Mirae Asset Mid Cap Fund

Mirae Asset Mid Cap Fund has delivered consistently strong SIP XIRR of 20-22% across 1Y to 7Y horizons, beating the category average SIP XIRR at every period (e.g., 21.47% vs 19.79% at 3Y and 21.93% vs 20.42% at 5Y). Against the NIFTY MIDCAP 150, the fund has outperformed on a lump-sum CAGR basis across all windows from 1Y through 15Y, with positive alpha at every horizon (1.61% at 1Y, 1.74% at 3Y, and 2.09% at 7Y). Calendar year returns show strong upside years such as 48.86% in 2021 and 35.51% in 2023, though 2026 year-to-date is negative at -3.29%.

The fund exhibits better-than-benchmark downside behavior, with downside capture below 91% at all measured horizons (e.g., 90.23% at 3Y) versus upside capture of 92-95%, meaning it loses less in declines while capturing slightly less in rallies. Beta below 1 (0.89-0.94) confirms it moves somewhat less than the index. Negative CAGR of -2.73% over 1Y against a benchmark CAGR of -5.0% shows the fund cushioned a weak midcap year, and Calmar ratios of 0.61-0.73 across periods reflect reasonable risk-adjusted returns for the midcap category.

Portfolio composition data such as top holdings, sector allocation, and concentration levels is not provided in this dataset, so specific positioning cannot be assessed. As a SEBI-defined Mid Cap Fund, the fund must hold at least 65% of assets in mid-cap companies, which inherently carries moderate concentration risk relative to diversified or large-cap funds. The low expense ratio of 0.58% for a direct plan is competitive for the midcap category.

The fund outperforms the category average SIP XIRR at every available horizon — 20.04% vs 15.91% at 1Y, 21.47% vs 19.79% at 3Y, and 21.93% vs 20.42% at 5Y. This consistent category leadership across short, medium, and long horizons suggests a repeatable stock-selection edge rather than a single lucky period. Combined with alpha over the NIFTY MIDCAP 150 at all seven measured windows from 1Y to 15Y, the fund ranks among the more consistent midcap performers.

This fund suits investors with a high risk tolerance seeking exposure to the mid-cap segment, which is more volatile than large caps. A holding horizon of at least 5-7 years is advisable given the drawdown history of 6 events exceeding 10% and the current negative 1Y run, as SIP investing through this volatility benefits from the fund's strong 20%+ XIRR. It is appropriate as a satellite allocation within a diversified portfolio rather than a core holding.

• SIP XIRR of 20-22% beats the category average at every horizon from 1Y to 7Y (e.g., 20.04% vs 15.91% at 1Y)
• Positive alpha over NIFTY MIDCAP 150 at all measured windows from 1Y to 15Y, including 2.09% at 7Y
• Downside capture below 91% across all horizons with beta under 1, indicating superior downside protection

• Six drawdown events exceeding 10% highlight meaningful downside risk inherent to the midcap category
• Current 1Y lump-sum CAGR is negative at -2.73% and 2026 year-to-date return is -3.29%, reflecting a weak recent midcap phase
• Recovery from the most recent significant drawdown took 213 days, underscoring the patience required after declines