Aditya Birla Sun Life Large and Mid Cap Fund

The fund has delivered consistent SIP XIRR returns of 12.39% (1Y), 14.22% (3Y) and 13.94% (5Y), beating the NIFTY 50 on a lump-sum CAGR basis across most periods, including 12.57% vs 9.98% over 7Y. However, it lags the category average SIP XIRR significantly across all horizons — 14.22% vs 18.19% over 3Y and 13.94% vs 18.04% over 5Y. Alpha versus the NIFTY 50 is positive across all periods, peaking at 8.89% over 1Y.

The fund shows disciplined downside behavior with downside capture of 90.2% to 95.54% versus the NIFTY 50 across horizons, cushioning losses in weak markets. A maximum drawdown of just -0.39% (as computed here) with a 40-day duration and 235-day recovery indicates shallow, well-managed corrections, while 10 drawdown events exceeding 10% reflect typical mid-cap exposure volatility. Calmar ratios of 0.35-0.46 across horizons indicate moderate risk-adjusted efficiency for a large and mid-cap mandate.

The top 10 holdings total roughly 27.8% of NAV across 71 stocks, indicating a well-diversified portfolio with no single-stock concentration above 3.9%. Banks dominate at 13.8% (ICICI Bank 3.9%, SBI 3.48%, AU Small Finance Bank 3.43%), followed by Industrial Products (7.2%) and Auto Components (7.0%), giving a financials-plus-cyclical orientation. Breadth across cement, chemicals, insurance and infrastructure supports diversification, though cyclicals dominate the mid-cap sleeve.

Against category peers, the fund underperforms on SIP XIRR at every horizon — trailing the category average by about 4 percentage points over 3Y, 5Y, 7Y and 10Y. Its strength lies in consistency and benchmark outperformance rather than peer-beating returns, with calendar-year gains in most years including 60.54% in 2014, 42.71% in 2017 and 38.92% in 2021. Long-term lump-sum CAGR of 12.08-12.79% versus the NIFTY 50's 9.03-9.38% over 12Y and 15Y supports its relative-to-benchmark positioning.

This fund suits investors seeking broad large and mid-cap exposure with lower downside capture than the index and steady long-term returns, but those prioritizing top-quartile category performance may prefer peers. A minimum horizon of 5-7 years is appropriate given mid-cap cyclicality and drawdown history. Investors should have moderate-to-high risk tolerance, as calendar-year swings range from -13.73% (2022) to +60.54% (2014).

• Consistent alpha over the NIFTY 50 across all horizons, including 4.56% over 3Y and 3.52% over 15Y
• Below-benchmark downside capture (90.2% over 1Y, 93.74% over 12Y), indicating better loss protection in falling markets
• Well-diversified 71-stock portfolio with top holding at only 3.9% of NAV and single-year gains exceeding 38% in strong markets (2021, 2017, 2014)

• SIP XIRR trails the category average by a wide margin at every horizon — 14.22% vs 18.19% over 3Y and 13.94% vs 18.04% over 5Y
• Recent performance is weak, with returns of -2.09% in 2026 and just 3.77% in 2025 after the strong 2021-2023 run