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

Nippon India Vision Large & Mid Cap Fund Direct Growth Plan has a current NAV of ₹1,607.4839 as of 09 Sep 2026 and scheme AUM of ₹7,903 Cr. Its 1-year, 3-year and 5-year returns are 1.85%, 14.14% and 13.21%, and the risk category is High Risk. Our view is that it suits investors who can tolerate sharp swings and are comfortable with a large-and-mid-cap equity style that has delivered better medium-term compounding than its benchmark, but has also been uneven in the recent one-year stretch.

The fund's longer track record is more stable than the latest year, while the portfolio remains tilted toward a handful of financials, consumer and technology names. That combination can support upside over a full market cycle, but it also means the path can be bumpy.

Quick facts

Particular	Details
NAV	₹1,607.4839 as of 09 Sep 2026
AUM	₹7,903 Cr
Expense Ratio	1.22%
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 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 recent pattern is mixed. Over one month, the fund was negative, but the decline was still less severe than the benchmark. Over three months, it recovered faster than the index, which tells us the portfolio has been able to participate in rebounds rather than simply lagging them.

The one-year figure is modest at 1.85%, yet it still stands well ahead of the benchmark's negative return over the same period. That gap matters because it shows the fund preserved more of the cycle than the benchmark, even if the absolute outcome was not strong.

The longer view is more constructive. At 14.14% over three years and 13.21% over five years, the fund has compounded better than the benchmark in both windows. Our read is that the fund has had a better medium-term growth profile than its benchmark, while the latest year appears less convincing than its longer history.

The time pattern also suggests volatility rather than a straight line. There were phases of drawdown and recovery across the multi-year path, so investors should expect uneven progress rather than steady monthly gains. That is consistent with a High Risk equity scheme where periods of underperformance can still coexist with stronger longer-term compounding.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD Nippon India Vision Large & 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
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.

Nippon India Vision Large & Mid Cap Fund Direct Growth Plan trails the stronger peer 1-year figures, where several funds are in double digits and the current fund is at 1.85%. The gap is narrower on the longer view, but the fund still sits below the best 3-year and 5-year numbers in this peer set.

What stands out is that the fund's 3-year and 5-year returns are more balanced than its 1-year return, while a few peers have stronger upside across all three windows. That means the comparison tells two different stories: a softer recent year, but a middle-to-longer-term record that is still competitive with some of the peer group.

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 top 10 holdings account for approximately 33.6% of the portfolio.

To see all holdings, visit the Nippon India Vision Large & Mid Cap Fund Direct Growth Plan page

The largest holding, ICICI Bank Limited, is 4.87%, which is sizable but not overpowering on its own. The next few positions are also meaningfully sized, so the portfolio appears to rely on several anchor holdings rather than a single dominant name.

Weight falls to 2.28% by the tenth holding, so the top end does taper, but not abruptly. That pattern suggests a measured spread across the leading positions, even though financials and a few consumer-oriented names remain important in the disclosed list.

Because the top 10 account for 33.6% of the portfolio and 63 holdings are disclosed in total, the fund is not confined to just a few stocks. Still, the visible holdings indicate that the largest positions may have greater influence on returns than the long tail, especially when sector leadership changes.

Source data date: as of 09 Sep 2026

Who should invest

This fund is suited to investors who can handle High Risk equity swings and who are willing to stay invested for several years. The 1-year return is subdued, but the 3-year and 5-year figures are much stronger than the benchmark, which makes the fund more suitable for a patient, cycle-aware approach.

The main trade-off is straightforward: you accept volatility and uneven shorter-term outcomes in exchange for the possibility of better medium-term compounding. It can appeal to investors who want large-and-mid-cap exposure with enough breadth in the portfolio to avoid extreme concentration, but who are still comfortable with a few holdings carrying meaningful weight.

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 on or before 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 ₹1,607.4839 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 has it done against the benchmark?
It has beaten the benchmark over 1 year, 3 years and 5 years. The benchmark return is -7.16% over 1 year, 6% over 3 years and 5.87% over 5 years.

How does it compare with peer funds on available return data?
The fund trails several peers on 1-year returns, while its 3-year and 5-year numbers are closer to the middle of the peer group. The shorter-term comparison looks weaker than the longer-term comparison.

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

Who manages the fund and what is the exit load?
The fund is managed by Aishwarya Agarwal. Exit load is nil up to 10% of units and 1% for remaining units if sold on or before 12 months, and no exit load applies after the holding period.

Bottom line

The fund's recent year looks softer than its longer record, but the 3-year and 5-year figures remain materially stronger than the benchmark. Against peers, the short-term comparison is less convincing, while the longer-term picture is more balanced. High Risk is the right label for the journey, and the portfolio's weight in a few banks, consumer names and IT exposure suggests that leading holdings can matter meaningfully. It suits investors who can live with volatility and think in multi-year horizons.

Published on 10 September 2026 at 11:07 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.