DSP Midcap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 31, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
DSP Midcap Fund Direct Growth Plan has a NAV of ₹171.123 as of 17 September 2026 and a scheme AUM of ₹21,018 Cr. Its 1-year, 3-year and 5-year returns are 1.28%, 13.14% and 10.8%, respectively, and it sits in the High Risk category.
Our view is that this is a mid-cap equity fund for investors who can tolerate meaningful swings and want exposure to a portfolio that has been able to recover over time, even though its near-term return has been soft. The benchmark has stayed ahead over 1-year and 5-year periods, so the fund looks better suited to investors who can hold through uneven stretches rather than those looking for steady short-term consistency.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹171.123 as of 17 Sep 2026 |
| AUM | ₹21,018 Cr |
| Expense Ratio | 0.67% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty Mid Cap |
| Fund Category | Equity |
| Exit Load | 1% before 12M, Nil on or after 12M |
| Fund Managers | Vinit Sambre, Abhishek Ghosh |
The fund is managed by Vinit Sambre and Abhishek Ghosh.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.61% | -3.41% |
| 3M | -0.22% | -1.42% |
| 1Y | 1.28% | 4.86% |
| 3Y | 13.14% | 14.23% |
| 5Y | 10.8% | 14.71% |
The short-term picture has been uneven. Over the last month the fund fell a little more than the benchmark, but over 3 months it held up better than the index. That mix suggests the portfolio is not simply moving in lockstep with the benchmark, even though the direction of travel remains similar.
The 1-year return is modest at 1.28%, while the benchmark has done much better at 4.86%. That gap matters because it shows the fund has lagged in the most recent full-year cycle. For an investor, the key takeaway is that the fund has not converted the recent market environment into the same level of compounding as the benchmark.
The longer view is more constructive, but still not fully ahead of the benchmark. The 3-year return of 13.14% is close to the benchmark’s 14.23%, which tells us the fund has broadly kept pace over a full mid-cap cycle. The 5-year return of 10.8% trails the benchmark’s 14.71%, so the stronger benchmark showing over longer periods remains an important point to note.
The return pattern also shows meaningful variation inside the 5-year window. The fund has had periods of recovery after drawdowns, but the ride has not been smooth. Our view is that this is the kind of behaviour investors often see in mid-cap strategies: the upside can improve over time, but the path can be choppy and recent results can differ materially from longer-run compounding.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD DSP 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 DSP Midcap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| DSP Midcap Fund Direct Growth Plan | 1.28% | 13.14% | 10.8% |
| HSBC Midcap Fund Direct Growth Plan | 15.97% | 22.92% | 18.06% |
| WOC Mid Cap Fund Direct Growth Plan | 11.1% | 21% | Data not available |
| Helios Mid Cap Fund Direct Growth Plan | 10.06% | Data not available | Data not available |
| ITI Mid Cap Fund Direct Growth Plan | 8.51% | 19.17% | 15.91% |
| Baroda BNP Paribas Mid Cap Fund Direct Growth Plan | 8.4% | 16.15% | 14.79% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The current fund’s 1-year return is well below the stronger peer figures in this set, while the 3-year and 5-year numbers also sit below the better-performing comparisons that have longer history available. The short-term comparison looks weaker than the longer-term one, but the longer horizon still does not show the fund keeping up with the stronger peer outcomes that are available.
That said, the comparison is not only about raw return levels. Some peers have missing longer-term history, so the clearest read is that this fund has trailed the more established return profiles in this peer set on the available periods. For an investor, that means the fund may appeal more when the focus is on mid-cap exposure with a willingness to tolerate uneven relative performance rather than on seeking the strongest recent return stream.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Coforge Limited | IT | 4.48% |
| TREPS / Reverse Repo Investments | Cash & Cash Equivalents and Net Assets | 4.26% |
| Multi Commodity Exchange of India Limited | Finance | 3.16% |
| Fortis Healthcare Limited | Healthcare | 2.79% |
| Ipca Laboratories Limited | Healthcare | 2.7% |
| Federal Bank Limited | Bank | 2.66% |
| Max Financial Services Limited | Finance | 2.63% |
| Cholamandalam Investment and Finance Co Limited | Finance | 2.59% |
| Phoenix Mills Limited | Realty | 2.48% |
| Bharat Forge Limited | Automobile & Ancillaries | 2.42% |
The top 10 holdings account for approximately 30.17% of the portfolio.
To see all holdings, visit the DSP Midcap Fund Direct Growth Plan page
The largest holding, Coforge Limited, is 4.48%, which is meaningful but not dominant on its own. The gap from the first holding to the tenth is fairly modest, with weights stepping down in small increments rather than dropping sharply after one or two positions.
That pattern suggests the disclosed holdings are spread across a range of companies instead of being driven by a single large bet. Because the top 10 account for 30.17% and the scheme has 60 disclosed holdings, the portfolio may have a reasonably broad tail beyond the largest positions. Even so, the higher weights near the top could still have greater influence on near-term behaviour than the smaller positions further down the list.
Overall, the disclosed book looks like a measured mid-cap structure rather than an extremely concentrated one. That may help the fund avoid overdependence on a single stock, while still allowing its larger positions to shape outcomes when those holdings move strongly.
Source data date: as of 17 Sep 2026
Who should invest
This fund fits investors who can accept High Risk and are comfortable with a mid-cap portfolio that may move around more than large-cap funds. The return pattern suggests it can recover over time, but it has not been consistently ahead of the benchmark in the recent cycle.
A longer holding period looks more appropriate than a short one because the 1-year result is weak while the 3-year and 5-year figures show a more stable though still uneven compounding profile. The main trade-off is that investors may get access to a diversified mid-cap portfolio, but they must be willing to tolerate stretches of underperformance versus the benchmark and stronger peer outcomes.
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: 1% before 12 months; nil on or after 12 months.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of DSP Midcap Fund Direct Growth Plan?
The current NAV is ₹171.123 as of 17 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year, 3-year and 5-year returns are 1.28%, 13.14% and 10.8%, respectively.
How does the fund compare with its benchmark?
It has lagged the benchmark over 1 year and 5 years, while the 3-year gap is relatively small. The benchmark return is 4.86% over 1 year, 14.23% over 3 years and 14.71% over 5 years.
How does it compare with the peer funds listed here?
Its 1-year return is lower than the peer figures shown here, and its 3-year and 5-year returns also trail the stronger available peer outcomes. The comparison is mixed only because some peers do not have complete longer-term history.
Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹100.
Who manages the fund and what is the exit load?
The fund is managed by Vinit Sambre and Abhishek Ghosh. The exit load is 1% before 12 months and nil on or after 12 months.
Bottom line
The fund’s recent return profile is weaker than its longer-run pattern, which has improved over time but still trails the benchmark on the 5-year view. Against the peer set shown here, it also looks softer on the available return numbers, especially at the 1-year horizon. The portfolio is not excessively concentrated at the top, with the largest holding at 4.48% and the top 10 holdings at 30.17% across 60 disclosed holdings, so the stock-specific spread is reasonably broad for a mid-cap fund. It suits investors who can live with High Risk and a bumpy journey.
Published on 18 September 2026 at 3:12 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.