Best Large Cap Mutual Funds in August 2026

Last Reviewed and Updated: 17 Aug 2026

A data driven ranking of 35 large cap schemes, based on fund data last updated 16 August 2026

Large cap mutual funds invest predominantly in the top 100 companies by market capitalisation listed on Indian exchanges. SEBI mandates that these funds hold at least 80% of their assets in large cap stocks, making them one of the more predictable and stable equity categories available to Indian investors.

Because the eligible stock universe is tightly defined, differences in performance between funds come down largely to stock selection and weightings within that constrained universe, expense management, and manager discipline rather than bold allocation calls.

This article analyses 35 large cap schemes using data as of 16 August 2026, of which 30 have a 3 year return and 28 have a 5 year return. Five funds are too recently launched to have either. A note on the data: the source for this article includes a small number of entries that appear to be regular plan variants rather than direct plans, identifiable by their higher expense ratios and plan labels.

Where this applies it is noted in the relevant tables. All numbers are drawn directly from the fund data set. The 1 year benchmark return is 2.47%, though the 3 year and 5 year benchmark returns were not available in the source data for this update.

How These Funds Were Ranked

Rankings are shown side by side for 3 year and 5 year annualised returns. Funds appearing in the top 10 of both tables are given the most weight, as dual horizon consistency is a more reliable quality signal than high placement on a single window. Expense ratio, AUM, and 3 year Sharpe ratio are included throughout.

Top 10 Large Cap Funds: 3 Year vs 5 Year Rankings

Six funds appear in the top 10 of both the 3 year and 5 year tables: Invesco India Largecap Fund, Baroda BNP Paribas Large Cap Fund, JM Large Cap Fund, ICICI Prudential Large Cap Fund, Bandhan Large Cap Fund, and Bank of India Large Cap Fund. These six represent the most consistent performers across both time horizons available in this data set.

Ranked by 3 Year Annualised Return

Rank	Fund	3Y Return	AUM
1	Quant Large Cap Fund	16.26%	₹3,590.61 Cr
2	Invesco India Largecap Fund	15.97%	₹1,847.38 Cr
3	WhiteOak Capital Large Cap Fund	15.49%	₹1,210.12 Cr
4	Bank of India Large Cap Fund	15.18%	₹223.11 Cr
5	Bandhan Large Cap Fund	14.64%	₹2,060.88 Cr
6	Taurus Largecap Equity Fund	14.35%	₹51.88 Cr
7	Baroda BNP Paribas Large Cap Fund	13.86%	₹2,632.10 Cr
8	JM Large Cap Fund	13.26%	₹409.12 Cr
9	ICICI Prudential Large Cap Fund	13.16%	₹80,961.55 Cr
10	Groww Large Cap Fund	13.08%	₹136.12 Cr

30 of the 35 funds have a 3 year return. NA* indicates insufficient track record. The 3 year category benchmark return was not available in the source data for this update. Quant Large Cap Fund's expense ratio of 1.47% is noted as unusually high for a large cap fund and should be verified against the fund house's current scheme information document before investing.

Ranked by 5 Year Annualised Return

Rank	Fund	5Y Return	AUM
1	Nippon India Large Cap Fund	14.15%	₹54,224.57 Cr
2	Invesco India Largecap Fund	13.06%	₹1,847.38 Cr
3	ICICI Prudential Large Cap Fund	12.92%	₹80,961.55 Cr
4	HDFC Large Cap Fund	12.73%	₹40,197.89 Cr
5	Baroda BNP Paribas Large Cap Fund	12.49%	₹2,632.10 Cr
6	JM Large Cap Fund	12.41%	₹409.12 Cr
7	Bandhan Large Cap Fund	12.31%	₹2,060.88 Cr
8	Edelweiss Large Cap Fund	11.71%	₹1,443.24 Cr
9	Bank of India Large Cap Fund	11.51%	₹223.11 Cr
10	Tata Large Cap Fund	11.40%	₹2,783.80 Cr

28 of the 35 funds have a 5 year return. HDFC Large Cap Fund is listed under its growth variant which may reflect a regular plan entry in the source data. The 5 year category benchmark return was not available in the source data.

A Closer Look at the Top Performers

1. Quant Large Cap Fund: Leads 3 Year Returns, but Cost Needs Scrutiny

Quant Large Cap Fund leads the 3 year return table at 16.26%, ahead of its nearest peer by 0.29 percentage points.

However, it carries an expense ratio of 1.47% in this data set, which is significantly higher than the 0.40% to 0.80% range typical for direct plan large cap funds.

Investors should verify the current expense ratio directly against the fund's scheme information document before investing, and should also note the absence of a 5 year track record.

The Sharpe ratio of 0.50 is mid range, suggesting the strong 3 year returns have come with proportionate volatility rather than exceptional risk control.

2. Invesco India Largecap Fund: Most Consistent Across Both Horizons

Invesco India Largecap Fund, managed by Hiten Jain, ranks 2nd on the 3 year table (15.97%) and 2nd on the 5 year table (13.06%), making it the most consistently placed fund across both time periods in this data set.

Its Sharpe ratio of 0.58 is the second highest in the category, and its expense ratio of 0.67% is reasonable.

At Rs 1,847.38 Cr in AUM, the fund remains relatively compact, giving the manager flexibility to act on conviction within the large cap universe.

On the full combination of return consistency, risk adjusted performance, and cost, Invesco India Largecap Fund is the most well rounded option in this data set.

3. WhiteOak Capital Large Cap Fund: Highest Sharpe Ratio, No 5 Year History

WhiteOak Capital Large Cap Fund, managed by Ramesh Mantri, ranks 3rd on the 3 year table (15.49%) and carries the highest Sharpe ratio in the category at 0.63, meaning it has delivered the best return per unit of risk over the 3 year period. Its expense ratio of 0.54% is among the more competitive in the category.

The absence of a 5 year track record limits the ability to assess longer term consistency, but the 3 year profile on both return and risk adjusted terms is one of the strongest in this data set.

4. Nippon India Large Cap Fund: Leads 5 Year Table With Scale

Nippon India Large Cap Fund leads the 5 year return table at 14.15%, a clear margin of 0.09 percentage points above second placed Invesco India.

However, its 3 year return of 12.35% ranks only 15th in the category, a meaningful loss of relative performance in the more recent window. At Rs 54,224.57 Cr in AUM, the fund carries significant scale.

Its expense ratio of 1.22% in this data set is noted as potentially reflecting a regular plan variant rather than direct plan pricing, and investors should verify this before investing.

5. ICICI Prudential Large Cap Fund: Scale and Dual Horizon Consistency

With Rs 80,961.55 Cr in AUM, ICICI Prudential Large Cap Fund is the largest fund in this data set by a substantial margin. It ranks 9th on the 3 year table (13.16%) and 3rd on the 5 year table (12.92%), confirming sustained execution over time.

A Sharpe ratio of 0.50 and an expense ratio of 0.71% round out a credible profile.

For investors who weight institutional scale and long operational track record alongside solid returns, ICICI Prudential Large Cap Fund is among the most defensible choices in the category.

Best Risk Adjusted Returns: Highest Sharpe Ratio

The Sharpe ratio measures return per unit of risk over the 3 year period. A higher score indicates the fund generated more return for each unit of volatility experienced by investors.

Fund	3Y Sharpe Ratio	3Y Return
WhiteOak Capital Large Cap Fund	0.63	15.49%
Invesco India Largecap Fund	0.58	15.97%
Bandhan Large Cap Fund	0.53	14.64%
Taurus Largecap Equity Fund	0.53	14.35%
Quant Large Cap Fund	0.50	16.26%
ICICI Prudential Large Cap Fund	0.50	13.16%

WhiteOak Capital leads the Sharpe table at 0.63 and also ranks 3rd by 3 year return, making it one of the few funds in this data set where strong absolute returns and strong risk adjusted returns coincide.

Invesco India is close behind at 0.58 and also ranks 2nd by return. Taurus Largecap Equity Fund shares a Sharpe ratio of 0.53 with Bandhan, but its 1.89% expense ratio, the highest in the category, makes it a poor net return proposition for investors despite its gross return ranking.

Lowest Cost Large Cap Funds

In a category where most funds hold broadly similar large cap stocks, cost control is one of the clearest determinants of long term net return. Several funds in this data set carry expense ratios well above the 0.50% to 0.75% range typical for direct plan large cap funds, including a number of regular plan entries in the source data.

Fund	Expense Ratio	3Y Return
Parag Parikh Large Cap Fund	0.14%	NA*
Canara Robeco Large Cap Fund	0.46%	12.45%
JioBlackRock Large Cap Fund	0.50%	NA*
Mirae Asset Large Cap Fund	0.50%	10.72%
Bajaj Finserv Large Cap Fund	0.52%	NA*
WhiteOak Capital Large Cap Fund	0.54%	15.49%
Sundaram Large Cap Fund	0.60%	9.73%

NA* indicates the fund does not yet have a 3 year track record. Mirae Asset is listed as a regular plan variant in the source data, which may account for its expense ratio level.

Parag Parikh Large Cap Fund remains the lowest cost option in the category at 0.14% but does not yet have return data for comparison. Among funds with a proven track record, Canara Robeco at 0.46% and WhiteOak Capital at 0.54% offer the strongest combination of competitive cost and established returns.

Canara Robeco's 12.45% 3 year return is below the top 10 but above the category median, while WhiteOak Capital ranks 3rd on 3 year returns at 15.49%, making it the best cost adjusted performer among funds with data.

The Largest Large Cap Funds by AUM

The six largest funds together manage over Rs 2,80,000 Cr, representing the dominant share of the large cap category by assets.

Fund	AUM	3Y Return	5Y Return
ICICI Prudential Large Cap Fund	₹80,961.55 Cr	13.16%	12.92%
SBI Large Cap Fund	₹55,430.76 Cr	11.11%	10.97%
Nippon India Large Cap Fund	₹54,224.57 Cr	12.35%	14.15%
HDFC Large Cap Fund	₹40,197.89 Cr	11.34%	12.73%
Mirae Asset Large Cap Fund	₹38,379.27 Cr	10.72%	9.89%
Axis Large Cap Fund	₹31,631.85 Cr	11.24%	7.89%

ICICI Prudential is the standout among the large funds, combining the biggest AUM with returns that rank in the top 10 on both horizons. SBI Large Cap Fund, the second largest, delivers 11.11% over 3 years, placing it in the lower half of the return table.

Mirae Asset and Axis Large Cap Fund post the weakest 3 year and 5 year returns among the six largest funds, with Axis carrying a particularly weak 5 year return of 7.89%, well below the category median.

Nippon India is the most interesting large fund: it ranks only 15th by 3 year return (12.35%) but leads the 5 year table (14.15%), suggesting a strong earlier performance track record that has softened in the more recent period.

Funds to Approach With Caution on Cost

Several funds in this data set carry expense ratios that stand out as significantly above the reasonable range for large cap equity funds. These are worth flagging explicitly because expense drag compounds directly into lower net returns for investors, and in a category where most funds hold overlapping stocks, there is little justification for paying a premium.

Fund	Expense Ratio	Note
Samco Large Cap Fund	2.01%	Highest expense in category, no return data
Taurus Largecap Equity Fund	1.89%	Strong gross return but cost severely erodes net outcome
Quant Large Cap Fund	1.47%	Verify if this reflects direct plan pricing
HSBC Large Cap Fund	1.48%	Likely regular plan entry in source data
DSP Large Cap Fund	1.37%	Explicitly labelled regular plan in source data
LIC MF Large Cap Fund	1.41%	Below median return at above median cost

Taurus Largecap Equity Fund deserves particular attention. Despite a 14.35% 3 year return that ranks 6th in the category, its 1.89% expense ratio means investors are surrendering nearly 2% of their portfolio value annually to the fund house.

At a 0.54% to 0.67% expense ratio, a comparable large cap fund with similar gross returns would deliver meaningfully better net returns over a 10 to 15 year holding period.

DSP and HSBC entries in this data set are likely regular plan variants given their expense levels and plan labels, and investors should confirm they are comparing direct plan options when making fund selection decisions.

What These Funds Actually Hold

Because SEBI mandates at least 80% in large cap stocks, portfolios across this category are structurally similar. HDFC Bank, ICICI Bank, Reliance Industries, and Infosys appear among the top three holdings across the majority of funds reviewed. Larsen and Toubro, Bharti Airtel, ITC, Tata Consultancy Services, Axis Bank, and State Bank of India also feature frequently in the top 10 holdings.

The remaining 20% discretionary allocation and the relative weightings within the large cap universe are where fund managers can differentiate, which explains the modest but real return differences across funds.

Funds with stronger recent returns such as Quant, Invesco India, and WhiteOak Capital tend to run more concentrated top 10 holdings and take more deliberate sector tilts, particularly toward capital goods, healthcare, and consumer discretionary outside the dominant banking and technology names.

Funds with larger AUM such as SBI, Mirae Asset, and HDFC tend to hold broader, more index like portfolios, which has constrained both upside and downside relative to the more concentrated peers.

Things to Consider Before Investing

• Verify expense ratios directly before investing. This data set includes entries that appear to be regular plan variants with higher expense ratios, including DSP (1.37%, explicitly labelled regular plan) and HSBC (1.48%). Always confirm you are investing in the direct plan and cross check the current expense ratio against the fund's scheme information document or the AMC website.

• The 3 year benchmark return was not available in the source data for this update. Investors should check current Nifty 100 TRI or BSE 100 TRI returns independently to assess how many funds have actually outperformed the passive benchmark after costs. In the June 2026 data, the 3 year benchmark was 13.42%, meaning several funds now appearing in the top 10 on gross returns would have been near or below benchmark after deducting higher expense ratios.

• Invesco India Largecap Fund is the most defensible choice on combined merit. It ranks in the top 2 on both the 3 year and 5 year tables, carries the second highest Sharpe ratio, and charges a reasonable 0.67% expense ratio in direct plan form.

• Nippon India Large Cap Fund leads the 5 year table but ranks only 15th by 3 year returns. Its expense ratio of 1.22% in this data set likely reflects a regular plan entry. Investors interested in Nippon India should verify the direct plan expense ratio, which is typically significantly lower.

• The five funds with no return data include some worth monitoring as their histories build. Parag Parikh Large Cap Fund at 0.14% remains the lowest cost option in the category. JioBlackRock at 0.50% and Bajaj Finserv at 0.52% are also competitively priced newer entrants.

• Axis Large Cap Fund, the 6th largest fund at Rs 31,631.85 Cr, has delivered a 5 year return of just 7.89%, the weakest 5 year result in this data set. The combination of very large AUM and sustained underperformance over 5 years suggests this fund is not deploying its scale to investor advantage.

Full Fund Universe: Quick Reference

Fund	3Y Return	5Y Return	Expense Ratio	AUM
Quant Large Cap Fund	16.26%	NA*	1.47%	₹3,590.61 Cr
Invesco India Largecap Fund	15.97%	13.06%	0.67%	₹1,847.38 Cr
WhiteOak Capital Large Cap Fund	15.49%	NA*	0.54%	₹1,210.12 Cr
Bank of India Large Cap Fund	15.18%	11.51%	0.87%	₹223.11 Cr
Bandhan Large Cap Fund	14.64%	12.31%	0.77%	₹2,060.88 Cr
Taurus Largecap Equity Fund	14.35%	11.08%	1.89%	₹51.88 Cr
Baroda BNP Paribas Large Cap Fund	13.86%	12.49%	0.67%	₹2,632.10 Cr
JM Large Cap Fund	13.26%	12.41%	1.12%	₹409.12 Cr
ICICI Prudential Large Cap Fund	13.16%	12.92%	0.71%	₹80,961.55 Cr
Groww Large Cap Fund	13.08%	10.91%	1.12%	₹136.12 Cr
DSP Large Cap Fund	12.62%	10.86%	1.37%	₹7,227.85 Cr
Kotak Large Cap Fund	12.55%	11.25%	0.67%	₹11,028.06 Cr
Tata Large Cap Fund	12.51%	11.40%	0.82%	₹2,783.80 Cr
Canara Robeco Large Cap Fund	12.45%	10.84%	0.46%	₹17,135.79 Cr
Nippon India Large Cap Fund	12.35%	14.15%	1.22%	₹54,224.57 Cr
HSBC Large Cap Fund	12.26%	10.88%	1.48%	₹1,839.33 Cr
Edelweiss Large Cap Fund	12.13%	11.71%	0.98%	₹1,443.24 Cr
ITI Large Cap Fund	11.97%	10.55%	1.08%	₹367.41 Cr
Franklin India Large Cap Fund	11.86%	9.75%	0.94%	₹7,488.46 Cr
Aditya Birla Sun Life Large Cap Fund	11.80%	10.91%	0.81%	₹29,944.14 Cr
HDFC Large Cap Fund	11.34%	12.73%	1.03%	₹40,197.89 Cr
Mahindra Manulife Large Cap Fund	11.33%	10.52%	0.64%	₹699.82 Cr
Axis Large Cap Fund	11.24%	7.89%	0.98%	₹31,631.85 Cr
SBI Large Cap Fund	11.11%	10.97%	0.86%	₹55,430.76 Cr
Mirae Asset Large Cap Fund	10.72%	9.89%	0.50%	₹38,379.27 Cr
Union Largecap Fund	9.99%	9.34%	1.34%	₹436.67 Cr
LIC MF Large Cap Fund	9.87%	8.47%	1.41%	₹1,387.49 Cr
Sundaram Large Cap Fund	9.73%	9.89%	0.60%	₹3,099.07 Cr
UTI Large Cap Fund	9.60%	8.79%	1.09%	₹12,303.14 Cr
PGIM India Large Cap Fund	9.23%	8.44%	1.04%	₹539.47 Cr
Bajaj Finserv Large Cap Fund	NA*	NA*	0.52%	₹1,671.20 Cr
Motilal Oswal Large Cap Fund	NA*	NA*	0.92%	₹3,219.88 Cr
Parag Parikh Large Cap Fund	NA*	NA*	0.14%	₹834.59 Cr
JioBlackRock Large Cap Fund	NA*	NA*	0.50%	₹45.25 Cr
Samco Large Cap Fund	NA*	NA*	2.01%	₹102.45 Cr

Table sorted by 3 year return. NA* indicates insufficient track record. Several entries including DSP and HSBC may reflect regular plan data in the source; Nippon India, HDFC, and Mirae Asset expense ratios should also be verified against direct plan pricing before investing.

This article is based on fund data as of 16 August 2026 and is intended for informational purposes only and is not investment advice. Mutual fund investments are subject to market risks and past performance does not guarantee future returns. Some expense ratios in the source data may reflect regular plan variants rather than direct plan pricing; investors should verify current direct plan expense ratios against the fund's scheme information document before investing. Always consult a SEBI registered financial advisor before making investment decisions.

Disclaimer

The content on this website is for informational and educational purposes only and should not be construed as investment advice, a recommendation, or a solicitation to buy or sell any security, mutual fund, or financial instrument. Equity Research India is not a SEBI-registered investment advisor or research analyst, and nothing on this site constitutes personalized financial advice.

Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully before investing. Past performance is not indicative of future returns. NAV, returns, rankings, and other data may change and may not reflect the most current information at the time of reading.

Readers should conduct their own due diligence and consult a SEBI-registered financial advisor before making any investment decisions. Equity Research India and its authors accept no liability for any loss or damage arising from the use of this content.