Zerodha Nifty LargeMidcap 250 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Zerodha Nifty LargeMidcap 250 Index Fund Direct Growth Plan has a NAV of ₹14.0423 as of 17 Sep 2026 and a scheme AUM of ₹1,613 Cr. Its 1-year, 3-year and 5-year returns are -0.36%, 0% and 0%, and the fund sits in the High Risk category. Our view is that this is a market-linked index option for investors who can accept short-term swings and want exposure to a large-midcap basket rather than a smoother return path.
The fund’s portfolio is led by financials, telecom, infrastructure and IT names, which can keep it sensitive to equity market phases. The current return pattern is weaker than the benchmark over the latest 1-year window, so the main appeal is not recent outperformance; it is the rule-based structure and diversified holding base within its category.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹14.0423 as of 17 Sep 2026 |
| AUM | ₹1,613 Cr |
| Expense Ratio | 0.27% |
| Launch Date | 08 Nov 2023 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Kedarnath Mirajkar |
The fund is managed by Kedarnath Mirajkar.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.53% | -3.66% |
| 3M | -1.97% | -3.71% |
| 1Y | -0.36% | -7.13% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The recent pattern shows a fund that has been choppy but less weak than the benchmark over the latest 1-month, 3-month and 1-year windows. The 1-year figure is still negative, which means the fund has not escaped a broad equity downdraft, but the gap versus the benchmark is meaningful and points to better resilience over the last year.
That said, the shorter windows do not create a clean upward trend. The 1-month and 3-month numbers are both negative, so the latest phase has still been under pressure. For an index fund, this matters because investors usually expect tracking-style behaviour, and the current pattern suggests this scheme has also moved through a soft patch rather than a smooth climb.
The lack of 3-year and 5-year return history limits long-horizon judgment here. What we can say is that the 1-year run has been better than the benchmark, while recent monthly and quarterly numbers remain weak in absolute terms. That combination is more consistent with a fund riding a difficult market cycle than one delivering steady compounding in the near term.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD Zerodha Nifty LargeMidcap 250 Index?
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 Zerodha Nifty LargeMidcap 250 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Zerodha Nifty LargeMidcap 250 Index Fund Direct Growth Plan | -0.36% | Data not available | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 29.31% | 30.01% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.45% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.13% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.68% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 17.57% | 18.84% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund’s 1-year return is well below the strongest peer figures listed here, even though the benchmark comparison in the performance section was more favourable. The 3-year and 5-year columns are largely unavailable for the peer set, so the comparison is mostly a short-term one. That makes the current fund look less competitive on recent performance, while the longer-horizon picture remains incomplete for most peers.
Because the available peer data are concentrated in the 1-year window, the short-term story and the longer-term story do not line up neatly. The only peer with both 1-year and 3-year figures is still far ahead on those measures, but most other peers do not provide a multi-year anchor here. That means we can judge relative recent performance more clearly than long-run consistency.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Limited | Bank | 3.94% |
| ICICI Bank Limited | Bank | 3.78% |
| Reliance Industries Limited | Crude Oil | 3.13% |
| Bharti Airtel Limited | Telecom | 2.00% |
| Larsen & Toubro Limited | Infrastructure | 1.72% |
| BSE Ltd | Finance | 1.60% |
| State Bank of India | Bank | 1.59% |
| Infosys Limited | IT | 1.44% |
| Axis Bank Limited | Bank | 1.35% |
| Kotak Mahindra Bank Limited | Bank | 1.12% |
The largest holding, HDFC Bank Limited, is 3.94%, which is sizeable but not dominant on its own. The drop from the first holding to the tenth is fairly gradual, ending at 1.12%, so the visible top slice does not look heavily skewed toward a single stock.
The top 10 holdings together account for approximately 21.67% of the portfolio, and the scheme discloses 52 holdings in total. That combination suggests a reasonably broad spread of exposure, with the leading positions still able to matter individually but not enough to make the portfolio look narrowly concentrated.
Because the disclosed holdings extend well beyond the first 10, the fund is likely to carry a longer tail of smaller positions that can soften dependence on any one name. Even so, the bank-heavy top list means financials may contribute more to day-to-day movement than a more evenly balanced equity basket.
To see all holdings, visit the Zerodha Nifty LargeMidcap 250 Index Fund Direct Growth Plan page
Source data date: as of 17 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk equity exposure and can stay invested through short-term swings. The latest 1-year return is negative, but it has been less weak than the benchmark, which points to a scheme that can hold up better than the broad reference in some down phases.
It fits better as a medium- to long-term allocation than as a short-horizon parking place. The trade-off is simple: you get rule-based exposure to a large-midcap mix, but you must accept equity volatility and the possibility that recent performance can remain choppy even when the benchmark comparison looks better.
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: No exit load.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of Zerodha Nifty LargeMidcap 250 Index Fund Direct Growth Plan?
Its NAV is ₹14.0423 as of 17 Sep 2026.
How has the fund performed over 1 year, 3 years and 5 years?
Its 1-year return is -0.36%, while the 3-year and 5-year returns are Data not available.
How does the fund compare with its benchmark?
It has done better than the benchmark over 1 month, 3 months and 1 year. The 1-year return gap is especially noticeable, with the fund at -0.36% versus the benchmark at -7.13%.
How does the fund compare with the listed peer funds on recent returns?
Its 1-year return is below the stronger figures shown by the peer set, especially compared with ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan at 29.31%. The peer list is less useful for long-horizon comparison because many 3-year and 5-year figures are unavailable.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
What is the risk profile, portfolio style and fund manager?
The fund is in the High Risk category, has 52 disclosed holdings and is led by HDFC Bank Limited at 3.94%. It is managed by Kedarnath Mirajkar.
Bottom line
This fund has a mixed short-term picture: recent returns are weak in absolute terms, but they compare better with the benchmark over the latest 1 month, 3 months and 1 year. The peer set shows stronger recent numbers elsewhere, so the fund does not stand out on short-term return momentum. Its High Risk label and bank-led holdings mean it can move sharply with equity markets, while the 52-holding structure keeps the exposure from looking overly narrow. It is more suited to investors who can tolerate volatility and want a rule-based equity allocation.
Published on 18 September 2026 at 10:14 AM 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.