LIC MF Large & Midcap Fund- Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
LIC MF Large & Midcap Fund- Direct Growth Plan has a NAV of ₹44.6119 as of 17 Sep 2026 and a scheme AUM of ₹3,198 Cr. Its 1-year, 3-year and 5-year returns are -1.12%, 12.76% and 10.73%, respectively, and the fund carries a High Risk profile.
Our view is that this is a large-midcap equity option for investors who can stay with a volatile fund through weak stretches. The 3-year and 5-year numbers are better than the 1-year reading, so the longer view is more constructive than the recent one, while the portfolio looks reasonably diversified but still led by a handful of sizable positions.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹44.6119 as of 17 Sep 2026 |
| AUM | ₹3,198 Cr |
| Expense Ratio | 0.58% |
| Launch Date | 25 Feb 2015 |
| Min SIP | ₹200 |
| Risk Category | High Risk |
| Benchmark | Nifty Mid Cap |
| Fund Category | Equity |
| Exit Load | Nil upto 12% on units and 1% on remaining units on or before 3M, Nil after 3M |
| Fund Managers | Sudhanshu Asthana |
The fund is managed by Sudhanshu Asthana.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.41% | -3.66% |
| 3M | 0.11% | -3.71% |
| 1Y | -1.12% | -7.13% |
| 3Y | 12.76% | 5.82% |
| 5Y | 10.73% | 5.72% |
The recent picture is mixed. The fund was down over 1 month, but it held up better than the benchmark over the same stretch and also stayed slightly positive over 3 months when the benchmark was negative. That tells us the fund has not simply tracked the index in the short run; it has shown some resilience even while volatility remained visible.
The 1-year return is still negative, so the recent one-year stretch has been uncomfortable for investors. Even so, the benchmark fell more sharply in the same period, which means the fund did better than the index despite the weak absolute result. That matters for investors who compare a fund not just with its own loss or gain, but with the environment it had to operate in.
The longer record is more reassuring. The 3-year return is 12.76% and the 5-year return is 10.73%, both ahead of the benchmark numbers of 5.82% and 5.72%. In our view, that suggests the fund’s compounding pattern has been stronger over multi-year stretches than its latest 1-year reading indicates. The trade-off is clear: the fund has delivered better medium- and longer-term outcomes than the benchmark, but the path has not been smooth and recent performance remains choppy.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD LIC MF Large & Midcap Fund-?
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 LIC MF Large & Midcap Fund-? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| LIC MF Large & Midcap Fund- Direct Growth Plan | -1.12% | 12.76% | 10.73% |
| Quant Large & Mid Cap Fund Direct Growth Plan | 7.52% | 13.52% | 15.17% |
| HSBC Large & Mid Cap Fund Direct Growth Plan | 7.21% | 16.82% | 13.91% |
| Sundaram Large and Mid Cap Fund Direct Growth Plan | 6.45% | 13.51% | 11.52% |
| Motilal Oswal Large & Midcap Fund Direct Growth Plan | 6.16% | 21.07% | 18% |
| Bank of India Large & Mid Cap Fund Direct Growth Plan | 5.73% | 12.75% | 11.41% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return trails every peer listed here, while its 3-year and 5-year returns sit below several of them even though they remain positive and ahead of the benchmark. That split matters: the short-term picture is weaker than the peer set, but the multi-year record still shows a fund that has compounded meaningfully rather than merely preserving capital.
Compared with the stronger peer numbers at 3 years and 5 years, this fund looks less forceful on a relative basis, especially over the longer horizon. Even so, the gap between recent weakness and the more stable multi-year track is narrower than it first appears because the fund still beats the benchmark on the 3-year and 5-year measures. For investors, the comparison points to a fund that has produced acceptable medium-term outcomes, but not the strongest peer-style momentum in the latest year.
Source data date: as of 17 Sep 2026
Want to know more? Log in to Univest for more mutual fund insights.
Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| AU Small Finance Bank Ltd. | Bank | 4.12% |
| Eicher Motors Ltd. | Automobile & Ancillaries | 3.93% |
| Persistent Systems Ltd. | IT | 3.89% |
| CG Power and Industrial Solutions Ltd. | Capital Goods | 3.59% |
| Interglobe Aviation Ltd. | Aviation | 3.31% |
| Bajaj Finance Ltd. | Finance | 3.22% |
| FSN E-Commerce Ventures Ltd. | Retailing | 3.18% |
| Cartrade Tech Ltd. | Automobile & Ancillaries | 3.13% |
| Aditya Birla Capital Ltd. | Finance | 3.02% |
| Apollo Hospitals Enterprise Ltd. | Healthcare | 2.92% |
The largest holding, AU Small Finance Bank Ltd., carries a weight of 4.12%, which is not extreme for an equity fund but is still large enough to matter in day-to-day performance. The tenth holding, Apollo Hospitals Enterprise Ltd., is only slightly lower at 2.92%, so the top positions are fairly close together rather than dominated by one outsized bet.
The top 10 holdings account for approximately 34.31% of the portfolio, and the fund has 41 disclosed holdings in total. That combination suggests a reasonably spread book with a meaningful tail beyond the top positions. At the same time, the cluster of holdings between roughly 3% and 4% means a few names may still have greater influence on returns than the rest of the portfolio.
In our view, this structure may help limit dependence on a single stock while still allowing conviction positions to shape outcomes. The portfolio therefore looks neither highly concentrated nor broadly diluted; it sits in the middle, where individual holdings can matter but a longer list of smaller positions can also contribute.
To see all holdings, visit the LIC MF Large & Midcap Fund- Direct Growth Plan page
Source data date: as of 17 Sep 2026
Who should invest
This fund fits investors with a high tolerance for equity volatility and a multi-year horizon. The 1-year return has been weak, but the 3-year and 5-year results are positive and better than the benchmark, so the investment case depends on patience rather than short-term comfort.
The main trade-off is that you accept a rough recent ride in exchange for stronger medium-term compounding than the benchmark. The large-midcap mix and the spread across 41 holdings may suit investors who want equity growth potential without relying on a single theme, but the High Risk label means drawdowns can still be sharp. For us, it is better viewed as a long-horizon equity allocation than a near-term stability play.
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: Nil up to 12% of units and 1% on the remaining units when sold on or before 3 months; no exit load after 3 months.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of LIC MF Large & Midcap Fund- Direct Growth Plan?
The current NAV is ₹44.6119 as of 17 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -1.12%, the 3-year return is 12.76%, and the 5-year return is 10.73%.
How does this fund compare with its benchmark?
It has outperformed the benchmark over 3 years and 5 years, while the 1-year return is still negative but less weak than the benchmark.
How does it compare with the peer funds listed here?
Its 1-year return is below the peer funds shown, and its 3-year and 5-year returns are also lower than several of them, even though they remain ahead of the benchmark.
What is the minimum SIP amount?
The minimum SIP amount is ₹200.
Who manages the fund and what is the exit load?
The fund is managed by Sudhanshu Asthana. Exit load is nil up to 12% of units and 1% on the remaining units when sold on or before 3 months; there is no exit load after 3 months.
Bottom line
LIC MF Large & Midcap Fund- Direct Growth Plan has a weaker recent year than its longer record, but the 3-year and 5-year returns still compare well with the benchmark and show steadier compounding than the latest stretch suggests. Against the peer set, the recent year is softer and the longer-horizon numbers are also less strong than several rivals. The High Risk profile, a 41-holding portfolio, and a top-weighted but not over-concentrated book make it a fund for investors who can stay invested through volatility and focus on multi-year outcomes.
Published on 18 September 2026 at 3:59 PM IST
Explore mutual funds with Univest
Review mutual fund data, compare performance and explore fund insights on Univest.
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.