HDFC NIFTY Midcap 150 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HDFC NIFTY Midcap 150 Index Fund Direct Growth Plan has a NAV of ₹19.2896 as of 17 Sep 2026 and scheme AUM of ₹725 Cr. Its 1-year, 3-year and 5-year returns are 3.44%, 13.77% and 0%. The fund sits in the High Risk bucket, so our view is that it fits investors who can accept short-term swings in return for index-linked midcap exposure.

The return pattern is uneven in the near term but stronger over 3 years than the benchmark return profile shown here. That makes it more suited to investors with a longer horizon who want midcap participation and can tolerate periods of weakness rather than those looking for steady near-term outcomes.

Quick facts

Particular	Details
NAV	₹19.2896 as of 17 Sep 2026
AUM	₹725 Cr
Expense Ratio	0.3%
Launch Date	21 Apr 2023
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 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.39%	-3.66%
3M	-1.26%	-3.71%
1Y	3.44%	-7.13%
3Y	13.77%	5.82%
5Y	Data not available	Data not available

The fund has been choppy in the short term, with both 1-month and 3-month returns negative, but those declines were smaller than the benchmark’s fall over the same windows. That suggests the fund has not escaped volatility, yet it has held up a little better than the benchmark in the most recent stretch.

Over 1 year, the fund has turned positive while the benchmark return in this review set is negative. That gap matters because it shows the scheme has recovered better than the benchmark from a weaker patch, even though the latest 1-year figure is still not especially strong in absolute terms.

The 3-year figure is the clearest positive signal. The fund’s 13.77% return is well above the benchmark’s 5.82%, which tells us the longer run has been more supportive than the recent few months. The pattern is important for investors: the fund’s compounding path has improved over time, but it still arrives with midcap-style swings rather than a smooth climb.

We do not have a usable 5-year return here, so the longer-view conclusion rests on the 3-year record and the fund’s post-launch history. On that basis, the scheme looks better suited to investors who are willing to ride through weaker stretches in exchange for a chance to participate more fully when the midcap segment improves.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD HDFC NIFTY Midcap 150 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
HDFC NIFTY Midcap 150 Index Fund Direct Growth Plan	3.44%	13.77%	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	Data not available

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

The fund’s 1-year return trails the stronger peer figures shown here, especially the schemes that have posted returns above 20%. The 3-year number is better than some peer records with available history, but it still sits below the standout figures in the table. That creates a mixed picture: the fund has improved over a longer window, yet it has not matched the strongest recent peer outcomes.

For investors, the interesting contrast is between the short-term and longer-term view. The fund’s recent softness does not fully match the stronger 3-year outcome, so the peer set suggests that the scheme has been steadier over time than its latest stretch might imply, but not as powerful as the most forceful peer runs.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Bombay Stock Exchange Limited (BSE)	Finance	3.14%
The Federal Bank Ltd.	Bank	2.06%
Multi Commodity Exchange of India L	Finance	2.03%
Laurus Labs Ltd.	Healthcare	1.74%
One 97 Communications Limited	IT	1.69%
Hero Motocorp Ltd.	Automobile & Ancillaries	1.66%
Coforge Limited	IT	1.62%
Indusind Bank Ltd.	Bank	1.57%
PB Fintech Limited	IT	1.52%
Bharat Heavy Electricals Ltd.	Capital Goods	1.51%

The largest holding is Bombay Stock Exchange Limited (BSE) at 3.14%, which is not large enough on its own to dominate the portfolio, but it is still the single biggest position and is likely to have greater influence than any other individual stock. The weight then steps down gradually through the rest of the top ten rather than collapsing sharply, which points to a reasonably spread set of leading positions.

The tenth holding stands at 1.51%, so the gap from the top holding to the tenth is just 1.63 percentage points. That is a fairly modest drop and suggests the visible portion of the portfolio is not built around one or two outsized bets. Instead, the top names appear clustered in a relatively tight band of weights.

The top 10 holdings account for approximately 18.54% of the portfolio, and the scheme shows 83 disclosed holdings in total. That combination suggests a broad tail beyond the largest names, even though the leading positions still matter for near-term behaviour. In our view, the portfolio looks diversified across many stocks, with the upper slice providing steady exposure rather than excessive concentration.

To see all holdings, visit the HDFC NIFTY Midcap 150 Index Fund Direct Growth Plan page

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk and can stay invested through uneven short-term periods. The 1-year record is positive but modest, while the 3-year record is meaningfully better, so the return pattern favours a patient horizon rather than a short holding period.

Its benchmark comparison also points to a midcap-style payoff profile: the fund has handled recent weakness a little better than the benchmark in the short run and has outpaced it over 3 years. The main trade-off is that this can come with volatility, so the scheme is better aligned with investors who can accept swings in exchange for index-based midcap participation.

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 17 Sep 2026

Frequently asked questions

What is the current NAV of HDFC NIFTY Midcap 150 Index Fund Direct Growth Plan?
The current NAV is ₹19.2896 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 3.44% for 1 year, 13.77% for 3 years and 0% for 5 years.

How has the fund performed versus its benchmark?
It has done better than the benchmark in the 1-month, 3-month, 1-year and 3-year periods shown here. The gap is most visible over 3 years, where the fund’s return is well ahead of the benchmark’s return.

Which peer fund has the highest 1-year return in this comparison set?
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan shows the strongest 1-year return among the peer funds listed here at 29.31%. The HDFC fund’s 1-year return is much lower, but its 3-year history is more established than several peers with no 3-year record.

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. There is no exit load.

Bottom line

This fund’s short-term performance has been uneven, but the 3-year record is clearly better than the recent stretch and better than the benchmark shown here. Against peers, its recent return is weaker than the stronger recent standouts, although the longer history is more competitive than some schemes that lack a 3-year record. The portfolio is spread across 83 disclosed holdings, with the top ten making up a modest share of assets, so concentration is not extreme. Overall, it appears best suited to investors who want index-based midcap exposure and can tolerate volatility for a longer horizon.

Published on 18 September 2026 at 1:04 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.