Invesco 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
Invesco India Large & Mid Cap Fund Direct Growth Plan currently has a NAV of ₹129.53 as of 17 September 2026 and scheme AUM of ₹12,387 Cr. Its 1-year, 3-year and 5-year returns are 5.26%, 21.44% and 16.47% respectively, and the fund sits in the High Risk category.
Our view is that this is a fund for investors who can tolerate sharp swings and want a large-and-mid-cap allocation with a meaningful growth tilt. The return pattern has been stronger over 3 years and 5 years than over the latest 1 year, so the recent stretch looks softer than the longer-term compounding trend.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹129.53 as of 17 Sep 2026 |
| AUM | ₹12,387 Cr |
| Expense Ratio | 0.61% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty Mid Cap |
| Fund Category | Equity |
| Exit Load | Nil upto 10% of units and 1% for above the limits on or before 1Y, Nil after 1Y |
| Fund Managers | Aditya Khemani |
The fund is managed by Aditya Khemani.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.42% | -3.66% |
| 3M | 1.90% | -3.71% |
| 1Y | 5.26% | -7.13% |
| 3Y | 21.44% | 5.82% |
| 5Y | 16.47% | 5.72% |
Short-term performance has been uneven, but the fund has still stayed ahead of the benchmark across every period shown. The 1-month figure is negative, which tells us recent volatility has not disappeared, yet the fund has held up better than the benchmark in the same window.
The 3-month and 1-year numbers point to a more constructive recovery. A 5.26% 1-year return versus a -7.13% benchmark return shows a clear gap in favour of the fund, although the latest year is still well below its own 3-year pace.
The 3-year and 5-year results are the stronger part of the story. Returns of 21.44% and 16.47% indicate that the fund has compounded well over longer holding periods, and the longer horizon has been materially better than the benchmark’s 5.82% and 5.72% respective returns.
For us, the main read-through is that this scheme has rewarded patience more than short holding periods. The recent softness does not erase the longer record, but it does mean investors should expect a path that can be choppy rather than smooth.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD Invesco 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 Invesco India Large & Mid Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Invesco India Large & Mid Cap Fund Direct Growth Plan | 5.26% | 21.44% | 16.47% |
| 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% | 18.00% |
| 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.
On the latest 1-year number, the fund trails Quant Large & Mid Cap Fund Direct Growth Plan and HSBC Large & Mid Cap Fund Direct Growth Plan, but it is still ahead of the benchmark and remains close to the peer cluster. The stronger part of the comparison is at the 3-year and 5-year marks, where the fund’s 21.44% and 16.47% are ahead of all the listed peer figures on those same horizons except the 3-year result of Motilal Oswal Large & Midcap Fund Direct Growth Plan.
The message is mixed but useful: the fund has not been the strongest short-term name in the set, yet its longer-term record is competitive. That combination usually suits investors who care more about sustained compounding than about leading every recent period.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Eternal Limited | Retailing | 8.25% |
| Interglobe Aviation Limited | Aviation | 7.58% |
| ICICI Bank Limited | Bank | 7.50% |
| Max Healthcare Institute Limited | Healthcare | 6.64% |
| Sai Life Sciences Limited | Domestic Equities | 5.05% |
| Prestige Estates Projects Limited | Realty | 4.96% |
| ABB India Limited | Capital Goods | 4.63% |
| Trent Limited | Retailing | 3.67% |
| The Federal Bank Limited | Bank | 3.16% |
| Aditya Infotech Limited | Domestic Equities | 2.96% |
The top 10 holdings account for approximately 54.4% of the portfolio.
To see all holdings, visit the Invesco India Large & Mid Cap Fund Direct Growth Plan page
The largest position, Eternal Limited at 8.25%, is meaningful but not excessive on its own. The fall from 8.25% to 2.96% at the tenth holding suggests the fund spreads capital across several active bets rather than relying on one or two outsized names.
The combined weight of the visible top 10 positions is 54.4%, which indicates a fairly concentrated core. At the same time, the disclosed holdings count of 37 suggests the portfolio likely has a longer tail beyond the largest names, so smaller positions may still contribute in aggregate without dominating the picture.
For investors, that mix may matter because the largest holdings are likely to have greater influence on short-term moves, while the wider set of positions can reduce dependence on just a handful of companies. The structure looks active and selective rather than closely mirrored to a broad market index.
Source data date: as of 17 Sep 2026
Who should invest
This fund is better suited to investors with a high risk tolerance and a willingness to stay invested through periods of uneven returns. The 1-year result is modest, but the 3-year and 5-year numbers show that patience has been rewarded over longer holding periods.
The main trade-off is between stronger long-term compounding potential and a bumpier ride in the short run. Relative to the benchmark, the fund has outpaced it across all the observed periods, and its portfolio is concentrated enough that individual holdings can shape returns meaningfully.
That makes it a better fit for investors with a multi-year horizon who can handle volatility without reacting quickly to short-term underperformance. It is less comfortable for someone looking for a smoother path or a near-term outcome.
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 upto 10% of units and 1% for above the limits on or before 1Y, Nil after 1Y.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of Invesco India Large & Mid Cap Fund Direct Growth Plan?
The current NAV is ₹129.53 as of 17 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 5.26%, 21.44% and 16.47%.
How has the fund performed versus the benchmark?
It has outperformed the benchmark across all the periods shown. The gap is especially large over 3 years and 5 years.
How does it compare with peer funds on available return data?
The fund is competitive on longer horizons, with 21.44% over 3 years and 16.47% over 5 years. On the latest 1-year number, several peers are ahead, including Quant Large & Mid Cap Fund Direct Growth Plan and HSBC Large & Mid Cap Fund Direct Growth Plan.
What is the fund’s minimum SIP amount?
The fund does not state a minimum SIP amount in the available scheme details shown here.
Who manages the fund and what is the exit load?
The fund is managed by Aditya Khemani. The exit load is Nil upto 10% of units and 1% for above the limits on or before 1Y, Nil after 1Y.
Bottom line
Invesco India Large & Mid Cap Fund Direct Growth Plan shows a clear difference between recent and longer-term performance: the latest year is modest, but the 3-year and 5-year numbers are much stronger. It also compares well with peers on longer horizons, even though some peers have been ahead in the latest 1-year period. With a High Risk profile and a concentrated top-holdings base, it suits investors who can stay patient through volatility and prefer a fund with active stock selection.
Published on 18 September 2026 at 3:06 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.