LIC MF Midcap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

LIC MF Midcap Fund Direct Growth Plan has a NAV of ₹35.2348 as of 11 September 2026 and an AUM of ₹392 Cr. Its 1-year, 3-year and 5-year returns are 8.36%, 15.94% and 13.34% respectively, while the scheme sits in the High Risk bucket. Our view is that it has delivered a mixed pattern: the medium-term numbers are better than the latest 1-year reading, but the fund still fits investors who can accept sharper swings in mid-cap exposure.

The portfolio is led by stock-specific positions rather than broad index-like exposure, with IT and financial names prominent among the largest holdings. That can support upside when the selected businesses perform well, but it also means returns may be more uneven than a diversified large-cap style fund. For investors with a longer horizon and comfort with volatility, the fund can be a relevant mid-cap option to study closely.

Quick facts

Particular	Details
NAV	₹35.2348 as of 11 Sep 2026
AUM	₹392 Cr
Expense Ratio	1.44%
Launch Date	25 Jan 2017
Min SIP	₹200
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	Nil upto 12% of units and 1% for remaining units on or before 12M, Nil after 12M
Fund Managers	Manoj Bajpai

The fund is managed by Manoj Bajpai.

Source data date: as of 11 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.44%	-2.59%
3M	4.82%	1.16%
1Y	8.36%	4.33%
3Y	15.94%	15.1%
5Y	13.34%	15%

The short-term pattern has been uneven, but not directionless. The 1-month return was negative, yet it still held up better than the benchmark over the same period. The 3-month figure improved noticeably, which suggests the fund recovered part of the weakness seen at shorter intervals.

Over one year, the fund is ahead of the benchmark, which supports the case that its recent run has been somewhat stronger than the index. At the same time, the 3-year number shows that this edge is not especially wide, so our view is that the fund has not separated itself dramatically from the benchmark over a full market cycle.

The 5-year picture is more restrained. The fund trails the benchmark there, which tells us that long-run compounding has been good, but not consistently superior. The return path also looks more volatile than a smooth upward climb, so investors should expect stretches where performance can lag even if the broader trend remains constructive.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD LIC MF Midcap?

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
LIC MF Midcap Fund Direct Growth Plan	8.36%	15.94%	13.34%
HSBC Midcap Fund Direct Growth Plan	21.47%	23.84%	19.35%
WOC Mid Cap Fund Direct Growth Plan	14.8%	21.4%	Data not available
Helios Mid Cap Fund Direct Growth Plan	14.51%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	12.74%	19.39%	16.8%
Baroda BNP Paribas Mid Cap Fund Direct Growth Plan	11.38%	16.48%	15.66%

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

On a recent basis, the fund’s 1-year return is below several peer funds in the table, while its 3-year and 5-year numbers are also lighter than the stronger peer readings shown here. That suggests the fund has not matched the faster compounding seen in some mid-cap peers across medium and longer horizons.

The gap is not identical across all periods, though. The fund’s 1-year figure is still above the benchmark, and its 3-year number remains close to the benchmark, which means the comparison is stronger against the index than against the peer set. The peer picture therefore tells a more demanding story: the fund has been reasonable, but not the most forceful compounder in this group.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Info Edge (India) Ltd.	IT	4.35%
Coforge Ltd.	IT	3.54%
The Federal Bank Ltd.	Bank	3.27%
Garware Hi-Tech Films Ltd.	Plastic Products	3.1%
Motilal Oswal Financial Services Ltd.	Finance	2.91%
Persistent Systems Ltd.	IT	2.78%
One 97 Communications Ltd.	IT	2.76%
Uno Minda Ltd.	Automobile & Ancillaries	2.72%
Thermax Ltd.	Capital Goods	2.69%
Multi Commodity Exchange of India Ltd.	Finance	2.66%

The top 10 holdings account for approximately 30.78% of the portfolio.

To see all holdings, visit the LIC MF Midcap Fund Direct Growth Plan page

The largest holding, Info Edge (India) Ltd., carries a 4.35% weight, so no single position dominates the disclosed list. The drop from the first holding to the tenth is fairly measured, moving from 4.35% to 2.66%, which suggests the visible book is spread across several mid-sized positions rather than concentrated in one name.

That said, the top 10 still make up about 30.78% of the portfolio, so the fund may remain meaningfully influenced by a relatively small set of ideas. With 52 holdings in total, the disclosed portfolio appears to combine a meaningful core with a longer tail of smaller positions, which could help balance stock-specific upside and downside.

Source data date: as of 11 Sep 2026

Who should invest

This fund is best understood by investors who can handle High Risk and stay invested for a longer period. The one-year return has been softer than several peer funds, but the three-year and five-year figures show that it can still compound at a respectable pace over time.

It suits investors who are comfortable with mid-cap volatility and who want exposure to a portfolio built around selected businesses rather than a broad defensive mix. The main trade-off is that the fund may deliver uneven shorter-term outcomes even when the longer-term pattern remains acceptable, so patience matters more than quick consistency.

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 upto 12% of units and 1% for remaining units if sold within 12 months; no exit load after 12 months.

Source data date: as of 11 Sep 2026

Frequently asked questions

What is the current NAV of LIC MF Midcap Fund Direct Growth Plan?
The current NAV is ₹35.2348 as of 11 September 2026.

How has LIC MF Midcap Fund Direct Growth Plan performed over 1 year, 3 years and 5 years?
Its returns are 8.36% for 1 year, 15.94% for 3 years and 13.34% for 5 years.

How does the fund compare with the Nifty Mid Cap benchmark?
It is ahead of the benchmark over 1 year and 3 years, but behind it over 5 years.

How does it compare with peers on return data?
Its 1-year, 3-year and 5-year numbers are lower than several peer funds listed here, especially the stronger return profiles of HSBC Midcap Fund Direct Growth Plan and ITI Mid Cap Fund Direct Growth Plan.

What is the minimum SIP amount?
The minimum SIP amount is ₹200.

Who manages the fund and what is the exit load?
The fund is managed by Manoj Bajpai. The exit load is nil upto 12% of units and 1% for the remaining units if sold within 12 months, and there is no exit load after 12 months.

Bottom line

LIC MF Midcap Fund Direct Growth Plan has a mixed return profile: the short-term numbers have been uneven, the 3-year record is reasonable, and the 5-year return trails the benchmark. Against peers, its return profile looks more subdued than the stronger mid-cap options in the list, which makes the fund more of a steady mid-cap contender than a standout performer.

Its High Risk label, mid-cap benchmark focus and portfolio tilted toward a set of selected stocks mean investors need comfort with volatility. The appeal is not in a smooth ride; it is in accepting swings in exchange for mid-cap exposure and a portfolio that can benefit from stock selection over time.

Published on 15 September 2026 at 3:11 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.