Best Performing Large and Mid Cap Mutual Funds in June 2026

A data driven ranking of 33 direct growth large and mid cap schemes, based on fund data last updated 21 June 2026

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 21 June 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 16.28% and the 5 year benchmark return is 14.89%, 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	Motilal Oswal Large and Midcap Fund	25.39%	21.82%	0.68%	₹17,420.43 Cr	0.88
2	Invesco India Large and Midcap Fund	24.91%	19.49%	0.54%	₹10,152.74 Cr	0.92
3	Bandhan Large and Mid Cap Fund	21.01%	17.40%	1.43%	₹17,460.92 Cr	0.92
4	HSBC Large and Mid Cap Fund	20.83%	17.46%	0.67%	₹5,110.15 Cr	0.79
5	Quant Large and Mid Cap Fund	19.58%	18.34%	0.72%	₹3,423.84 Cr	0.73
6	UTI Large and Mid Cap Fund	19.42%	16.65%	0.97%	₹5,964.02 Cr	0.84
7	ICICI Prudential Large and Mid Cap Fund	18.91%	18.80%	0.65%	₹30,146.91 Cr	0.85
8	Nippon India Large and Mid Cap Fund	18.38%	16.38%	0.97%	₹7,232.87 Cr	0.77
9	DSP Large and Mid Cap Fund	18.20%	14.78%	0.53%	₹17,370.36 Cr	0.74
10	Edelweiss Large and Mid Cap Fund	17.11%	15.66%	0.52%	₹4,556.68 Cr	0.71

26 of the 33 funds in the data set have a 3 year return. The 3 year category benchmark return is 16.28%, meaning all 10 funds above have comfortably outperformed.

Ranked by 5 Year Annualised Return

Rank	Fund	5Y Return	3Y Return	Expense Ratio	AUM	Sharpe
1	Motilal Oswal Large and Midcap Fund	21.82%	25.39%	0.68%	₹17,420.43 Cr	0.88
2	Invesco India Large and Midcap Fund	19.49%	24.91%	0.54%	₹10,152.74 Cr	0.92
3	ICICI Prudential Large and Mid Cap Fund	18.80%	18.91%	0.65%	₹30,146.91 Cr	0.85
4	Quant Large and Mid Cap Fund	18.34%	19.58%	0.72%	₹3,423.84 Cr	0.73
5	HSBC Large and Mid Cap Fund	17.46%	20.83%	0.67%	₹5,110.15 Cr	0.79
6	Bandhan Large and Mid Cap Fund	17.40%	21.01%	1.43%	₹17,460.92 Cr	0.92
7	HDFC Large and Mid Cap Fund	17.01%	16.90%	0.89%	₹28,515.33 Cr	0.68
8	UTI Large and Mid Cap Fund	16.65%	19.42%	0.97%	₹5,964.02 Cr	0.84
9	Nippon India Large and Mid Cap Fund	16.38%	18.38%	0.97%	₹7,232.87 Cr	0.77
10	Baroda BNP Paribas Large and Mid Cap Fund	16.28%	16.43%	0.71%	₹1,752.05 Cr	0.67

26 of the 33 funds have a 5 year return. The 5 year category benchmark return is 14.89%, meaning all 10 funds above have outperformed over this period.

Eight funds appear in the top 10 of both tables: Motilal Oswal Large and Midcap Fund, Invesco India Large and Midcap Fund, ICICI Prudential Large and Mid Cap Fund, Quant Large and Mid Cap Fund, HSBC Large and Mid Cap Fund, Bandhan Large and Mid Cap Fund, UTI Large and Mid Cap Fund, and Nippon India Large and Mid Cap Fund. Consistent top 10 placement across two time horizons is a more reliable quality signal than a high rank on any single metric.

A Closer Look at the Top Performers

1. Motilal Oswal Large and Midcap Fund: Leads Both Tables

Motilal Oswal Large and Midcap Fund, managed by Ajay Khandelwal, is the standout fund in this category. It tops both the 3 year table at 25.39% and the 5 year table at 21.82%, the highest return in the data set on both horizons. Its Sharpe ratio of 0.88 is the third highest in the category, confirming that the strong returns have come with reasonable risk control. At Rs 17,420.43 Cr in AUM, the fund has meaningful scale without the constraints of the very largest funds. The expense ratio of 0.68% is within the moderate range for the category.

2. Invesco India Large and Midcap Fund: Highest Sharpe Ratio in Category

Invesco India Large and Midcap Fund, managed by Aditya Khemani, ranks second on both the 3 year table (24.91%) and the 5 year table (19.49%), and shares the highest Sharpe ratio in the category at 0.92 alongside Bandhan. The combination of near top returns with the best risk adjusted score in the category makes it one of the most well rounded options in this data set. Its expense ratio of 0.54% is among the lower half of the group and its AUM of Rs 10,152.74 Cr provides solid operational scale.

3. Bandhan Large and Mid Cap Fund: Strong Returns, Notable Cost

Bandhan Large and Mid Cap Fund, managed by Manish Gunwani, ranks 3rd by 3 year return (21.01%) and 6th by 5 year return (17.40%), and shares the highest Sharpe ratio in the category at 0.92 with Invesco India. However, it carries the highest expense ratio in the data set at 1.43%, considerably above all peers. Investors should weigh its strong performance record against this cost, particularly over long holding periods where the expense drag compounds meaningfully. Its AUM of Rs 17,460.92 Cr indicates strong investor confidence in the fund.

4. ICICI Prudential Large and Mid Cap Fund: Scale and Consistency

ICICI Prudential Large and Mid Cap Fund ranks 7th by 3 year return (18.91%) and 3rd by 5 year return (18.80%), with a Sharpe ratio of 0.85 and an AUM of Rs 30,146.91 Cr, making it the largest fund among the top performers. The near equal performance on both horizons indicates consistent execution over time. Its expense ratio of 0.65% is reasonable given its scale. For investors who value institutional size and long track records alongside strong returns, this fund ranks among the most compelling options in the category.

5. DSP Large and Mid Cap Fund: Strong 3 Year Return at Low Cost

DSP Large and Mid Cap Fund, managed by Rohit Singhania, posts an 18.20% 3 year return with an expense ratio of just 0.53%, one of the lowest among funds with proven performance in this data set. Its 5 year return of 14.78% is closer to benchmark, suggesting the stronger outperformance has been concentrated in the more recent 3 year window. At Rs 17,370.36 Cr in AUM, the fund has meaningful scale.

Best Risk Adjusted Returns: Highest Sharpe Ratio

The Sharpe ratio measures return per unit of risk. A higher score indicates the fund delivered more return relative to the volatility its investors experienced across the 3 year period.

Fund	3Y Sharpe Ratio	3Y Return
Bandhan Large and Mid Cap Fund	0.92	21.01%
Invesco India Large and Midcap Fund	0.92	24.91%
Motilal Oswal Large and Midcap Fund	0.88	25.39%
ICICI Prudential Large and Mid Cap Fund	0.85	18.91%
UTI Large and Mid Cap Fund	0.84	19.42%
HSBC Large and Mid Cap Fund	0.79	20.83%

Bandhan Large and Mid Cap Fund and Invesco India Large and Midcap Fund share the top Sharpe ratio in the category at 0.92. The meaningful difference between them is cost: Invesco charges 0.54% versus Bandhan's 1.43%. Over a long holding period, that gap in cost will be a significant drag on net returns for Bandhan investors even before any performance divergence. Invesco's combination of the joint highest Sharpe ratio, a near top 3 year return, and a moderate expense ratio makes it the most comprehensively strong fund on risk adjusted terms.

Lowest Cost Large and Mid Cap Funds

Cost matters more in this category than in some others, because the mandatory allocation structure limits how differently funds can be positioned. Where portfolios overlap significantly, the expense ratio is one of the clearest differentiators in long term net return.

Fund	Expense Ratio	3Y Return
Mahindra Manulife Large and Mid Cap Fund	0.44%	15.28%
Whiteoak Capital Large and Mid Cap Fund	0.46%	NA*
Mirae Asset Large and Midcap Fund	0.49%	15.82%
Navi Large and Mid Cap Fund	0.50%	12.72%
Bajaj Finserv Large and Mid Cap Fund	0.52%	NA*
Edelweiss Large and Mid Cap Fund	0.52%	17.11%

NA* indicates the fund does not yet have a 3 year track record.

Mahindra Manulife Large and Mid Cap Fund stands out as the lowest cost fund with an established track record at 0.44%, and has posted a 15.28% 3 year return, just below the benchmark. Edelweiss Large and Mid Cap Fund offers the best combination of low cost (0.52%) and strong proven performance (17.11% over 3 years) among the cheapest options. Mirae Asset Large and Midcap Fund is notable for pairing a competitive 0.49% expense ratio with the largest AUM in the category at Rs 42,792.20 Cr.

The Largest Large and Mid Cap Funds by AUM

The six largest funds in the category together manage over Rs 1,94,000 Cr in assets.

Fund	AUM	3Y Return	5Y Return
Mirae Asset Large and Midcap Fund	₹42,792.20 Cr	15.82%	13.42%
SBI Large and Midcap Fund	₹39,424.46 Cr	15.61%	15.74%
ICICI Prudential Large and Mid Cap Fund	₹30,146.91 Cr	18.91%	18.80%
Kotak Large and Midcap Fund	₹30,126.85 Cr	16.92%	16.13%
HDFC Large and Mid Cap Fund	₹28,515.33 Cr	16.90%	17.01%
Canara Robeco Large and Mid Cap Fund	₹24,497.52 Cr	14.49%	13.28%

Of the six largest funds, ICICI Prudential Large and Mid Cap Fund delivers by far the strongest returns relative to its scale, ranking in the top 10 on both horizons. Kotak and HDFC Large and Mid Cap funds are large and have delivered returns moderately above their category benchmark, but neither approaches the outperformance of Motilal Oswal or Invesco. Mirae Asset and Canara Robeco, despite their size, have posted returns close to or below the 5 year category benchmark of 14.89%, which is a reminder that AUM scale alone is not a proxy for performance quality.

What These Funds Actually Hold

Because SEBI mandates a minimum of 35% each in large cap and mid cap stocks, all funds in this category share a broadly similar structural allocation. The large cap portion is typically anchored by private sector banks such as HDFC Bank and ICICI Bank, alongside Reliance Industries and Infosys, which appear among the top holdings across the majority of funds in this data set.

Where funds diverge is in the mid cap component. Funds with stronger returns tend to run more concentrated mid cap positions, with higher conviction in sectors such as industrials, capital goods, consumer discretionary, and healthcare. Motilal Oswal and Invesco India, the two top performers, both exhibit higher top 10 holding concentration than the category average, which amplifies both the upside when their picks perform and the downside when they do not.

Things to Consider Before Investing

• The category benchmark is meaningful here. At 16.28% over 3 years and 14.89% over 5 years, the category benchmark for large and mid cap funds sets a reasonably high bar. All 10 funds in the top tables have cleared it comfortably, but investors lower in the ranking, such as Canara Robeco (14.49% over 3 years) and Franklin India (14.24%), are only marginally ahead or marginally behind the benchmark after costs.

• Bandhan's expense ratio deserves close attention. At 1.43%, Bandhan Large and Mid Cap Fund charges nearly three times what the lowest cost options in this category charge. Even with a strong performance record, compounding a 1% annual cost difference over 10 to 15 years is a very significant headwind to net wealth creation.

• Track record length varies. Seven of the 33 funds in this data set do not yet have 3 year or 5 year returns, including Bajaj Finserv, ITI, JM, Helios, Whiteoak Capital, PGIM India, and Samco. These funds may develop strong track records over time, but they cannot yet be compared on the metrics that matter most.

• Funds appearing in both top 10 tables deserve the most consideration. The eight funds that rank in the top 10 on both the 3 year and 5 year horizons are Motilal Oswal, Invesco India, ICICI Prudential, Quant, HSBC, Bandhan, UTI, and Nippon India. Dual table presence is a stronger signal than a high score on one horizon alone.

• AUM scale cuts both ways. The largest funds such as Mirae Asset and SBI Largecap and Midcap have not been the top performers in this category, which may reflect the challenge of deploying very large AUM into a mid cap universe where liquidity is more constrained than in large caps. Smaller to mid sized funds like Invesco India (Rs 10,152 Cr) and Quant (Rs 3,423 Cr) have had more flexibility in their mid cap selections.

Full Fund Universe: Quick Reference

Fund	3Y Return	5Y Return	Expense Ratio	AUM
Motilal Oswal Large and Midcap Fund	25.39%	21.82%	0.68%	₹17,420.43 Cr
Invesco India Large and Midcap Fund	24.91%	19.49%	0.54%	₹10,152.74 Cr
Bandhan Large and Mid Cap Fund	21.01%	17.40%	1.43%	₹17,460.92 Cr
HSBC Large and Mid Cap Fund	20.83%	17.46%	0.67%	₹5,110.15 Cr
Quant Large and Mid Cap Fund	19.58%	18.34%	0.72%	₹3,423.84 Cr
UTI Large and Mid Cap Fund	19.42%	16.65%	0.97%	₹5,964.02 Cr
ICICI Prudential Large and Mid Cap Fund	18.91%	18.80%	0.65%	₹30,146.91 Cr
Nippon India Large and Mid Cap Fund	18.38%	16.38%	0.97%	₹7,232.87 Cr
DSP Large and Mid Cap Fund	18.20%	14.78%	0.53%	₹17,370.36 Cr
Edelweiss Large and Mid Cap Fund	17.11%	15.66%	0.52%	₹4,556.68 Cr
Kotak Large and Midcap Fund	16.92%	16.13%	0.57%	₹30,126.85 Cr
HDFC Large and Mid Cap Fund	16.90%	17.01%	0.89%	₹28,515.33 Cr
LIC MF Large and Mid Cap Fund	16.88%	14.43%	0.55%	₹2,982.85 Cr
Bank of India Large and Mid Cap Fund	16.72%	14.51%	0.97%	₹472.53 Cr
Baroda BNP Paribas Large and Mid Cap Fund	16.43%	16.28%	0.71%	₹1,752.05 Cr
Axis Large and Mid Cap Fund	16.23%	15.09%	0.66%	₹15,878.53 Cr
Sundaram Large and Mid Cap Fund	15.85%	15.07%	0.70%	₹6,690.34 Cr
Mirae Asset Large and Midcap Fund	15.82%	13.42%	0.49%	₹42,792.20 Cr
SBI Large and Midcap Fund	15.61%	15.74%	0.75%	₹39,424.46 Cr
Mahindra Manulife Large and Mid Cap Fund	15.28%	15.25%	0.44%	₹2,717.27 Cr
Union Large and Midcap Fund	15.27%	14.53%	0.86%	₹932.69 Cr
Canara Robeco Large and Mid Cap Fund	14.49%	13.28%	0.52%	₹24,497.52 Cr
Franklin India Large and Mid Cap Fund	14.24%	12.02%	1.07%	₹3,391.91 Cr
Aditya Birla Sun Life Large and Mid Cap Fund	13.85%	10.40%	0.93%	₹5,666.48 Cr
Navi Large and Mid Cap Fund	12.72%	13.93%	0.50%	₹303.39 Cr
Tata Large and Mid Cap Fund	9.92%	11.82%	0.61%	₹7,788.70 Cr
Bajaj Finserv Large and Mid Cap Fund	NA*	NA*	0.52%	₹2,325.72 Cr
Whiteoak Capital Large and Mid Cap Fund	NA*	NA*	0.46%	₹2,239.04 Cr
Samco Large and Mid Cap Fund	NA*	NA*	0.88%	₹119.26 Cr
Helios Large and Mid Cap Fund	NA*	NA*	0.74%	₹877.84 Cr
PGIM India Large and Mid Cap Fund	NA*	NA*	0.69%	₹781.86 Cr
ITI Large and Mid Cap Fund	NA*	NA*	0.74%	₹731.30 Cr
JM Large and Mid Cap Fund	NA*	NA*	0.66%	₹419.59 Cr

NA* indicates insufficient track record for this metric, typically funds launched between 2022 and 2025. Table sorted by 3 year return.

This article is based on fund data as of 21 June 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. Investors should read all scheme related documents carefully and consult a SEBI registered financial advisor before investing.

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