HDFC Nifty LargeMidcap 250 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HDFC Nifty LargeMidcap 250 Index Fund Direct Growth Plan has a NAV of ₹10.0644 as of 10 Sep 2026 and scheme AUM of ₹466 Cr. Its 1-year, 3-year and 5-year returns are 1.88%, 0% and 0%, and the fund sits in the High Risk category.

Our view is that this is still a relatively young index fund with a compact track record, so the main test is whether its short-term behaviour stays close to its benchmark and whether that steadiness improves as the fund matures. The current profile suits investors who want a rule-based large-and-mid-cap exposure and are comfortable with high risk, but the limited history means long-term judgment remains early.

Quick facts

Particular	Details
NAV	₹10.0644 as of 10 Sep 2026
AUM	₹466 Cr
Expense Ratio	0.25%
Launch Date	09 Oct 2024
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Arun Agarwal, Nandita Menezes

The fund is managed by Arun Agarwal and Nandita Menezes.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.07%	-4.06%
3M	4.15%	1.37%
1Y	1.88%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is better than the benchmark in all the available periods. Over 1 month, the fund fell less than the benchmark, and over 3 months it moved ahead of the benchmark by a clearer margin. That tells us the fund has handled the recent phase with more resilience than the reference index.

The 1-year figure is also positive while the benchmark is negative, which is a meaningful gap in a short history. Because the fund was launched only in October 2024, the 3-year and 5-year figures are not available, so there is no long compounding record to judge yet. That limits how confidently we can extend the recent trend into a full-cycle view.

The daily path also looks uneven rather than smooth. There was a softer phase in the middle of the past year, followed by recovery and then another mild pullback more recently. For a high-risk index fund, that sort of movement is not unusual, but it does mean investors should expect stretches of weak price action even when the broader trend is acceptable.

Overall, the visible evidence points to a fund that has recently tracked ahead of the benchmark, with the stronger short-term picture outweighing the lack of long history. Our view is that the key question is not only whether returns stay positive, but whether that relative edge can persist as the fund develops a longer record.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD HDFC Nifty LargeMidcap 250 Index?

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.

Already holding HDFC Nifty LargeMidcap 250 Index? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
HDFC Nifty LargeMidcap 250 Index Fund Direct Growth Plan	1.88%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	33.08%	30.07%	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	26.95%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	26.94%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	24.33%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	23.74%	Data not available	Data not available

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

The current fund’s 1-year return is far below the available peer set, although the comparison funds are different themes and therefore not a like-for-like test. What matters more is that the fund has still stayed ahead of the benchmark in the periods where performance is visible. The available 3-year and 5-year peer figures show that some peers have much stronger longer-running records, but this fund does not yet have that same time depth. So the short-term story is mixed against peers, while the benchmark comparison is clearly better.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Ltd.£	Bank	3.93%
ICICI Bank Ltd.	Bank	3.77%
Reliance Industries Ltd.	Crude Oil	3.13%
Bharti Airtel Ltd.	Telecom	2%
Larsen and Toubro Ltd.	Infrastructure	1.71%
Bombay Stock Exchange Limited (BSE)	Finance	1.59%
State Bank of India	Bank	1.59%
Infosys Limited	IT	1.44%
Axis Bank Ltd.	Bank	1.35%
Kotak Mahindra Bank Limited	Bank	1.12%

The top 10 holdings account for approximately 21.63% of the portfolio.

To see all holdings, visit the HDFC Nifty LargeMidcap 250 Index Fund Direct Growth Plan page

The largest holding, HDFC Bank Ltd.£, is 3.93%, while the tenth holding is 1.12%. That drop is fairly measured rather than abrupt, which suggests the portfolio is not relying on a single name to drive outcomes. The next few positions also remain close to the top weight, so the fund may be influenced by a cluster of large positions rather than one dominant holding.

At the same time, the visible top 10 account for only 21.63% of the portfolio, and the fund discloses 52 holdings in total. That points to a reasonably broad spread beyond the leading names. Our view is that this mix could reduce overdependence on any one stock, while still allowing the larger holdings to matter meaningfully because they are all relatively close in weight and sit in major sectors such as banks, telecom, infrastructure and IT.

Source data date: as of 10 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk and want a rules-based large-and-mid-cap style exposure rather than an actively managed stock-picking approach. The visible return record is short, and the recent figures are better than the benchmark, but the lack of 3-year and 5-year history means the long-run case is still developing.

It fits a medium-to-long horizon better than a short holding period, because the portfolio can still move around with market conditions. The trade-off is straightforward: you get a diversified index structure and low expense ratio, but you must accept equity-style volatility and the fact that the available long-term track record is not yet established.

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: No exit load.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of HDFC Nifty LargeMidcap 250 Index Fund Direct Growth Plan?

The current NAV is ₹10.0644 as of 10 Sep 2026.

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

The fund’s 1-year return is 1.88%, while the 3-year and 5-year returns are not available because the scheme is still young.

How has the fund performed against its benchmark?

It has done better than the benchmark in the visible periods. The fund is ahead over 1 month, 3 months and 1 year, while the benchmark has been weaker over the same windows.

How does it compare with the peer funds listed here?

The fund’s 1-year return is much lower than the peer figures shown here, but those peers are different strategies and some also have longer return histories. The main read-through is that the fund’s benchmark comparison is stronger than its peer comparison on the visible numbers.

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 Arun Agarwal and Nandita Menezes. It has no exit load.

Bottom line

This fund has a better short-term record than its benchmark, but its longer-term picture is still too early to assess because the scheme is young. Against the peer figures shown here, its recent return is much lower, though the comparisons are not fully like-for-like. The High Risk profile, the low expense ratio and the broad 52-holding structure make it a straightforward index-style option for investors who can tolerate volatility and are comfortable judging the fund on a limited operating history.

Published on 11 September 2026 at 6:17 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.