Union Mid Cap Fund
Direct · GrowthAI Summary
Union Mid Cap Fund has delivered a 3Y SIP XIRR of 21.11% and 5Y XIRR of 19.07%, beating the category average of 19.85% and 20.45% respectively on the 3Y window while slightly trailing on 5Y. Against the NIFTY Midcap 150, the fund has generated positive alpha across all periods, including 4.35% over 1Y and 2.85% over 3Y, with lump-sum CAGRs consistently ahead of the benchmark. Recent calendar year returns have been muted, however, with just 3.25% in 2025 and 4.14% in 2026 after strong gains of 30.46% in 2024 and 33.84% in 2023.
The fund exhibits a defensive tilt within the mid cap category, with downside capture consistently below 100% across all windows — 94.55% over 1Y and 86.85% over longer horizons — while upside capture remains near or above 90%. Beta has declined from 0.97 over 1Y to 0.90 over longer periods, indicating lower volatility relative to the benchmark. The Calmar ratio of 1.28 over 1Y and 1.10 over 5Y reflects reasonable risk-adjusted returns, though four drawdown events exceeding 10% underline the inherent mid cap volatility.
The portfolio is well diversified across 71 holdings, with the top position, Federal Bank, at just 3.33% of NAV, indicating no significant single-stock concentration. Sector allocation is spread across Auto Components (9.9%), Banks (8.9%), Pharmaceuticals (7.4%), Electrical Equipment (7.0%), and Capital Markets (6.8%), avoiding heavy dependence on any single theme. The top 10 holdings together represent only about 25% of NAV, consistent with a genuinely diversified mid cap strategy.
The fund outperforms the category average SIP XIRR over 1Y (19.22% vs 16.02%) and 3Y (21.11% vs 19.85%), though it lags modestly over 5Y (19.07% vs 20.45%). Its consistent positive alpha versus the NIFTY Midcap 150 across 1Y to 15Y windows points to durable benchmark outperformance rather than a single lucky period. The combination of above-benchmark returns with below-benchmark downside capture suggests a disciplined, risk-aware approach that has held up across market cycles.
This fund suits investors seeking mid cap exposure with a relatively defensive profile, given its below-benchmark downside capture and diversified portfolio. A time horizon of at least 5 years is appropriate, as mid cap returns are cyclical — evident from the swing from 82.77% in 2020 to -1.63% in 2022. Investors should have a moderate-to-high risk tolerance and be prepared for interim drawdowns, even though this fund cushions them better than typical mid cap peers.
- Consistent positive alpha versus the NIFTY Midcap 150 across every measured window from 1Y to 15Y, including 4.35% over 1Y and 2.85% over 3Y
- Below-benchmark downside capture (86.85% to 94.55%) across all periods, offering better downside protection than the index
- Highly diversified portfolio of 71 stocks with the largest holding at only 3.33% of NAV and no sector exceeding 10%
- 3Y SIP XIRR of 21.11% beats the category average of 19.85%, with a competitive 0.83% expense ratio
- 5Y SIP XIRR of 19.07% trails the category average of 20.45%, indicating weaker relative SIP performance over the longer window
- Recent calendar year returns have been weak, with only 3.25% in 2025 and 4.14% in 2026, and the fund has experienced four drawdown events exceeding 10%
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 | ₹13.01 L | 27.6% | -23.9% | 112.2% |
| 3 Years | ₹36.00 L | ₹48.29 L | 21.2% | 6.2% | 36.8% |
| 5 Years | ₹60.00 L | ₹95.24 L | 19.2% | 12.6% | 25.0% |
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 | 27.6% | 21.9% | 16.0% | +5.7% |
| 3 Years | 21.2% | 17.2% | 19.8% | +4.0% |
| 5 Years | 19.2% | 16.5% | 20.4% | +2.7% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 27.3% | 17.5% | -5.6% | 107.8% | 0.80 | 9.43 | 97% | — | — |
| 3 Years | 23.9% | 22.8% | 14.8% | 39.7% | 3.21 | — | 100% | — | — |
| 5 Years | 23.3% | 22.2% | 12.8% | 34.5% | 2.88 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +3.79 | 0.97 | 99.3% | 95.2% | 3.2% | -0.8% |
| 3 Years | +2.67 | 0.96 | 95.5% | 92.6% | 15.2% | 12.7% |
| 5 Years | +0.86 | 0.92 | 91.3% | 89.8% | 12.6% | 12.2% |
| 7 Years | +2.96 | 0.90 | 90.6% | 87.0% | 26.3% | 25.3% |
| 10 Years | +1.76 | 0.90 | 90.6% | 87.0% | 17.7% | 17.1% |
| 12 Years | +1.31 | 0.90 | 90.6% | 87.0% | 14.6% | 14.0% |
| 15 Years | +0.89 | 0.90 | 90.6% | 87.0% | 11.5% | 11.1% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | The Federal Bank Ltd. | 3.33% |
| 2 | One 97 Communications Ltd. | 3.01% |
| 3 | Max Financial Services Ltd. | 2.82% |
| 4 | Multi Commodity Exchange of India Ltd. | 2.65% |
| 5 | Fortis Healthcare Ltd. | 2.44% |
| 6 | IPCA Laboratories Ltd. | 2.43% |
| 7 | Coforge Ltd. | 2.29% |
| 8 | Nippon Life India Asset Management Ltd. | 2.28% |
| 9 | Bharat Heavy Electricals Ltd. | 2.14% |
| 10 | GE Vernova T&D India Ltd. | 2.07% |