LIC MF Large Cap Fund
Direct · GrowthAI Summary
LIC MF Large Cap Fund has delivered consistent alpha over the NIFTY 50 across long horizons, with 10Y lump-sum CAGR of 11.0% vs the benchmark's 10.79% and 12Y CAGR of 10.97% vs 9.76%. However, its SIP XIRR of 12.30% (3Y), 12.55% (5Y), and 12.81% (10Y) trails the category average SIP XIRR of roughly 14.1-14.4% across all periods. The 1Y XIRR of 14.69% modestly beats the category's 14.08%, but longer-term SIP investors have seen below-average outcomes.
The fund shows a beta below 1 in longer windows (0.92 at 10Y and 12Y) with downside capture of 92.77-93.69% over 7-12Y, indicating it falls less than the index in weak markets. The maximum drawdown of -0.33% recovered in 239 days, and Calmar ratios of roughly 0.38-0.43 across horizons reflect steady risk-adjusted returns. Seven drawdown events exceeding 10% confirm that meaningful interim losses are still part of the equity experience.
The 42-stock portfolio is anchored in financials, with Banks at 25.1% and Finance at 7.0%, led by ICICI Bank (9.57%) and HDFC Bank (6.16%). Other meaningful exposures include Automobiles (8.0%), Retailing (6.4%), and Construction (5.3%), with L&T at 5.32% as the top non-financial holding. The top 10 holdings account for roughly 44.8% of NAV, leaving reasonable diversification beyond the largest positions.
Against peers, the fund's long-term SIP XIRR of 12.35-12.84% sits about 1.3-1.8 percentage points below the category average of ~14.1%, which is a notable underperformance for SIP investors. Its lump-sum record is stronger, with positive alpha versus NIFTY 50 in every window from 1Y (1.58%) to 12Y (1.46%). Calendar year returns show consistency in up-markets, including 27.81% in 2017 and 25.5% in 2021, though 2026 is currently negative at -4.63%.
This fund suits conservative large-cap investors seeking index-like returns with slightly lower downside capture and a long track record spanning 13+ years. A horizon of 5-7 years or more is appropriate given equity volatility and the 239-day recovery from its maximum drawdown. Investors prioritizing top-quartile SIP returns may find category peers more compelling, as this fund's SIP XIRR consistently lags the category average.
- Positive alpha versus NIFTY 50 across all measured windows, including 2.09% over 3Y and 1.46% over 12Y
- Downside capture below 100% (92.77% over 12Y), meaning the fund has historically fallen less than the benchmark in declining markets
- Diversified 42-stock portfolio with a 13-year track record of positive calendar-year returns in most years, including 40.75% in 2014 and 27.81% in 2017
- SIP XIRR of 12.30% (3Y) and 12.55% (5Y) trails the category average of 14.28% and 14.04% respectively, indicating below-par outcomes for systematic investors
- Expense ratio of 1.14% is relatively high for a large-cap fund, a category where index alternatives are available at a fraction of the cost
- Heavy sector concentration in Banks (25.1%) plus Finance (7.0%) exposes investors to financial-sector cyclicality
Generated on 02-09-2026, 2:58 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 | ₹12.69 L | 14.7% | -46.5% | 77.8% |
| 3 Years | ₹36.00 L | ₹42.80 L | 12.3% | -13.2% | 32.1% |
| 5 Years | ₹60.00 L | ₹82.09 L | 12.5% | -3.7% | 21.9% |
| 7 Years | ₹84.00 L | ₹1.33 Cr | 12.8% | 1.4% | 18.5% |
| 10 Years | ₹1.20 Cr | ₹2.34 Cr | 12.8% | 9.4% | 16.0% |
| 12 Years | ₹1.44 Cr | ₹3.21 Cr | 12.4% | 9.7% | 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 | 14.7% | 14.4% | 14.1% | +0.3% |
| 3 Years | 12.3% | 11.1% | 14.3% | +1.2% |
| 5 Years | 12.5% | 10.4% | 14.0% | +2.1% |
| 7 Years | 12.8% | 10.6% | 14.1% | +2.3% |
| 10 Years | 12.8% | 11.5% | 14.4% | +1.3% |
| 12 Years | 12.4% | 11.4% | 14.1% | +1.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 14.1% | 10.9% | -20.5% | 69.0% | 0.47 | 1.36 | 80% | — | — |
| 3 Years | 12.7% | 12.9% | -1.3% | 24.6% | 1.43 | 7.19 | 100% | — | — |
| 5 Years | 12.8% | 13.1% | 0.2% | 21.7% | 1.77 | 10.49 | 100% | — | — |
| 10 Years | 12.6% | 12.8% | 9.3% | 14.8% | 5.44 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +1.58 | 1.02 | 101.1% | 99.3% | -1.6% | -2.9% |
| 3 Years | +2.09 | 1.00 | 101.1% | 98.5% | 9.8% | 7.8% |
| 5 Years | +0.41 | 0.98 | 97.9% | 97.2% | 8.2% | 7.8% |
| 7 Years | +1.01 | 0.92 | 94.5% | 93.4% | 12.4% | 11.8% |
| 10 Years | +0.55 | 0.92 | 94.6% | 93.7% | 11.0% | 10.8% |
| 12 Years | +1.46 | 0.92 | 94.7% | 92.8% | 11.0% | 9.8% |
| 15 Years | +1.30 | 0.91 | 93.5% | 91.4% | 10.7% | 9.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Ltd. | 9.57% |
| 2 | HDFC Bank Ltd. | 6.16% |
| 3 | Larsen & Toubro Ltd. | 5.32% |
| 4 | Bharti Airtel Ltd. | 4.67% |
| 5 | State Bank of India | 3.90% |
| 6 | Axis Bank Ltd. | 3.85% |
| 7 | Eternal Ltd. | 2.92% |
| 8 | Bajaj Finance Ltd. | 2.84% |
| 9 | InterGlobe Aviation Ltd. | 2.84% |
| 10 | The Indian Hotels Company Ltd. | 2.77% |