Union Large and Mid Cap Fund
Direct · GrowthAI Summary
Union Large and Mid Cap Fund has delivered strong SIP XIRR of 16.85% over 3Y and 15.72% over 5Y, outperforming the NIFTY 50 lump-sum CAGR of 4.78% and 4.58% respectively with consistent positive alpha (7.23% and 5.17%). However, on a like-for-like SIP basis, the fund trails the category average of 18.23% (3Y) and 18.07% (5Y), suggesting mid-tier positioning among peers. The 1Y XIRR of 14.31% does beat the category average of 11.11%, indicating recent relative improvement.
The fund shows a favorable asymmetry profile, with downside capture consistently below 100% (83.49% over 15Y, 87.24% over 5Y) while upside capture remains near or above 100%, meaning it loses less in falls while keeping pace in rallies. Beta has declined from 1.02 over 3Y to 0.90 over longer horizons, reflecting reduced volatility versus the benchmark over time. Calmar ratios of roughly 0.52-0.59 across 1Y, 3Y and 5Y indicate moderate risk-adjusted efficiency, and only 4 drawdown events exceeding 10% have occurred.
The portfolio is well diversified across 74 holdings, with the top position (ICICI Bank at 5.07%) modestly sized and the top 10 holdings totaling only about 25.8% of NAV. Banks form the largest sector exposure at 14.8%, followed by Pharmaceuticals (7.1%) and Electrical Equipment (7.0%), providing reasonable spread across financials, healthcare, and cyclicals. The presence of growth-oriented names like One 97 Communications and Eternal alongside large-cap banks reflects the fund's large and mid-cap mandate.
While the fund beats its NIFTY 50 benchmark across all periods from 1Y to 15Y, it lags the category average SIP XIRR over 3Y (16.85% vs 18.23%) and 5Y (15.72% vs 18.07%), placing it below the peer median. Calendar year returns show decent consistency, with positive years in 2019, 2020, 2021, 2023, 2024 and 2025, though gains were modest in 2019 (0.3%) and 2025 (3.0%). The strong 2021 (39.83%) and 2023 (27.89%) performances demonstrate the fund's ability to capture upcycles.
This fund suits investors seeking diversified exposure to both large-cap stability and mid-cap growth, with a recommended horizon of at least 5 years to ride out mid-cap volatility. It is appropriate for moderate-to-high risk tolerance investors who value downside protection, given the fund's below-benchmark downside capture. SIP investors should note that category peers have delivered better SIP returns over 3-5 years, so it may serve better as a complementary holding than a core large-and-mid-cap pick.
- Consistent positive alpha versus NIFTY 50 across all periods, including 12.08% alpha over 1Y and 7.23% over 3Y
- Favorable asymmetry with downside capture of 83.49% over 15Y versus upside capture of 91.52%, cushioning losses in market declines
- Well-diversified 74-stock portfolio with a modest top holding of 5.07%, reducing single-stock concentration risk
- SIP XIRR trails the category average over 3Y (16.85% vs 18.23%) and 5Y (15.72% vs 18.07%), indicating below-median peer performance
- Recent calendar year returns have been weak, with just 1.17% in 2026 and 3.0% in 2025 after strong 2023-2024 gains
Generated on 17-10-2026, 2:12 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 | ₹12.86 L | 22.0% | -22.9% | 80.7% |
| 3 Years | ₹36.00 L | ₹45.67 L | 17.0% | 2.5% | 30.1% |
| 5 Years | ₹60.00 L | ₹88.44 L | 15.9% | 8.8% | 24.6% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 22.0% | 14.3% | 11.1% | +7.7% |
| 3 Years | 17.0% | 11.0% | 18.2% | +5.9% |
| 5 Years | 15.9% | 10.4% | 18.1% | +5.5% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 21.1% | 15.8% | -6.1% | 93.9% | 0.76 | 5.28 | 94% | — | — |
| 3 Years | 19.0% | 18.3% | 11.5% | 33.3% | 3.06 | — | 100% | — | — |
| 5 Years | 18.6% | 18.4% | 9.4% | 29.0% | 2.76 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +10.75 | 1.00 | 102.6% | 88.7% | -0.7% | -11.4% |
| 3 Years | +6.47 | 1.02 | 101.4% | 93.0% | 11.7% | 5.3% |
| 5 Years | +4.87 | 0.95 | 93.7% | 87.3% | 9.4% | 4.4% |
| 7 Years | +6.69 | 0.90 | 91.2% | 83.5% | 16.0% | 9.6% |
| 10 Years | +4.32 | 0.90 | 91.2% | 83.5% | 10.9% | 6.6% |
| 12 Years | +3.44 | 0.90 | 91.2% | 83.5% | 9.0% | 5.5% |
| 15 Years | +2.57 | 0.90 | 91.2% | 83.5% | 7.2% | 4.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Ltd. | 5.07% |
| 2 | HDFC Bank Ltd. | 2.72% |
| 3 | Bharti Airtel Ltd. | 2.28% |
| 4 | One 97 Communications Ltd. | 2.26% |
| 5 | Eternal Ltd. | 2.23% |
| 6 | Max Financial Services Ltd. | 2.16% |
| 7 | Shriram Finance Ltd. | 2.15% |
| 8 | Axis Bank Ltd. | 2.06% |
| 9 | Jindal Steel Ltd. | 1.95% |
| 10 | Multi Commodity Exchange of India Ltd. | 1.94% |