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

Kotak Mid Cap Fund Direct Growth Plan has a NAV of ₹170.526 as of 10 Sep 2026 and a scheme AUM of ₹69,282 Cr. Its 1-year, 3-year and 5-year returns are 7.22%, 17.23% and 16.9%, and the fund carries a High Risk label. Our view is that this is a mid-cap portfolio for investors who can tolerate sharp swings in the short run while still looking for a steadier compounding profile over longer periods.

The fund’s recent return pattern has been weaker than its longer-term record, but it remains close to its benchmark over 5 years. The portfolio is spread across 65 holdings, with the top positions led by healthcare, banking, retailing and IT names, so diversification is present even though the leading holdings still matter.

Quick facts

Particular	Details
NAV	₹170.526 as of 10 Sep 2026
AUM	₹69,282 Cr
Expense Ratio	0.37%
Launch Date	01 Jan 2013
Min SIP	₹100
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	Atul Bhole

The fund is managed by Atul Bhole.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.31%	-2.37%
3M	6.74%	5.39%
1Y	7.22%	4.92%
3Y	17.23%	15.22%
5Y	16.9%	15.05%

In the recent window, the fund has stayed constructive but not smooth. The 1-month figure is negative, yet it is still better than the benchmark’s decline over the same period, which suggests the portfolio has held up a little better in a choppy phase. Over 3 months, the fund has rebounded more strongly than the index, and that short-term recovery is a useful sign after a weak patch.

Over 1 year, the gap versus the benchmark is clearer, with the fund ahead by a meaningful margin. That said, the 1-year return is still modest for a mid-cap strategy and sits below the fund’s 3-year and 5-year pace, so the latest year has not matched the stronger medium-term pattern. This tells us the fund has seen some near-term pressure even while the broader compounding trend remains intact.

The 3-year and 5-year numbers are more reassuring. Both are above the benchmark, which indicates the strategy has added value over longer holding periods rather than relying only on a short burst of strength. The daily pattern also points to periods of recovery followed by renewed volatility, which is normal for a mid-cap fund but important for investors to acknowledge.

Our view is that the fund’s longer-term record is healthier than its recent one-year stretch. The benchmark comparison supports that reading: the fund has remained ahead across all the listed periods, but the margin is not uniform, and the short-term swings are a reminder that the path to returns has not been straight.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Kotak 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
Kotak Mid Cap Fund Direct Growth Plan	7.22%	17.23%	16.9%
HSBC Midcap Fund Direct Growth Plan	21.55%	24.22%	19.4%
WOC Mid Cap Fund Direct Growth Plan	14.92%	21.73%	Data not available
Helios Mid Cap Fund Direct Growth Plan	14.33%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	12.94%	20.01%	16.89%
Mahindra Manulife Mid Cap Fund Direct Growth Plan	12.06%	17.86%	18.41%

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

The fund’s 1-year return is below all five peer figures shown here, so its recent stretch has been calmer but less forceful than the stronger short-term numbers elsewhere. Even so, the longer-term picture is less one-sided: its 3-year return is close to the middle of the peer set, and its 5-year return is ahead of one comparable peer while trailing others that have compounded more quickly. That mix suggests the fund has kept pace better over time than in the latest year alone.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Fortis Healthcare India Ltd	Healthcare	3.83%
Eternal Limited	Retailing	3.24%
Ipca Laboratories Ltd.	Healthcare	3.12%
Vishal Mega Mart Limited	Domestic Equities	3.06%
Federal Bank Ltd.	Bank	2.85%
L&T Finance Ltd	Finance	2.85%
Mphasis Ltd	IT	2.68%
Kei Industries Ltd.	Electricals	2.47%
Ge Vernova T&D India Limited	Capital Goods	2.42%
Indian Bank	Bank	2.24%

The top 10 holdings account for approximately 28.76% of the portfolio.

To see all holdings, visit the Kotak Mid Cap Fund Direct Growth Plan page

The largest holding, Fortis Healthcare India Ltd, is 3.83%, so no single position dominates the portfolio on its own. The drop from the first holding to the tenth is modest rather than steep, which suggests the visible core is spread across several mid-sized positions instead of being concentrated in one or two oversized bets.

Even so, the top 10 holdings together account for 28.76% of assets, which means a meaningful share of the portfolio is still anchored in a relatively small group of names. With 65 disclosed holdings in total, the rest of the book likely forms a longer tail that can dilute single-stock influence while still leaving the leading positions important.

That balance may help the fund avoid excessive dependence on one company, but it can also mean the portfolio still reacts to sector and stock-specific moves within its larger holdings. The mix of healthcare, banking, retailing, finance, IT and capital goods among the leading names points to a diversified structure, though not one that removes mid-cap volatility.

Source data date: as of 10 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk exposure and can stay invested through uneven periods. The 1-year record shows that short-term outcomes can lag stronger peers, but the 3-year and 5-year figures suggest the strategy has still compounded reasonably well over longer stretches and has stayed ahead of the benchmark in each listed period.

The right horizon is likely to be at least several years, because the portfolio’s mid-cap orientation and recent fluctuations can produce sharp month-to-month variation. The main trade-off is that investors may have to accept weaker short-term stretches in exchange for the possibility of stronger long-term compounding, especially if the portfolio’s more diversified core continues to work through cycles.

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

• Nil up to 10% of the investment and 1% on the remaining investment if units are sold on or before 1 year.
• No exit load after the holding period.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of Kotak Mid Cap Fund Direct Growth Plan?
The current NAV is ₹170.526 as of 10 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 7.22%, its 3-year return is 17.23%, and its 5-year return is 16.9%.

How does it compare with the benchmark?
It is ahead of Nifty Mid Cap across 1 month, 3 months, 1 year, 3 years and 5 years. The gap is widest over the latest year and narrower over the longer periods.

How does it compare with peer funds on available return data?
Its 1-year return is below the peer figures shown here, while its 3-year and 5-year numbers are more mixed. That makes the recent stretch look weaker than some peers, even though the longer-term record is still workable.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

Who manages the fund and what is its exit load?
The fund is managed by Atul Bhole. The exit load is nil up to 10% of the investment and 1% on the remaining investment if units are sold on or before 1 year, and there is no exit load after the holding period.

Bottom line

Kotak Mid Cap Fund Direct Growth Plan has shown a softer recent run than its longer-term record, but it still stays ahead of the benchmark across the periods listed here. The peer comparison is more nuanced: its latest year trails the peer group shown, while its medium- and longer-term returns remain usable rather than weak. The portfolio has a diversified core across 65 holdings, with no single position dominating, which may help spread stock-specific risk even though mid-cap volatility remains part of the package.

Published on 11 September 2026 at 10:18 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.