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

DSP Midcap Fund Direct Growth Plan has a NAV of ₹175.779 as of 04 Sep 2026 and a scheme AUM of ₹20,522 Cr. Its 1-year, 3-year and 5-year returns are 7.69%, 14.97% and 12.33%, respectively, and the fund sits in the High Risk category.

Our view is that this is a mid-cap option for investors who can accept sharp swings in pursuit of long-term equity growth. The medium-term record is steadier than the latest 1-year outcome, but the portfolio still carries the kind of stock-specific and market-cap risk that makes patience important.

Quick facts

Particular	Details
NAV	₹175.779 as of 04 Sep 2026
AUM	₹20,522 Cr
Expense Ratio	0.67%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	1% before 12M, Nil on or after 12M
Fund Managers	Vinit Sambre, Abhishek Ghosh

The fund is managed by Vinit Sambre and Abhishek Ghosh.

Source data date: as of 04 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.56%	-1%
3M	5.83%	4.12%
1Y	7.69%	7.72%
3Y	14.97%	15.16%
5Y	12.33%	15.32%

The recent picture is mixed rather than weak. Over the last month, the fund was slightly better than the benchmark even though both were soft, while the 3-month return stayed ahead of the index. That suggests the portfolio has handled the latest stretch with more resilience than the benchmark, even if the margin has been modest.

The bigger picture is less flattering. The 1-year return is almost identical to the benchmark, but the 3-year and 5-year returns trail the index slightly and then more clearly. Our view is that this points to a fund that has kept pace reasonably well in shorter windows but has not converted that into clear long-run outperformance against the benchmark.

The longer time path also looks uneven. There were phases of recovery and advancement after earlier weakness, followed by periods where gains were partially given back. For investors, that pattern matters because it reinforces that this is not a smooth compounding story; it is a mid-cap strategy that can recover, but it can also move through long stretches where benchmark-relative leadership is not persistent.

Source data date: as of 04 Sep 2026

Should you BUY or HOLD DSP 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
DSP Midcap Fund Direct Growth Plan	7.69%	14.97%	12.33%
HSBC Midcap Fund Direct Growth Plan	23.3%	25.13%	19.51%
WOC Mid Cap Fund Direct Growth Plan	17.14%	22.85%	Data not available
ITI Mid Cap Fund Direct Growth Plan	15.61%	21.12%	17.05%
Helios Mid Cap Fund Direct Growth Plan	15.53%	Data not available	Data not available
Mahindra Manulife Mid Cap Fund Direct Growth Plan	14.8%	19.11%	18.95%

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 is well below the stronger peer outcomes shown here, where several funds have posted materially higher numbers. The same gap persists over 3 years and 5 years for the peers with available history, so the comparison does not point to a peer-relative edge in either the short or longer horizon.

That said, the comparison is not one-dimensional. The fund’s own 1-year return is close to the benchmark, and its shorter-term resilience has been better than its 5-year track record suggests. So the short-term and long-term stories differ: the recent period looks steadier, but the longer record still shows the fund trailing several available peer outcomes on compound growth.

Source data date: as of 04 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS / Reverse Repo Investments	Cash & Cash Equivalents and Net Assets	4.29%
Coforge Ltd	IT	4.03%
Cholamandalam Investment and Finance Co Ltd	Finance	2.88%
Fortis Healthcare Ltd	Healthcare	2.77%
Federal Bank Ltd	Bank	2.74%
Bharat Forge Ltd	Automobile & Ancillaries	2.59%
Coromandel International Ltd	Chemicals	2.57%
Max Financial Services Ltd	Finance	2.57%
Multi Commodity Exchange of India Ltd	Finance	2.56%
Phoenix Mills Ltd	Realty	2.54%

The top 10 holdings account for approximately 29.54% of the portfolio.

To see all holdings, visit the DSP Midcap Fund Direct Growth Plan page

The largest disclosed holding is TREPS / Reverse Repo Investments at 4.29%, while the tenth holding is Phoenix Mills Ltd at 2.54%. The drop from the largest position to the tenth is not steep, which suggests the disclosed core is fairly closely bunched rather than dominated by one or two outsized bets.

At the same time, the top 10 holdings together make up 29.54% of the portfolio, leaving a long tail across the remaining disclosed positions in a 59-holding portfolio. That balance may help reduce dependence on any single stock, but the fund can still be influenced by mid-cap-specific swings because the major positions are all relatively close in weight and the portfolio remains spread across a large number of holdings.

Source data date: as of 04 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk exposure and can stay invested through uneven market phases. The 1-year return has been only slightly below the benchmark, while the 3-year and 5-year returns trail it more clearly, so the fund needs a horizon long enough for mid-cap cycles to play out.

It is better suited to an investor who can tolerate volatility in exchange for mid-cap growth potential and who does not rely on smooth short-term compounding. The main trade-off is that the portfolio may recover well in some periods, but that recovery has not translated into consistent benchmark-beating long-term results.

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% before 12M
• Nil on or after 12M

Source data date: as of 04 Sep 2026

Frequently asked questions

What is the current NAV of DSP Midcap Fund Direct Growth Plan?

The current NAV is ₹175.779 as of 04 Sep 2026.

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

The 1-year return is 7.69%, the 3-year return is 14.97% and the 5-year return is 12.33%.

How has the fund performed against its benchmark?

It is very close to the benchmark over 1 year, but it trails the benchmark over 3 years and 5 years. The shorter-term pattern is a little steadier than the long-term one.

How does it compare with the peer funds shown here?

Its 1-year, 3-year and 5-year returns are below the stronger peer figures listed here for the periods where those peers have available history. The gap is more visible over longer horizons.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Vinit Sambre and Abhishek Ghosh. The exit load is 1% before 12 months and nil on or after 12 months.

Bottom line

This is a High Risk mid-cap fund whose latest 1-year outcome looks more balanced than its longer record versus the benchmark. The peer comparison also shows that its available 3-year and 5-year returns lag several other funds in the same space. The portfolio is spread across 59 holdings, with the disclosed top positions fairly close in size rather than heavily concentrated. That profile may suit investors who want diversified mid-cap exposure and can accept that long-term compounding has been uneven.

Published on 5 September 2026 at 3:06 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.