SBI Large Cap Fund

SBI Large Cap Fund has delivered SIP XIRR of 14.61% over 3Y, 14.20% over 5Y, and 14.66% over 10Y, consistently ahead of category averages of roughly 14.0-14.4% across horizons. Against the NIFTY 50, the fund has generated positive alpha across all periods, including 3.49% over 3Y and 3.68% over 12Y, with lump-sum CAGRs beating the benchmark in every window. The 1Y XIRR of 17.57% also outpaces the category average of 14.08%.

The fund exhibits a beta below 1 (0.92-0.99) with downside capture consistently under 93%, indicating it falls less than the benchmark in weak markets. Nine drawdown events exceeding 10% reflect typical large-cap equity volatility, though the recent maximum drawdown was mild at -0.37% with a 231-day recovery. Calmar ratios of 0.38-0.45 across horizons suggest reasonable risk-adjusted returns for the category.

The portfolio holds 49 stocks with a diversified large-cap tilt, led by ICICI Bank (8.51%) and HDFC Bank (8.17%), with banks comprising 25.9% of assets. Other key positions include Reliance Industries (5.43%) and Larsen & Toubro (5.26%), while the remaining top-10 holdings are each under 4% of NAV. Sector exposure is reasonably spread, with pharma (6.9%), auto components (5.9%), and IT (5.6%) providing balance beyond the financials overweight.

The fund beats category average SIP XIRR at every measured horizon, with the widest gaps at 1Y (17.57% vs 14.08%) and 3Y (14.61% vs 14.28%), and narrower leads at longer horizons. Calendar year returns show strong consistency, with only two negative years since 2013 (-2.58% in 2018 and -2.41% in 2026 YTD). This combination of steady alpha and controlled downside capture positions it as a reliable performer among large-cap peers.

This fund suits investors seeking core large-cap equity exposure with moderate volatility and a preference for capital protection in down markets. A minimum horizon of 5-7 years is appropriate to fully capture the fund's long-term alpha of roughly 3% annually over the benchmark. It is well suited to SIP investors and those with moderate risk tolerance who want steady, benchmark-beating compounding rather than aggressive outperformance.

• Consistent positive alpha versus NIFTY 50 across all periods from 1Y to 15Y, including 3.49% over 3Y and 3.68% over 12Y
• Downside capture below 93% in every period, cushioning losses relative to the benchmark during market declines
• SIP XIRR above category averages at all horizons, with 10Y XIRR of 14.66% versus the category's 14.37%

• Heavy banking concentration of 25.9% in a single sector exposes the fund to financial sector-specific risks
• Upside capture of roughly 93-94% over longer periods means the fund lags the benchmark in strong rallies, capping bull-market gains