Motilal Oswal Large & Midcap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Motilal Oswal Large & Midcap Fund Direct Growth Plan had an NAV of ₹41.4174 as of 27 August 2026 and a scheme AUM of ₹18,444 Cr. Its 1-year, 3-year and 5-year returns are 16.0465%, 24.0373% and 20.3187%. The fund sits in the High Risk bucket, so our view is that it suits investors who can tolerate sharp swings in exchange for a chance at stronger long-term growth.

The mix of large-cap, mid-cap and small-cap holdings gives it a more growth-oriented profile than a plain large-cap strategy, while the return record has stayed well above the benchmark over longer periods. That makes it more appropriate for investors who can stay invested through uneven phases rather than those who want steadier short-term behaviour.

Quick facts

Particulars	Details
NAV	₹41.4174
AUM	₹18,444 Cr
Expense Ratio	0.67%
Launch Date	17 October 2019
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	1% if units are sold on or before 365 days; nil after 365 days
Fund Managers	Ajay Khandelwal, Ankit Agarwal, Rakesh Shetty

The fund is managed by Ajay Khandelwal, Ankit Agarwal and Rakesh Shetty.

Source data date: as of 27 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	7.10%	0.44%
3M	8.07%	2.31%
1Y	16.05%	-2.53%
3Y	24.04%	6.72%
5Y	20.32%	7.06%

The fund has been strong across every period shown, but the most recent stretch is especially notable because both the 1-month and 3-month returns are positive and comfortably ahead of the benchmark. That suggests the recent move has not been a weak patch hiding inside a good long-term record; the shorter periods have also been constructive.

Over 1 year, the fund produced 16.05% while the benchmark was negative at -2.53%. That is a wide gap and it shows the portfolio has handled the recent cycle much better than the benchmark index. The 3-year return of 24.04% also stays well above the benchmark’s 6.72%, which tells us the fund has preserved its growth edge beyond a single market phase.

The 5-year return of 20.32% reinforces that the performance has been durable rather than isolated. The daily movement pattern through the period snapshots shows swings along the way, which is normal for a higher-risk equity fund, but the overall direction has remained upward. Our read is that the fund has rewarded patience better than short holding periods, even though the short-term trend has also been positive recently.

That combination matters for investor expectations. The fund is not behaving like a defensive large-cap strategy; it is behaving like a more growth-seeking large-and-mid-cap portfolio that can still deliver strong compounding when market conditions are supportive.

Source data date: as of 27 Aug 2026

Should you BUY or HOLD Motilal Oswal Large & 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
Motilal Oswal Large & Midcap Fund Direct Growth Plan	16.0465%	24.0373%	20.3187%
HSBC Large & Mid Cap Fund Direct Growth Plan	15.1913%	20.0355%	16.4736%
Quant Large & Mid Cap Fund Direct Growth Plan	14.8964%	17.5031%	17.8797%
Sundaram Large and Mid Cap Fund Direct Growth Plan	14.1629%	17.1014%	14.0118%
Invesco India Large & Mid Cap Fund Direct Growth Plan	11.4768%	24.7611%	18.895%

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

On 1-year performance, the fund stays ahead of the peer set shown here, with only small gaps between several names and a larger gap versus the weaker 1-year figures. That tells us the recent phase has been supportive for the fund, not just for the broader category.

The longer-term picture is mixed but still constructive. The 3-year return is strong and sits ahead of several peers, while the 5-year return is also solid and compares favourably with most of the peer figures listed. One peer has a slightly higher 3-year figure, but the overall pattern still suggests the fund has held up well across both mid-cycle and longer windows. Short-term strength and long-term consistency are both visible here, rather than one coming at the expense of the other.

Source data date: as of 27 Aug 2026

Portfolio: where your money goes

The portfolio is split across 31.96% large cap, 38.96% mid cap, 28.46% small cap and 0.61% other holdings. That means the fund is not dominated by one size bucket; instead, it has a tilted but still broadly spread market-cap mix.

Sector	Weight	Top holdings
RETAILING	20.25%	TRENT LIMITED (13.19%), ETERNAL LIMITED (3.65%)
FINANCE	20.23%	MULTI COMMODITY EXCHANGE OF INDIA LIMITED (7.25%), ANGEL ONE LIMITED (3.79%)
CAPITAL GOODS	18.47%	CG POWER AND INDUSTRIAL SOLUTIONS LIMITED (2.81%), APAR INDUSTRIES LIMITED (2.6%)
HEALTHCARE	9.24%	DR. LAL PATH LABS LIMITED (8.6%), APOLLO HOSPITALS ENTERPRISE LIMITED (0.62%)
AUTOMOBILE & ANCILLARIES	7.99%	SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED (2.14%), PTC INDUSTRIES LIMITED (1.67%)

The sector split is fairly concentrated at the top, with Retailing and Finance sitting almost level at just over 20% each. Capital Goods is close behind at 18.47%, so the top three sectors together are likely to matter most for the fund’s behaviour.

Retailing may have a greater influence because it is the largest sector and also includes a very large holding in Trent at 13.19%. Finance is nearly the same size as Retailing, so it can influence performance almost as much, especially through the two financial names listed. Healthcare and Automobile & Ancillaries are smaller weights, so they may add diversification but are less likely to drive the overall return pattern on their own.

Overall, the fund combines a meaningful mid-cap and small-cap presence with sizable exposure to growth-sensitive sectors. That kind of setup can support stronger upside when those areas do well, but it can also lead to sharper moves than a more conservatively positioned equity fund.

Source data date: as of 27 Aug 2026

Who should invest

This fund is better suited to investors who can handle High Risk equity exposure and stay invested through uneven phases. The return pattern shows that it has rewarded patience over 1, 3 and 5 years, but it can still move sharply in shorter periods.

It fits best for a medium-to-long investment horizon, especially for investors who want exposure beyond the largest companies and are comfortable with a mix of large-cap, mid-cap and small-cap holdings. The main trade-off is that the higher return potential comes with more volatility and a less defensive portfolio profile than a plain large-cap fund.

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: 1% if units are sold on or before 365 days; nil after 365 days.

Source data date: as of 27 Aug 2026

Frequently asked questions

What is the current NAV of Motilal Oswal Large & Midcap Fund Direct Growth Plan?
Its current NAV is ₹41.4174 as of 27 August 2026.

What are the 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 16.05%, 24.04% and 20.32%.

How does the fund compare with its benchmark?
It has outpaced the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The gap is especially visible over 1 year, 3 years and 5 years.

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

Who manages the fund?
The fund is managed by Ajay Khandelwal, Ankit Agarwal and Rakesh Shetty.

What is the exit load and tax treatment?
The exit load is 1% if units are sold on or before 365 days, and nil after 365 days. Units held for less than 1 year attract 20% short-term capital gains tax, while units held for more than 1 year attract 12.5% long-term capital gains tax.

Bottom line

Motilal Oswal Large & Midcap Fund Direct Growth Plan has combined a strong longer-term record with a solid recent run, and both sit well above the benchmark figures available here. The portfolio’s large mid-cap and small-cap tilt, along with heavy sector exposure to Retailing, Finance and Capital Goods, gives it a growth-oriented profile that can work well when those areas stay in favour. The trade-off is the High Risk nature of the scheme and the likelihood of sharper swings along the way, which makes it more suitable for patient investors with a longer horizon.

Published on 28 August 2026 at 10:56 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.