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

HSBC Large & Mid Cap Fund Direct Growth Plan has a NAV of ₹32.4334 as of 15 Sep 2026 and a scheme AUM of ₹5,931 Cr. Its 1-year, 3-year and 5-year returns are 8.11%, 16.84% and 14.03%, and the scheme carries a High Risk tag.

Our view is that this is a fund for investors who can tolerate sharp swings in exchange for equity-led growth. The longer track record is better than the recent one-year stretch, and the portfolio has meaningful weight in banks and select mid-to-large names, so it can suit a long horizon rather than a short holding period.

Quick facts

Particular	Details
NAV	₹32.4334 as of 15 Sep 2026
AUM	₹5,931 Cr
Expense Ratio	0.81%
Launch Date	28 Mar 2019
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	Nil upto 10% of investment and 1% for remaining investment on or before 1Y, Nil after 1Y
Fund Managers	Cheenu Gupta

The fund is managed by Cheenu Gupta.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.45%	-4.81%
3M	1.80%	-3.63%
1Y	8.11%	-8.27%
3Y	16.84%	5.59%
5Y	14.03%	5.58%

The fund’s recent path has been uneven, but it has still held up better than the benchmark over the short windows. Over 1 month, both the fund and the benchmark were negative, yet the fund’s decline was smaller. Over 3 months, the fund turned mildly positive while the benchmark stayed negative, which points to a clearer recovery on the fund side.

The one-year number is also useful because it shows that the fund has recovered better than the benchmark over a full market cycle of sorts, even though the absolute return is still modest for an equity scheme with a High Risk label. That gap versus the benchmark is an encouraging sign on relative resilience, not a guarantee of smooth returns ahead.

Looking at 3 years and 5 years together, the fund’s compounding has been stronger than the benchmark by a wide margin. The 3-year return of 16.84% and 5-year return of 14.03% both sit well above the benchmark’s 5.59% and 5.58%. That tells us the longer-term pattern is constructive even if the latest year has not matched the more stable multi-year picture.

Overall, the fund appears to have delivered better long-run growth than the benchmark while still showing the kind of short-term fluctuation that equity investors must accept. The recent weakness does not erase the longer trend, but it does remind us that the ride can be choppy.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD HSBC 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.

Already holding HSBC Large & Mid Cap? 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
HSBC Large & Mid Cap Fund Direct Growth Plan	8.11%	16.84%	14.03%
Quant Large & Mid Cap Fund Direct Growth Plan	11.58%	14.18%	16.14%
Sundaram Large and Mid Cap Fund Direct Growth Plan	10.68%	14.42%	12.65%
HSBC Large & Mid Cap Fund Direct Growth Plan	8.11%	16.84%	14.03%
Bank of India Large & Mid Cap Fund Direct Growth Plan	8.09%	13.14%	12.10%
Motilal Oswal Large & Midcap Fund Direct Growth Plan	7.23%	21.15%	18.16%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the 1-year measure, this fund trails Quant Large & Mid Cap Fund Direct Growth Plan and Sundaram Large and Mid Cap Fund Direct Growth Plan, while staying close to Bank of India Large & Mid Cap Fund Direct Growth Plan. The longer view is mixed: its 3-year return is stronger than some peers, but Motilal Oswal Large & Midcap Fund Direct Growth Plan has a notably stronger 3-year and 5-year record, and Quant Large & Mid Cap Fund Direct Growth Plan leads on 5-year performance among the listed names.

That split matters. The short-term comparison is not as strong as the multi-year picture, which suggests the fund has historically compounded well but has not led the recent one-year stretch. For investors, that can mean the fund is better judged on its longer holding-period behaviour than on one-year momentum alone.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Limited	Bank	6.99%
HDFC Bank Limited	Bank	4.68%
Lenskart Solutions Limited	Domestic Equities	4.68%
Meesho Limited	Retailing	3.33%
Ather Energy Limited	Domestic Equities	3.19%
The Federal Bank Limited	Bank	3.15%
PB Fintech Limited	IT	2.96%
TVS Motor Company Limited	Automobile & Ancillaries	2.81%
Ge Vernova T&D India Limited	Capital Goods	2.62%
FSN E-Commerce Ventures Limited	Retailing	2.60%

The largest holding, ICICI Bank Limited, stands at 6.99%, which is large enough to matter but not so large that one position dominates the scheme on its own. The drop from the first holding to the tenth is gradual rather than abrupt, with the tenth holding at 2.60%, so the top names still carry meaningful influence without creating a single-position concentration story.

The top 10 holdings account for approximately 37.01% of the portfolio. That means the disclosed core is sizable, but a majority of the portfolio sits beyond these names across the remaining holdings. With 53 total holdings disclosed, the fund may have a fairly extended tail, so individual positions can matter while still leaving room for diversification across a broader set of holdings.

Our reading is that the portfolio looks moderately concentrated at the top and more diversified underneath. Banks appear prominently in the top layer, and that could make the fund more sensitive to moves in that part of the market, but the presence of 53 holdings suggests influence is spread beyond just a handful of names.

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

Source data date: as of 15 Sep 2026

Who should invest

This fund fits investors who can accept High Risk exposure and who are comfortable staying invested for several years. The 1-year return has been weaker than the 3-year and 5-year track record, so a short horizon may not give the strategy enough time to work through market swings.

The main trade-off is between better long-run compounding and near-term volatility. The fund has outpaced the benchmark over 3-year and 5-year periods, but the recent year has been less impressive and the portfolio’s top holdings can still move materially with market sentiment. That makes it more suitable for investors who can look past temporary weakness and value a longer holding period.

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	12.50%	Long-term capital gains tax

Exit load: Nil up to 10% of investment and 1% for the remaining investment on or before 1 year; nil after 1 year.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of HSBC Large & Mid Cap Fund Direct Growth Plan?
The NAV is ₹32.4334 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The returns are 8.11% over 1 year, 16.84% over 3 years and 14.03% over 5 years.

How does the fund compare with its benchmark?
It has outpaced the benchmark over 1-year, 3-year and 5-year periods. The benchmark returns are -8.27%, 5.59% and 5.58% for the same horizons.

How does it compare with peer funds on available return data?
Its 1-year return trails Quant Large & Mid Cap Fund Direct Growth Plan and Sundaram Large and Mid Cap Fund Direct Growth Plan, but its 3-year return is stronger than some listed peers. On 5-year numbers, Motilal Oswal Large & Midcap Fund Direct Growth Plan and Quant Large & Mid Cap Fund Direct Growth Plan are ahead in the peer set shown here.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

What is the risk profile and who manages the fund?
The fund is in the High Risk category and is managed by Cheenu Gupta. Its portfolio has a meaningful bank tilt at the top, which can add to short-term movement.

Bottom line

HSBC Large & Mid Cap Fund Direct Growth Plan looks stronger over longer periods than over the latest year, which makes it more of a patience-driven equity holding than a short-term momentum play. It has beaten the benchmark over 3-year and 5-year windows, but recent performance has been more modest. Relative to peers, the picture is mixed on the short run and more constructive over longer horizons. The portfolio’s top holdings are meaningful but not overwhelming, which supports a balance between concentration and breadth for investors who can handle High Risk volatility.

Published on 16 September 2026 at 12:38 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.