Nippon India Growth Mid Cap Fund
Direct · GrowthAI Summary
Nippon India Growth Mid Cap Fund has delivered strong SIP XIRR across horizons, including 22.74% over 3Y and 21.01% over 10Y, consistently beating the category average SIP XIRR (19.81% and 19.31% respectively). Against the NIFTY Midcap 150, the fund has generated positive alpha at every measured horizon, from 1.80% over 15Y to 3.68% over 3Y. Lump-sum CAGR also trails the benchmark only modestly in weak periods, such as the 1Y Fund CAGR of -3.33% versus the benchmark's -6.14%.
The fund shows a slightly defensive profile with downside capture of roughly 92% across horizons versus upside capture of 94-96%, meaning it loses less than the benchmark in declines while keeping most of the upside. Beta of about 0.93-0.95 confirms modestly lower volatility than the index. The Calmar Ratio of 0.52-0.64 across horizons indicates reasonable risk-adjusted returns, though 10 drawdown events exceeding 10% highlight the inherent volatility of mid-cap investing.
The portfolio is well diversified with 95 holdings, and the top 10 positions total only about 24.8% of NAV, with the largest being Multi Commodity Exchange at 3.22%. Sector allocation is balanced, led by Banks at 10.0%, Auto Components at 8.6%, and Finance at 8.0%, with no single sector dominating. The top holdings skew toward financials, capital markets, and consumer-facing businesses such as retailing and healthcare.
The fund outperforms the category average SIP XIRR at every horizon, with the widest gap over 3Y (22.74% vs 19.81%) and 12Y (20.33% vs 18.56%). Calendar year returns show strong consistency in up-markets, with gains above 44% in 2014, 2017, 2021, and 2023, and contained losses in down years such as -10.63% in 2018 and -3.51% in 2026. This combination of alpha generation and downside control places it among the stronger mid-cap performers.
This fund suits investors seeking long-term wealth creation through mid-cap exposure who can tolerate meaningful interim volatility, including drawdowns exceeding 10% that have occurred 10 times. A horizon of at least 5-7 years is appropriate, as evidenced by the fund's 21.09% mean 5Y rolling return. It is best used as a satellite allocation within a diversified equity portfolio rather than a core holding for conservative investors.
- Consistent positive alpha versus the NIFTY Midcap 150 at every horizon from 1Y to 15Y, peaking at 3.68% over 3Y
- SIP XIRR above the category average at all six measured horizons, including 22.74% over 3Y versus 19.81% for the category
- Favorable asymmetry with downside capture around 92% against upside capture of 94-96%, cushioning market declines
- Mid-cap funds are inherently volatile, with 10 historical drawdown events exceeding 10% and a recent 1Y lump-sum CAGR of -3.33%
- Recent performance has softened, with calendar year returns of only 4.22% in 2025 and -3.51% in 2026 after the strong 2023-2024 run
Generated on 27-10-2026, 2:13 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 | ₹12.92 L | 23.7% | -49.2% | 111.7% |
| 3 Years | ₹36.00 L | ₹47.71 L | 19.9% | -18.8% | 46.4% |
| 5 Years | ₹60.00 L | ₹98.71 L | 19.7% | -6.5% | 38.5% |
| 7 Years | ₹84.00 L | ₹1.73 Cr | 20.2% | 1.2% | 31.0% |
| 10 Years | ₹1.20 Cr | ₹3.63 Cr | 21.0% | 16.0% | 25.0% |
| 12 Years | ₹1.44 Cr | ₹5.29 Cr | 20.4% | 17.9% | 23.1% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY MIDCAP 150 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 23.7% | 21.8% | 15.9% | +1.9% |
| 3 Years | 19.9% | 17.2% | 19.8% | +2.7% |
| 5 Years | 19.7% | 16.5% | 20.4% | +3.3% |
| 7 Years | 20.2% | 16.8% | 19.4% | +3.5% |
| 10 Years | 21.0% | 16.6% | 19.3% | +4.4% |
| 12 Years | 20.4% | 16.3% | 18.6% | +4.1% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 22.4% | 15.3% | -27.6% | 96.4% | 0.65 | 2.63 | 86% | — | — |
| 3 Years | 20.1% | 21.9% | -5.5% | 38.8% | 1.48 | 8.06 | 97% | — | — |
| 5 Years | 19.2% | 18.5% | 0.5% | 37.1% | 1.69 | 21.12 | 100% | — | — |
| 10 Years | 19.4% | 19.3% | 16.0% | 22.5% | 8.50 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +2.70 | 0.95 | 95.4% | 92.3% | -1.8% | -5.0% |
| 3 Years | +3.61 | 0.95 | 96.1% | 92.4% | 16.4% | 13.1% |
| 5 Years | +3.31 | 0.94 | 96.0% | 92.5% | 15.7% | 12.7% |
| 7 Years | +3.55 | 0.93 | 95.1% | 91.9% | 22.0% | 19.3% |
| 10 Years | +2.88 | 0.93 | 94.5% | 91.5% | 17.0% | 14.8% |
| 12 Years | +1.91 | 0.93 | 94.4% | 92.3% | 16.6% | 15.3% |
| 15 Years | +1.81 | 0.93 | 94.8% | 92.6% | 15.8% | 14.6% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Multi Commodity Exchange of India Limited | 3.22% |
| 2 | AU Small Finance Bank Limited | 2.84% |
| 3 | The Federal Bank Limited | 2.59% |
| 4 | Info Edge (India) Limited | 2.55% |
| 5 | Fortis Healthcare Limited | 2.53% |
| 6 | Eternal Limited | 2.42% |
| 7 | BSE Limited | 2.40% |
| 8 | REC Limited | 2.12% |
| 9 | ICICI Lombard General Insurance Company Limited | 2.06% |
| 10 | One 97 Communications Limited | 2.04% |