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

DSP Large & Mid Cap Fund Direct Growth Plan is at a NAV of ₹706.848 as of 28 August 2026 and manages ₹18,231 Cr. Its 1-year, 3-year and 5-year returns are 5.34%, 15.33% and 13.56%, respectively, and the fund is tagged as High Risk.

Our view is that the fund has delivered a steadier longer-term pattern than its most recent 1-year figure suggests, but it still sits in a category where outcomes can move around more than a plain large-cap strategy. The 52.83% large-cap and 40.66% mid-cap mix gives it a balanced large-and-mid-cap profile, while the sector mix is notably bank-heavy.

Quick facts

The fund is managed by Rohit Singhania and Nilesh Aiya.

Source data date: as of 28 Aug 2026

Performance

The short-term picture is mixed but still constructive. Over one month, the fund stayed slightly positive while the benchmark slipped, which suggests it held up better in the latest patch of market moves. Over three months and one year, the fund also outpaced the benchmark, but the 1-year figure is still modest for an equity fund with a high-risk tag.

The longer view is stronger. The 3-year return of 15.33% and 5-year return of 13.56% both sit comfortably above the benchmark’s 6.40% and 7.13% over the same spans. That gap matters because it shows the fund has added more than just a short burst of performance; it has compounded at a better pace over a fuller cycle.

The pattern inside the 1-year and 3-year history suggests some uneven stretches rather than a smooth climb. For investors, that means the fund can participate in rallies, but it may also see periods where returns cool off before recovering again. Our read is that the recent 1-year number is weaker than the medium-term record, yet it does not break the broader long-term story.

Against the benchmark, the fund has been ahead in every period shown here. The important question is not whether it beat the benchmark, but how consistent that edge has been. On the available figures, the answer is that the fund has maintained a meaningful lead over longer horizons, even if shorter windows look less decisive.

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.

The fund’s 1-year return trails all five peer funds listed here, while its 3-year and 5-year returns are also below the stronger peer figures available on the page. That does not erase the fund’s positive long-term record, but it does show that its return profile has been less forceful than several comparable schemes over the same windows. The short-term comparison and the longer-term comparison point in the same direction: the fund has been steadier than the benchmark, yet lighter than the better peer numbers.

What stands out is that the fund’s longer-term returns are respectable even though they do not keep pace with the stronger peer outcomes shown. For an investor comparing only return history, the gap is most visible in the 1-year number, but it also remains present in the 3-year and 5-year figures. That makes the fund more of a consistent mid-to-long horizon option than a recent momentum story.

Source data date: as of 28 Aug 2026

Portfolio: where your money goes

Market-cap distribution

The portfolio is tilted toward large companies overall, but the mid-cap sleeve is also sizeable enough to matter. With more than 40% in mid caps and just over 5% in small caps, the fund sits between a classic large-cap portfolio and a more growth-seeking mid-cap strategy. That mix can help it stay invested across market segments, but it also means the return path may not be as smooth as a predominantly large-cap fund.

Banks dominate the sector picture at 39.80%, which is far above the next sector weights. IT, automobile & ancillaries, healthcare and finance are all much smaller, so the sector mix is clearly led by one area rather than spread evenly. In practical terms, banking sentiment is likely to have greater influence on how the portfolio behaves than any other single sector.

That concentration does not automatically make the portfolio fragile, but it does make the fund more sensitive to changes in financial-sector earnings, credit conditions and market sentiment around banks. The rest of the portfolio adds diversification, yet the bank allocation remains the anchor. For investors, the key point is that this is not a broadly equal-weighted sector mix; it is a portfolio where banking can move the needle.

Source data date: as of 28 Aug 2026

Who should invest

This fund fits investors who are comfortable with High Risk and who can stay invested through uneven stretches. The return history shows a better medium- to long-term pattern than the latest 1-year figure, so a shorter horizon would not fully capture its behaviour.

It is better suited to a horizon of at least three to five years, especially for investors who can tolerate periods when the fund lags some comparable schemes. The large-and-mid-cap mix keeps it invested across market sizes, but the heavy banking weight means portfolio outcomes may still be shaped by a single sector more than some investors expect.

The main trade-off is between a respectable long-term record and a return path that is not the strongest among comparable funds. Investors who want steadier participation in large caps with some mid-cap upside may find the structure familiar, while those looking for faster recent gains may prefer to look elsewhere.

Tax and exit load

Exit load

• NIL on up to 10% of units and 1% on the remaining units if sold within 1 month.
• No exit load after the holding period.

Source data date: as of 28 Aug 2026

Frequently asked questions

What is the current NAV of DSP Large & Mid Cap Fund Direct Growth Plan?
Its NAV is ₹706.848 as of 28 August 2026.

What are the 1-year, 3-year and 5-year returns?
The fund’s returns are 5.34% over 1 year, 15.33% over 3 years and 13.56% over 5 years.

How has it done against the benchmark?
It has stayed ahead of the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The longer-term gap is wider than the short-term gap.

How does it compare with the peer funds shown here?
Its return figures are below the stronger peer numbers listed for 1 year, 3 years and 5 years. The gap is visible both in the recent period and over longer holding periods.

What is the minimum SIP amount?
The minimum SIP is ₹100.

Who manages the fund and what is the risk profile?
The fund is managed by Rohit Singhania and Nilesh Aiya, and it is tagged as High Risk. The portfolio is also led by a large banking allocation, which can influence performance.

Bottom line

This fund’s recent return profile is softer than its 3-year and 5-year record, but the longer view still shows it ahead of the benchmark over every displayed period. Against the peer set shown, its return figures are more restrained, especially on the 1-year measure. The risk profile is High Risk, and the portfolio is anchored by large caps with a meaningful mid-cap layer. The bank-heavy sector mix is the key feature to watch for investors who want to understand what may drive future swings.

Published on 31 August 2026 at 1:23 PM IST