How a ₹5000 SIP in top 5 midcap funds by AUM grew since launch

The top five midcap funds by assets under management (AUM) currently include schemes from HDFC Mutual Fund, Kotak Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, and Axis Mutual Fund.

This article analyses how a monthly SIP of ₹5,000 in the direct plan of these schemes has grown over the 10-year period ended August 4, 2026, and highlights key observations on their portfolios and performance.

Before reading further, please note this exercise is intended solely for educational and informational purposes. It should not be construed as a recommendation to invest in any of the schemes mentioned.

Performance of top 5 midcap funds by AUM

Data shows that the direct plan of Motilal Oswal Mid Cap Fund has delivered the highest CAGR since inception among these schemes. Since its launch on February 24, 2014, the fund has generated a CAGR of 21.9%, turning a ₹5,000 monthly SIP into ₹17.8 lakh over 10 years. This is higher than the SIP corpus generated by the HDFC, Kotak and Axis mid-cap funds.

Nippon India Growth Mid Cap Fund has delivered a relatively lower CAGR of 18.4% since its launch on January 1, 2013. Although its return since inception is lower than those of the other four schemes, a ₹5,000 monthly SIP in the fund has grown to ₹18 lakh over 10 years, marginally outperforming the SIP values generated by the other schemes.

The value of a ₹5,000 SIP in Axis Mid Cap Fund over 10 years is lower than that of the other schemes. While four of the five funds are benchmarked against the Nifty Midcap 150 TRI, Axis Mid Cap Fund tracks the BSE Midcap 150 TRI.

Interestingly, funds with relatively higher allocations to large-cap stocks have generated higher SIP values (see below). For instance, Motilal Oswal Mid Cap Fund and Nippon India Growth Mid Cap Fund had 26.25% and 22.59% allocations, respectively, to large-cap stocks till June 30, 2026. These funds turned a ₹5,000 monthly SIP into ₹17.8 lakh and ₹18 lakh, respectively, over 10 years.

Motilal Oswal Mid Cap Fund had the lowest allocation to small-cap stocks at just 1.49% (see below), while three of the other four schemes had double-digit allocations to small-cap stocks.

The above observations are based solely on the data for the five schemes analysed above and should not be generalised. Mutual fund performance can vary significantly across schemes, market cycles and portfolio strategies, and outcomes may differ on a case-by-case basis.

Asset allocation

No winner across all time periods

Each of these schemes have out-performed its peers over different investment horizons, suggesting there is no single winner across all time periods.

The above table highlight that leadership among mid-cap funds can shift significantly across different time horizons. Investors may be better off evaluating performance across multiple periods rather than relying on returns from a single timeframe.

For instance, Motilal Oswal Mid Cap Fund outperformed others over the three-month and five-year periods with returns of 11.36% and 22.99%, respectively. Nippon India Growth Mid Cap Fund was the top-performer over three-year period with a return of 21.90%.

Axis Midcap Fund outperformed others over the six-month period, delivering a return of 9.26%, while HDFC Mid Cap Fund led the pack over the one-year period with a return of 10.98%.

Meanwhile, Kotak Midcap Fund delivered better returns than HDFC, Motilal and Nippon India midcap funds over the six month, although was not the top performer in any of the periods considered.