Large and Mid-Cap Funds are open-ended equity mutual funds that allocate a minimum of 35% of their total assets to both large-cap and mid-cap stocks, providing an opportunity to invest in the largest 250 companies in India.
Long Horizon
30 Funds
₹2,72,780 Cr Total AUM
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| Fund name | Fund size | Expense Ratio | 3Y Returns  |
|---|---|---|---|
 Motilal Oswal Large and Midcap Fund Direct Growth Large & Mid-Cap Very High Risk | ₹6,500 Cr | 0.51% | 26.8% |
 Quant Large and Mid Cap Fund Direct Growth Large & Mid-Cap Very High Risk | ₹3,827 Cr | 0.61% | 25.7% |
 Bandhan Core Equity Fund Direct Growth Large & Mid-Cap Very High Risk | ₹6,982 Cr | 0.62% | 24.3% |
 ICICI Prudential Large & Mid Cap Fund Direct Growth Large & Mid-Cap Very High Risk | ₹17,464 Cr | 0.8% | 22.0% |
 Invesco India Growth Opportunities Fund Direct Growth Large & Mid-Cap Very High Risk | ₹6,493 Cr | 0.64% | 21.7% |
 UTI Core Equity Fund Direct Growth Large & Mid-Cap Very High Risk | ₹4,086 Cr | 1.11% | 21.7% |
 HDFC Large and Mid Cap Fund Direct Growth Large & Mid-Cap Very High Risk | ₹24,508 Cr | 0.84% | 21.5% |
 Kotak Equity Opportunities Fund Direct Growth Large & Mid-Cap Very High Risk | ₹26,175 Cr | 0.48% | 21.0% |
 Nippon India Vision Fund Direct Growth Large & Mid-Cap Very High Risk | ₹5,618 Cr | 1.48% | 19.8% |
 DSP Equity Opportunities Fund Direct Growth Large & Mid-Cap Very High Risk | ₹14,485 Cr | 0.71% | 19.8% |
Identify red flags in your mutual funds and how to fix them
As per the SEBI's classification, large and mid-cap mutual funds are equity funds that invest at least 35% of their assets in large cap and mid cap stocks each.
Large-cap companies are the top 100 listed companies by market capitalisation. Mid caps are the next 150 (101-250) ranked based on market capitalisation.
Large-cap stocks offer stability, while mid-cap stocks offer higher growth potential. Thus, by investing in large and mid-cap funds, you get a good mix of these features.
A pure large cap mutual fund has to primarily allocate to 100 stocks (the large cap universe). A pure mid cap mutual fund has to primarily allocate to 150 stocks (the mid cap universe).
However, a large and midcap can tap into both large cap and mid cap universes. This has two benefits:
Large caps offer stability but haven’t grown as quickly as mid caps. Mid caps offer high growth potential but can be quite volatile.
The category helps bridge the gap between pure large-cap and mid-cap funds.
The table below summarises the returns of large-cap, mid-cap, and large & midcap indices over 5, 10 and 15 years (ending Sep 29, 2023)
| Index Annual Returns | 5Y | 10Y | 15Y |
| Nifty LargeMidcap 250 | 17.1% | 18.7% | 15.6% |
| Nifty 100 | 13.2% | 14.7% | 13.1% |
| Nifty Midcap 150 | 20.9% | 22.4% | 18.1% |
Source: NSE
Here, the returns are higher than the Nifty 100 but lower than the Nifty Midcap 150.
In the long term, the large and midcap index has been less volatile than pure large-cap and mid-cap indices.
| Index Volatility | 5Y | 10Y | 15Y |
| Nifty LargeMidcap 250 | 18.4% | 16.4% | 19.0% |
| Nifty 100 | 18.9% | 16.4% | 19.8% |
| Nifty Midcap 150 | 19.0% | 17.5% | 19.5% |
Source: NSE
In short: Large & mid-cap funds have the potential to generate high returns with lower volatility than pure large-cap and mid-cap funds as seen in the past performance of the benchmark indices.
Though large and mid-cap funds are all about stability and high growth potential, it may not hold true in the short term.
In the short term, depending on the market conditions, your equity returns may be surprisingly good or surprisingly bad. That’s the volatile nature of equities in the short-term.
Hence, it is advised to invest in equities like large and mid cap funds over the long-term (5+ years) and avoid investing for the short term (up to 3 years)
The answer largely depends on your investment goals and risk appetite. Large and mid-cap funds are high-risk investments. Thus, you can consider investing in large and mid-cap funds if you are looking for:
Large and mid-cap funds are suitable for investors who want to grow their wealth in the long term. These funds are suitable for long-term goals such as buying a house, retirement, etc.
Large and mid-cap funds can offer better returns potential than pure large-cap funds in the long run at similar risk levels.
You may want to invest in mid cap funds but probably don’t have the risk appetite to invest in a fund that invests primarily in mid caps.
Investing in a diversified large and mid cap fund can get you some mid cap exposure without exposing you to the very high risk of pure mid cap mutual funds.
Note: The above information is for educational purposes only. It is best to consult a financial advisor before making investment decisions.
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Hybrid funds are a combination of equity and debt investments. The blend of these asset classes varies based on the fund's investment goals.
Debt Mutual Funds invest in fixed-income securities such as government bonds, corporate bonds, treasury bills, and other money market instruments.
