Aditya Birla Sun Life Mid Cap Fund

Aditya Birla Sun Life Mid Cap Fund has delivered SIP XIRR of 18.48% over 3Y, 17.83% over 5Y, and 16.45% over 10Y, though these trail the category averages of 19.78%, 20.42%, and 19.31% respectively. Against the NIFTY MIDCAP 150 on a lump-sum basis, the fund beat the benchmark over 1Y and 3Y (13.31% vs 13.14% over 3Y) but lagged over longer windows such as 5Y (11.32% vs 12.69%) and 10Y (12.41% vs 14.77%). The 1Y XIRR of 14.8% also sits below the 1Y category average of 15.9%.

The fund's beta of roughly 0.88-0.94 across periods indicates it moves less than the midcap index, with downside capture consistently near or below upside capture, which cushions losses in falling markets. However, it has experienced 7 drawdown events greater than 10%, with a maximum drawdown duration of 806 days and a recovery taking 293 days. Calmar ratios of 0.33-0.46 across horizons suggest moderate risk-adjusted efficiency typical of the volatile midcap segment.

The fund holds 72 stocks with a well-spread portfolio; the top holding, Federal Bank, is only 3.51% of NAV, indicating low single-stock concentration. Banks (10.3%) and Industrial Products (9.7%) lead sector allocations, with financial services names like AU Small Finance Bank, Max Financial Services, and Billionbrains Garage Ventures collectively forming a notable financials tilt. The top 10 holdings span banks, capital markets, cement, pharma, chemicals, and power, reflecting meaningful diversification across industries.

The fund trails category average SIP XIRR at every measured horizon — for example 16.45% vs 19.31% over 10Y — placing it in the lower half of mid cap peers on SIP returns. On lump-sum benchmark comparison, alpha is positive over 1Y (1.81%) and 3Y (0.94%) but negative over 5Y, 7Y, and 10Y windows. Long-run lump-sum CAGRs of 13.9% (12Y) and 14.11% (15Y) versus the benchmark's 15.29% confirm middling consistency relative to the index.

This fund suits investors with a long time horizon of at least 5-7 years and a high risk tolerance, given 7 drawdowns exceeding 10% and calendar-year swings from -15.01% (2018) to 73.42% (2014). It can serve as a midcap allocation within a diversified portfolio, particularly for investors who value lower downside capture over benchmark-beating returns. SIP investors seeking steady accumulation may find it acceptable, but should recognize it has underperformed category averages consistently.

• Downside capture below or near upside capture in most periods (e.g., 87.02% downside vs 88.61% upside over 3Y), showing relative resilience in falling markets
• Highly diversified 72-stock portfolio with the largest position at only 3.51% of NAV, limiting single-stock risk
• Positive alpha over 1Y (1.81%) and 3Y (0.94%) versus the NIFTY MIDCAP 150, with 1Y fund CAGR of -2.55% beating the benchmark's -5.0%

• SIP XIRR trails category averages at every horizon, e.g., 17.83% vs 20.42% over 5Y and 16.45% vs 19.31% over 10Y
• Negative alpha over most longer lump-sum windows (-0.71% over 5Y, -1.56% over 10Y), indicating benchmark underperformance beyond 3 years
• Extended drawdown experience with a max drawdown duration of 806 days and 7 events greater than 10%, underscoring high midcap volatility