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Summary: Large & midcap funds combine the stability of blue-chip stocks with the growth potential of mid-cap companies. Here, we highlight the category's top long-term performers and what investors should consider before investing in these funds.
Large & midcap funds do exactly what the name suggests. By mandate, they invest at least 35 per cent of their assets in large- and mid-cap stocks each, with the rest left to the fund manager's discretion. This blend gives you the stability of established, blue-chip businesses alongside the higher growth potential of mid-sized companies that are still expanding. It's a category built for investors who want more than what a pure large-cap fund offers, without taking on the full volatility of a pure mid- or small-cap portfolio.
Over the past 10 years, the category has rewarded that patience. Large & midcap funds have delivered an average return of over 14 per cent, comfortably ahead of their benchmark, the BSE Large Mid Cap Total Return Index, which returned 13.2 per cent over the same time frame. That gap may look modest on paper, but compounded over a decade, it makes a real difference to your final corpus.
To put that in perspective, let's look at four funds from this category that turned a simple Rs 10,000 monthly SIP into more than Rs 30 lakh over 10 years.
#4 ICICI Prudential Large & Mid Cap Fund
- Value of a Rs 10,000 monthly SIP after 10 years: Rs 30.31 lakh
- 10-year SIP returns: 17.67 per cent
- Expense ratio: 0.67 per cent
- Assets under management (AUM): Rs 30,971 crore
Top 5 stock holdings
#3 Bandhan Large & Mid Cap Fund
- Value of a Rs 10,000 monthly SIP after 10 years: Rs 30.96 lakh
- 10-year SIP returns: 18.05 per cent
- Expense ratio: 0.45 per cent
- Assets under management (AUM): Rs 18,783 crore
Top 5 stock holdings
| Company name | % of net assets |
|---|---|
| HDFC Bank | 4.72 |
| ICICI Bank | 3.36 |
| Kotak Bank | 3.10 |
| One97 Comm | 2.77 |
| Axis Bank | 2.76 |
#2 Quant Large & Mid Cap Fund
- Value of a Rs 10,000 monthly SIP after 10 years: Rs 31.07 lakh
- 10-year SIP returns: 18.11 per cent
- Expense ratio: 0.61 per cent
- Assets under management (AUM): Rs 3,450 crore
Top 5 stock holdings
| Company name | % of net assets |
|---|---|
| Lloyds Metals | 9.18 |
| Aurobindo Pharma | 9.04 |
| Adani Power | 7.93 |
| Samvardhana Motherson | 7.58 |
| Adani Green Energy | 7.07 |
#1 Invesco India Large & Mid Cap Fund
- Value of a Rs 10,000 monthly SIP after 10 years: Rs 32.64 lakh
- 10-year SIP returns: 19.02 per cent
- Expense ratio: 0.56 per cent
- Assets under management (AUM): Rs 11,164 crore
Top 5 stock holdings
| Company name | % of net assets |
|---|---|
| Max Healthcare | 7.76 |
| Eternal | 7.38 |
| Interglobe Aviation | 7.14 |
| ICICI Bank | 6.47 |
| Trent | 4.80 |
The 4 large & midcap standouts
Had you started a Rs 10,000 monthly SIP in any of these funds 10 years ago, your wealth would have grown to over Rs 30 lakh today
| Fund name | 10-year SIP returns (%) | Value Research Rating |
|---|---|---|
| Invesco India Large & Mid Cap | 19.02 | ★★★★ |
| Quant Large & Mid Cap | 18.11 | ★★ |
| Bandhan Large & Mid Cap | 18.05 | ★★★★★ |
| ICICI Prudential Large & Mid Cap | 17.67 | ★★★★★ |
| Returns are for direct plans as of July 14, 2026 | ||
Who are large & midcap funds ideal for?
These funds suit investors who want equity-like growth but aren't ready to bet everything on mid-caps alone. The large-cap portion cushions the ride, while the mid-cap sleeve adds the punch.
That said, this remains an equity category with very high risk. Mid-cap stocks, in particular, can swing sharply during market corrections, and a fund with a heavier mid-cap tilt will feel that more than one that leans heavily toward large caps. Given this, you should stay invested for 7-10 years, ideally through SIPs, so that short-term volatility is smoothed out and the power of compounding has time to work in your favour.
Should you invest in any of the abovementioned funds?
Past performance is exactly that: past. A fund that has delivered stellar returns over the last decade won't necessarily repeat that feat, and the four names here vary in risk, consistency and portfolio construction, even within the same category. Before you commit your SIP to any of them, it's worth understanding how each one is positioned today and whether it fits your own goals and risk appetite.
Subscribe to Value Research Fund Advisor to find out which of these funds, if any, deserves a place in your portfolio.
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