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

SBI Large & Midcap Fund Direct Growth Plan has a current NAV of ₹695.4368 as of 18 Sep 2026 and a scheme AUM of ₹42,335 Cr. Its 1-year, 3-year and 5-year returns are 0.94%, 12.01% and 13.46% respectively, and the scheme carries a High Risk label.

Our view is that this is a large and mid-cap equity option for investors who can tolerate sharp near-term swings and still stay focused on a longer horizon. The longer-run return pattern is healthier than the recent 1-year stretch, while the portfolio is tilted toward banks and other cyclical leaders, which can help in strong markets but may also keep volatility elevated.

Quick facts

Particular	Details
NAV	₹695.4368 as of 18 Sep 2026
AUM	₹42,335 Cr
Expense Ratio	0.79%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	0.10% on or before 30D, Nil after 30D
Fund Managers	Saurabh Pant

The fund is managed by Saurabh Pant.

Source data date: as of 18 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.81%	-3.73%
3M	-1.44%	-3.14%
1Y	0.94%	-5.31%
3Y	12.01%	6.3%
5Y	13.46%	5.79%

The short-term picture has been softer than the longer horizon. Over 1M and 3M, the fund stayed in negative territory, although it still did slightly better than the benchmark in both windows. That tells us the scheme has been under pressure recently, but not as much as the benchmark it is being compared with.

The 1-year return is the clearest point of comparison. At 0.94%, the fund is positive while the benchmark is negative, so the fund has protected capital better over that stretch. Even so, the 1-year result is far below its own 3-year and 5-year numbers, which means the recent phase has been much weaker than the longer compounding pattern.

Over 3 years and 5 years, the fund’s returns of 12.01% and 13.46% sit comfortably above the benchmark’s 6.3% and 5.79%. That suggests the strategy has been able to compound more effectively over full market cycles than in the recent quarter-like windows. The time pattern also points to a fund that can recover after drawdowns, but not without interruptions along the way.

For investors, the main takeaway is that this is not a smooth-return product. The long-term numbers are clearly stronger than the recent ones, so the fund looks more suited to patient capital than to short-term return chasing.

Source data date: as of 18 Sep 2026

Should you BUY or HOLD SBI 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
SBI Large & Midcap Fund Direct Growth Plan	0.94%	12.01%	13.46%
Quant Large & Mid Cap Fund Direct Growth Plan	9.74%	14.83%	15.98%
HSBC Large & Mid Cap Fund Direct Growth Plan	9.29%	18.04%	14.68%
Sundaram Large and Mid Cap Fund Direct Growth Plan	8.13%	14.5%	12.17%
Motilal Oswal Large & Midcap Fund Direct Growth Plan	7.44%	22.21%	18.76%
Invesco India Large & Mid Cap Fund Direct Growth Plan	6.46%	22.41%	17.1%

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 peer set in this table, while its 3-year and 5-year returns are ahead of Sundaram Large and Mid Cap Fund Direct Growth Plan but below several of the stronger longer-horizon peer figures. That creates a mixed picture: the recent stretch has been weak, but the longer-run numbers are still respectable.

Compared with the peer group, the fund does not stand out on short-term momentum. Its longer-term returns are more competitive, though some peers have delivered materially higher 3-year and 5-year outcomes. So the comparison tells two different stories: recent performance has lagged, while the broader compounding record remains solid enough to keep the fund relevant for patient investors.

Source data date: as of 18 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Ltd.	Bank	6.36%
ICICI Bank Ltd.	Bank	3.98%
Axis Bank Ltd.	Bank	3.38%
State Bank of India	Bank	2.88%
Balkrishna Industries Ltd.	Automobile & Ancillaries	2.53%
Asian Paints Ltd.	Chemicals	2.41%
Tata Motors Ltd.	Domestic Equities	2.37%
Berger Paints India Ltd.	Chemicals	2.35%
Bharat Forge Ltd.	Automobile & Ancillaries	2.34%
Ashok Leyland Ltd.	Automobile & Ancillaries	2.32%

The largest holding, HDFC Bank Ltd., has a weight of 6.36%, which is meaningful but not extreme for an active equity portfolio. The gap from the first holding to the tenth is modest in a relative sense, yet the portfolio still shows clear top-heavy tendencies because the first few positions carry noticeably more weight than the rest of the disclosed list.

The top 10 holdings together account for approximately 30.92% of the portfolio, and the scheme discloses 62 holdings overall. That combination suggests the fund is not driven by one or two oversized positions, but a meaningful share of assets still sits in the leading names. In our view, that can make the portfolio more responsive to the performance of the banking bucket and a handful of cyclical stocks.

Because the disclosed list extends well beyond the top 10, the fund likely has a longer tail of smaller positions that may help spread risk. Even so, the visible concentration in banks and autos means investors should expect the portfolio to take cues from a relatively small set of large holdings.

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

Source data date: as of 18 Sep 2026

Who should invest

This fund suits investors who can handle High Risk equity exposure and stay invested long enough for the longer compounding pattern to matter. The 1-year return has been weak, but the 3-year and 5-year figures are more constructive, which makes patience important.

Its large-and-mid-cap style and bank-heavy top holdings may appeal to investors who want a portfolio that can participate in stronger market phases, while accepting that the path can be uneven. The main trade-off is clear: the fund has a better longer-term record than its recent stretch, but that comes with volatility and weaker short-term 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

0.10% on or before 30D, Nil after 30D.

Source data date: as of 18 Sep 2026

Frequently asked questions

What is the current NAV of SBI Large & Midcap Fund Direct Growth Plan?
Its current NAV is ₹695.4368 as of 18 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 0.94% over 1 year, 12.01% over 3 years and 13.46% over 5 years.

How does the fund compare with its benchmark?
It has outperformed the benchmark over 1 year, 3 years and 5 years, while also holding up better over the recent 1M and 3M periods.

How does it compare with the peer funds listed here?
Its 1-year return is weaker than the peer names listed here, while the 3-year and 5-year figures are more competitive than some peers but below others with stronger long-run records.

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

What is the exit load and who manages the fund?
The exit load is 0.10% on or before 30 days and nil after 30 days. The fund is managed by Saurabh Pant.

Bottom line

SBI Large & Midcap Fund Direct Growth Plan shows a clear split between a weak recent stretch and a more convincing longer-term record. Its returns are ahead of the benchmark across the supplied periods, but peer comparison shows the short-term phase has been softer than several alternatives. The portfolio is led by banks and other cyclical names, which may support upside in favourable markets while keeping risk elevated. For patient investors who can live with uneven paths, the fund remains a relevant large-and-mid-cap option.

Published on 21 September 2026 at 11:34 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.