Mirae Asset Large and Mid Cap Fund
Direct · GrowthAI Summary
Mirae Asset Large and Mid Cap Fund has delivered strong long-term SIP returns, with XIRR of 19.19% over 5Y and 19.0% over 10Y, consistently ahead of category averages of 18.04% and 16.82% respectively. Against the NIFTY 50, the fund has generated positive alpha across all periods, including 5.02% over 10Y and 7.92% over 12Y, with lump-sum CAGRs of 15.13% and 16.77% versus benchmark CAGRs of 10.33% and 9.03%. However, 2026 has been weak so far at -6.54%, reflecting the fund's higher mid-cap exposure in a falling market.
The fund exhibits benchmark-like beta (0.90-1.01 across periods) with disciplined downside capture below 100% in every window — as low as 84.52% over 15Y — while capturing 96-100% of upside, an attractive asymmetry. It has experienced 9 drawdown events greater than 10%, and its longest drawdown lasted 67 days with a 158-day recovery, typical of a large and mid cap mandate. Calmar ratios in the 0.54-0.67 range indicate moderate risk-adjusted efficiency, reasonable but not exceptional for this category.
The exact holdings data is not provided, but as a large and mid cap fund the portfolio must hold at least 35% in large caps and 35% in mid caps, giving it meaningful exposure to higher-growth but more volatile mid cap names. This structural mix explains its higher calendar-year volatility, such as 49.23% in 2017 and -4.23% in 2018, relative to pure large cap funds. Investors should verify current sector allocations and top holdings in the latest factsheet before investing.
The fund beats the category average SIP XIRR in nearly every window — 15.66% vs 11.0% over 1Y, 19.19% vs 18.04% over 5Y, and 19.0% vs 16.82% over 10Y — with the edge widening over longer horizons. This points to durable, repeatable stock selection rather than short-term luck. The 3Y gap is narrower (18.41% vs 18.19%), suggesting recent relative performance has been more competitive.
This fund suits investors seeking core large cap exposure with a mid cap growth kicker, ideally with a 5-7 year or longer horizon to ride out drawdowns like the nine deeper-than-10% corrections observed. A moderate-to-high risk tolerance is required given the mid cap allocation and the -6.54% return in 2026 year-to-date. SIP investing is well suited here, as the fund's consistently above-category SIP XIRR across 3Y to 12Y windows demonstrates.
- Consistent alpha over NIFTY 50 across all periods, from 3.71% (5Y) to 8.81% (15Y)
- Downside capture below 100% in every measured window (as low as 84.52% over 15Y) while keeping upside capture near or above 96%
- SIP XIRR ahead of category averages across 1Y, 5Y, 7Y, 10Y and 12Y horizons, including 19.0% vs 16.82% over 10Y
- Low expense ratio of 0.63% for the direct plan
- Weak recent calendar-year performance with -6.54% in 2026 and -1.98% in 2022, reflecting mid cap volatility
- Nine drawdown events greater than 10% historically, with the longest drawdown taking 158 days to recover
Generated on 04-11-2026, 3:01 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 | ₹13.03 L | 25.6% | -53.9% | 127.4% |
| 3 Years | ₹36.00 L | ₹47.55 L | 20.2% | -17.5% | 43.3% |
| 5 Years | ₹60.00 L | ₹94.33 L | 19.2% | -2.6% | 35.4% |
| 7 Years | ₹84.00 L | ₹1.64 Cr | 19.2% | 8.0% | 25.6% |
| 10 Years | ₹1.20 Cr | ₹3.27 Cr | 19.0% | 14.1% | 22.1% |
| 12 Years | ₹1.44 Cr | ₹4.89 Cr | 18.6% | 15.0% | 22.4% |
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 | 25.6% | 14.3% | 11.0% | +11.3% |
| 3 Years | 20.2% | 11.0% | 18.2% | +9.2% |
| 5 Years | 19.2% | 10.4% | 18.0% | +8.8% |
| 7 Years | 19.2% | 10.6% | 17.1% | +8.6% |
| 10 Years | 19.0% | 11.4% | 16.8% | +7.6% |
| 12 Years | 18.6% | 11.3% | 16.4% | +7.3% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 24.6% | 16.7% | -27.4% | 111.0% | 0.70 | 4.05 | 88% | — | — |
| 3 Years | 21.3% | 19.8% | -2.3% | 48.2% | 1.72 | 20.28 | 100% | — | — |
| 5 Years | 20.4% | 20.4% | 6.0% | 36.8% | 2.37 | 1261.38 | 100% | — | — |
| 10 Years | 20.7% | 19.9% | 14.8% | 26.5% | 4.73 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +5.15 | 1.00 | 99.8% | 92.8% | -5.8% | -10.9% |
| 3 Years | +4.97 | 1.01 | 101.6% | 95.6% | 11.4% | 6.4% |
| 5 Years | +3.71 | 0.96 | 96.3% | 91.4% | 8.9% | 5.2% |
| 7 Years | +6.27 | 0.93 | 94.9% | 88.1% | 16.0% | 10.0% |
| 10 Years | +5.02 | 0.94 | 96.9% | 91.2% | 15.1% | 10.3% |
| 12 Years | +7.92 | 0.93 | 96.4% | 87.4% | 16.8% | 9.0% |
| 15 Years | +8.81 | 0.90 | 95.2% | 84.5% | 17.9% | 9.4% |