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

Union Large & Midcap Fund Direct Growth Plan has a NAV of ₹28.69 as of 15 Sep 2026 and a scheme AUM of ₹1,017 Cr. Its 1-year, 3-year and 5-year returns are 2.57%, 11.57% and 11.13%, and the fund sits in the High Risk category.

Our view is that this is a large-and-mid cap equity fund for investors who can stay patient through uneven stretches. The recent return trend is softer than the medium- and long-term profile, while the portfolio leans on a mix of banks, financials and select cyclical names rather than a narrow theme.

Quick facts

Particular	Details
NAV	₹28.69 as of 15 Sep 2026
AUM	₹1,017 Cr
Expense Ratio	0.95%
Launch Date	06 Dec 2019
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Vinod Malviya, Pratik Dharmshi

The fund is managed by Vinod Malviya and Pratik Dharmshi.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.24%	-4.81%
3M	1.88%	-3.63%
1Y	2.57%	-8.27%
3Y	11.57%	5.59%
5Y	11.13%	5.58%

The fund has been volatile in the short run, but it held up better than the benchmark over 1M, 3M and 1Y. The 1-month decline of 4.24% shows that the recent path has not been smooth, even though the fund still did better than the benchmark’s 4.81% fall over the same period.

The 3-month reading is more encouraging, because the fund gained 1.88% while the benchmark slipped 3.63%. That suggests a recovery phase after a weak patch, rather than a steady straight-line advance. The 1-year return is still modest at 2.57%, so recent compounding has been limited even though the benchmark has been weaker.

Over longer horizons, the picture is stronger. The 3-year return of 11.57% and 5-year return of 11.13% both sit well above the benchmark’s 5.59% and 5.58% for the same periods. The longer-run pattern suggests the fund has been able to compound better than the benchmark, but the recent swings mean investors should expect uneven month-to-month progress.

That mix of short-term weakness and longer-term resilience is important. We see a fund that can move through sharper drawdowns and recoveries, with the recent line of travel looking less stable than the 3-year and 5-year record.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Union 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
Union Large & Midcap Fund Direct Growth Plan	2.57%	11.57%	11.13%
Quant Large & Mid Cap Fund Direct Growth Plan	11.58%	14.18%	16.14%
Sundaram Large and Mid Cap Fund Direct Growth Plan	10.68%	14.42%	12.65%
HSBC Large & Mid Cap Fund Direct Growth Plan	8.11%	16.84%	14.03%
Bank of India Large & Mid Cap Fund Direct Growth Plan	8.09%	13.14%	12.1%
Motilal Oswal Large & Midcap Fund Direct Growth Plan	7.23%	21.15%	18.16%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the recent 1-year measure, the fund trails all five peer options shown here, while its 3-year and 5-year returns are also below the stronger long-term figures in that set. The gap is most visible in the longer horizon, where peers such as Motilal Oswal Large & Midcap Fund Direct Growth Plan and HSBC Large & Mid Cap Fund Direct Growth Plan show much stronger compounding. The short-term picture and the longer-term picture point in the same direction: the fund has participated, but not with the same pace as the stronger peer numbers.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Ltd.	Bank	5.07%
HDFC Bank Ltd.	Bank	2.72%
Bharti Airtel Ltd.	Telecom	2.28%
One 97 Communications Ltd.	IT	2.26%
Eternal Ltd.	Retailing	2.23%
Max Financial Services Ltd.	Finance	2.16%
Shriram Finance Ltd.	Finance	2.15%
Axis Bank Ltd.	Bank	2.06%
Jindal Steel Ltd.	Iron & Steel	1.95%
Multi Commodity Exchange of India Ltd.	Finance	1.94%

The top 10 holdings account for approximately 24.82% of the portfolio.

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

The largest holding, ICICI Bank Ltd., is 5.07%, which is meaningful but not dominant on its own. The tenth holding is 1.94%, so the drop from the first to the tenth position is noticeable, yet not extreme.

This pattern suggests the fund may be moderately spread across its leading positions rather than concentrated in a very small set of stocks. The displayed top holdings together account for 24.82% of the portfolio, so the rest of the exposure is spread across a longer tail of 68 disclosed holdings. That broader base could reduce dependence on any single position, while the leading banks and financials may still have greater influence on day-to-day movement.

We also note that the top positions include banks, telecom, retailing, finance, IT and iron & steel. That mix indicates the portfolio is not confined to one industry, though financials and banks still feature prominently in the leading names.

Source data date: as of 15 Sep 2026

Who should invest

This fund suits investors who can tolerate High Risk and are comfortable with uneven short-term results. The 1-year return is modest, but the 3-year and 5-year figures are stronger, so the holding period matters more than quick outcomes.

We see it as more suitable for a medium- to long-term horizon, where the portfolio’s large-and-mid cap style can have time to work through volatility. Against the benchmark, the fund has done better over 3 years and 5 years, but the recent 1-year pace has been weaker than the longer-run record.

The main trade-off is clear: investors may accept sharper short-term swings in exchange for a portfolio that has shown better longer-term compounding than the benchmark. The portfolio also leans on banks and other financial names, so returns may remain sensitive to that part of the market.

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 15D, Nil after 15D.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Union Large & Midcap Fund Direct Growth Plan?

The current NAV is ₹28.69 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year, 3-year and 5-year returns are 2.57%, 11.57% and 11.13%.

How does the fund compare with its benchmark?

It has done better than the benchmark over 3 years and 5 years, and it has also held up better over the 1-month, 3-month and 1-year periods shown here.

How does it compare with the peer funds listed here?

Its recent and longer-term return figures are below the stronger peer numbers shown in the comparison table, especially over 3 years and 5 years.

Is there a minimum SIP amount?

Yes. The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Vinod Malviya and Pratik Dharmshi. The exit load is 1% on or before 15D, and nil after 15D.

Bottom line

Union Large & Midcap Fund Direct Growth Plan shows a mixed pattern: recent performance has been choppy, but the 3-year and 5-year records are stronger than the benchmark. Against the peer set shown here, the return numbers are softer, especially on the longer horizon. The fund carries High Risk and holds a diversified spread across 68 disclosed holdings, with banks and financials prominent near the top. That makes it more suitable for investors who can accept volatility and give the strategy time to compound.

Published on 16 September 2026 at 2:02 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.