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

TRUSTMF Mid Cap Fund Direct Growth Plan is priced at ₹12.06 as of 16 September 2026, with an AUM of ₹588 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the scheme is tagged as High Risk. Our view is that this is a newer mid-cap offering that will matter more for investors who can accept sharp swings and want to assess how the portfolio behaves through different market phases rather than rely on a long public return record.

The fund sits on a mid-cap benchmark and the current portfolio has a meaningful cash and cash-equivalent sleeve, while the equity book is spread across financials, technology, consumer and healthcare names. That mix can help balance exposure, but the headline return record is still too short to treat as a mature compounding story.

Quick facts

Particular	Details
NAV	₹12.06 as of 16 Sep 2026
AUM	₹588 Cr
Expense Ratio	0.0%
Launch Date	20 Mar 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 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.9%	-4.63%
3M	5.6%	-1.83%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

In the most recent month, the fund fell less than the benchmark, which tells us the portfolio handled the weak patch with somewhat better resilience. Over three months, it moved ahead of the benchmark by a wider margin, so the recent trend is more constructive than the short one-month figure alone would suggest.

That said, the fund does not yet have a full three-year or five-year public return record. Because of that, we would treat the current pattern as an early indication rather than proof of a durable mid-cap process. The important point for investors is that the fund has already shown it can participate in the rebound while also softening some downside relative to the benchmark.

The daily pattern over the recent periods shows a fund that has been moving in a narrow band, with brief drawdowns and recoveries rather than a straight-line advance. That is typical of a mid-cap strategy in a choppy market, but it also means the journey can matter as much as the end figure.

For now, the benchmark comparison is more useful than the absolute return record. Our view is that the recent stretch is encouraging, yet still too short to establish a long-term compounding case.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD TRUSTMF 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 Mid Cap Fund Direct Growth Plan	Data not available	Data not available	Data not available
HSBC Midcap Fund Direct Growth Plan	15.97%	22.92%	18.06%
WOC Mid Cap Fund Direct Growth Plan	11.1%	21%	Data not available
Helios Mid Cap Fund Direct Growth Plan	10.06%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	8.51%	19.17%	15.91%
Baroda BNP Paribas Mid Cap Fund Direct Growth Plan	8.4%	16.15%	14.79%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

Against the peer set, the fund has no public 1-year, 3-year or 5-year return figure yet, while the comparable funds have published double-digit results across the longer periods in several cases. That makes the current fund harder to place on a return table today, and the contrast is especially visible when we compare it with the stronger long-term numbers among the peers.

The short-term picture is also different from the longer-term peer story because the peers show established track records, while this fund is still building its record after launch. For investors, that means peer comparison is more useful as a reference for what a mid-cap fund can potentially deliver, not as a direct verdict on this scheme’s history.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS 01-Sep-2026	Cash & Cash Equivalents and Net Assets	6.96%
One 97 Communications Limited	IT	3.3%
Multi Commodity Exchange of India Limited	Finance	3.22%
Lenskart Solutions Limited	Domestic Equities	2.8%
Dixon Technologies (India) Limited	Consumer Durables	2.64%
The Federal Bank Limited	Bank	2.54%
AU Small Finance Bank Limited	Bank	2.42%
PB Fintech Limited	IT	2.18%
Aurobindo Pharma Limited	Healthcare	2.07%
Motilal Oswal Financial Services Limited	Finance	2.03%

The top 10 holdings account for approximately 30.16% of the portfolio.

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

The largest holding is TREPS 01-Sep-2026 at 6.96%, which means cash and cash equivalents have a visible role in the portfolio. After that, weights move down fairly quickly into a cluster of 2% to 3% positions, so no single equity position dominates the disclosed list.

That spread suggests the fund may be trying to keep individual stock exposure moderate while retaining flexibility. With 71 disclosed holdings and only 30.16% in the top 10, the portfolio looks distributed across a fairly long tail rather than tightly concentrated in a few names.

For investors, that mix could reduce the influence of any one holding, but it also means the portfolio outcome is likely to depend on how a broad set of positions behaves over time. The current layout is consistent with a mid-cap book that still leaves room for active positioning.

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk exposure and who can stay invested through uneven mid-cap phases. The recent return pattern is better than the benchmark in the shorter periods shown, but the scheme does not yet have a long published performance history, so patience matters more than quick conclusions.

It fits a medium- to long-term horizon, especially for investors who can accept that a newer mid-cap portfolio may move around more than large-cap style funds. The main trade-off is the possibility of short-run volatility in exchange for participation in a diversified mid-cap book with a relatively broad holdings list.

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. No exit load after holding period.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of TRUSTMF Mid Cap Fund Direct Growth Plan?

The current NAV is ₹12.06 as of 16 September 2026.

How has the fund performed recently?

The fund returned -2.9% in 1 month and 5.6% in 3 months. Those figures show a weak month followed by a stronger three-month recovery.

How does it compare with the benchmark?

It has done better than the benchmark in the periods shown. The fund was less negative than the benchmark over 1 month and ahead over 3 months.

How does it compare with peer mid-cap funds?

Its public return record is not yet available for the 1-year, 3-year or 5-year periods, while the listed peers have published returns in those time frames. That makes direct comparison limited today.

What is the minimum SIP amount?

The minimum SIP amount is ₹1000.

What are the risk and exit-load features?

The scheme is marked High Risk. The exit load is 1% on or before 180D, and nil after 180D; there is no exit load after the holding period.

Bottom line

TRUSTMF Mid Cap Fund Direct Growth Plan is still a young mid-cap strategy, so the recent return pattern is more informative than a long-term track record today. It has held up better than the benchmark in the short periods shown, while the portfolio combines a visible cash sleeve with a spread of equity positions across banks, IT, finance and healthcare. For investors who can tolerate High Risk and want a diversified mid-cap exposure with a developing history, the fund is worth reading as an early-stage track record rather than a completed one.

Published on 17 September 2026 at 3:33 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.