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

DSP Large & Mid Cap Fund Direct Growth Plan currently has a NAV of ₹689.824 as of 08 Sep 2026 and a scheme AUM of ₹18,231 Cr. Its 1-year, 3-year and 5-year returns are 1.81%, 13.28% and 12.08% respectively, and it sits in the High Risk category.

Our view is that the fund has shown a mixed pattern: the longer-term return profile is stronger than the 1-year number, but the recent stretch has been softer than what the 3-year and 5-year numbers suggest. The portfolio is led by banks and has a fairly concentrated top layer, so it may suit investors who are comfortable with equity volatility and want exposure to a large-and-mid-cap style with a meaningful banking tilt.

Quick facts

Particular	Details
NAV	₹689.824 as of 08 Sep 2026
AUM	₹18,231 Cr
Expense Ratio	0.55%
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 remaining units on or before 1M, NIL after 1M
Fund Managers	Rohit Singhania, Nilesh Aiya

The fund is managed by Rohit Singhania and Nilesh Aiya.

Source data date: as of 08 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.03%	-3.86%
3M	2.13%	1.69%
1Y	1.81%	-5.72%
3Y	13.28%	6.3%
5Y	12.08%	6.05%

The recent picture is uneven but not weak across every period. Over 1 month, the fund declined, though it held up better than the benchmark. Over 3 months, it recovered and also stayed ahead of the benchmark, which tells us the fund has been able to participate in short-term rebounds even when the market was choppy.

The 1-year return is modest at 1.81%, and that is a clear step down from the 3-year and 5-year return pattern. That gap matters because it shows the fund has not been smoothly compounding in the most recent year, even though the longer horizon remains much healthier. The benchmark comparison is also important here: the fund is ahead across every shown period, including the negative 1-year benchmark outcome.

The longer view is more constructive. The 3-year return of 13.28% and 5-year return of 12.08% both sit meaningfully above the benchmark’s 6.3% and 6.05% respectively. In our view, that suggests the fund has added value over full market cycles even if the last 12 months were subdued relative to its own longer history.

The time pattern also points to volatility. The fund recovered from a weak patch earlier in the 1-year window, improved over the 3-year period, and then gave back some recent momentum. That kind of movement is consistent with a fund that can rise strongly in favorable conditions but may also see sharper drawdowns than steadier strategies.

Source data date: as of 08 Sep 2026

Should you BUY or HOLD DSP 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
DSP Large & Mid Cap Fund Direct Growth Plan	1.81%	13.28%	12.08%
Motilal Oswal Large & Midcap Fund Direct Growth Plan	14.69%	22.91%	19.18%
Quant Large & Mid Cap Fund Direct Growth Plan	13.62%	14.86%	16.33%
HSBC Large & Mid Cap Fund Direct Growth Plan	13.47%	17.87%	15.16%
Sundaram Large and Mid Cap Fund Direct Growth Plan	12.17%	14.89%	12.76%
Bank of India Large & Mid Cap Fund Direct Growth Plan	9.77%	13.74%	12.32%

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

On the available 1-year numbers, the fund is well behind the stronger peer returns, while its own 1-year figure is only slightly above the benchmark. That makes the near-term story less compelling than the peer set around it. The gap narrows over longer periods, but the fund still trails the stronger 3-year and 5-year figures shown by Motilal Oswal Large & Midcap Fund Direct Growth Plan and Quant Large & Mid Cap Fund Direct Growth Plan.

Even so, the comparison is not one-sided. The fund remains ahead of the benchmark on all three time frames shown, which supports the idea that it has delivered better than the index it is being compared against. The 3-year and 5-year returns are respectable, but the short-term lag versus several peers tells a different story from the longer-term picture.

Source data date: as of 08 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Ltd	Bank	8.69%
HDFC Bank Ltd	Bank	8.07%
Axis Bank Ltd	Bank	5.34%
State Bank of India	Bank	3.23%
Kotak Mahindra Bank Ltd	Bank	2.46%
Bharti Airtel Ltd	Telecom	2.26%
Coromandel International Ltd	Chemicals	1.94%
Max Financial Services Ltd	Finance	1.89%
Phoenix Mills Ltd	Realty	1.88%
Uno Minda Ltd	Automobile & Ancillaries	1.87%

The top 10 holdings account for approximately 37.63% of the portfolio.

To see all holdings, visit the DSP Large & Mid Cap Fund Direct Growth Plan page

ICICI Bank Ltd is the largest holding at 8.69%, followed closely by HDFC Bank Ltd at 8.07%. That gap is not wide, so the two largest positions are likely to have similar influence on the portfolio, while the next few holdings step down more noticeably.

The weight then falls to 5.34% in Axis Bank Ltd and continues down to 1.87% by the tenth holding, which shows a fairly quick drop from the core positions to the smaller names in the list. The top layer is therefore not dominated by one single holding, but it is clearly led by a cluster of bank names.

With the top 10 holdings at 37.63% and 62 holdings disclosed overall, the fund appears to combine a meaningful core concentration with a longer tail of smaller positions. In our view, that structure may allow the larger holdings to shape outcomes while still leaving room for diversification across the broader book.

Source data date: as of 08 Sep 2026

Who should invest

This fund may suit investors who are comfortable with High Risk equity exposure and can stay invested for at least a medium-to-long horizon. The 3-year and 5-year figures are stronger than the 1-year number, so patience matters here.

The main trade-off is that the fund has been ahead of the benchmark over the shown periods, but the recent year has been comparatively muted and the portfolio is led by a concentrated banking core. That combination can work for investors who accept volatility in exchange for the possibility of stronger longer-term compounding.

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 remaining units on or before 1M, NIL after 1M.

Source data date: as of 08 Sep 2026

Frequently asked questions

What is the current NAV of DSP Large & Mid Cap Fund Direct Growth Plan?
The current NAV is ₹689.824 as of 08 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 1.81%, the 3-year return is 13.28% and the 5-year return is 12.08%.

How does the fund compare with its benchmark?
The fund is ahead of the benchmark across the shown periods. For example, its 5-year return is 12.08% versus 6.05% for the benchmark, and its 1-year return is 1.81% versus -5.72%.

How does it compare with the peer funds shown here?
Its short-term return is lower than several of the peer funds listed, while its 3-year and 5-year returns are also below the stronger peer figures such as Motilal Oswal Large & Midcap Fund Direct Growth Plan and Quant Large & Mid Cap Fund Direct Growth Plan.

Is there a minimum SIP amount?
Yes, the minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?
The fund is managed by Rohit Singhania and Nilesh Aiya. The exit load is NIL upto 10% of units and 1% for remaining units on or before 1M, NIL after 1M.

Bottom line

DSP Large & Mid Cap Fund Direct Growth Plan has a more subdued 1-year result than its longer-term record, but the 3-year and 5-year numbers remain ahead of the benchmark. Relative to the peer set shown here, the short-term picture is weaker, while the longer-term record is more balanced. The portfolio is anchored by bank names, and the top holdings take a meaningful share of assets, so the fund may appeal to investors who can tolerate equity swings and prefer a strategy with a clear core exposure rather than a very diffuse book.

Published on 9 September 2026 at 1:30 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.