Best Performing Mid Cap Mutual Funds in June 2026
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A data driven ranking of 33 direct growth mid cap schemes, based on fund data last updated 21 June 2026
Mid cap mutual funds invest predominantly in companies ranked between 101st and 250th by market capitalisation on Indian exchanges. SEBI mandates a minimum 65% allocation to these mid cap stocks, with the remaining 35% available for large cap or small cap exposure at the fund manager's discretion.
This structure places mid cap funds in a distinct risk and return band: historically higher growth potential than large cap funds, alongside meaningfully higher volatility. For investors with a long time horizon and the ability to tolerate interim drawdowns, mid cap funds have been among the strongest wealth creators within the Indian equity universe over multi year periods.
This article analyses 33 direct growth mid cap schemes using data as of 21 June 2026. Of the 33 funds, 30 have a 3 year return and 26 have a 5 year return, with 4 funds too recently launched to have either. All figures are drawn directly from the fund data set. The 3 year category benchmark return is 21.04% and the 5 year category benchmark return is 18.92%, both of which set a demanding standard given the strong performance of the broader mid cap index over this period.
How These Funds Were Ranked
Rankings are presented separately for 3 year and 5 year annualised returns. This is especially important in the mid cap category, because the two leaderboards look quite different: Motilal Oswal Midcap Fund, which tops the 5 year table, ranks only 21st on the 3 year table. Showing both horizons side by side avoids the distortion of picking one window and lets investors match the ranking to their own holding period. Expense ratio, AUM, and 3 year Sharpe ratio are included throughout for additional context.
Top 10 Mid Cap Funds: 3 Year vs 5 Year Rankings
Seven funds appear in the top 10 of both tables, suggesting broad and sustained outperformance. However, the divergence between the two lists is also instructive, with several strong 5 year performers having given back relative ground more recently.
Ranked by 3 Year Annualised Return
Rank | Fund | 3Y Return | 5Y Return | Expense Ratio | AUM | Sharpe |
1 | 28.14% | 20.93% | 0.56% | ₹14,249.22 Cr | 1.05 | |
2 | 26.27% | 22.45% | 0.49% | ₹12,396.75 Cr | 0.96 | |
3 | 25.77% | 20.31% | 0.87% | ₹7,789.35 Cr | 1.04 | |
4 | 25.27% | NA* | 0.51% | ₹5,732.44 Cr | 1.08 | |
5 | 24.44% | NA* | 0.56% | ₹1,217.01 Cr | 0.92 | |
6 | 24.15% | 20.99% | 0.42% | ₹4,865.69 Cr | 1.01 | |
7 | 24.03% | 21.30% | 0.48% | ₹16,848.60 Cr | 1.01 | |
8 | 24.01% | 17.76% | 0.57% | ₹1,395.37 Cr | 0.94 | |
9 | 23.90% | 22.12% | 0.63% | ₹47,415.41 Cr | 0.97 | |
10 | 23.23% | 20.05% | 0.86% | ₹13,686.66 Cr | 0.96 |
30 of the 33 funds have a 3 year return. NA* indicates the fund does not yet have sufficient track record. The 3 year category benchmark return is 21.04%, meaning all 10 funds above have outperformed.
Ranked by 5 Year Annualised Return
Rank | Fund | 5Y Return | 3Y Return | Expense Ratio | AUM | Sharpe |
1 | Motilal Oswal Midcap Fund | 23.39% | 19.18% | 0.75% | ₹36,458.21 Cr | 0.67 |
2 | Invesco India Mid Cap Fund | 22.45% | 26.27% | 0.49% | ₹12,396.75 Cr | 0.96 |
3 | Nippon India Growth Mid Cap Fund | 22.12% | 23.90% | 0.63% | ₹47,415.41 Cr | 0.97 |
4 | Edelweiss Mid Cap Fund | 21.30% | 24.03% | 0.48% | ₹16,848.60 Cr | 1.01 |
5 | HDFC Mid Cap Fund | 21.16% | 21.16% | 0.73% | ₹97,350.48 Cr | 0.98 |
6 | Mahindra Manulife Mid Cap Fund | 20.99% | 24.15% | 0.42% | ₹4,865.69 Cr | 1.01 |
7 | HSBC Midcap Fund | 20.93% | 28.14% | 0.56% | ₹14,249.22 Cr | 1.05 |
8 | ICICI Prudential Midcap Fund | 20.31% | 25.77% | 0.87% | ₹7,789.35 Cr | 1.04 |
9 | Sundaram Mid Cap Fund | 20.05% | 23.23% | 0.86% | ₹13,686.66 Cr | 0.96 |
10 | Kotak Midcap Fund | 19.43% | 21.63% | 0.38% | ₹64,749.43 Cr | 0.83 |
26 of the 33 funds have a 5 year return. The 5 year category benchmark return is 18.92%, meaning all 10 funds above have outperformed over this period.
Seven funds appear in the top 10 of both tables: Invesco India Mid Cap Fund, Nippon India Growth Mid Cap Fund, Edelweiss Mid Cap Fund, HSBC Midcap Fund, ICICI Prudential Midcap Fund, Mahindra Manulife Mid Cap Fund, and Sundaram Mid Cap Fund. Consistent placement across both horizons is a more reliable quality signal than a high rank on either table alone.
A Closer Look at the Top Performers
1. HSBC Midcap Fund: Leads the 3 Year Table with the Highest Sharpe
HSBC Midcap Fund, managed by Cheenu Gupta, delivers the highest 3 year return in the category at 28.14%, outpacing its nearest rival by nearly 2 percentage points. It also ranks 7th on the 5 year table (20.93%) and carries the second highest Sharpe ratio among funds with an equity mid cap mandate at 1.05. This combination of the strongest recent return with above average risk control makes it a standout on near term metrics. Its expense ratio of 0.56% is reasonable and its AUM of Rs 14,249.22 Cr provides meaningful operational scale without the constraints of the very largest funds in the category.
2. Invesco India Mid Cap Fund: Most Consistent Across Both Horizons
Invesco India Mid Cap Fund, managed by Aditya Khemani, ranks 2nd on the 3 year table (26.27%) and 2nd on the 5 year table (22.45%), making it the most consistently ranked fund across both time periods in this data set. Its Sharpe ratio of 0.96 is among the higher scores in the category, indicating the strong returns have been delivered with controlled volatility. The expense ratio of 0.49% is one of the lowest among mid cap funds with a proven track record, and the AUM of Rs 12,396.75 Cr is well sized for the mid cap universe. On the full combination of return, consistency, risk adjusted performance, and cost, Invesco India Mid Cap Fund is the most well rounded option in this data set.
3. WhiteOak Capital Mid Cap Fund: Highest Sharpe Ratio in Category
WhiteOak Capital Mid Cap Fund, managed by Ramesh Mantri, ranks 4th by 3 year return (25.27%) and carries the highest Sharpe ratio among mid cap equity funds in this data set at 1.08. This means it has delivered the best return per unit of risk over the 3 year period among all funds in this category. It does not yet have a 5 year track record, so its resilience across a full market cycle has not been tested across this longer window. At Rs 5,732.44 Cr in AUM and a 0.51% expense ratio, its operational profile is lean and well positioned for the mid cap universe.
4. Motilal Oswal Midcap Fund: Leads the 5 Year Table, Trails on 3 Years
Motilal Oswal Midcap Fund occupies an unusual position in this data set. It tops the 5 year return table at 23.39%, the highest long term return in the category, yet ranks only 21st on the 3 year table at 19.18%, below the category benchmark of 21.04% over the same period. This divergence reflects a meaningful loss of relative momentum in more recent years. For investors with a genuinely long horizon who are willing to tolerate periods of underperformance, its 5 year record is the strongest in the category. For those focused on more recent form, it sits well outside the top 10. Its AUM of Rs 36,458.21 Cr is large, and Sharpe ratio of 0.67 is among the lower scores in the category, suggesting higher volatility relative to the return it has recently delivered.
5. Edelweiss Mid Cap Fund and Mahindra Manulife Mid Cap Fund: Best Cost and Performance Balance
Edelweiss Mid Cap Fund and Mahindra Manulife Mid Cap Fund both appear in the top 10 of the 3 year and 5 year tables and share an identical Sharpe ratio of 1.01. Mahindra Manulife carries the lowest expense ratio among funds with a genuine mid cap equity mandate in this data set at 0.42%, making it the best cost adjusted performer among the consistent top 10 funds. Edelweiss at 0.48% is close behind on cost, with a larger AUM of Rs 16,848.60 Cr versus Mahindra Manulife's Rs 4,865.69 Cr.
Best Risk Adjusted Returns: Highest Sharpe Ratio
The Sharpe ratio measures return per unit of risk taken over the 3 year period. A higher score means the fund delivered more return for each unit of volatility its investors experienced.
Fund | 3Y Sharpe Ratio | 3Y Return |
WhiteOak Capital Mid Cap Fund | 1.08 | 25.27% |
HSBC Midcap Fund | 1.05 | 28.14% |
ICICI Prudential Midcap Fund | 1.04 | 25.77% |
Edelweiss Mid Cap Fund | 1.01 | 24.03% |
Mahindra Manulife Mid Cap Fund | 1.01 | 24.15% |
Nippon India Growth Mid Cap Fund | 0.97 | 23.90% |
All five top Sharpe ratio funds also rank in the top 10 by 3 year return, which is not always the case in other categories. This suggests the recent outperformers in the mid cap space have generated their strong returns with a reasonable level of risk management rather than through concentrated or high volatility bets.
Lowest Cost Mid Cap Funds
In the mid cap category, cost discipline is particularly meaningful because the active management premium needs to justify itself against a benchmark that has itself delivered strong returns.
Fund | Expense Ratio | 3Y Return |
Kotak Midcap Fund | 0.38% | 21.63% |
Mahindra Manulife Mid Cap Fund | 0.42% | 24.15% |
Edelweiss Mid Cap Fund | 0.48% | 24.03% |
Baroda BNP Paribas Mid Cap Fund | 0.49% | 21.69% |
Invesco India Mid Cap Fund | 0.49% | 26.27% |
Navi Mid Cap Fund | 0.50% | NA* |
NA* indicates the fund does not yet have a 3 year track record.
Kotak Midcap Fund has the lowest expense ratio among mid cap equity funds with a proven track record at 0.38%, and has delivered a competitive 21.63% over 3 years and 19.43% over 5 years.
Mahindra Manulife and Edelweiss offer an outstanding combination: they charge 0.42% and 0.48% respectively while both ranking in the top 10 on 3 year and 5 year horizons, making them the most cost efficient among the consistent category leaders. Invesco India at 0.49% and a 26.27% 3 year return is also a standout on cost adjusted return.
The Largest Mid Cap Funds by AUM
The mid cap category features some of the largest equity funds in India. Scale in mid cap is a double edged consideration: large AUM brings operational stability but can constrain the manager's ability to take meaningful positions in smaller mid cap companies without moving prices.
Fund | AUM | 3Y Return | 5Y Return |
HDFC Mid Cap Fund | ₹97,350.48 Cr | 21.16% | 21.16% |
Kotak Midcap Fund | ₹64,749.43 Cr | 21.63% | 19.43% |
Nippon India Growth Mid Cap | ₹47,415.41 Cr | 23.90% | 22.12% |
Motilal Oswal Midcap Fund | ₹36,458.21 Cr | 19.18% | 23.39% |
Axis Midcap Fund | ₹32,852.13 Cr | 18.64% | 16.19% |
SBI Midcap Fund | ₹23,417.40 Cr | 13.77% | 16.49% |
HDFC Mid Cap Fund stands out among the large funds, managing Rs 97,350.48 Cr while still delivering a 21.16% return over both 3 and 5 years, a figure right at the 3 year benchmark. Nippon India Growth Mid Cap Fund, the third largest at Rs 47,415.41 Cr, ranks in the top 10 on both horizons and has clearly not been limited by its scale. Axis Midcap Fund and SBI Midcap Fund, both very large, post returns in the lower half of the category, suggesting that their size has made it harder to generate meaningful alpha within the mid cap universe.
What These Funds Actually Hold
Unlike large cap funds where mandates constrain stock selection to the top 100 companies, mid cap fund managers have a wider and more varied opportunity set across the 101st to 250th companies.
As a result, portfolio composition varies more meaningfully between funds in this category than in any of the other categories reviewed in this series.
Common holdings across the top performing funds include names from industrials and capital goods, healthcare and diagnostics, consumer discretionary, speciality chemicals, and financial services companies outside the top 20 banks.
Funds with higher returns in this data set such as HSBC, Invesco India, and WhiteOak Capital tend to carry higher top 10 holding concentration, reflecting more conviction oriented approaches.
Lower ranked funds like SBI Midcap and Axis Midcap tend toward broader diversification, which has limited both their upside and their ability to beat the benchmark in the recent period.
Things to Consider Before Investing
• The benchmark is demanding. At 21.04% over 3 years and 18.92% over 5 years, the mid cap category benchmark sets a high bar. Several well known funds such as Motilal Oswal (19.18%), Axis Midcap (18.64%), UTI Mid Cap (15.34%), and SBI Midcap (13.77%) have failed to clear the 3 year benchmark, a meaningful underperformance to be weighed against their brand recognition and large AUM.
• Motilal Oswal presents a genuine horizon dilemma. It leads the 5 year table but sits below the 3 year benchmark. Investors need to be honest about their own holding period before deciding whether the long term record or the recent form matters more to them.
• The highest Sharpe ratios in this category are above 1.0, which is unusually high. WhiteOak (1.08), HSBC (1.05), and ICICI Prudential (1.04) have delivered strong returns without proportionally higher volatility, which is notable in a category known for sharp swings.
• AUM scale has worked against some of the largest funds. HDFC Mid Cap (Rs 97,350 Cr), SBI Midcap (Rs 23,417 Cr), and Axis Midcap (Rs 32,852 Cr) all rank in the lower half of the 3 year return table despite their institutional scale and brand strength.
• Mid cap funds require patience. Even the best mid cap funds have experienced 30% to 40% drawdowns in down market years. A minimum 5 to 7 year horizon is generally appropriate for this category, and investors should be prepared for significant short term volatility in exchange for the long term return potential this category has historically offered.
• Seven funds have no 3 year or 5 year data: TRUSTMF Mid Cap Fund, Samco Mid Cap Fund, Helios Mid Cap Fund, and Bank of India Mid Cap Fund. These are excluded from the rankings but included in the full reference table below.
Full Fund Universe: Quick Reference
Fund | 3Y Return | 5Y Return | Expense Ratio | AUM |
HSBC Midcap Fund | 28.14% | 20.93% | 0.56% | ₹14,249.22 Cr |
Invesco India Mid Cap Fund | 26.27% | 22.45% | 0.49% | ₹12,396.75 Cr |
ICICI Prudential Midcap Fund | 25.77% | 20.31% | 0.87% | ₹7,789.35 Cr |
WhiteOak Capital Mid Cap Fund | 25.27% | NA* | 0.51% | ₹5,732.44 Cr |
JM Midcap Fund | 24.44% | NA* | 0.56% | ₹1,217.01 Cr |
Mahindra Manulife Mid Cap Fund | 24.15% | 20.99% | 0.42% | ₹4,865.69 Cr |
Edelweiss Mid Cap Fund | 24.03% | 21.30% | 0.48% | ₹16,848.60 Cr |
ITI Mid Cap Fund | 24.01% | 17.76% | 0.57% | ₹1,395.37 Cr |
Nippon India Growth Mid Cap Fund | 23.90% | 22.12% | 0.63% | ₹47,415.41 Cr |
Sundaram Mid Cap Fund | 23.23% | 20.05% | 0.86% | ₹13,686.66 Cr |
Baroda BNP Paribas Mid Cap Fund | 21.69% | 18.46% | 0.49% | ₹2,460.72 Cr |
Kotak Midcap Fund | 21.63% | 19.43% | 0.38% | ₹64,749.43 Cr |
Bandhan Midcap Fund | 21.23% | NA* | 0.49% | ₹2,205.58 Cr |
HDFC Mid Cap Fund | 21.16% | 21.16% | 0.73% | ₹97,350.48 Cr |
Mirae Asset Midcap Fund | 20.19% | 17.83% | 0.50% | ₹19,002.66 Cr |
Union Midcap Fund | 19.89% | 18.47% | 0.68% | ₹1,771.27 Cr |
Canara Robeco Mid Cap Fund | 19.86% | NA* | 0.52% | ₹4,619.10 Cr |
LIC MF Midcap Fund | 19.66% | 15.62% | 1.13% | ₹357.11 Cr |
Tata Mid Cap Fund | 19.37% | 17.85% | 0.57% | ₹5,731.79 Cr |
Aditya Birla Sun Life Mid Cap Fund | 19.30% | 17.33% | 0.87% | ₹6,397.52 Cr |
Motilal Oswal Midcap Fund | 19.18% | 23.39% | 0.75% | ₹36,458.21 Cr |
DSP Midcap Fund | 19.10% | 13.68% | 0.60% | ₹19,672.97 Cr |
Franklin India Mid Cap Fund | 18.82% | 16.18% | 0.82% | ₹12,230.88 Cr |
Axis Midcap Fund | 18.64% | 16.19% | 0.57% | ₹32,852.13 Cr |
Quant Mid Cap Fund | 17.63% | 18.47% | 0.74% | ₹8,109.12 Cr |
UTI Mid Cap Fund | 15.34% | 14.96% | 0.91% | ₹11,870.74 Cr |
SBI Midcap Fund | 13.77% | 16.49% | 0.85% | ₹23,417.40 Cr |
PGIM India Midcap Fund | 13.62% | 14.28% | 0.56% | ₹10,821.62 Cr |
Taurus Discovery Midcap Fund | 12.08% | 12.37% | 1.69% | ₹124.78 Cr |
TRUSTMF Mid Cap Fund | NA* | NA* | 0.52% | ₹241.20 Cr |
Helios Mid Cap Fund | NA* | NA* | 0.66% | ₹1,490.41 Cr |
Bank of India Mid Cap Fund | NA* | NA* | 1.07% | ₹721.56 Cr |
Samco Mid Cap Fund | NA* | NA* | 0.95% | ₹75.79 Cr |
NA* indicates insufficient track record for this metric, typically funds launched between 2022 and 2025. Table sorted by 3 year return. One fund in the source data set (Baroda BNP Paribas Money Market Fund) has been excluded as it is a money market scheme, not a mid cap equity fund.
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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