Mirae Asset Midcap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mirae Asset Midcap Fund Direct Growth Plan currently has a NAV of ₹43.049 as of 15 Sep 2026 and manages ₹20,891 Cr. Its 1-year, 3-year and 5-year returns are 7.17%, 15.01% and 14.75% respectively, and the scheme carries a High Risk label. Our view is that it suits investors who can accept sharper swings in exchange for mid-cap growth exposure, especially when they can stay invested long enough for the portfolio to work through market cycles.
The fund has done better over 3 years and 5 years than over 1 year, which tells us the recent stretch has been softer than the medium-term pattern. Its mid-cap benchmark comparison is mixed, but the longer track record remains ahead of the benchmark on the supplied figures. The portfolio is reasonably diversified across 56 disclosed holdings, although the top positions still matter, so this is better viewed as a core mid-cap allocation for patient investors rather than a short-horizon return play.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹43.049 as of 15 Sep 2026 |
| AUM | ₹20,891 Cr |
| Expense Ratio | 0.56% |
| Launch Date | 29 Jul 2019 |
| Min SIP | ₹99 |
| Risk Category | High Risk |
| Benchmark | Nifty Mid Cap |
| Fund Category | Equity |
| Exit Load | 1% on or before 365D, Nil after 365D |
| Fund Managers | Ankit Jain |
The fund is managed by Ankit Jain.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.08% | -4.67% |
| 3M | 3.3% | -1.38% |
| 1Y | 7.17% | 2.67% |
| 3Y | 15.01% | 13.88% |
| 5Y | 14.75% | 14.5% |
The recent picture is uneven. Over 1 month, the fund slipped, but it still held up better than the benchmark, which fell more. Over 3 months, the fund moved back into positive territory while the benchmark stayed negative, so the shorter rebound has been stronger at the scheme level.
The 1-year return is modest in absolute terms for a mid-cap fund, yet it is still above the benchmark. That matters because it shows the scheme has preserved a lead even in a patchy year. The more important question for investors is consistency, and here the fund’s 3-year and 5-year figures suggest that the medium-term trend has been healthier than the latest 12 months.
On the longer horizon, the scheme remains slightly ahead of the benchmark on both 3-year and 5-year returns. The gap is not wide, but it supports the view that the fund has added value through cycles rather than through one sharp phase alone. The time pattern also points to a fund that has experienced visible swings, which is normal for mid-cap exposure but still relevant for entry timing and holding discipline.
In our view, the main takeaway is that recent weakness has not broken the longer pattern. Investors looking only at the last year may find the result underwhelming, while those looking across multiple years will see a steadier compounding profile relative to the benchmark.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Mirae Asset Midcap?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Mirae Asset Midcap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mirae Asset Midcap Fund Direct Growth Plan | 7.17% | 15.01% | 14.75% |
| HSBC Midcap Fund Direct Growth Plan | 16.86% | 22.92% | 18.09% |
| WOC Mid Cap Fund Direct Growth Plan | 11.85% | 21.03% | Data not available |
| Helios Mid Cap Fund Direct Growth Plan | 10.68% | Data not available | Data not available |
| ITI Mid Cap Fund Direct Growth Plan | 9.12% | 19.14% | 15.86% |
| Baroda BNP Paribas Mid Cap Fund Direct Growth Plan | 8.87% | 16.11% | 14.75% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund’s 1-year return is below several peer funds in the table, so the recent stretch looks softer than the stronger peer names shown here. That said, the 3-year and 5-year figures are closer to the middle of the peer set, and they still compare respectably with funds that have longer available records. The short-term story therefore looks weaker than the longer-term one, while the longer-term results suggest the fund has kept pace with the broader mid-cap pack more steadily than the latest year alone would imply.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Laurus Labs Ltd. | Healthcare | 4.03% |
| Steel Authority of India Ltd. | Iron & Steel | 3.54% |
| Lupin Ltd. | Healthcare | 3.26% |
| Indusind Bank Ltd. | Bank | 3.18% |
| Persistent Systems Ltd. | IT | 3.13% |
| PB Fintech Ltd. | IT | 3.02% |
| HDB Financial Services Ltd. | Domestic Equities | 2.97% |
| Delhivery Ltd. | Logistics | 2.88% |
| Dixon Technologies (India) Ltd. | Consumer Durables | 2.82% |
| Bharat Forge Ltd. | Automobile & Ancillaries | 2.75% |
The largest holding, Laurus Labs Ltd., has a weight of 4.03%, which is not large enough on its own to dominate the portfolio. The 10th holding is still at 2.75%, so the drop from the first position to the tenth is fairly gradual rather than abrupt. That pattern suggests influence is shared across several stocks instead of resting on one or two oversized bets.
The top 10 holdings together account for approximately 31.58% of the portfolio, and the fund has 56 disclosed holdings in total. That combination points to a portfolio that may be reasonably spread across a longer tail, while still leaving meaningful weight in the leading positions. In practical terms, the larger names could still shape short-term outcomes, but the overall spread should reduce dependence on a very small set of holdings.
Because more holdings are disclosed beyond the top 10, the remaining positions may also matter for tracking the scheme’s full mid-cap exposure. The mix of healthcare, financials, IT, logistics and industrial names indicates that the fund is not concentrated in just one business theme, although the top positions remain important enough to watch when assessing near-term swings.
To see all holdings, visit the Mirae Asset Midcap Fund Direct Growth Plan page
Source data date: as of 15 Sep 2026
Who should invest
This fund is better suited to investors who are comfortable with High Risk equity exposure and can stay invested for several years. The 1-year result is softer than the 3-year and 5-year pattern, so short-term expectations need to be modest, but the longer record shows steadier mid-cap compounding than the latest year alone suggests.
It fits investors who want benchmark-relevant mid-cap exposure and can tolerate a period of uneven performance while the portfolio works through market cycles. The main trade-off is that you accept sharper volatility and a weaker recent patch in exchange for the possibility of long-term growth from a diversified mid-cap book.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load applies at 1% on or before 365D, and there is no exit load after that holding period.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of Mirae Asset Midcap Fund Direct Growth Plan?
The current NAV is ₹43.049 as of 15 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The 1-year, 3-year and 5-year returns are 7.17%, 15.01% and 14.75% respectively.
How has the fund performed against its benchmark?
It has stayed ahead of the benchmark on all three headline periods shown here: 1 year, 3 years and 5 years. The margin is modest over 3 years and 5 years, but it remains positive.
How does it compare with the peer funds listed here?
Its recent 1-year return is lower than several peer funds shown here, while the 3-year and 5-year figures are closer to the middle of the group. That makes the recent picture look softer than the longer-term one.
Is there a minimum SIP amount?
A minimum SIP amount is not listed here, so we have not added one.
Who manages the fund and what is the exit load?
The fund is managed by Ankit Jain. The exit load is 1% on or before 365D, and nil after 365D.
Bottom line
Mirae Asset Midcap Fund Direct Growth Plan has a weaker recent year than its 3-year and 5-year record, but the longer pattern still stays slightly ahead of its benchmark. That makes the scheme look more like a patient mid-cap compounder than a near-term momentum play. The High Risk label and the mid-cap portfolio mean volatility is part of the journey, while the 56 disclosed holdings and a fairly even top-10 weight profile suggest the fund is not reliant on a single stock. It may suit investors who can tolerate swings and wait for the longer cycle to matter.
Published on 16 September 2026 at 1:13 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.