Aditya Birla SL Large & Mid Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Aditya Birla SL Large & Mid Cap Fund Direct Growth Plan had a NAV of ₹1096.89 as of 28 August 2026 and an AUM of ₹5,827 Cr. Its 1-year, 3-year and 5-year returns are 11.51%, 13.56% and 9.79%, and the scheme is tagged High Risk. Our view is that this is a portfolio for investors who can stay patient through swings, because the fund’s medium-term record is steadier than its short-term path and its large-mid mix gives it a more growth-oriented profile.

It is not a low-volatility option, but the return pattern suggests that it has participated meaningfully in equity upside over time. The portfolio tilts across large-cap, mid-cap and small-cap stocks, so the outcome can differ from a pure large-cap approach.

Quick facts

Field	Details
NAV	₹1096.89
AUM	₹5,827 Cr
Expense Ratio	1.15%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	1% on or before 90D, Nil after 90D
Fund Managers	Vishal Gajwani

The fund is managed by Vishal Gajwani.

Source data date: as of 28 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	3.32%	-0.85%
3M	9.82%	3.39%
1Y	11.51%	-2.29%
3Y	13.56%	6.40%
5Y	9.79%	7.13%

The recent numbers are constructive. Over 1 month and 3 months, the fund stayed ahead of the benchmark, which tells us the scheme has kept some positive momentum even when the broader reference line was weak or uneven.

The 1-year return is also notably better than the benchmark’s negative reading. That matters because it shows the fund did not merely protect against a soft period; it still produced a positive outcome over a stretch when the benchmark was under pressure.

Looking at the longer window, the 3-year return stays above the benchmark by a wide margin, and the 5-year return also remains ahead, though by a narrower gap. Our reading is that the fund has been able to compound steadily, but not in a straight line. The time pattern shows phases of setback followed by recovery, which is typical for a higher-risk equity strategy.

What stands out is that the fund’s near-term strength is consistent with the longer view rather than completely different from it. The short-term path is still choppy, but the longer arc suggests the portfolio has been able to rebuild after weaker patches and keep returns in positive territory.

Source data date: as of 28 Aug 2026

Should you BUY or HOLD Aditya Birla SL 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Aditya Birla SL Large & Mid Cap Fund Direct Growth Plan	11.51%	13.56%	9.79%
Motilal Oswal Large & Midcap Fund Direct Growth Plan	17.61%	24.13%	20.38%
Quant Large & Mid Cap Fund Direct Growth Plan	17.02%	17.61%	17.83%
HSBC Large & Mid Cap Fund Direct Growth Plan	16.42%	19.80%	16.42%
Sundaram Large and Mid Cap Fund Direct Growth Plan	15.02%	16.95%	13.99%
Invesco India Large & Mid Cap Fund Direct Growth Plan	13.02%	24.50%	18.80%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

Against the peer set on a 1-year view, the fund’s 11.51% return is lower than every peer listed here. The gap is especially visible versus the strongest recent outcomes, which are all in the mid-to-high teens. That means the fund has been positive, but it has not matched the recent pace of the stronger peers.

The longer view is more mixed. On 3 years, the fund trails all of the peers shown, and on 5 years it also sits below the available peer figures. So the comparison points to a clear pattern: the fund has delivered positive compounding, but the peer group has generally compounded faster over both medium and long horizons. The short-term and long-term peer comparisons tell a similar story rather than conflicting ones.

Source data date: as of 28 Aug 2026

Portfolio: where your money goes

The market-cap mix is 39.17% large cap, 38.53% mid cap, 18.50% small cap and 3.80% other. That is a fairly balanced large-mid structure, with meaningful small-cap exposure that can add return potential but also raise day-to-day movement.

Sector	Weight	Leading holdings
BANK	21.45%	KOTAK MAHINDRA BANK LIMITED (7.17%), ICICI BANK LIMITED (2.99%)
RETAILING	10.70%	TRENT LIMITED (5.17%), ETERNAL LIMITED (0.95%)
AUTOMOBILE & ANCILLARIES	9.75%	MINDA INDUSTRIES LTD (1.39%), SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED (1.33%)
HEALTHCARE	7.64%	AJANTA PHARMACEUTICALS LIMITED (1.19%), APOLLO HOSPITALS ENTERPRISE LIMITED (1.07%)
FINANCE	7.41%	MAX FINANCIAL SERVICES LIMITED (1.70%), BAJAJ FINANCE LIMITED (1.27%)

The Bank sector is materially larger than the next sector and is likely to have the greatest influence on portfolio behaviour. At 21.45%, it is well ahead of Retailing at 10.70%, so banking exposure is the clearest single thematic driver in the portfolio. Within that, Kotak Mahindra Bank is the biggest visible holding in the table, which reinforces the sector’s influence.

The mix across large-cap and mid-cap stocks suggests the fund is trying to balance stability and growth rather than leaning entirely to one side. Small-cap exposure is not dominant, but it is large enough to matter, especially in stronger market phases. In our view, that combination may help the fund participate in broader equity rallies while still keeping the portfolio diversified across multiple business themes.

Source data date: as of 28 Aug 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and can stay invested through uneven periods. The 1-year return is positive, but the longer record shows that the path has not been smooth, so shorter holding periods may not capture the full pattern of performance.

A time horizon of several years is more appropriate because the 3-year and 5-year returns are more useful than the most recent month-to-month moves. The main trade-off is that the fund offers diversified large-mid-cap exposure and positive long-term compounding, but that comes with volatility and the possibility of sharper swings than a plain large-cap strategy.

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 90D, Nil after 90D.

Source data date: as of 28 Aug 2026

Frequently asked questions

What is the current NAV of Aditya Birla SL Large & Mid Cap Fund Direct Growth Plan?
Its NAV is ₹1096.89 as of 28 August 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 11.51% over 1 year, 13.56% over 3 years and 9.79% over 5 years.

How does it compare with the benchmark?
It has been ahead of the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The gap is most visible over the 1-year and 3-year periods.

How does it compare with the listed peer funds?
Its recent and longer-term returns are below the peer figures shown here. The comparison is consistent across the 1-year, 3-year and 5-year periods.

What is the minimum SIP amount?
The minimum SIP is ₹100.

Who manages the fund and what is its exit load?
Vishal Gajwani manages the fund. The exit load is 1% on or before 90D and nil after 90D.

Bottom line

This fund has a positive return profile, but its shorter-term path and longer-term record do not move in a perfectly smooth line. It has stayed ahead of the benchmark in every period shown, yet the peer comparison suggests faster compounding elsewhere. The portfolio’s large-mid mix and meaningful bank exposure give it a growth-oriented shape, while the High Risk label reminds us that volatility is part of the package. It fits investors who want equity exposure with breadth, can accept swings, and are focused on multi-year outcomes.

Published on 31 August 2026 at 4:22 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.