Motilal Oswal Midcap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 28, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Motilal Oswal Midcap Fund Direct Growth Plan has a NAV of ₹120.6854 as of 10 Sep 2026 and an AUM of ₹42,851 Cr. Its 1-year, 3-year and 5-year returns are 0.28%, 18.27% and 21.93%, respectively, and the scheme is tagged High Risk.
Our view is that this is a mid-cap equity fund for investors who can accept sharp swings in the short term in return for a stronger longer-term growth profile. The benchmark comparison and the portfolio mix both suggest a fund that can be cyclical, but its 5-year record remains materially better than its near-term showing.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹120.6854 as of 10 Sep 2026 |
| AUM | ₹42,851 Cr |
| Expense Ratio | 0.69% |
| Launch Date | 24 Feb 2014 |
| 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, Varun Sharma, Rakesh Shetty |
The fund is managed by Ajay Khandelwal, Ankit Agarwal, Varun Sharma and Rakesh Shetty.
Source data date: as of 10 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.57% | -2.37% |
| 3M | 18.61% | 5.39% |
| 1Y | 0.28% | 4.92% |
| 3Y | 18.27% | 15.22% |
| 5Y | 21.93% | 15.05% |
The recent return pattern is mixed. Over the last month and three months, the fund has shown a stronger bounce than the benchmark, but the 1-year figure is still weak at 0.28%, which tells us the path has not been smooth.
The longer view is more encouraging. The 3-year return of 18.27% is ahead of the benchmark’s 15.22%, and the 5-year return of 21.93% is also ahead of the benchmark’s 15.05%. That gap matters because it suggests the fund has been able to compound better over a full market cycle than the index proxy.
The time pattern also points to a volatile style rather than a steady one. The 1-year trend spent much of the period under pressure before recovering toward the end, while the 3-year and 5-year paths show a clearer upward climb. For investors, that usually means patience is important: the fund can lag in some phases, yet still build a stronger longer-term outcome if the holding period is long enough.
In that sense, the current stretch looks materially better than the flat 1-year reading, but it does not erase the fact that the journey has been uneven. We would read it as a fund with stronger medium- and long-term compounding than near-term consistency.
Source data date: as of 10 Sep 2026
Should you BUY or HOLD Motilal Oswal 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 Midcap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Motilal Oswal Midcap Fund Direct Growth Plan | 0.28% | 18.27% | 21.93% |
| HSBC Midcap Fund Direct Growth Plan | 21.55% | 24.22% | 19.4% |
| WOC Mid Cap Fund Direct Growth Plan | 14.92% | 21.73% | Data not available |
| Helios Mid Cap Fund Direct Growth Plan | 14.33% | Data not available | Data not available |
| ITI Mid Cap Fund Direct Growth Plan | 12.94% | 20.01% | 16.89% |
| Mahindra Manulife Mid Cap Fund Direct Growth Plan | 12.06% | 17.86% | 18.41% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund’s 1-year return is far below the strongest peer figures in this set, so the near-term picture looks softer than several alternatives. However, its 3-year and 5-year returns are still competitive, and the 5-year number is better than all peers listed here with available 5-year data except none above it in the supplied set.
The comparison therefore tells two different stories. In the short run, the fund has clearly trailed the better-performing peers; over longer horizons, it has held up more credibly and has delivered better compounding than the benchmark. That split is important for interpretation because it suggests the fund has not been the smoothest recent performer, but the longer record is stronger than the latest 1-year figure implies.
Source data date: as of 10 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Kalyan Jewellers India Limited | Diamond & Jewellery | 8.87% |
| One 97 Communications Limited | IT | 8.08% |
| Eternal Limited | Retailing | 6.37% |
| Coforge Limited | IT | 5.58% |
| Aditya Birla Capital Limited | Finance | 5.2% |
| Kei Industries Limited | Electricals | 4.81% |
| Persistent Systems Ltd | IT | 4.75% |
| Billionbrains Garage Ventures Ltd | Domestic Equities | 4.08% |
| Triparty Repo | Cash & Cash Equivalents and Net Assets | 3.81% |
| Shriram Finance Limited | Finance | 3.75% |
The largest holding, Kalyan Jewellers India Limited, stands at 8.87%, which is large enough to matter but not so large that it dominates the portfolio on its own. The drop from the first holding to the tenth is gradual rather than abrupt, moving from 8.87% to 3.75%, so the top positions are meaningful without being extremely top-heavy.
The top 10 holdings account for approximately 55.3% of the portfolio, and the fund has 30 disclosed holding rows in total. That combination suggests a portfolio that is concentrated in its leading ideas but still leaves room for a longer tail of positions. In practice, a structure like this may mean the biggest names can influence outcomes, while the rest of the book can still add diversification and reduce reliance on a single stock or theme.
Because the holdings span IT, finance, retailing, electricals and cash equivalents, the portfolio is not confined to one narrow pocket of the market. Even so, the meaningful weights in the top few positions indicate that stock selection could remain a major driver of returns.
To see all holdings, visit the Motilal Oswal Midcap Fund Direct Growth Plan page
Source data date: as of 10 Sep 2026
Who should invest
This fund suits investors who can tolerate High Risk and stay invested through uneven stretches. The 1-year return has been weak, but the 3-year and 5-year figures are stronger, and that pattern points to a fund that may reward patience more than short holding periods.
Our view is that the better fit is a long horizon, especially for investors who already understand mid-cap volatility and want exposure to a portfolio that has outpaced its benchmark over the longer run. The trade-off is clear: you accept sharper short-term movement and the possibility of lagging peers in some phases, in exchange for a stronger long-term compounding profile.
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% on or before 365D, Nil after 365D.
Source data date: as of 10 Sep 2026
Frequently asked questions
What is the current NAV of Motilal Oswal Midcap Fund Direct Growth Plan?
The current NAV is ₹120.6854 as of 10 Sep 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 0.28%, 18.27% and 21.93%.
How has the fund performed against its benchmark?
It has outpaced the benchmark over 3 years and 5 years, but it has trailed the benchmark over 1 year. That makes the recent picture weaker than the longer-term record.
How does it compare with the peer funds listed here?
Its 1-year return is much weaker than several peers in this set, while its 3-year and 5-year figures remain competitive. The longer-term story is stronger than the short-term story.
Is there a minimum SIP amount?
The fund is SIP-eligible, but a minimum SIP amount is not stated here.
Who manages the fund and what is the exit load?
The fund is managed by Ajay Khandelwal, Ankit Agarwal, Varun Sharma and Rakesh Shetty. The exit load is 1% on or before 365 days and nil after 365 days.
Bottom line
Motilal Oswal Midcap Fund Direct Growth Plan has a clear split between weak recent performance and stronger longer-term numbers. It has also held up better than the benchmark over 3 years and 5 years, even though some peers have been stronger in the latest 1-year window. The High Risk profile, mid-cap focus and 55.3% concentration in the top 10 holdings mean it is better suited to patient investors who can live with volatility while waiting for longer-run compounding to show through.
Published on 11 September 2026 at 1:21 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.