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

HDFC Large & Mid Cap Fund Direct Growth Plan has a NAV of ₹374.057 as of 27 August 2026 and manages ₹30,098 Cr. Its 1-year, 3-year and 5-year returns are 5.86%, 15.21% and 16.44%, and it carries a High Risk tag. Our view is that the fund has rewarded patient investors over longer periods, but the recent return pattern is softer than its 3-year and 5-year pace, so it fits investors who can stay invested through uneven stretches in large- and mid-cap equities.

The scheme sits in equity, runs as a direct growth plan, and has a broad market-cap mix with meaningful large-cap and mid-cap exposure alongside a smaller small-cap sleeve. That blend can make it more balanced than a pure mid-cap fund, but it still needs a high risk tolerance because the portfolio is equity-heavy and the short-term return trend has been choppy.

Quick facts

Metric	Value
NAV	₹374.057 (as of 27 August 2026)
AUM	₹30,098 Cr
Expense Ratio	0.84%
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 1 year; nil after 1 year
Fund Managers	Gopal Agrawal

The fund is managed by Gopal Agrawal.

Source data date: as of 27 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	2.43%	0.44%
3M	6.17%	2.31%
1Y	5.86%	-2.53%
3Y	15.21%	6.72%
5Y	16.44%	7.06%

The recent pattern has been uneven, but the fund still shows positive momentum over the short windows. The 1-month and 3-month returns are both ahead of the benchmark, which tells us the scheme has held up better than the reference index in the latest stretch.

The 1-year figure is still positive, while the benchmark is negative over the same period. That gap matters because it shows the fund has been more resilient than the benchmark through a weak 12-month market backdrop, even if the 1-year return itself is modest compared with the longer-term record.

Over 3 years and 5 years, the fund’s returns remain comfortably above the benchmark’s. That suggests the longer compounding trend has been stronger than the index, although the path has not been smooth. The time pattern also shows meaningful pullbacks before recovery, which is typical of a high-risk equity scheme rather than a steady-income style product.

Our read is that the fund has preserved its long-term edge versus the benchmark, but the latest numbers do not point to a straight-line recovery. For investors, the key question is whether they are comfortable with short-term swings in exchange for a stronger multi-year track record.

Source data date: as of 27 Aug 2026

Should you BUY or HOLD HDFC 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
HDFC Large & Mid Cap Fund Direct Growth Plan	5.86%	15.21%	16.44%
Motilal Oswal Large & Midcap Fund Direct Growth Plan	16.05%	24.04%	20.32%
HSBC Large & Mid Cap Fund Direct Growth Plan	15.19%	20.04%	16.47%
Quant Large & Mid Cap Fund Direct Growth Plan	14.90%	17.50%	17.88%
Sundaram Large and Mid Cap Fund Direct Growth Plan	14.16%	17.10%	14.01%
Invesco India Large & Mid Cap Fund Direct Growth Plan	11.48%	24.76%	18.90%

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

The fund’s 1-year return trails all five peer names shown here, so its recent stretch has been softer than the peer set. The longer record is mixed: the 3-year return is below several peers, while the 5-year figure is above Sundaram Large and Mid Cap Fund Direct Growth Plan but below Motilal Oswal Large & Midcap Fund Direct Growth Plan, HSBC Large & Mid Cap Fund Direct Growth Plan, Quant Large & Mid Cap Fund Direct Growth Plan and Invesco India Large & Mid Cap Fund Direct Growth Plan. That creates a split picture where the short-term story is weaker than most peers, but the longer-term record still sits in a competitive range.

For investors, this means the fund’s edge is not uniform across all periods. The recent return trend is less convincing than the multi-year one, so the comparison points to a scheme that has delivered acceptable long-term outcomes, but not the strongest recent pace among its peers.

Source data date: as of 27 Aug 2026

Portfolio: where your money goes

The market-cap mix is 44.65% large cap, 37.38% mid cap, 16.77% small cap and 1.20% other. That gives the fund a broad equity profile with large-cap and mid-cap holdings carrying most of the weight, while the small-cap allocation remains meaningful but smaller.

Sector	Weight	Top holdings
BANK	16.13%	KOTAK MAHINDRA BANK LIMITED (3.55%); HDFC BANK LTD.£ (3.08%)
RETAILING	13.02%	TRENT LTD. (11.06%); ETERNAL LIMITED (0.75%)
HEALTHCARE	9.48%	FORTIS HEALTHCARE LIMITED (1.18%); LUPIN LTD. (0.85%)
FINANCE	8.64%	MAX FINANCIAL SERVICES LTD. (1.14%); MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD. (0.92%)
AUTOMOBILE & ANCILLARIES	8.09%	MARUTI SUZUKI INDIA LIMITED (1.05%); ESCORTS KUBOTA LIMITED (0.74%)

The sector mix is fairly concentrated at the top, with BANK at 16.13% and RETAILING at 13.02%. Bank exposure is still the largest single sector, but retailing is close enough to matter, so the portfolio may be influenced by both financial and consumer-spending trends rather than a single dominant theme.

Within the holding list, TRENT LTD. stands out with an 11.06% weight in RETAILING, which is much larger than the other named positions shown. That gives the sector a strong standalone influence even though the broader portfolio remains diversified across five large sectors.

Overall, the fund’s mix of large-cap and mid-cap exposure suggests it may offer more balance than a narrowly focused mid-cap strategy, while the small-cap slice can add extra movement. In our view, BANK and RETAILING are the two sectors most likely to shape near-term portfolio behaviour, with BANK probably carrying the broader influence because of its larger overall weight.

Source data date: as of 27 Aug 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and who can stay invested through uneven market periods. The return profile shows a better multi-year record than the benchmark, but the 1-year figure is much softer than the 3-year and 5-year numbers, so patience matters.

We think a longer horizon is important here, because the fund’s track record suggests it may reward investors who can ride out short-term volatility. The portfolio mix across large, mid and small caps also means returns may not move in a straight line.

The main trade-off is clear: you accept higher short-term fluctuation in exchange for the possibility of stronger compounding over several years. That trade-off is most relevant for investors who want equity growth exposure and are comfortable with periods when recent performance lags the longer-term trend.

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 1 year; nil after 1 year.

Source data date: as of 27 Aug 2026

Frequently asked questions

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

The current NAV is ₹374.057 as of 27 August 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 5.86%, 15.21% and 16.44%.

How does the fund compare with its benchmark?

It has outperformed the benchmark across 1-month, 3-month, 1-year, 3-year and 5-year periods. The benchmark’s 1-year return is negative, while the fund remains positive.

How does it compare with the peer funds listed here?

The fund’s 1-year return is below the peer names listed here, while its 3-year and 5-year figures are mixed versus those peers. The longer record is competitive, but the recent pace is softer than most of the peer figures shown.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

Gopal Agrawal manages the fund. The exit load is 1% on or before 1 year and nil after 1 year.

Bottom line

HDFC Large & Mid Cap Fund Direct Growth Plan has a weaker recent return profile than its longer-term record, but the 3-year and 5-year numbers still stay ahead of the benchmark. In the peer set shown here, the latest 1-year return is softer, while the multi-year record remains competitive. The fund carries High Risk and blends large-cap, mid-cap and a smaller small-cap sleeve, so it is better suited to investors who can accept volatility in pursuit of multi-year equity growth.

Published on 28 August 2026 at 10:54 AM 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.