Nippon India Vision Large and Mid Cap Fund

Nippon India Vision Large and Mid Cap Fund has delivered consistent XIRRs of 14.51% to 17.5% across 3Y to 12Y horizons, with the 7Y XIRR of 14.51% falling short of the category average of 17.07%. However, it has beaten the NIFTY 50 meaningfully across periods, generating alpha of 7.04% over 3Y and 5.92% over 5Y, with the fund's 3Y CAGR of 13.44% nearly doubling the benchmark's 6.4%. Recent performance is soft, with the 1Y XIRR of 11.06% only matching the category average of 11.0% and calendar 2026 showing a -7.26% return.

The fund shows a favorable risk profile with downside capture consistently below 100%, ranging from 91.09% over 7Y to 97.77% over 12Y, meaning it loses less than the NIFTY 50 in falling markets. Eight drawdown events exceeding 10% indicate meaningful volatility typical of the large and mid cap category, and the 790-day maximum drawdown duration with a 287-day recovery reflects a prolonged recovery window. Calmar ratios of roughly 0.29 to 0.34 across longer horizons suggest moderate risk-adjusted returns relative to drawdown depth.

The portfolio is diversified across 87 holdings, with banks as the largest sector exposure at 17.6%, led by ICICI Bank (4.72%), SBI (4.22%), Axis Bank, and HDFC Bank. The top 10 holdings account for roughly 29.8% of NAV, providing reasonable diversification, while retailing (8.5%) adds consumer-focused exposure through Eternal and FSN E-Commerce. Holdings like One 97 Communications, Dixon Technologies, and Coforge give mid cap and thematic growth tilt appropriate to the category mandate.

The fund lags category average SIP XIRR across most horizons — 17.5% vs 18.19% over 3Y, 16.61% vs 18.04% over 5Y, and 15.45% vs 16.82% over 10Y — placing it in the lower-middle of the large and mid cap peer group. Despite this, its consistent alpha over the NIFTY 50 across 1Y to 15Y periods demonstrates strong benchmark-relative skill. The near-1.0 beta and sub-100% downside capture indicate it delivers this outperformance defensively rather than through aggressive risk-taking.

This fund suits investors seeking a large-and-mid-cap allocation with a defensive tilt, appropriate for a time horizon of 5 to 7 years or more to ride out drawdowns like the 790-day maximum recovery period. It fits investors with moderate risk tolerance who want benchmark-beating potential but fewer drawdowns than high-beta peers. SIP investors in it for the medium-to-long term have historically earned 14% to 17% annualized returns, though recent 1Y and 3Y figures suggest patience is required relative to category peers before expecting outperformance.

• Consistent positive alpha over the NIFTY 50 across 1Y to 15Y horizons, including 7.04% over 3Y and 5.92% over 5Y
• Downside capture below 100% in nearly all periods (91.09% to 97.77%), indicating better-than-benchmark resilience in market declines
• Well-diversified 87-stock portfolio with disciplined position sizing, no single stock above 4.72% of NAV

• XIRR trails category averages across 3Y to 12Y horizons, including 17.5% vs 18.19% over 3Y and 16.61% vs 18.04% over 5Y
• Recent momentum is weak, with a -7.26% calendar 2026 return and the 1Y XIRR of just 11.06%