Franklin India Large & Mid Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Franklin India Large & Mid Cap Fund Direct Growth Plan has a NAV of ₹207.3408 as of 17 Sep 2026 and an AUM of ₹3,622 Cr. Its 1-year, 3-year and 5-year returns are -3.73%, 10.37% and 9.54% respectively, and the scheme sits in the High Risk category.
Our view is that this is a fund for investors who can tolerate equity-market swings and are comfortable with a portfolio that can move around more than a broad large-cap style fund. The longer-term numbers are steadier than the recent 1-year outcome, but the path has not been smooth, so the fit is better for patient investors than for anyone looking for consistency over short holding periods.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹207.3408 as of 17 Sep 2026 |
| AUM | ₹3,622 Cr |
| Expense Ratio | 1.28% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty Mid Cap |
| Fund Category | Equity |
| Exit Load | No exit load after holding period |
| Fund Managers | Venkatesh Sanjeevi, R. Janakiraman, Sandeep Manam |
The fund is managed by Venkatesh Sanjeevi, R. Janakiraman and Sandeep Manam.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.71% | -3.66% |
| 3M | 0.31% | -3.71% |
| 1Y | -3.73% | -7.13% |
| 3Y | 10.37% | 5.82% |
| 5Y | 9.54% | 5.72% |
The short-term picture is mixed. The fund fell over the latest month, but the three-month number is slightly positive even while the benchmark stayed negative, which tells us the fund has recently been more resilient than the reference index in a choppy patch. The 1-year return is still negative, so recent gains have not yet fully repaired the weaker twelve-month stretch.
At the medium horizon, the story improves. The 3-year return of 10.37% and the 5-year return of 9.54% both sit above the benchmark’s 5.82% and 5.72%, so the fund has added value over longer holding periods. That said, the gap between the 1-year figure and the longer-term numbers shows that the ride has not been linear.
The pattern in the path matters as much as the end result. The multi-year progression indicates periods of drawdown and recovery rather than a smooth climb, which is typical of a mid-cap-tilted equity strategy. For investors, that means the fund’s longer-run record is more relevant than any one quarter, but it also means short-term disappointment can appear even when the broader trend is workable.
Against its benchmark, our interpretation is straightforward: this has been better over 3 and 5 years, weaker over 1 year, and only slightly less weak over 1 month. That split makes the fund suitable for investors who can judge performance over full cycles rather than over a single market phase.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD Franklin India 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 Franklin India Large & Mid Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Franklin India Large & Mid Cap Fund Direct Growth Plan | -3.73% | 10.37% | 9.54% |
| 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 current fund’s 1-year return trails all five comparison funds with available data, so the recent stretch has clearly been softer than the peer group. The longer-horizon picture is more balanced: its 3-year return is below HSBC and Motilal Oswal, but above Bank of India, while its 5-year return is ahead of Bank of India and Sundaram, though behind Quant, HSBC and Motilal Oswal. That mix suggests the fund has been competitive over longer periods without matching the strongest peer outcomes.
What stands out is the split between the recent and the long-term view. The shorter-term return weakness does not line up neatly with the longer-term record, so investors are comparing a fund that has shown recovery over a full cycle with one that has been softer in the latest year. For a mid-cap-oriented equity fund, that difference is important because patience can matter more than one-year momentum.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Ltd | Bank | 4.93% |
| Mahindra & Mahindra Ltd | Automobile & Ancillaries | 4.54% |
| Larsen & Toubro Ltd | Infrastructure | 3.96% |
| Max Financial Services Ltd | Finance | 3.68% |
| Eternal Ltd | Retailing | 3.33% |
| Kotak Mahindra Bank Ltd | Bank | 3.27% |
| AU Small Finance Bank Ltd | Bank | 3.22% |
| Vishal Mega Mart Ltd | Domestic Equities | 3.22% |
| Apollo Hospitals Enterprise Ltd | Healthcare | 2.99% |
| PB Fintech Ltd | IT | 2.92% |
The largest holding, ICICI Bank Ltd, is 4.93%, so no single stock dominates the portfolio. The drop from the first holding to the tenth is measured rather than steep, with the tenth position at 2.92%, which suggests the fund spreads risk across a set of sizeable positions instead of relying on one or two outsized bets.
The top 10 holdings together account for about 36.06% of the portfolio, leaving a meaningful share across the rest of the 48 disclosed holdings. That combination points to moderate concentration at the top with a longer tail underneath, which may reduce dependence on any one name while still allowing the larger positions to matter.
Sector names in the top holdings are also varied across banking, automobile, infrastructure, finance, retailing and healthcare. That mix may help avoid a narrow single-theme portfolio, although the actual impact will still depend on how the remaining holdings are balanced across the full scheme.
To see all holdings, visit the Franklin India Large & Mid Cap 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 horizon long enough to absorb uneven stretches. The current 1-year return is negative, but the 3-year and 5-year numbers are better and sit ahead of the benchmark, so the investment case depends on staying through cycles rather than reacting to short-term weakness.
The main trade-off is clear: you get the possibility of stronger longer-run compounding, but you must accept that the journey can be choppy and that the recent year has not been smooth. The portfolio’s top holdings are spread across several sectors, which may help reduce single-stock dependence, but it still behaves like an equity fund that can move materially in stressed markets.
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 after holding period.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of Franklin India Large & Mid Cap Fund Direct Growth Plan?
Its NAV is ₹207.3408 as of 17 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The returns are -3.73% for 1 year, 10.37% for 3 years and 9.54% for 5 years.
How does it compare with its benchmark?
It has done better than the benchmark over 3 years and 5 years, while the 1-year return is less stable and still negative. The latest month also lagged slightly behind the benchmark.
How does it compare with the peer funds listed here?
Its 1-year return is weaker than each comparison fund shown, while the 3-year and 5-year results are mixed. It stays ahead of Bank of India over both longer periods, but trails some peers such as Motilal Oswal and HSBC on the longer horizon.
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 Venkatesh Sanjeevi, R. Janakiraman and Sandeep Manam. The exit load is nil after the holding period, so no exit load applies once the applicable holding rule is satisfied.
Bottom line
Franklin India Large & Mid Cap Fund Direct Growth Plan has a weaker recent year but a better 3-year and 5-year record, so its story is more about cycle-aware investing than short-term consistency. It compares reasonably on longer-horizon returns against the benchmark and shows mixed results versus peers, with the latest year being the softest part of the picture. The portfolio is diversified across several large positions rather than concentrated in one holding, which may appeal to investors who can tolerate High Risk equity exposure and are willing to stay invested through uneven periods.
Published on 18 September 2026 at 3:05 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.