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

Navi Large & Midcap Fund Direct Growth Plan is valued at ₹44.4254 as of 10 Sep 2026, with scheme AUM of ₹314 Cr. Its 1-year, 3-year and 5-year returns are 5.79%, 9.69% and 11.23% respectively, and the fund carries a High Risk label.

Our view is that this is a fund for investors who can tolerate uneven medium-term swings and still stay invested long enough for compounding to matter. The portfolio has a meaningful cash-like allocation and a spread across large financials and selected cyclical names, which suggests a diversified but still equity-led profile.

Quick facts

Particular	Details
NAV	₹44.4254 as of 10 Sep 2026
AUM	₹314 Cr
Expense Ratio	0.52%
Launch Date	07 Dec 2015
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	No exit load
Fund Managers	Ashutosh Shirwaikar

The fund is managed by Ashutosh Shirwaikar.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.04%	-4.06%
3M	6.18%	1.37%
1Y	5.79%	-7.31%
3Y	9.69%	6.07%
5Y	11.23%	5.91%

The recent pattern is mixed but not weak. Over one month, the fund fell less than the benchmark, which points to some relative resilience in a difficult short stretch. Over three months and one year, it outpaced the benchmark by a clear margin, and the one-year comparison is especially notable because the benchmark is still negative.

The longer picture is steadier than the one-month dip suggests. The 3-year and 5-year returns remain ahead of the benchmark, which tells us the fund has preserved a positive compounding path over time rather than relying on one strong quarter. That is useful for investors who care about the full cycle instead of only the latest move.

The time pattern also shows that the fund has not moved in a straight line. There were clear periods of softness and recovery across the 1-year and 3-year paths, which is consistent with an equity fund that can swing around before it reasserts its trend. For us, that matters more than the short dip: the fund has shown the ability to rebuild momentum after weak phases, but investors must be comfortable with interim volatility.

Compared with the benchmark, the key distinction is that the fund has done better across the medium and long horizon while also holding up better in the weakest recent month. That combination is more reassuring than a single sharp rally, although it still does not remove equity-market risk.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Navi 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
Navi Large & Midcap Fund Direct Growth Plan	5.79%	9.69%	11.23%
Motilal Oswal Large & Midcap Fund Direct Growth Plan	12.34%	22.74%	19.1%
Quant Large & Mid Cap Fund Direct Growth Plan	12.34%	14.76%	16.22%
HSBC Large & Mid Cap Fund Direct Growth Plan	11.6%	17.59%	14.99%
Sundaram Large and Mid Cap Fund Direct Growth Plan	10.98%	14.73%	12.67%
Invesco India Large & Mid Cap Fund Direct Growth Plan	9.38%	22.73%	17.56%

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 recent numbers posted by the listed peers, while its 3-year and 5-year figures are also lower than the better-performing peer set. That does not make the fund weak on an absolute basis, but it does mean the recent and longer-term return profile is more moderate than the strongest comparables available here.

What stands out is that the gap is not confined to one time period. Peers with stronger 1-year returns also show stronger 3-year and 5-year compounding in several cases, so the comparison tells a consistent story: the fund has delivered steadier but less forceful growth than the better-returning group. For investors, that makes the trade-off clear between relative steadiness and higher-return peers that have compounded faster across the same windows.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Treps/Reverse Repo/Net Current Assets/Cash/Cash Equivalent	Cash & Cash Equivalents and Net Assets	5.6%
The Federal Bank Limited	Bank	3.29%
Axis Bank Limited	Bank	3.14%
Astral Limited	Plastic Products	3.02%
HDFC Bank Limited	Bank	2.76%
Kotak Mahindra Bank Limited	Bank	2.7%
Samvardhana Motherson International Ltd	Automobile & Ancillaries	2.57%
UPL Limited	Chemicals	2.5%
ICICI Bank Limited	Bank	2.42%
Bank of Maharashtra	Bank	2.28%

The top 10 holdings account for approximately 30.28% of the portfolio.

To see all holdings, visit the Navi Large & Midcap Fund Direct Growth Plan page

The single largest disclosed position is a cash-like line at 5.6%, which may act as a buffer when markets are choppy. After that, exposure steps down quite quickly: the next nine holdings all sit in a fairly tight band between 3.29% and 2.28%, so no single equity position dominates the visible part of the portfolio.

That pattern suggests the fund is likely to have greater influence from a cluster of financial holdings than from one oversized stock. Banks make up most of the visible list, alongside one plastics name, one auto-ancillary name and one chemicals name, so the portfolio is not narrowly tied to a single business theme. The mix can help reduce reliance on one stock story, although it still leaves the fund exposed to equity-market swings.

With 71 disclosed holdings and the top 10 accounting for 30.28%, the structure looks spread across a long tail rather than concentrated in only a few names. For us, that makes the portfolio more balanced than a highly concentrated book, but the high-risk classification still matters because the portfolio remains equity-led and can move with market sentiment.

Source data date: as of 10 Sep 2026

Who should invest

This fund suits investors who can accept a High Risk equity allocation and stay invested for a medium-to-long horizon. The 1-year return is positive while the benchmark is negative, and the 3-year and 5-year numbers remain ahead of the benchmark, but the path has not been smooth.

The main trade-off is that the fund has shown decent compounding over longer periods, yet its recent return profile is still below the stronger peer set. That means investors may get a more measured outcome than the fastest peer compounding, while still taking meaningful equity volatility. We think it is more suitable for patient investors who can hold through uneven periods and value diversified exposure across financials and other large-mid cap names.

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 10 Sep 2026

Frequently asked questions

What is the current NAV of Navi Large & Midcap Fund Direct Growth Plan?

The current NAV is ₹44.4254 as of 10 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The 1-year return is 5.79%, the 3-year return is 9.69% and the 5-year return is 11.23%.

How does it compare with the benchmark?

It has outpaced the benchmark over 3 years and 5 years, and it also did better over 1 year. Over the latest month, it fell less than the benchmark.

How does it compare with the peer funds listed here?

Its return profile is more moderate than the stronger peer figures shown for 1-year, 3-year and 5-year periods. The peer set includes several funds with faster compounding over the same windows.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What is the risk profile, who manages it and what is the exit load?

The fund is tagged High Risk and is managed by Ashutosh Shirwaikar. It has no exit load.

Bottom line

Navi Large & Midcap Fund Direct Growth Plan has a steadier long-term profile than its short one-month dip suggests, with 1-year, 3-year and 5-year returns all ahead of the benchmark. Against the peer set, however, the return profile is more restrained than the stronger comparables across the same periods. The portfolio is not overly concentrated in one stock, with a sizeable cash-like line and a broad spread across 71 holdings. For investors comfortable with High Risk equity exposure and a patient holding period, the fund offers diversified large-mid cap participation rather than the most aggressive growth profile.

Published on 11 September 2026 at 5:49 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.