SBI Large Cap Fund

SBI Large Cap Fund has delivered consistent outperformance versus the NIFTY 50, with positive alpha across all periods from 1Y (5.20%) to 15Y (3.43%). Its SIP XIRR of 14.18% over 3Y and 15.03% over 5Y beats the category averages of 13.99% and 14.35% respectively, though the 1Y XIRR of 9.8% trails its longer-term trend. The fund's 10Y SIP XIRR of 14.54% also edges past the category average of 14.24%.

The fund shows a defensive risk profile with a beta below 1 across all periods (0.91-0.98) and consistently lower downside capture (88-93%) than upside capture (93-100%), cushioning losses in weak markets. This is evident in 2026, where the fund's CAGR of -6.41% compares favorably to the benchmark's -11.9%. The Calmar ratio remains stable between 0.38 and 0.45 across horizons, indicating steady risk-adjusted returns.

The portfolio is concentrated in financials, with Banks alone at 27.8% and the top two holdings ICICI Bank (8.29%) and HDFC Bank (8.19%) accounting for over 16% of NAV. With 50 total holdings, diversification is reasonable beyond the top positions, and the remaining top-10 names span construction, pharma, auto components, IT, and consumer durables. Investors should note the meaningful single-sector exposure to banking.

The fund beats category average SIP XIRR at every measured horizon, including 12Y (14.02% vs 13.84%) and 7Y (14.24% vs 13.97%). Rolling returns show consistency, with the 12Y rolling mean of 15.26% and 3Y rolling mean of 14.89% supporting dependable long-term compounding. Positive alpha in every benchmark window from 1Y to 15Y reinforces its standing among large-cap peers.

This fund suits investors seeking core large-cap exposure with moderate downside protection and a long-term horizon of 5-7 years or more, where its XIRR has consistently run near 14-15%. It is appropriate for moderate-risk investors, as its sub-1 beta and lower downside capture reduce volatility relative to the index. SIP investors benefit most, given the fund's steady category-beating SIP returns across horizons.

• Positive alpha versus NIFTY 50 across all periods from 1Y (5.20%) to 15Y (3.43%)
• SIP XIRR above category average at every horizon, e.g., 5Y at 15.03% vs 14.35%
• Defensive profile with downside capture below 93% in all periods, limiting losses in weak markets

• Heavy sector concentration in Banks at 27.8%, with ICICI Bank and HDFC Bank together exceeding 16% of NAV
• Recent 1Y SIP XIRR of 9.8% and 2026 calendar return of -8.1% reflect soft near-term performance