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 ₹699.365 as of 03 Sep 2026 and manages ₹18,231 Cr. Its 1-year, 3-year and 5-year returns are 3.13%, 14.51% and 12.46% respectively, and the scheme is tagged as High Risk. In our view, the fund has delivered steadier long-term compounding than its recent 1-year result suggests, but the equity market swings visible in the shorter periods mean investors need patience.

The fund’s portfolio is tilted toward banks and other cyclical businesses, which can lift upside in strong markets but also keep near-term movement uneven. That mix suits investors who can stay invested through volatility and want a large-and-mid-cap equity fund with an established multi-year record rather than a smooth short-term ride.

Quick facts

Particular	Details
NAV	₹699.365 as of 03 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 03 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.81%	-3.01%
3M	3.81%	1.95%
1Y	3.13%	-4.4%
3Y	14.51%	5.74%
5Y	12.46%	6.27%

The recent pattern is mixed, but not weak across every horizon. Over 1 month, the fund slipped, though the benchmark fell more, which shows the scheme held up better in a short dip. Over 3 months and 1 year, it recovered more firmly than the benchmark, and the 1-year number is especially notable because the benchmark was negative while the fund remained positive.

The longer view is stronger. The 3-year and 5-year returns are both comfortably above the benchmark, which tells us the fund has converted its active positioning into better medium- and long-term compounding than the index it is measured against. That said, the 1-year result is much softer than the 3-year trend, so the path has not been linear.

The return pattern also fits the portfolio shape. A fund with a large bank tilt and several cyclical holdings can move around more in shorter windows, yet still compound well if those areas perform over time. Our view is that the current reading points to a fund that has been rewarding through longer holding periods, while still showing enough short-term volatility to test investor patience.

Source data date: as of 03 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	3.13%	14.51%	12.46%
HSBC Large & Mid Cap Fund Direct Growth Plan	13.88%	18.77%	15.25%
Quant Large & Mid Cap Fund Direct Growth Plan	13.38%	15.95%	16.12%
Motilal Oswal Large & Midcap Fund Direct Growth Plan	12.95%	23.34%	18.91%
Sundaram Large and Mid Cap Fund Direct Growth Plan	12.06%	15.79%	12.83%
Invesco India Large & Mid Cap Fund Direct Growth Plan	10.59%	23.62%	17.77%

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

The fund’s 1-year return is well below the peer set shown here, while its 3-year and 5-year numbers sit below several of the comparable funds as well. The gap is most visible in the recent period, where the peers have a much stronger showing than the fund. That creates a different picture from the fund’s own longer-term record, which is healthier than the latest 1-year figure but still not as strong as some of the peers on 3-year and 5-year measures.

What matters for readers is that the short-term and long-term comparisons do not tell the same story. The fund has done better over multi-year stretches than it has in the last year, but the peer table suggests that other funds in the same broad style have also been able to convert that horizon into stronger recent and longer-run numbers. So the main question is not whether the fund has positive multi-year compounding, but whether that level of compounding is attractive enough versus other choices with similar mandates.

Source data date: as of 03 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 largest holding, ICICI Bank Ltd, stands at 8.69%, which is large enough to matter but not so dominant that the portfolio becomes a one-stock story. The tenth holding is 1.87%, so the drop from first to tenth is fairly steep, and that usually means the fund’s biggest ideas are likely to have more influence than the smaller positions. At the same time, the spread across the top ten is not extremely narrow, which suggests the fund is not relying on only two or three names.

The top 10 holdings account for approximately 37.63% of the portfolio. That leaves a long tail across the remaining disclosed holdings, because 62 holdings are shown in total. In our view, this combination points to moderate concentration at the top with diversification beyond the headline positions, though the bank-heavy mix means movements in financials may still have a meaningful effect on performance.

Because the disclosed list extends well beyond the top ten, the smaller positions could help balance the portfolio, but the largest names still appear to be the main drivers. That can support returns when the leadership group is working well, while also leaving room for noticeable swings if the dominant sectors go through a weak patch.

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

Source data date: as of 03 Sep 2026

Who should invest

This fund suits investors who can handle High Risk exposure and stay invested for at least a medium-to-long horizon. The 3-year and 5-year numbers are better than the benchmark, but the 1-year return shows that the ride can still be uneven in shorter periods.

The main trade-off is simple: you are accepting volatility in exchange for the possibility of stronger multi-year compounding than the benchmark. The bank-heavy portfolio and the broader large-and-mid-cap style mean this is more appropriate for investors who are comfortable with cyclical market moves and do not need stable short-term outcomes.

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 is NIL up to 10% of units and 1% for the remaining units if units are sold within 1 month. There is no exit load after the 1-month holding period.

Source data date: as of 03 Sep 2026

Frequently asked questions

What is the current NAV of DSP Large & Mid Cap Fund Direct Growth Plan?

The current NAV is ₹699.365 as of 03 Sep 2026.

What are the 1-year, 3-year and 5-year returns?

The 1-year return is 3.13%, the 3-year return is 14.51% and the 5-year return is 12.46%.

How does the fund compare with its benchmark?

It has outperformed the benchmark over 1-year, 3-year and 5-year periods. The gap is especially clear over 3 years and 5 years.

How does it compare with other large-and-mid-cap funds?

Its 1-year return is lower than the peer funds shown here, and its 3-year and 5-year returns are also below several of them. The recent and longer-term picture are both weaker than the stronger peer numbers in this comparison.

What is the risk category of this fund?

The fund is classified as High Risk. That matches a portfolio that leans heavily on banks and other cyclical exposures.

Who manages the fund and what is the exit load?

The fund is managed by Rohit Singhania and Nilesh Aiya. Exit load is NIL up to 10% of units and 1% for the remaining units if sold within 1 month; there is no exit load after 1 month.

Bottom line

This fund’s longer-term record is stronger than its recent 1-year result, and that matters because the latest period has lagged the better multi-year trend. Against the peer set shown here, the fund’s recent and long-horizon numbers are softer, while the benchmark comparison remains more supportive. The risk label is High Risk, and the portfolio is anchored by banks, which can add both strength and volatility. That makes it a better fit for investors who can tolerate swings and want equity exposure with a meaningful multi-year horizon.

Published on 4 September 2026 at 4:25 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.