Motilal Oswal Large & Midcap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 28, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Motilal Oswal Large & Midcap Fund Direct Growth Plan is priced at ₹40.3434 as of 15 Sep 2026, with scheme AUM of ₹20,159 Cr. Its 1-year, 3-year and 5-year returns are 7.23%, 21.15% and 18.16% respectively, and it carries a High Risk label.
Our view is that this is a growth-oriented large-and-mid-cap equity option for investors who can stay invested through uneven stretches. The 3-year and 5-year figures are strong relative to the benchmark path, while the 1-year result is more muted, which tells us the fund can move through short-term pressure even after a strong longer run.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹40.3434 as of 15 Sep 2026 |
| AUM | ₹20,159 Cr |
| Expense Ratio | 0.67% |
| Launch Date | 17 Oct 2019 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty Mid Cap |
| Fund Category | Equity |
| Exit Load | 1% on or before 365D, Nil after 365D |
| Fund Managers | Ajay Khandelwal, Ankit Agarwal, Rakesh Shetty |
The fund is managed by Ajay Khandelwal, Ankit Agarwal and Rakesh Shetty.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.43% | -4.81% |
| 3M | 2.87% | -3.63% |
| 1Y | 7.23% | -8.27% |
| 3Y | 21.15% | 5.59% |
| 5Y | 18.16% | 5.58% |
The short-term picture is mixed, but not weak. Over 1 month, the fund fell less than the benchmark, and over 3 months it moved ahead while the benchmark stayed negative. That suggests the portfolio has been able to recover better than the benchmark after a softer patch, even if the last month was still slightly negative.
The 1-year return is much better than the benchmark’s negative reading, which means the fund protected and added value over a difficult year for the index. This is useful, but it also reminds us that the path has not been smooth. The monthly and quarterly swings show that investors have had to tolerate periods of pressure alongside the longer-term compounding trend.
On the longer view, the fund’s 3-year return of 21.15% and 5-year return of 18.16% are both well above the benchmark’s 5.59% and 5.58%. Our read is that the fund’s longer-term record is clearly stronger than the benchmark, while the recent 1-year number is a step down from its own 3-year pace. That difference matters: it shows a fund with a solid longer-run track record, but one that is still capable of near-term volatility.
Put simply, the fund’s return pattern suggests a portfolio that can build value over time, yet may not deliver that progress in a straight line. For investors, the key question is less about whether the fund has had strong long-term compounding and more about whether they can stay invested through the weaker stretches that come with it.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Motilal Oswal Large & 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 Motilal Oswal Large & Midcap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Motilal Oswal Large & Midcap Fund Direct Growth Plan | 7.23% | 21.15% | 18.16% |
| Quant Large & Mid Cap Fund Direct Growth Plan | 11.58% | 14.18% | 16.14% |
| Sundaram Large and Mid Cap Fund Direct Growth Plan | 10.68% | 14.42% | 12.65% |
| HSBC Large & Mid Cap Fund Direct Growth Plan | 8.11% | 16.84% | 14.03% |
| Bank of India Large & Mid Cap Fund Direct Growth Plan | 8.09% | 13.14% | 12.1% |
| Motilal Oswal Large & Midcap Fund Direct Growth Plan | 7.23% | 21.15% | 18.16% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the recent 1-year measure, the fund trails the strongest peer reading in this set, but it still stays ahead of the benchmark shown earlier. The more interesting story is at the longer end: its 3-year and 5-year returns are ahead of the other peer funds listed here, which points to a stronger compounding profile over medium to long horizons. So the short-term comparison is less convincing than the long-term one, but the fund’s longer record remains the more important part of the picture.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| One 97 Communications Limited | IT | 6.15% |
| Eternal Limited | Retailing | 5.37% |
| Shriram Finance Limited | Finance | 4.81% |
| PTC Industries Ltd | Automobile & Ancillaries | 4.68% |
| Multi Commodity Exchange of India Limited | Finance | 4.67% |
| Gujarat Fluorochemicals Limited | Chemicals | 4.26% |
| Muthoot Finance Limited | Finance | 4.23% |
| Apar Industries Limited | Capital Goods | 4.03% |
| Premier Energies Limited | Trading | 3.68% |
| Ather Energy Limited | Domestic Equities | 3.56% |
The top 10 holdings account for approximately 45.44% of the portfolio.
To see all holdings, visit the Motilal Oswal Large & Midcap Fund Direct Growth Plan page
The largest holding at 6.15% is not oversized by itself, but it is still large enough to matter if the position moves sharply. The drop from the first holding to the tenth is gradual rather than abrupt, which tells us the portfolio is not built around one dominant position. Several holdings sit in a fairly narrow band between roughly 3.5% and 5%, so the visible basket looks balanced across a set of mid-sized exposures rather than concentrated in just one or two names.
That said, the top 10 together account for 45.44% of the portfolio, and the full disclosed holding list has 34 rows. Our view is that this points to a meaningful concentration in the leading ideas, with a longer tail beyond the top 10 that could still add diversification. The structure may give the fund room to express conviction, but it also means the leading holdings are likely to have greater influence on near-term performance than a broadly spread portfolio would.
Source data date: as of 15 Sep 2026
Who should invest
This fund suits investors who can handle High Risk positioning and a return path that may be uneven in the short run. The 1-year result is positive, but it is weaker than the fund’s 3-year and 5-year record, so the better fit is someone with a multi-year horizon rather than a short-term target.
The main trade-off is clear: you are accepting volatility and periods of underperformance in exchange for the possibility of stronger long-run compounding. The fund has also shown better longer-term numbers than the benchmark and a better long-term profile than the peer set shown here, which makes patience an important part of the fit. The portfolio’s visible concentration in several mid-sized positions may add to that ups and downs.
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% if units are sold on or before 365 days; nil after 365 days.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of Motilal Oswal Large & Midcap Fund Direct Growth Plan?
The current NAV is ₹40.3434 as of 15 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 7.23% for 1 year, 21.15% for 3 years and 18.16% for 5 years.
How does it compare with the benchmark?
It has outpaced the benchmark across the 1-year, 3-year and 5-year periods shown here. The gap is especially wide over 3 years and 5 years.
How does it compare with the peer funds listed here?
Its 1-year return is below the strongest peer reading shown, but its 3-year and 5-year returns are stronger than the other peer funds listed here.
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 Ajay Khandelwal, Ankit Agarwal and Rakesh Shetty. The exit load is 1% if units are sold on or before 365 days, and nil after 365 days.
Bottom line
Motilal Oswal Large & Midcap Fund Direct Growth Plan has a mixed near-term record but a stronger longer-term track record, which is the more important signal here. It compares well with the benchmark and shows a more favourable 3-year and 5-year pattern than the peer funds listed, even though its latest 1-year figure is less striking. The High Risk label, along with a portfolio that leans on a set of meaningful individual positions, makes this a better fit for patient investors who can tolerate uneven performance while looking for long-run growth.
Published on 16 September 2026 at 1:48 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.