Axis, HDFC, Kotak, Motilal, Nippon midcap funds: How these 5 schemes performed in 3 and 6 months

While net inflows into midcap funds dropped nearly 33% month-on-month in May, inflow data for the first five months of the year show that this segment continues to draw significant investor interest despite market volatility.

But how are midcap funds performing in terms of returns during this period, you may ask? There are over 30 equity midcap schemes listed by the Association of Mutual Funds in India (AMFI) on its website. For a general overview of the midcap fund segment, this article examines how the five largest midcap schemes by assets under management (AUM) have performed in 2026 over the past 3 to 6 months.

Please note this exercise is for educational and informational purposes only. Periods of 3 or 6 months, or even 1-2 years, are very short durations to evaluate a midcap fund. As these invest purely in equities, they are not considered suitable for short-term goals.

Midcap scheme returns

Source: Ace MF

Axis Midcap Fund

Launched on 18 February 2011, this scheme's AUM was ₹32,852 crore on May 31, 2026. Over 70% of the scheme's portfolio is invested in midcap funds, and it has delivered 4.03% returns in 3 months, 2.89% in 6 months. In both these durations, the scheme benchmark delivered -4.1% and -9.56% returns respectively.

The scheme ranked 17th among 34 schemes in three months and 10th among 32 schemes in six months in terms of returns, according to ACE MF.

HDFC Midcap Fund

Launched on 25 June 2007, this scheme's AUM was Rs 97,350 crore on May 31, 2026. Nearly 65% of the scheme's portfolio is invested in midcap funds and it has delivered 1.67% absolute returns in 3 months, -1.49% in 6 months. In both these durations, the scheme's benchmark delivered 4.08% and 1.23% returns respectively.

The scheme ranked 32 among 34 schemes in three months and 29th among 32 schemes in six months in terms of returns, according to ACE MF.

Kotak Midcap Fund

Launched on 30 March 2007, this scheme's AUM was Rs 64,749 crore on May 31, 2026. Nearly 72% of the scheme's portfolio is invested in midcap funds and it has delivered 4.57% absolute returns in 3 months, 3.21% in 6 months. In both these durations, the scheme's benchmark delivered 4.08% and 1.23% returns respectively.

The scheme ranked 14 among 34 schemes in three months and 7th among 32 schemes in six months in terms of returns, according to ACE MF.

Motilal Oswal Midcap Fund

Launched on 24 February 2014, this scheme's AUM was Rs 36,458 crore on May 31, 2026. Around 71.2% of the scheme's portfolio is invested in midcap funds and it has delivered 3.05% absolute returns in 3 months and -8.86% in 6 months. In both these durations, the scheme's benchmark delivered 4.08% and 1.23% returns respectively.

In terms of returns, the scheme ranked 24 among 34 schemes in three months and 32 among 32 schemes in six months in terms of returns, according to ACE MF.

Nippon India Growth Midcap Fund

Launched on 08 October 2005, this scheme's AUM was Rs 47,415 crore on May 31, 2026. Nearly 66.11% of the scheme's portfolio is invested in midcap funds and it has delivered 3.37% absolute returns in 3 months, 3.71% in 6 months. In both these durations, the scheme's benchmark delivered 4.08% and 1.23% returns respectively.

In terms of returns, the scheme ranked 21 among 34 schemes in three months and 5th among 32 schemes in six months in terms of returns, according to ACE MF.