Bandhan Large & Mid Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Bandhan Large & Mid Cap Fund Direct Growth Plan has a NAV of ₹168.175 as of 28 August 2026 and a scheme AUM of ₹19,777 Cr. Its 1-year, 3-year and 5-year returns are 9.45%, 19.81% and 18.24%, and the fund sits in the High Risk category. Our view is that it has shown solid longer-term compounding with a softer recent stretch, which makes it more relevant for investors who can stay invested through periods of uneven large- and mid-cap performance.

The fund’s portfolio is tilted toward mid caps, with meaningful large-cap exposure and a smaller small-cap sleeve. That mix can support return potential, but it also means the fund may move with market cycles more noticeably than a conservative equity option.

Quick facts

The fund is managed by Manish Gunwani and Rahul Agarwal.

Source data date: as of 28 Aug 2026

Performance

The recent pattern is mixed, but it is not weak across every horizon. The fund has stayed positive over 1 month, 3 months and 1 year, while the benchmark has been more uneven over the same windows, including a negative 1-year return. That tells us the fund has handled recent volatility better than the benchmark, even though the short-term pace is more modest than the stronger medium-term phase seen in earlier periods.

The 3-year and 5-year numbers matter more for a scheme like this because they show how the portfolio has behaved through a full market cycle. At 19.81% over 3 years and 18.24% over 5 years, the fund has compounded steadily over longer holding periods. The benchmark’s 3-year and 5-year returns of 6.40% and 7.13% are much lower, so the fund has clearly stayed ahead on a trailing basis across both medium and longer horizons.

The daily path also suggests a stretch of recovery after weakness, rather than a straight-line move. That is important for investors, because the fund has not advanced in a smooth fashion, but it has still preserved an upward long-term trend. In our view, that combination fits an equity investor who can accept short-term swings in exchange for a stronger compounding profile over time.

Source data date: as of 28 Aug 2026

Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the return table, the current fund’s 1-year return trails several peers, while its 3-year and 5-year returns sit closer to the stronger cluster. That creates a split picture: the short-term record is softer than the better peer numbers, but the longer-term record remains competitive. The gap between 1-year and 3-year or 5-year performance suggests the fund has not been a smooth short-term story, yet the longer horizon still supports its case as a compounding-oriented large-and-mid-cap option.

Source data date: as of 28 Aug 2026

Portfolio: where your money goes

Market-cap mix: Large cap 35.68%, Mid cap 41.3%, Small cap 16.28%, Other 6.74%.

The allocation leans slightly more toward mid caps than large caps, which fits the scheme’s large-and-mid-cap mandate. Large caps still make up a meaningful 35.68%, so the portfolio is not overly dependent on smaller names, but the 41.3% mid-cap share is the main driver of the equity mix. Small caps at 16.28% add an extra layer of return potential and volatility, while the 6.74% other bucket and cash-like holdings can soften or reposition the portfolio at the margin.

Among sectors, BANK at 23.81% is materially larger than the next largest sector, FINANCE at 12.30%. That difference matters because banking exposure is the clearest single influence on the portfolio’s day-to-day behaviour. Finance at 12.30% and IT at 8.63% still contribute meaningfully, but they sit below the bank weight by a wide margin. Healthcare at 6.60% adds some diversification, though it is not large enough to dominate outcomes.

Our view is that the portfolio’s sector structure could make banking and financial services the most important swing factors, especially because the bank sleeve includes a large holding in Kotak Mahindra Bank and a smaller but still relevant stake in HDFC Bank. The mix is diversified enough to avoid a one-stock story, but it still has clear sector concentration that investors should be comfortable with.

Source data date: as of 28 Aug 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and want a long holding period. The 3-year and 5-year returns show that patience has mattered, while the 1-year return shows that shorter stretches can be less rewarding than the longer trend. Compared with the benchmark, the fund has offered stronger trailing returns across 1, 3 and 5 years, and the market-cap mix adds mid-cap and small-cap participation that can raise both upside and volatility.

The main trade-off is simple: the portfolio has the potential to compound well over time, but it can also move sharply when mid-cap and sector leadership changes. Investors who prefer a steadier path may find the swings uncomfortable, while those who can hold through uneven phases may find the long-term pattern more relevant. The fund is therefore more suitable for investors with a multi-year horizon than for those looking for short-duration equity exposure.

Tax and exit load

Exit load: Nil up to 10% of investment and 1% for the remaining investment on or before 365 days; nil after 365 days.

Source data date: as of 28 Aug 2026

Frequently asked questions

What is the current NAV of Bandhan Large & Mid Cap Fund Direct Growth Plan?

The current NAV is ₹168.175 as of 28 August 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

Its 1-year return is 9.45%, its 3-year return is 19.81%, and its 5-year return is 18.24%.

How has the fund performed versus its benchmark?

The fund has stayed ahead of the benchmark across all three trailing periods shown here. The benchmark returns are -2.29% for 1 year, 6.40% for 3 years and 7.13% for 5 years.

How does the fund compare with peers on recent returns?

Its 1-year return is lower than several peers in this comparison set, while its 3-year and 5-year returns remain competitive. The shorter-term picture is softer than the longer-term picture.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Manish Gunwani and Rahul Agarwal. The exit load is nil up to 10% of investment and 1% for the remaining investment on or before 365 days, and nil after 365 days.

Bottom line

Bandhan Large & Mid Cap Fund Direct Growth Plan has a softer 1-year result than its 3-year and 5-year record, so the recent run is not as strong as the longer compounding story. Against peers, the short-term return is behind several names, but the medium- and long-term figures remain competitive. The portfolio is High Risk and leans toward mid caps, with banking as the largest sector influence. That combination makes it more suitable for investors who can tolerate volatility and think in multi-year horizons.

Published on 31 August 2026 at 1:12 PM IST