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

TRUSTMF Large & Mid Cap Fund Direct Growth Plan has a NAV of ₹10.11 as of 18 Sep 2026 and a scheme AUM of ₹365 Cr. Its 1-year, 3-year and 5-year returns are Data not available, Data not available and Data not available, and it sits in the High Risk category. Our view is that this is a very new large- and mid-cap fund, so the main question is not long history but whether the portfolio and early behaviour are suitable for an investor who can tolerate sharp swings.

The scheme is benchmarked against Nifty Mid Cap, has no lock-in, and carries a 0.0% expense ratio. Given the short track record since launch on 24 Jul 2026, we would read it as a fund that may suit investors who want exposure to a diversified equity mix and are comfortable waiting for a longer record to form before drawing firm conclusions.

Quick facts

Particular	Details
NAV	₹10.11 as of 18 Sep 2026
AUM	₹365 Cr
Expense Ratio	0.0%
Launch Date	24 Jul 2026
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	1% on or before 180D, NIL after 180D
Fund Managers	Mihir Vora, Saurabh Kataria, Aakash Manghani

The fund is managed by Mihir Vora, Saurabh Kataria and Aakash Manghani.

Source data date: as of 18 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.32%	-3.73%
3M	Data not available	Data not available
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The one-month picture is weak in absolute terms, but it is still better than the benchmark over the same window. That matters because it suggests the fund has not been markedly more volatile than the comparison index during a short and choppy start. Even so, one month is too short to treat as a dependable signal.

The bigger issue is that the fund does not yet have a usable medium- or long-term return history. Because the scheme launched only in late July 2026, the 3-year and 5-year figures are not available, so there is no evidence yet of compounding through a full market cycle. For a large- and mid-cap strategy, that missing record is important because these portfolios are usually judged on how they behave across different market phases, not just on a short start.

At this stage, our view is that recent behaviour looks slightly sturdier than the benchmark, but the information set is too small to call it established performance. Investors looking at this fund will need to focus more on the portfolio structure and the risk bucket than on any long-run return pattern.

Source data date: as of 18 Sep 2026

Should you BUY or HOLD TRUSTMF 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
TRUSTMF Large & Mid Cap Fund Direct Growth Plan	Data not available	Data not available	Data not available
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 current fund cannot yet be compared on 1-year, 3-year or 5-year return history because those figures are not available. By contrast, the peer set shows fully developed histories, with 1-year returns clustered in the mid-to-high single digits and 3-year and 5-year outcomes stretching higher in several cases. That makes the current fund look early-stage rather than uncompetitive.

On the longer side, the available peer data shows that some funds have delivered stronger 3-year and 5-year outcomes than others, while the current scheme still has no long-term record to place beside them. So the short-term story for this fund is mainly about launch-stage caution, whereas the peer group shows what a fuller cycle can look like.

Source data date: as of 18 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS 01-Sep-2026	Cash & Cash Equivalents and Net Assets	4.14%
ICICI Bank Limited	Bank	3.98%
Eternal Limited	Retailing	3.09%
Titan Company Limited	Diamond & Jewellery	2.98%
Dixon Technologies (India) Limited	Consumer Durables	2.46%
Bharti Airtel Limited	Telecom	2.43%
Shriram Finance Limited	Finance	2.41%
Bajaj Finance Limited	Finance	2.36%
Lenskart Solutions Limited	Domestic Equities	2.17%
Kotak Mahindra Bank Limited	Bank	2.13%

The top 10 holdings account for approximately 28.15% of the portfolio.

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

The largest disclosed holding is TREPS 01-Sep-2026 at 4.14%, which is a meaningful cash-and-cash-equivalent position for a young equity scheme. After that, the weights step down fairly quickly into the 3% range and then toward the low 2% range by the tenth holding. That pattern suggests the disclosed book is not dominated by one single equity bet.

At the same time, the top 10 together account for 28.15% of the portfolio, while 70 holdings are disclosed in total. That combination points to a portfolio that is spread across a long tail of positions, even though the visible top names still matter. Our view is that the larger number of holdings may soften single-stock dependence, but the scheme is still in an early stage and the full portfolio should be watched as it develops.

Source data date: as of 18 Sep 2026

Who should invest

This fund fits investors who can handle High Risk volatility and who are willing to wait for a longer record before judging whether the strategy is doing what they expect. The available return history is too short to support a long-cycle performance call, so the main suitability question is whether the investor is comfortable with an emerging equity portfolio rather than a seasoned one.

The main trade-off is between early uncertainty and the potential upside of a diversified large- and mid-cap allocation. The benchmark comparison is not negative in the short window we can see, but peer funds with longer records already show what stronger medium-term compounding can look like. This makes the fund more relevant for investors who can accept a longer holding horizon and who do not need immediate proof from 3-year or 5-year history.

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% on or before 180D, NIL after 180D.

Source data date: as of 18 Sep 2026

Frequently asked questions

What is the current NAV of TRUSTMF Large & Mid Cap Fund Direct Growth Plan?
The current NAV is ₹10.11 as of 18 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year, 3-year and 5-year returns are Data not available, Data not available and Data not available. The scheme launched on 24 Jul 2026, so a longer return record is not yet available.

How does it compare with the benchmark?
Over 1 month, the fund returned -2.32% versus -3.73% for the benchmark. That means it held up slightly better in the short window that is available.

How does it compare with peer large- and mid-cap funds?
Peer funds have available 1-year, 3-year and 5-year return histories, while this fund does not yet have those longer periods available. The peer set therefore provides a fuller track record for comparison, especially on medium-term compounding.

Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹1,000.

What are the risk profile and exit load?
The fund is in the High Risk category. The exit load is 1% on or before 180D, and NIL after 180D.

Bottom line

TRUSTMF Large & Mid Cap Fund Direct Growth Plan is still too new for a long-run performance judgment, so the main takeaway is that recent results do not yet establish a full track record. Its short-term behaviour has been a little better than the benchmark, but longer-term returns are not available, unlike the peer funds. The portfolio is spread across many holdings, with the top 10 accounting for 28.15% of assets, which may reduce dependence on any one position. This makes the scheme most relevant for investors comfortable with High Risk equity exposure and a patient horizon.

Published on 21 September 2026 at 10:32 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.