Best Performing Large and Mid Cap Mutual Funds in July 2026

Last Reviewed and Updated: 17 Aug 2026

A data driven ranking of 33 direct growth large and mid cap schemes, based on fund data last updated 19 July 2026

Note: this ranking uses fund data from July 2026, close to the time of this review but still subject to change. Fund rankings by trailing return can shift meaningfully over even a few weeks; treat the specific ranks and figures below as a snapshot rather than a current leaderboard, and check a live screener for up to date numbers before acting.

Large and mid cap funds occupy a distinctive space in the Indian mutual fund landscape. SEBI mandates that these schemes hold a minimum of 35% each in large cap stocks (top 100 companies by market capitalisation) and mid cap stocks (101st to 250th companies by market capitalisation), with the remaining 30% left to the fund manager's discretion. This structure gives investors the stability of large cap exposure alongside the higher growth potential of mid cap companies, without the full volatility of a pure mid cap fund.

This article analyses 33 direct growth large and mid cap schemes using data as of 19 July 2026. Of the 33 funds, 26 have a 3 year return, 26 have a 5 year return, and 7 are too recently launched to have either. All numbers are drawn directly from the fund data set. The 3 year category benchmark return is 14.87% and the 5 year benchmark return is 14.25%, providing a reference point for how strongly individual funds have outperformed.

How These Funds Were Ranked

Rankings are shown side by side across two separate horizons: 3 year and 5 year annualised returns. Investors can judge each fund against whichever period matches their own timeline. Expense ratio, AUM, and 3 year Sharpe ratio are included throughout for context on cost, scale, and risk adjusted performance.

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

The two leaderboards below reflect the same category over different time windows. Eight funds appear in the top 10 of both tables, indicating broad category outperformance rather than narrow short term strength.

Ranked by 3 Year Annualised Return

Rank	Fund	3Y Return	5Y Return	Expense Ratio	AUM	Sharpe
1	Invesco India Large&MidCap Fund Direct Plan Growth	24.66%	18.61%	0.54%	₹11,164.32 Cr	0.97
2	Motilal Oswal Large and Midcap Fund Direct Growth	23.26%	20.16%	0.90%	₹18,413.16 Cr	0.84
3	Bandhan Large & Mid Cap Fund Direct Plan Growth	20.44%	17.97%	0.45%	₹18,783.25 Cr	0.90
4	HSBC Large and Mid Cap Fund Direct Growth	19.11%	16.20%	0.66%	₹5,343.69 Cr	0.76
5	Quant Large and Mid Cap Fund Direct Plan Growth	17.83%	17.48%	1.22%	₹3,449.51 Cr	0.65
6	ICICI Prudential Large & Mid Cap Fund Direct Plan Growth	17.80%	18.16%	0.67%	₹30,971.14 Cr	0.79
7	UTI Large & Mid Cap Fund Growth Option Direct	17.64%	15.67%	1.03%	₹6,217.83 Cr	0.77
8	Nippon India Vision Large & Mid Cap Fund Direct Plan Growth Plan	17.14%	15.27%	0.97%	₹7,459.12 Cr	0.72
9	DSP Large & Mid Cap Fund Direct Plan Growth	16.94%	13.86%	0.53%	₹17,905.88 Cr	0.70
10	Edelweiss Large & Mid Fund Direct Plan Growth Option	16.26%	14.67%	0.52%	₹4,683.36 Cr	0.66

26 of the 33 funds in the data set have a 3 year return.

Ranked by 5 Year Annualised Return

Rank	Fund	5Y Return	3Y Return	Expense Ratio	AUM	Sharpe
1	Motilal Oswal Large and Midcap Fund Direct Growth	20.16%	23.26%	0.90%	₹18,413.16 Cr	0.84
2	Invesco India Large&MidCap Fund Direct Plan Growth	18.61%	24.66%	0.54%	₹11,164.32 Cr	0.97
3	ICICI Prudential Large & Mid Cap Fund Direct Plan Growth	18.16%	17.80%	0.67%	₹30,971.14 Cr	0.79
4	Bandhan Large & Mid Cap Fund Direct Plan Growth	17.97%	20.44%	0.45%	₹18,783.25 Cr	0.90
5	Quant Large and Mid Cap Fund Direct Plan Growth	17.48%	17.83%	1.22%	₹3,449.51 Cr	0.65
6	HDFC Large and Mid Cap Fund Direct Growth	16.45%	15.83%	0.90%	₹29,284.71 Cr	0.62
7	HSBC Large and Mid Cap Fund Direct Growth	16.20%	19.11%	0.66%	₹5,343.69 Cr	0.76
8	UTI Large & Mid Cap Fund Growth Option Direct	15.67%	17.64%	1.03%	₹6,217.83 Cr	0.77
9	Kotak Large & Midcap Direct Growth	15.59%	16.21%	0.57%	₹31,262.72 Cr	0.66
10	Nippon India Vision Large & Mid Cap Fund Direct Plan Growth Plan	15.27%	17.14%	0.97%	₹7,459.12 Cr	0.72

26 of the 33 funds in the data set have a 5 year track record; the rest were launched too recently.

Eight funds place in the top 10 of both lists: Invesco India Large&MidCap, Motilal Oswal Large and Midcap, Bandhan Large & Mid Cap, HSBC Large and Mid Cap, Quant Large and Mid Cap, ICICI Prudential Large & Mid Cap, UTI Large & Mid Cap, and Nippon India Vision Large & Mid Cap.

That level of overlap is unusually broad for this category, suggesting the strongest funds have sustained their edge across market cycles rather than benefiting from a single strong year. All returns are direct plan, growth option figures, measured predominantly against the Nifty LargeMidcap 250 TRI (the 3 year category benchmark return is 14.87% and the 5 year benchmark return is 14.25%).

A Closer Look at the Top Performers

1. Invesco India Large&MidCap Fund: Leads Both the Return and Risk Adjusted Tables

Invesco India Large&MidCap Fund, managed by Aditya Khemani, tops the 3 year table at 24.66% and also posts the best 3 year Sharpe ratio in the category at 0.97, an unusual combination of leading return and leading risk efficiency at once. Its top 10 holdings sit at 53.41% of the portfolio, led by Max Healthcare Institute (7.76%), Eternal (7.38%), and InterGlobe Aviation (7.14%), a healthcare and consumer services tilt that has clearly worked in its favour over this window. Its 3 year Beta of 1.07 and tracking error of 7.12 point to a fund willing to deviate meaningfully from its benchmark's composition.

2. Motilal Oswal Large and Midcap Fund: Best 5 Year Return

Motilal Oswal Large and Midcap Fund, managed by Ankit Agarwal, leads the 5 year table at 20.16% while also placing second on the 3 year list at 23.26%, backed by ₹18,413.16 Cr in assets. Its portfolio carries the highest Beta (1.17) and tracking error (10.69) among the category's leaders, reflecting a genuinely active approach: top holdings include Eternal (5.05%), CG Power & Industrial (5.02%), and a scattering of names like Suzlon Energy and One97 Communications that few large and mid cap peers hold at similar weights.

3. Bandhan Large & Mid Cap Fund: Strong Returns at the Lowest Cost Among Leaders

Bandhan Large & Mid Cap Fund, managed by Manish Gunwani, combines a 20.44% 3 year return and 17.97% 5 year return with the lowest expense ratio (0.45%) of any fund in the category's top 10, and the second best Sharpe ratio (0.90). Unlike Invesco and Motilal Oswal, its top 10 holdings make up just 26.73% of the portfolio, a notably diversified stance built around mainstream financial names like HDFC Bank (4.72%) and ICICI Bank (3.36%) rather than concentrated, high conviction bets.

4. HSBC Large and Mid Cap Fund: Consistent Across Both Horizons

HSBC Large and Mid Cap Fund, managed by Cheenu Gupta, ranks fourth on both the 3 year (19.11%) and 5 year (16.20%) tables, with the highest 1 year return (11.41%) among the category's top performers. Its portfolio leans toward newer economy names, including Billionbrains Garage, FSN E-Commerce Ventures, and Lenskart Solutions, alongside more traditional holdings like ICICI Bank (7.34%), a blend that has delivered steady placement on both leaderboards rather than a standout lead on either.

5. ICICI Prudential Large & Mid Cap Fund: Scale and Consistency

ICICI Prudential Large & Mid Cap Fund, managed by Lalit Kumar, sits in the top 10 on both horizons (17.80% over 3 years, 18.16% over 5 years) while managing ₹30,971.14 Cr, among the larger funds in this category. It carries the lowest Beta (0.86) of the top 5 funds profiled here, alongside the most granular, least concentrated top 10 holdings list among them at 30.17%, led by SBI Cards and Payment Services (4.73%) rather than a single dominant position.

Best Risk Adjusted Returns: Highest Sharpe Ratio

The Sharpe ratio measures how much return a fund generated per unit of risk taken, where a higher number means the fund's gains came with comparatively less volatility.

Fund	3Y Sharpe Ratio	3Y Return
Invesco India Large&MidCap Fund	0.97	24.66%
Bandhan Large & Mid Cap Fund	0.90	20.44%
Motilal Oswal Large and Midcap Fund	0.84	23.26%
ICICI Prudential Large & Mid Cap Fund	0.79	17.80%
UTI Large & Mid Cap Fund	0.77	17.64%

Invesco India Large&MidCap Fund's position at the top of both the return and risk adjusted tables is rare in this data set. Most other funds trade off one for the other, most notably Motilal Oswal Large and Midcap, which ranks second on 5 year return but fourth on Sharpe ratio owing to its higher volatility.

Lowest Cost Large and Mid Cap Funds

Expense ratio compounds over time, so it's worth weighing alongside returns:

Fund	Expense Ratio	3Y Return
Mahindra Manulife Large & Mid Cap Fund Direct Growth	0.44%	14.08%
Bandhan Large & Mid Cap Fund Direct Plan Growth	0.45%	20.44%
Whiteoak Capital Large & Mid Cap Fund Direct Growth	0.47%	N/A*
Mirae Asset Large & Midcap Fund Direct Plan Growth	0.49%	14.75%
Canara Robeco Large and Mid Cap Fund Direct Plan Growth Option	0.50%	13.91%

*N/A: Whiteoak Capital Large & Mid Cap Fund was launched in December 2023 and does not yet have a 3 year return.

Bandhan Large & Mid Cap Fund stands out here too, combining the second lowest expense ratio in the category with a top 3 year return, a combination that is relatively rare across this data set.

The Largest Large and Mid Cap Funds by AUM

Size doesn't guarantee better returns, but the largest funds tend to attract assets for a reason, including long track records, brand trust, or consistent past performance:

Fund	AUM	3Y Return	5Y Return
Mirae Asset Large & Midcap Fund Direct Plan Growth	₹44,048.03 Cr	14.75%	12.92%
SBI Large & Midcap Fund Direct Growth	₹40,849.93 Cr	15.15%	14.86%
Kotak Large & Midcap Direct Growth	₹31,262.72 Cr	16.21%	15.59%
ICICI Prudential Large & Mid Cap Fund Direct Plan Growth	₹30,971.14 Cr	17.80%	18.16%
HDFC Large and Mid Cap Fund Direct Growth	₹29,284.71 Cr	15.83%	16.45%

ICICI Prudential and HDFC are worth flagging separately, since both combine substantial scale with returns that still rank among the category's stronger performers on both horizons, unlike Mirae Asset and SBI, the two largest funds by assets, which post more middling returns relative to the category leaders.

What These Funds Actually Hold

Across the data set, large and mid cap portfolios average 97.2% in equity, with cash making up most of the remainder. HDFC Bank and ICICI Bank dominate the top holdings list, appearing among the top five holdings in most funds reviewed, followed by State Bank of India, Axis Bank, and The Federal Bank as recurring names, reflecting the category's continued heavy tilt toward financials across both the large and mid cap sleeves.

Concentration varies substantially: from ITI Large & Mid Cap Fund's top 10 holdings at just 19.31% of the portfolio to Quant Large and Mid Cap Fund's 66.61%, the widest range seen across the categories in this series. Funds with the strongest recent returns, Invesco India Large&MidCap and Motilal Oswal Large and Midcap among them, tend to carry higher concentration and a tilt toward newer economy and mid cap names, which amplifies both upside and downside.

Things to Consider Before Investing

· This category swings more than large cap alone. Beta ranges from 0.83 to 1.17 and tracking error from 1.98 to 10.69 across the data set, a wider spread than seen in pure large cap funds, reflecting the mid cap sleeve's added volatility.

· Seven funds in the data set, including Whiteoak Capital Large & Mid Cap and several others launched in 2024 or 2025, don't yet have a 3 year or 5 year history. That's not disqualifying, but it does mean less data to evaluate how the fund manager handled a full market cycle.

· Expense ratio compounds. The gap between the cheapest fund in this category (0.44%) and the priciest (Quant Large and Mid Cap at 1.22%, LIC MF Large & Mid Cap at 1.87%) is large enough to meaningfully affect long term net returns.

· Concentration is a double edged sword. Funds with higher top 10 holding concentration, such as Quant Large and Mid Cap (66.61%) and Invesco India Large&MidCap (53.41%), have delivered higher returns in this data set but also carry higher tracking error and Beta, meaning bigger swings relative to the benchmark in both directions.

· Risk adjusted return isn't the same as raw return. Bandhan Large & Mid Cap posts the second best Sharpe ratio in the set while ranking third on raw 3 year return, useful for investors who would rather smooth the ride than chase the highest headline number.

Full Fund Universe: Quick Reference

Fund	3Y Return	5Y Return	Expense Ratio	AUM
Invesco India Large&MidCap Fund Direct Plan Growth	24.66%	18.61%	0.54%	₹11,164.32 Cr
Motilal Oswal Large and Midcap Fund Direct Growth	23.26%	20.16%	0.90%	₹18,413.16 Cr
Bandhan Large & Mid Cap Fund Direct Plan Growth	20.44%	17.97%	0.45%	₹18,783.25 Cr
HSBC Large and Mid Cap Fund Direct Growth	19.11%	16.20%	0.66%	₹5,343.69 Cr
Quant Large and Mid Cap Fund Direct Plan Growth	17.83%	17.48%	1.22%	₹3,449.51 Cr
ICICI Prudential Large & Mid Cap Fund Direct Plan Growth	17.80%	18.16%	0.67%	₹30,971.14 Cr
UTI Large & Mid Cap Fund Growth Option Direct	17.64%	15.67%	1.03%	₹6,217.83 Cr
Nippon India Vision Large & Mid Cap Fund Direct Plan Growth Plan	17.14%	15.27%	0.97%	₹7,459.12 Cr
DSP Large & Mid Cap Fund Direct Plan Growth	16.94%	13.86%	0.53%	₹17,905.88 Cr
Edelweiss Large & Mid Fund Direct Plan Growth Option	16.26%	14.67%	0.52%	₹4,683.36 Cr
Axis Large & Mid Cap Fund Direct Growth	16.22%	13.84%	0.66%	₹16,469.27 Cr
Kotak Large & Midcap Direct Growth	16.21%	15.59%	0.57%	₹31,262.72 Cr
LIC MF Large & Mid Cap Direct Growth	15.89%	13.74%	1.87%	₹3,092.95 Cr
HDFC Large and Mid Cap Fund Direct Growth	15.83%	16.45%	0.90%	₹29,284.71 Cr
Bank of India Large & Mid Cap Fund Direct Plan Growth	15.76%	13.27%	0.97%	₹491.08 Cr
Baroda BNP Paribas Large and Mid Cap Fund Direct Growth	15.41%	15.18%	0.71%	₹1,794.44 Cr
Sundaram Large and Mid Cap Direct Plan Growth Option	15.30%	14.15%	0.77%	₹6,990.73 Cr
SBI Large & Midcap Fund Direct Growth	15.15%	14.86%	0.75%	₹40,849.93 Cr
Mirae Asset Large & Midcap Fund Direct Plan Growth	14.75%	12.92%	0.49%	₹44,048.03 Cr
Union Large & Midcap Fund Direct Growth	14.29%	13.75%	0.86%	₹965.21 Cr
Mahindra Manulife Large & Mid Cap Fund Direct Growth	14.08%	14.69%	0.44%	₹2,763.07 Cr
Canara Robeco Large and Mid Cap Fund Direct Plan Growth Option	13.91%	12.52%	0.50%	₹25,251.41 Cr
Franklin India Large & Mid Cap Fund Direct Growth	13.29%	11.57%	1.06%	₹3,450.48 Cr
Aditya Birla Sun Life Large & Mid Cap Fund Direct Plan Growth	12.62%	9.51%	0.92%	₹5,783.95 Cr
Navi Large & Mid Cap Fund Direct Plan Growth	11.30%	13.14%	0.50%	₹310.12 Cr
Tata Large & Mid Cap Fund Direct Plan Growth	9.31%	11.73%	0.61%	₹7,887.02 Cr
Bajaj Large and Mid Cap Fund Direct Growth	N/A*	N/A*	0.52%	₹2,403.17 Cr
Samco Large & Mid Cap Fund Direct Growth	N/A*	N/A*	2.55%	₹113.88 Cr
PGIM India Large and Mid Cap Fund Direct Growth	N/A*	N/A*	0.69%	₹807.22 Cr
Whiteoak Capital Large & Mid Cap Fund Direct Growth	N/A*	N/A*	0.47%	₹2,325.50 Cr
Helios Large & Mid Cap Fund Direct Growth	N/A*	N/A*	0.89%	₹877.84 Cr
ITI Large & Mid Cap Fund Direct Growth	N/A*	N/A*	0.74%	₹743.86 Cr
JM Large & Mid Cap Fund Direct Growth	N/A*	N/A*	0.66%	₹435.38 Cr

*N/A indicates insufficient track record for this metric, typically funds launched in 2024 or 2025.

This article is based on fund data as of 19 July 2026 and is intended for informational purposes only and is not investment advice. Mutual fund investments are subject to market risks; past performance does not guarantee future returns. Investors should read scheme related documents carefully and consult a SEBI registered financial advisor before investing.

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