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

Union Largecap Fund Direct Growth Plan is at ₹24.44 as of 11 Sep 2026, with an AUM of ₹437 Cr. Its 1-year, 3-year and 5-year returns are -2.67%, 7.35% and 7.56%, and the scheme sits in the High Risk bucket.

Our view is that this is a largecap equity fund for investors who can tolerate a rougher near-term path in exchange for a steadier longer-run profile. The portfolio is led by banks and other large names, which can help anchor the fund, but the recent 1-year slip means it has not been immune to market weakness.

Quick facts

Particular	Details
NAV	₹24.44 as of 11 Sep 2026
AUM	₹437 Cr
Expense Ratio	1.65%
Launch Date	11 May 2017
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Pratik Dharmshi, Sanjay Bembalkar

The fund is managed by Pratik Dharmshi and Sanjay Bembalkar.

Source data date: as of 11 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.9%	-3.66%
3M	0.29%	-1.91%
1Y	-2.67%	-7.62%
3Y	7.35%	6.22%
5Y	7.56%	5.84%

The recent picture is mixed, but not weak in every frame. Over 1 month, the fund was down less than the benchmark, and over 3 months it posted a small gain while the benchmark stayed negative. That suggests the fund handled the latest stretch somewhat better than the index.

The 1-year return is still negative, so the fund has not fully escaped the broader softness that hit largecap equities. Even so, it fell less than the benchmark over the same period, which points to relative resilience rather than outright strength.

The longer view is more constructive. Both 3-year and 5-year returns are ahead of the benchmark, which tells us the fund has compounded better over a fuller market cycle. The time path also looks uneven, with periods of drawdown and recovery rather than a smooth climb, so investors need to be comfortable with volatility.

Overall, the performance pattern is better over medium and longer horizons than in the latest year. That makes the fund more suitable for investors who can look through short-term swings and focus on multi-year holding periods.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD Union Largecap?

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 Largecap Fund Direct Growth Plan	-2.67%	7.35%	7.56%
Taurus Large Cap Fund Direct Growth Plan	6.62%	12.3%	10.33%
Quant Large Cap Fund Direct Growth Plan	6.3%	12.35%	Data not available
Bank of India Large Cap Fund Direct Growth Plan	5.58%	12.38%	9.76%
Invesco India Largecap Fund Direct Growth Plan	3.5%	13.5%	11.77%
ITI Large Cap Fund Direct Growth Plan	2.75%	10.86%	9.7%

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 by a wide margin, even though it has been less negative than the benchmark. Over 3 years, it is behind the stronger peer results and sits in the lower half of the available range on the numbers shown here.

The 5-year return is also below the peers with disclosed long-term figures, which means the fund has not matched the better long-run compounding seen elsewhere in the group. The contrast is clear: the short-term comparison is weak, while the benchmark-relative pattern is steadier than the peer-relative pattern.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Ltd.	Bank	9.66%
HDFC Bank Ltd.	Bank	6.49%
Reliance Industries Ltd.	Crude Oil	5.3%
State Bank of India	Bank	4.76%
Bharti Airtel Ltd.	Telecom	4.15%
Larsen & Toubro Ltd.	Infrastructure	3.58%
Torrent Pharmaceuticals Ltd.	Healthcare	3.22%
Axis Bank Ltd.	Bank	3.2%
Eternal Ltd.	Retailing	3.13%
Infosys Ltd.	IT	2.86%

The largest holding, ICICI Bank Ltd., is 9.66%, which is large enough to matter, but not so large that the portfolio is dominated by a single position. The fall from the first holding to the tenth is gradual rather than abrupt, moving from 9.66% to 2.86%, so influence is spread across several names instead of being concentrated in one stock.

The top 10 holdings together account for approximately 46.35% of the portfolio, and the disclosed holding count is 52. That points to a portfolio where the leading positions matter materially, yet a long tail remains outside the top names.

For investors, that mix may reduce dependence on just one or two holdings while still leaving the fund meaningfully shaped by its largest banks and other largecaps. Because the disclosed positions are spread across 52 holdings, the overall structure appears diversified within the largecap universe rather than tightly concentrated.

To see all holdings, visit the Union Largecap Fund Direct Growth Plan page

Source data date: as of 11 Sep 2026

Who should invest

This fund is more suitable for investors who are comfortable with High Risk equity exposure and can stay invested through uneven phases. The 1-year return is negative, but the 3-year and 5-year numbers are positive and ahead of the benchmark, so the fund fits better as a multi-year holding than as a short-term parking place.

The main trade-off is clear: you may accept a weaker recent stretch in exchange for a longer-term largecap portfolio that has compounded better than the benchmark over fuller periods. The holdings are led by banks and other large names, which can make the portfolio easier to understand, but it can still move sharply when largecap sentiment turns.

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% if units are sold on or before 15 days; no exit load after the holding period.

Source data date: as of 11 Sep 2026

Frequently asked questions

What is the current NAV of Union Largecap Fund Direct Growth Plan?
The current NAV is ₹24.44 as of 11 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -2.67%, the 3-year return is 7.35% and the 5-year return is 7.56%.

How does the fund compare with the benchmark?
It has outperformed the benchmark over 3 years and 5 years, and it has also held up better over the last 1 year.

How does it compare with the peer funds shown here?
Its recent and longer-term returns are weaker than the better-performing peers listed here, especially on the 1-year and 5-year horizons.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?
The fund is managed by Pratik Dharmshi and Sanjay Bembalkar. The exit load is 1% if units are sold on or before 15 days, and there is no exit load after the holding period.

Bottom line

Union Largecap Fund Direct Growth Plan looks more convincing over longer periods than over the latest year. Its 3-year and 5-year returns are ahead of the benchmark, but the recent 1-year figure is negative and trails the stronger peer numbers. The portfolio is led by large bank holdings, which may help stability within a volatile equity category. For investors with a long horizon and comfort with High Risk largecap equity, the fund is best viewed as a multi-year compounding option rather than a smooth short-term performer.

Published on 15 September 2026 at 3:19 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.