured against that index.

Q: Who manages Union Midcap Fund?

Union Midcap Fund is managed by Gaurav Chopra and Pratik Dharmshi at Union.

Q: How is Union Midcap Fund taxed?

Union Midcap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

Union Mutual Fund · Best Mid Cap Mutual Funds

NAV

₹50.09

+0.36% 1D

as of 05 Oct 2026

This is the Regular plan of Union Midcap Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

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Performance

+3.66%absolute

52-week rangePrev NAV ₹49.91

Latest ₹50.09

Low ₹43.4264th percentile of its 52-week rangeHigh ₹53.89

Scorecard

★★★☆☆3/5 vs 29 of 33 Mid Cap Fund peers

Performance 60%
Risk 15%
Cost 10%
Downside 15%

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Mid Cap Fund (same plan and option). 29 of the 33 Mid Cap Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceAverage

3Y CAGR +14.20% · ranks 17 of 29 Mid Cap Funds

RiskModerate

Volatility 16.9% vs 16.1% category avg

CostAverage

2.4% expense vs 2.2% category avg

ConsistencyHigh

100% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

Ahead of the Mid Cap Fund average on 3M/6M/1Y — 1Y by 1.15pp
Consistent — positive in 100% of rolling 3-year windows

Concerns

5-year return (+12.23%) trails the Mid Cap Fund average (+12.99%)

Key Metrics

Annual fee charged by the fund, already deducted from NAV

2.39%

Category 2.19%▲0.20%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

40.83

Category —

Excess return per unit of total volatility (rf = 6.5%)

0.45

Category 0.48▼0.03

Scheme Info

Definitions

Plan

Regular · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

1% if units are redeemed or switched out on or before completion of 15 days from the date of allotment. Nil thereafter.

1.00%

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹100

Smallest one-time (lumpsum) investment the scheme accepts

₹1,000

BSE 150 MidCap Index (TRI)

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

30 Mar 2020

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-5.44%

Absolute return over the last 3 months (not annualized)

-2.26%

Absolute return over the last 6 months (not annualized)

+13.63%

Absolute return since 1 Jan of this year (not annualized)

+3.00%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+4.53%

3-year annualized return (CAGR)

+14.20%

5-year annualized return (CAGR)

+12.23%

10-year annualized return (CAGR)

—

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+27.30%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

16.94%

Excess return per unit of total volatility (rf = 6.5%)

0.45

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

0.61

Largest peak-to-trough decline over full history

-21.72%

Benchmark ratios (vs Nifty Midcap 150 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty Midcap 150 TRI

0.75%

Sensitivity to Nifty Midcap 150 TRI moves; 1 = moves with the index

0.92

How much of the fund's movement Nifty Midcap 150 TRI explains

92.1%

Excess return per unit of beta (market risk)

8.32

Active return over the benchmark per unit of tracking error

0.04

Annualized std dev of fund-minus-benchmark returns

5.21%

Fund's share of benchmark gains in up months (100 = matches index)

95.7%

Fund's share of benchmark losses in down months (lower is better)

92.0%

Computed vs the Nifty Midcap 150 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Mid Cap Fund)

Period	Fund	Category avg.	Diff
1M abs	-5.44%	-5.30%	-0.14%
3M abs	-2.26%	-2.77%	+0.51%
6M abs	+13.63%	+13.08%	+0.55%
1Y CAGR	+4.53%	+3.38%	+1.15%
3Y CAGR	+14.20%	+14.45%	-0.25%
5Y CAGR	+12.23%	+12.99%	-0.76%

Category average across peers in Mid Cap Fund (up to 33 funds with data), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Category rank

Vs 33 peers in Mid Cap Fund

1Y return

+4.53%

Beats 70% · rank #10

3Y return

+14.20%

Beats 42.9% · rank #17

5Y return

+12.23%

Beats 38.1% · rank #14

Sharpe

0.45

Beats 39.3% · rank #18

Sortino

0.61

Beats 39.3% · rank #18

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹8.26L

Absolute

+37.66%

XIRR

+13.15%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into Union Midcap Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty Midcap 150 TRI	Diff
2026part	+3.00%	-1.81%	+4.81%
2025	+2.27%	+6.24%	-3.97%
2024	+28.58%	+24.74%	+3.84%
2023	+32.17%	+45.27%	-13.10%
2022	-2.27%	+4.09%	-6.36%
2021	+51.96%	+48.31%	+3.65%
2020part	+81.33%	—	—

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

History points

1,606

Expense ratio

2.39%

AUM

₹1,736Cr

Portfolio turnover

86%

Exit load

1% if units are redeemed or switched out on or before completion of 15 days from the date of allotment. Nil thereafter.

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

40.8

P/B ratio

6.5

Avg market cap

₹78,757Cr

P/E & P/B are portfolio-weighted harmonic means across 64 of 73 equity holdings (88% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Mid Cap Fund

Compare all


Union Midcap FundThis fund Union · Regular · Growth	★★★☆☆	+4.53%	+14.20%	+12.23%	—	2.39%	₹1,736Cr
HSBC Midcap Fund HSBC · Regular · Growth	★★★★☆	+15.31%	+21.44%	—	—	2.16%	₹13,701Cr
Invesco India Mid Cap Fund Invesco · Regular · Growth	★★★★☆	+5.29%	+20.56%	+16.59%	—	1.86%	—
WhiteOak Capital Mid Cap Fund WhiteOak Capital · Regular · Growth	★★★★★	+9.17%	+18.84%	—	—	2.24%	₹5,514Cr
ICICI Prudential Mid Cap Fund ICICI Prudential · Regular · Growth	★★★☆☆	+8.48%	+18.79%	+14.49%	—	1.84%	—
Edelweiss Mid Cap Fund Edelweiss · Regular · Growth	★★★★★	+3.04%	+18.11%	+15.30%	—	1.87%	₹16,310Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 99% of the equity sleeve priced.

Large cap21.2%
Mid cap64.9%
Small cap14.0%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity98.14%
Cash & Equivalents1.80%
Debt0.06%

which companies this fund invests in

As on 31 Aug 2026 · AMC disclosure

The Federal Bank Ltd.

3.33%

One 97 Communications Ltd.

3.01%

Max Financial Services Ltd.

2.82%

Multi Commodity Exchange of India Ltd.

2.65%

Fortis Healthcare Ltd.

2.44%

IPCA Laboratories Ltd.

2.43%

Coforge Ltd.

2.29%

Nippon Life India Asset Management Ltd.

2.28%

Bharat Heavy Electricals Ltd.

2.14%

GE Vernova T&D India Ltd.

2.07%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
Union Large & Midcap Fund Union · Large & Mid Cap Fund	60.7%	★★★☆☆	1.31%	+12.40%
Union Children's Fund Union · Children’s Fund	54.3%	★★☆☆☆	1.45%	—
Bandhan Mid Cap Fund Bandhan · Mid Cap Fund	48.3%	★★★☆☆	0.76%	+17.16%
PGIM India Midcap Fund PGIM India · Mid Cap Fund	47.9%	★★☆☆☆	0.72%	+10.84%
Union Multicap Fund Union · Multi Cap Fund	47.9%	★★★☆☆	1.37%	+14.03%
Axis Midcap Fund Axis · Mid Cap Fund	47.1%	★★★☆☆	0.83%	+15.74%
Edelweiss Mid Cap Fund Edelweiss · Mid Cap Fund	45.8%	★★★★★	0.68%	+19.66%
Union ELSS Tax Saver Fund Fund Union · ELSS	45.6%!	★☆☆☆☆	1.71%	+9.60%

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

🚩Holdings under NSE surveillance (ASM)

1 holding — 1.05% of the portfolio — sit in stocks NSE currently lists under its Additional Surveillance Measure. ASM is an exchange response to unusual price or volume activity (higher margins, and trade-for-trade settlement at stage II), not a view on the company or on this fund.

PB Fintech LimitedShort-term · Stage I1.05%

Source: NSE ASM list, matched to holdings by company name — a holding whose name differs from NSE's spelling may not be matched. BSE's separate list is not covered.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-21.7%23 Sep 2024 → 28 Feb 2025
Fell over 5 months, back to the old high on 06 May 2026 — 14 months under water after the low.
-20.0%18 Oct 2021 → 20 Jun 2022
Fell over 8 months, back to the old high on 09 Sep 2022 — 3 months under water after the low.
-13.5%13 Sep 2022 → 28 Mar 2023
Fell over 6 months, back to the old high on 05 Jun 2023 — 2 months under water after the low.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

Fund size over time

Quarterly average AUM · AMFI

₹1,736Cr

April - June 2026

+8%

since January - March 2026

+₹103.68Cr

est. net flow, last quarter

At or near its largest, ₹1,736Cr in April - June 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

Union Mutual Fund is sponsored by Union Bank of India, and was branded Union KBC until its Belgian joint-venture partner exited. It runs a small equity, hybrid and debt line-up.

Launched

29 Dec 2009

Total AUM

₹28,552Cr+1.6% QoQ

Avg AUM · July - September 2026

Website

unionmf.com

Fund Managers

GCGaurav ChopraManaging since 25 Jan 2023

Role

Co - Fund Manager

Education

B.Com, Chartered Accountant and CFA (USA) – Level III Appointed cleared

Experience

Over 10 years of experience in the equity markets. Appointed as Co-Fund Manager with effect from January 25, 2023. June 2020 – January 24, 2023 with Union Asset Management Company Pvt. Ltd as Research Analyst - Equity. November 2015 to May 2020 with Centrum Portfolio Union Management Services Centrum Broking Limited as Research Analyst. March 2015 to October 2015 with Barclays Wealth Trustees (India) Private Limited as Trust Analysts. September 2011 to September 2014 with Sharp & Tanan Associates as Audit Assurance Assistant.

Funds managed (8)

All schemes Gaurav Chopra runs →

PDPratik DharmshiManaging since 09 Dec 2024

Education

Chartered Accountant, B. Com

Experience

Industry experience: Over 14 years of experience in the field Union of Equity Research and Fund Management. Appointed as Fund Manager - Equity at Union Asset Management Company Private Limited with effect from December 06, 2024. March 2023 to December 2024 with UTI Pension Fund Limited as Equity Fund Manager. August 2022 to March 2023 with Safe Enterprises as Equity Analyst. April 2022 to August 2022 with Girik Capital as Equity Analyst. August 2017 to April 2019 with Edelweiss Asset Management Company Limited as Equity Analyst and from April 2019 to February 2022 with Edelweiss Asset Management Company Limited as Equity Fund Manager. December 2013 to August 2017 with JP Morgan Private Limited as Equity Analyst. January 2011 to December 2013 with Crisil Limited as Equity Analyst. April 2010 to August 2010 with Morgan Stanley Advantage Private Limited as Equity Analyst.

Funds managed (7)

All schemes Pratik Dharmshi runs →

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Gaurav Chopra Pratik Dharmshi

Top holdings

The Federal Bank Ltd.One 97 Communications Ltd.Max Financial Services Ltd.Multi Commodity Exchange of India Ltd.Fortis Healthcare Ltd.IPCA Laboratories Ltd.Coforge Ltd.Nippon Life India Asset Management Ltd.Bharat Heavy Electricals Ltd.GE Vernova T&D India Ltd.Apar Industries Ltd.Shriram Finance Ltd.

Union in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

Run SIP calculator Add to compare

Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Mid Cap funds

Mid cap funds invest in the 101st–250th largest companies. They can grow faster than large caps but fall harder in downturns — a higher-risk, higher-reward slice of the market.

Frequently asked questions

What is the NAV of Union Midcap Fund?

As of 05 Oct 2026, the NAV of Union Midcap Fund is ₹50.09 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Union Midcap Fund delivered?

Union Midcap Fund has returned +4.53% over 1 year, +14.20% per year over 3 years, +12.23% per year over 5 years and +27.30% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of Union Midcap Fund?

Union Midcap Fund charges an expense ratio of 2.39% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of Union Midcap Fund?

Union Midcap Fund's largest holdings are The Federal Bank Ltd. (3.3%), One 97 Communications Ltd. (3.0%), Max Financial Services Ltd. (2.8%), Multi Commodity Exchange of India Ltd. (2.6%) and Fortis Healthcare Ltd. (2.4%). Holdings are disclosed monthly and change over time.

How risky is Union Midcap Fund?

Union Midcap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 16.9% and its worst peak-to-trough fall in our sample was -21.7%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What does the Sharpe ratio of 0.45 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Union Midcap Fund's 0.45 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of Union Midcap Fund?

Union Midcap Fund is benchmarked against the BSE 150 MidCap Index (TRI). Its alpha and beta on this page are measured against that index.

Who manages Union Midcap Fund?

Union Midcap Fund is managed by Gaurav Chopra and Pratik Dharmshi at Union.

How is Union Midcap Fund taxed?

Union Midcap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.