Motilal Oswal Large and Midcap Fund
This fund is an open-ended equity scheme launched on 17 October 2019. It aims for medium to long-term capital appreciation by investing primarily in large and mid cap stocks, and its benchmark is the Nifty Large Midcap 250 TRI. The fund runs a focused portfolio of 34 stocks, and its net assets have grown from ₹349 crore in 2019 to ₹20,159 crore as on 8 October 2026.
(A) Basic Details
| Particulars | Details |
|---|---|
| Fund House | Motilal Oswal Asset Management Company Ltd. |
| Category | Large and Mid Cap Fund |
| Launch Date | 17 October 2019 |
| AUM | ₹20,159 crore (as on 8 October 2026) |
| NAV (Growth) | Regular Plan: ₹35.61 | Direct Plan: ₹39.31 |
(B) Portfolio Classification
The portfolio is split almost evenly between large caps (41.56%) and mid caps (40.76%), with a further 14.70% in small caps and 2.98% in cash and others. It is also concentrated: the top 5 holdings make up 25.68% and the top 10 make up 45.44%, led by One97 Communications (6.15%), Eternal (5.37%) and Shriram Finance (4.81%).
By sector, the fund is overweight industrials (21.09% against 14.36% for the category) and materials (12.20% against 8.80%), and underweight financials (19.60% against 27.89%), as per Value Research.
(C) Fund Manager & Tenure
The equity component is managed by Mr. Ajay Khandelwal (since December 2023), Mr. Atul Mehra (since October 2024) and Mr. Ankit Agarwal (since March 2026), with more than 18, 15 and 20 years of experience respectively. Mr. Rakesh Shetty has managed the debt component since November 2022. As the newest co-manager joined only in March 2026, continuity of approach is worth tracking.
(D) Investment Details
| Particulars | Details |
|---|---|
| Minimum Lumpsum / SIP | ₹500 / ₹500 |
| Exit Load | 1% if redeemed within 365 days, Nil thereafter |
| Lock-in | None |
| Expense Ratio | Regular Plan: 1.81% | Direct Plan: 0.59% (base) |
(E) Returns Generated
The fund has stayed well ahead of its benchmark and category over every trailing period. Over 3 years it returned 18.93% a year against 10.03% for the benchmark and 10.96% for the category, and over 5 years 16.41% against 9.88% and 9.79%. Even over 1 year, when both were negative, it delivered 3.50%.
Calendar year returns show the record has been strong but uneven. The Direct Plan returned 40.01% in 2023 and 47.57% in 2024, ranking first in its category both years, but it fell 3.12% in 2025 against a gain of 8.93% for the index, ranking 44 among 54 funds.
(F) Risk Factors
The fund’s standard deviation of 19.17% is close to the category’s 18.92%, and its Sharpe ratio of 0.66 is ahead of the category’s 0.39. It has captured 111.29% of the benchmark’s upside against 94.98% for the category, with a downside capture of 99.24%. Key risks to keep in mind:
- Very High riskometer: over half the portfolio sits in mid and small cap stocks, which can fall sharply in weak markets.
- Concentration and valuation: 45.44% in the top 10 stocks and a portfolio P/E of 49.36x leave little room for disappointment.
- Size: a corpus of ₹20,159 crore is harder to manage in mid and small caps than a small one.
(G) Investment Philosophy
- Seeks medium to long-term capital appreciation, investing primarily in large and mid cap stocks.
- Holds a focused portfolio of 34 stocks, with 97.02% in equity and some small cap exposure (14.70%).
- Suited to investors with a 5 year or longer horizon who are comfortable with market ups and downs.
(H) Taxability on Earnings
- Long-term capital gains (held over 1 year): gains up to ₹1.25 lakh a financial year are exempt, and gains above that are taxed at 12.5%.
- Short-term capital gains (sold within 1 year): taxed at 20%.
- Dividends (IDCW): taxed as per the applicable slab, with 10% TDS if dividend income exceeds ₹10,000 in a financial year.
Disclaimer: Mutual fund investments are subject to market risks. Please read all scheme related documents carefully before investing. Past performance may or may not be sustained in the future. This article is for informational purposes only and is not investment advice.
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