Aman Singhal/AI-Generated Image
Summary: We don’t just stop at the five-year numbers; we also check how consistently these funds have delivered since 2021.
Most investors are familiar with large-cap funds and mid-cap funds. But tucked between them is a category known as large & mid-cap funds.
These funds sit right in the middle of the risk–return spectrum. As per SEBI’s rules, they must invest at least 35 per cent each in large-cap stocks and mid-cap stocks, leaving the remaining 30 per cent to the fund manager’s discretion. In other words, they are designed to offer the stability of large caps while harnessing the growth potential of mid-caps.
And while some investors may have overlooked this category, thinking it’s neither here nor there, the reality is quite the opposite. The five largest funds in this segment collectively manage a massive Rs 1.6 lakh crore, proving that large & mid-cap funds are no small corner of the market.
So, which of these funds have really made investors smile? Let’s look at the seven large & mid-cap funds (direct plans) that have more than tripled investors’ money in just five years.
7. Invesco India Large & Mid Cap Fund
- Five-year annualised returns: 25.1 per cent
If you had invested Rs 1 lakh five years ago, your investment would now be worth just over Rs 3.05 lakh.
While these point-to-point returns tell you how much wealth the fund has created, they don’t always reveal the full story of consistency. To understand that, we looked at the fund’s performance in each of the last five calendar years.
Invesco India’s fund has been impressively consistent, beating its benchmark — BSE Large Mid Cap TRI — in each of the last three years. In fact, it has been among the top quartile (top 25 per cent) performers in both 2024 and 2025 (year-to-date).
6. Quant Large & Mid Cap Fund
- Five-year annualised returns: 25.5 per cent
Rs 1 lakh invested five years ago in this fund would have grown to Rs 3.11 lakh.
Quant’s fund has see-sawed a bit more. Since 2021, it’s been a top-quartile performer only once, in 2022, but still managed to beat its benchmark every year from 2021 to 2024.
This year has been a hiccup, though. The fund is down 0.27 per cent so far in 2025, compared to the benchmark’s 7.6 per cent. In short, although it’s been volatile, it is still among the elite group that tripled investors’ money.
5. UTI Large & Mid Cap Fund
- Five-year annualised returns: 25.9 per cent
Rs 1 lakh invested five years ago would have grown to Rs 3.16 lakh.
Now, that’s just 0.4 percentage points ahead of Quant’s fund, a tiny difference that still translates to an extra Rs 5,000 over five years.
UTI’s fund has been smooth and steady, landing in the top quartile in both 2023 and 2024. It has also outperformed its benchmark in three of the last five calendar years, which is not spectacularly flashy but reassuringly reliable.
4. Bandhan Large & Mid Cap Fund
- Five-year annualised returns: 26.7 per cent
Rs 1 lakh invested five years ago would have grown to Rs 3.27 lakh.
This one’s a quiet achiever that’s now earning the recognition it deserves. Bandhan’s fund has been a top-quartile performer for four straight years — from 2021 through 2024 — a rare feat in any category.
No wonder it carries a five-star rating from Value Research. Interestingly, it didn’t just triple investors’ money; its assets under management (AUM) also quadrupled since 2021, reflecting growing investor confidence in its consistent track record.
3. HDFC Large & Mid Cap Fund
- Five-year annualised returns: 27 per cent
Rs 1 lakh invested five years ago would have grown to Rs 3.3 lakh.
Backed by one of India’s most respected fund houses, this HDFC fund has quietly delivered benchmark-beating performance for four straight years between 2021 and 2024.
While 2025 has seen it slip slightly behind the benchmark (6.5 per cent vs 7.6 per cent), its long-term record remains solidly among the category’s best. For investors looking for a balance of performance and stability, HDFC’s offering continues to be a top contender.
2. ICICI Prudential Large & Mid Cap Fund
- Five-year annualised returns: 28.4 per cent
Rs 1 lakh invested five years ago would now be worth Rs 3.5 lakh.
In a year when many funds are struggling to beat the benchmark, ICICI Prudential’s fund has stood tall, delivering 14 per cent returns so far this year, almost double that of the benchmark’s 7.6 per cent.
That kind of consistency is no accident. The fund has outperformed its benchmark every single year since 2021 and tends to do especially well during leaner market phases, when disciplined stock selection matters most.
Its strong showing has earned it an upgrade from four to five stars in Value Research’s latest ratings, a reflection of both its performance and consistency.
1. Motilal Oswal Large & Mid Cap Fund
- Five-year annualised returns: 30 per cent
Rs 1 lakh invested five years ago in this fund would have grown to Rs 3.7 lakh.
This five-star fund leads the pack by a wide margin. Its blockbuster 2024 — when it delivered a stunning 47.8 per cent return versus the benchmark’s 14.3 per cent — gave its long-term returns a major boost.
While 2022 was a miss and 2025 has been subdued so far (1.6 per cent growth versus the benchmark’s 7.6 per cent), the fund’s ability to deliver massive outperformance in strong years has made it one of the biggest wealth creators in the category.
What this tells you
Over the last five years, large & mid-cap funds have quietly emerged as some of the most rewarding equity options, balancing the power of mid-caps with the cushion of large-caps.
So, if you are exploring this category, start by checking Value Research Ratings, which evaluate funds based on risk-adjusted performance — not just raw returns. These ratings are a great way to identify funds that have delivered steady performance over time.
But for personalised recommendations tailored to your goals and risk tolerance, explore Value Research Fund Advisor, which builds a smart, diversified portfolio using expert-driven fund selection. This platform will also suggest which of the large & mid-cap funds mentioned above deserve a place in your portfolio.
Also read: 6 large & midcap funds that clocked 20%+ returns in 5 yrs
Ask Value Research 
New episodes every Friday 
New Process Alert 
Seems like you've uploaded a wrong QR code. Please upload the QR code downloaded from MF Central platform.
