ITI Large & Mid Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 21, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ITI Large & Mid Cap Fund Direct Growth Plan currently has a NAV of ₹10.475 as of 18 Sep 2026 and an AUM of ₹728 Cr. Its 1-year return is 4.89%, while the 3-year and 5-year returns are both 0 because the fund has not built a long enough performance history for those periods.
The scheme sits in the High Risk bucket. Our view is that it is more suitable for investors who can tolerate sharp swings and want a large-and-mid-cap equity fund that has already started to build a diversified portfolio, but whose live record is still short enough that conclusions should stay measured.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹10.475 as of 18 Sep 2026 |
| AUM | ₹728 Cr |
| Expense Ratio | 0.57% |
| Launch Date | 11 Sep 2024 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty Mid Cap |
| Fund Category | Equity |
| Exit Load | 0.50% on or before 3M, Nil after 3M |
| Fund Managers | Alok Ranjan, Nilay Dalal |
The fund is managed by Alok Ranjan and Nilay Dalal.
Source data date: as of 18 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.94% | -3.73% |
| 3M | 4.11% | -3.14% |
| 1Y | 4.89% | -5.31% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The fund’s most recent numbers are modest in absolute terms, but they stand out relative to the benchmark because the benchmark has been negative across 1 month, 3 months and 1 year. That matters for interpretation: the fund has not needed a strong market backdrop to stay positive in the shorter windows.
The 1-month return of 0.94% and the 3-month return of 4.11% suggest a short stretch of steadier behaviour after earlier weakness in the wider path. The 1-year figure of 4.89% also indicates that the fund has held up better than the benchmark over the latest full-year window, even though the absolute gain is still fairly restrained for an equity scheme.
Because the fund launched in September 2024, the 3-year and 5-year figures are not available yet. That makes the live short-term record the main evidence base, and our view is that the current picture is still one of an early-stage equity fund rather than a proven full-cycle compounder.
For now, the key read-through is that the fund has been ahead of the benchmark in each available comparison window, but the case for it rests more on relative resilience than on a long compounding record.
Source data date: as of 18 Sep 2026
Should you BUY or HOLD ITI Large & Mid Cap?
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 ITI Large & Mid Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ITI Large & Mid Cap Fund Direct Growth Plan | 4.89% | Data not available | Data not available |
| Quant Large & Mid Cap Fund Direct Growth Plan | 9.74% | 14.83% | 15.98% |
| HSBC Large & Mid Cap Fund Direct Growth Plan | 9.29% | 18.04% | 14.68% |
| Sundaram Large and Mid Cap Fund Direct Growth Plan | 8.13% | 14.5% | 12.17% |
| Motilal Oswal Large & Midcap Fund Direct Growth Plan | 7.44% | 22.21% | 18.76% |
| Invesco India Large & Mid Cap Fund Direct Growth Plan | 6.46% | 22.41% | 17.1% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund’s 1-year return of 4.89% trails the peer figures shown here, while the better-known peer numbers are clustered much higher in the 6.46% to 9.74% range. On the longer horizons, the gap is also visible where data exists: peers have 3-year returns from 14.5% to 22.41% and 5-year returns from 12.17% to 18.76%, whereas this fund does not yet have comparable long-period figures.
That mix tells two different stories. In the near term, the fund has lagged the more established peer outcomes, even though it has still beaten its benchmark. Over the longer windows, the comparison is not yet complete for this fund, so the peer set mainly highlights what a fuller track record can look like rather than proving a durable conclusion.
Source data date: as of 18 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Limited | Bank | 2.37% |
| Indusind Bank Limited | Bank | 2.21% |
| Larsen & Toubro Limited | Infrastructure | 1.98% |
| TVS Motor Company Limited | Automobile & Ancillaries | 1.97% |
| Divi’S Laboratories Limited | Healthcare | 1.91% |
| State Bank of India | Bank | 1.9% |
| LG Electronics India Ltd | Domestic Equities | 1.84% |
| Sun Pharmaceutical Industries Limited | Healthcare | 1.81% |
| Kotak Mahindra Bank Limited | Bank | 1.68% |
| Axis Bank Limited | Bank | 1.63% |
The largest holding is ICICI Bank Limited at 2.37%, which is a relatively modest single-position weight for an equity fund. The tenth holding, Axis Bank Limited, is 1.63%, so the decline from the first to the tenth position is fairly gradual rather than steep.
The top 10 holdings together account for approximately 19.3% of the portfolio, which suggests that the fund is not built around a handful of very large bets. Instead, the disclosed list points to a wider spread across 90 holdings, so the remaining positions may still have a meaningful influence on overall outcomes.
That structure may matter for volatility and return pattern. Banks appear several times near the top, along with infrastructure, healthcare and automobiles, but no single position dominates the sheet. Our view is that this kind of setup can leave performance dependent on a broad set of holdings rather than a few oversized names, which may make the fund feel more balanced even within a High Risk equity category.
To see all holdings, visit the ITI Large & Mid Cap Fund Direct Growth Plan page
Source data date: as of 18 Sep 2026
Who should invest
This fund suits investors who can tolerate High Risk equity exposure and are comfortable with a short track record. The latest 1-year result is positive, and it has stayed ahead of the benchmark in the available windows, but the absence of 3-year and 5-year history means it is still early in its market test.
An investor with a medium-to-long horizon may find the current setup more relevant than a near-term one, especially if the goal is to use a large-and-mid-cap fund as part of a broader equity allocation. The main trade-off is clear: you get benchmark-beating short-term resilience so far, but you must accept that the fund does not yet offer a proven full-cycle record.
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 |
The exit load is 0.50% if units are sold on or before 3 months, and nil after 3 months.
Source data date: as of 18 Sep 2026
Frequently asked questions
What is the current NAV of ITI Large & Mid Cap Fund Direct Growth Plan?
The current NAV is ₹10.475 as of 18 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 4.89%, while the 3-year and 5-year returns are both 0 because the fund does not yet have a long enough track record for those periods.
How has the fund performed versus its benchmark?
It has done better than the benchmark in the short term. For 1 year, the fund returned 4.89% versus -5.31% for the benchmark; for 3 months it returned 4.11% versus -3.14%; and for 1 month it returned 0.94% versus -3.73%.
How does it compare with peer large- and mid-cap funds on available returns?
The fund’s 1-year return of 4.89% is below the peer figures shown for funds such as Quant Large & Mid Cap Fund Direct Growth Plan at 9.74% and HSBC Large & Mid Cap Fund Direct Growth Plan at 9.29%. Its longer-term figures are not yet available because of the fund’s shorter history.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Alok Ranjan and Nilay Dalal. The exit load is 0.50% if units are sold on or before 3 months, and nil after 3 months.
Bottom line
ITI Large & Mid Cap Fund Direct Growth Plan has started with a mixed but usable short-term record: its recent returns are positive and better than the benchmark, yet they remain well below the longer-track peer figures shown here. The portfolio is spread across 90 holdings, and the largest position is only 2.37%, which points to a fairly broad construction. For investors who can accept High Risk equity exposure and do not need a long performance history yet, it is a fund to watch with measured expectations.
Published on 21 September 2026 at 11:04 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.