ITI Large Cap Fund
Direct · GrowthAI Summary
ITI Large Cap Fund has consistently outperformed the NIFTY 50, with 3Y fund CAGR of 10.09% versus the benchmark's 6.22% and positive alpha at every horizon from 1Y (6.78%) through 15Y. However, on the SIP metric it lags the category, with a 5Y XIRR of 10.17% against a category average of 14.34%, indicating stronger lump-sum than SIP performance relative to peers. The recent 1Y XIRR of 6.34% also trails the category's 7.73%, reflecting a soft patch in the current year (2026: -6.78%).
The fund's max drawdown is modest at -0.21% with two drawdown events above 10%, though recovery took 361 days after a 245-day drawdown period, indicating drawdowns are shallow but persistent. Beta has drifted down toward 1.0 over longer horizons (0.9921 at 10Y+), with long-term downside capture of 96.71% versus upside capture of 99.45%. Calmar ratios of 0.74 (3Y) and 0.52 (5Y) suggest moderate risk-adjusted efficiency, supported by consistent alpha over the benchmark.
The portfolio holds 47 stocks with the top 10 concentrated at roughly 45% of NAV, led by ICICI Bank (6.51%), ESDS Software Solution (5.00%), and SBI (4.72%). Banks dominate at 23.3% of the portfolio, with Finance adding another 10.2%, creating a meaningful financial sector tilt of roughly 33%. The presence of the more mid-cap-oriented ESDS Software as the second-largest holding at 5% is unusual for a large cap mandate and warrants monitoring.
The fund's XIRR trails category averages across all horizons, including 3Y at 14.92% versus 13.98% (slightly ahead) but 5Y at 10.17% versus 14.34% (notably behind), showing mixed peer positioning on SIP returns. Against the benchmark, however, it has delivered positive alpha every year measured, from 6.78% at 1Y down to 0.82% at 15Y, though alpha has compressed over longer horizons. Calendar year returns show reasonable consistency with strong years in 2023 (25.81%) and 2021 (23.86%) and flat-to-modest showings in 2020, 2022, and 2025.
This fund suits investors seeking large cap exposure with a benchmark-beating track record who can tolerate financial sector concentration, and it currently offers a competitive 0.52% expense ratio. A horizon of 5-7 years or more is appropriate given the compression of alpha over short windows and the lengthy recovery times observed after drawdowns. Investors should have moderate risk tolerance, as the near-1.0 beta means the fund will move largely in line with NIFTY 50 market swings.
- Positive alpha versus NIFTY 50 at every measurement horizon from 1Y to 15Y, with 1Y alpha of 6.78% and 3Y alpha of 3.90%
- Low 0.52% expense ratio in the Direct plan improves net returns for investors
- Long-term downside capture of 96.71% with upside capture of 99.45%, indicating slightly better-than-market loss protection
- Diversified 47-stock portfolio with a moderate top-10 footprint of roughly 45% of NAV
- SIP XIRR lags category averages at 5Y (10.17% vs 14.34%) and 1Y (6.34% vs 7.73%), showing weaker peer-relative systematic investing outcomes
- Heavy financial sector exposure of about 33% (Banks 23.3% plus Finance 10.2%) creates concentration risk if credit cycles turn
- ESDS Software Solution at 5.0% of NAV is the second-largest holding and is not a typical large cap stock, raising mandate fit questions
- Alpha has narrowed over longer horizons (0.82% at 15Y), so benchmark outperformance is less pronounced over extended periods
Generated on 01-11-2026, 2:59 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.50 L | 11.7% | -25.7% | 52.9% |
| 3 Years | ₹36.00 L | ₹44.37 L | 14.9% | -1.3% | 28.8% |
| 5 Years | ₹60.00 L | ₹76.23 L | 10.3% | 5.9% | 14.5% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 11.7% | 14.3% | 7.7% | -2.6% |
| 3 Years | 14.9% | 11.0% | 14.0% | +3.9% |
| 5 Years | 10.3% | 10.4% | 14.3% | -0.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 11.8% | 5.8% | -9.0% | 45.5% | 0.36 | 1.04 | 77% | — | — |
| 3 Years | 15.3% | 15.6% | 8.8% | 22.1% | 3.14 | — | 100% | — | — |
| 5 Years | 10.8% | 10.8% | 6.7% | 14.8% | 2.44 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +6.78 | 1.07 | 109.7% | 101.1% | -6.5% | -12.0% |
| 3 Years | +3.90 | 1.10 | 108.2% | 103.9% | 10.1% | 6.2% |
| 5 Years | +2.51 | 1.03 | 102.4% | 99.4% | 7.8% | 5.3% |
| 7 Years | +1.86 | 0.99 | 99.5% | 96.7% | 9.2% | 7.3% |
| 10 Years | +1.26 | 0.99 | 99.5% | 96.7% | 6.3% | 5.1% |
| 12 Years | +1.03 | 0.99 | 99.5% | 96.7% | 5.3% | 4.2% |
| 15 Years | +0.82 | 0.99 | 99.5% | 96.7% | 4.2% | 3.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 6.51% |
| 2 | ESDS Software Solution Ltd | 5.00% |
| 3 | State Bank of India | 4.72% |
| 4 | Axis Bank Limited | 4.65% |
| 5 | Reliance Industries Limited | 4.62% |
| 6 | Larsen & Toubro Limited | 4.45% |
| 7 | HDFC Bank Limited | 4.31% |
| 8 | Bharti Airtel Limited | 4.24% |
| 9 | Bajaj Finance Limited | 3.63% |
| 10 | Bharat Electronics Limited | 3.36% |