Nippon India Vision Large & Mid Cap Fund(B)-Direct Review 2026: NAV, Returns, Portfolio & Should You Invest?

Nippon India Vision Large & Mid Cap Fund Direct Growth Plan has a current NAV of ₹272.5357 as of 09 Sep 2026 and a scheme AUM of ₹7,903 Cr. Its 1-year, 3-year and 5-year returns are 1.85%, 14.14% and 13.21% respectively, and the fund sits in the High Risk category.

Our view is that this is a fund for investors who can live with sharp short-term swings in exchange for exposure to a diversified large- and mid-cap portfolio. The recent 1-year outcome has been weak, but the medium- and longer-term figures remain meaningfully better than the benchmark, which makes the fund more suitable for a patient horizon than for short holding periods.

Quick facts

Particular	Details
NAV	₹272.5357 as of 09 Sep 2026
AUM	₹7,903 Cr
Expense Ratio	1.22%
Launch Date	01 Jan 2013
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	Nil upto 10% of units and 1% for remaining units on or before 12, Nil after 12M
Fund Managers	Aishwarya Agarwal

The fund is managed by Aishwarya Agarwal.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.1%	-4.69%
3M	4.18%	0.93%
1Y	1.85%	-7.16%
3Y	14.14%	6%
5Y	13.21%	5.87%

The pattern is mixed in the near term, but the fund has still held up better than the benchmark over the periods that matter most for an equity investor. The 1-month fall shows that it can still move sharply over short windows, yet the 3-month result has recovered well and the 1-year return is positive while the benchmark is negative.

That longer lens is more important here. Over 3 years and 5 years, the fund has outpaced the benchmark by a wide margin, which points to stronger compounding than the index line over the full cycle. The trade-off is that the path has not been smooth, so investors should expect swings rather than a steady upward climb.

Recent behaviour is weaker than the 3-year and 5-year picture, but not inconsistent with a mid-cap heavy equity strategy. The short-term pullback suggests timing risk remains real, while the longer horizon still shows the fund creating more value than the benchmark across the same periods.

For us, the key takeaway is that the fund has rewarded patience more than short-term holding. If an investor focuses only on the latest month or quarter, the experience can look uneven; if the lens is stretched to 3 to 5 years, the return profile is more constructive relative to the benchmark.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD Nippon India Vision Large & Mid Cap Fund(B)-Direct Plan?

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
Nippon India Vision Large & Mid Cap Fund Direct Growth Plan	1.85%	14.14%	13.21%
Motilal Oswal Large & Midcap Fund Direct Growth Plan	14.42%	22.86%	19.17%
Quant Large & Mid Cap Fund Direct Growth Plan	13.43%	14.97%	16.35%
HSBC Large & Mid Cap Fund Direct Growth Plan	12.77%	17.71%	15.05%
Sundaram Large and Mid Cap Fund Direct Growth Plan	11.17%	14.64%	12.61%
Invesco India Large & Mid Cap Fund Direct Growth Plan	9.92%	22.84%	17.63%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return is well below the better recent peer figures, so the short-term picture looks softer than several alternatives. The 3-year and 5-year numbers are more competitive, though, and they sit closer to the stronger peer outcomes than the 1-year figure would suggest. That split tells us the fund’s recent stretch has been weaker than its longer history, not that the longer-term trend has disappeared.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Limited	Bank	4.87%
State Bank of India	Bank	4.37%
Triparty Repo	Cash & Cash Equivalents and Net Assets	3.9%
Dixon Technologies (India) Limited	Consumer Durables	3.76%
Eternal Limited	Retailing	3.74%
Axis Bank Limited	Bank	2.96%
HDFC Bank Limited	Bank	2.69%
Coforge Limited	IT	2.66%
Trent Limited	Retailing	2.37%
FSN E-Commerce Ventures Limited	Retailing	2.28%

The largest holding, ICICI Bank Limited, is 4.87%, so no single position dominates the visible list on its own. The weight then steps down fairly gradually through the next names, with the tenth holding still at 2.28%, which suggests the portfolio is not built around one or two outsized bets.

Even so, the top ten holdings together account for 33.6% of the portfolio, and the fund has 63 disclosed holdings in total. That combination points to a portfolio that is spread across many positions, but with enough top-end weight to make the leading names influential. In our view, that balance may help avoid extreme concentration while still keeping conviction visible in the larger positions.

Because the list extends well beyond the top ten, the remaining holdings could materially shape outcomes over time. The visible holdings alone therefore give a useful snapshot, but not the whole story of portfolio behaviour.

To see all holdings, visit the Nippon India Vision Large & Mid Cap Fund(B)-Direct Plan page

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who can take High Risk exposure and stay invested long enough for the portfolio to move through full market cycles. The 1-year result is subdued, but the 3-year and 5-year numbers are stronger than the benchmark, which makes the fund better aligned with a multi-year horizon than with short-term goals.

The main trade-off is clear: you get access to a diversified large- and mid-cap equity portfolio, but you also accept drawdowns and periods when recent performance may lag the stronger longer-term picture. Investors who want smoother short-run outcomes may find that uncomfortable, while those who can tolerate volatility may see the return pattern as more acceptable.

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 units and 1% for remaining units if sold within 12 months; no exit load after the holding period.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of Nippon India Vision Large & Mid Cap Fund Direct Growth Plan?
The current NAV is ₹272.5357 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 1.85%, its 3-year return is 14.14%, and its 5-year return is 13.21%.

How does the fund compare with its benchmark?
It has outperformed the benchmark over 3 years and 5 years, while the 1-year figure is positive versus a negative benchmark return. The recent 1-month result is weaker than the fund’s longer-run picture.

How does it compare with peer funds on return data?
Its 1-year return is much lower than several peers, but the 3-year and 5-year figures are more competitive. The short-term and longer-term comparisons do not tell the same story.

Does the fund allow SIP investing?
Yes, SIP investing is allowed.

Who manages the fund and what is the exit load?
Aishwarya Agarwal manages the fund. The exit load is nil up to 10% of units and 1% for remaining units if sold within 12 months, and there is no exit load after the holding period.

Bottom line

The fund’s latest stretch looks softer than its 3-year and 5-year record, but the longer horizon still shows it ahead of the benchmark on the supplied figures. That makes it a more patient equity option than a short-term one. The High Risk tag and the mid-cap leaning profile mean volatility is part of the experience, while the 63-holding structure and 33.6% top-ten weight suggest a diversified but still conviction-led portfolio. For investors who can tolerate swings, the long-term pattern is more relevant than the recent dip.

Published on 10 September 2026 at 10:52 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.