If you are planning to invest for the long term, then there can be no better start than mutual funds with a track record of 20 to 30 years. The performance of such funds stands the test of time and despite many ups and downs in the market, they have given strong returns to investors. In this story, we have shortlisted 5 oldest large & midcap mutual funds, which have been consistent with their returns even in more than 30 years and their track record still beats many new funds. But let us first understand the benefits and disadvantages of investing in large & midcap funds.
The biggest advantage of investing in funds of large and midcap category is that there is a balance of both stability and growth in them. Largecap companies are stable and protect capital during market downturns, while midcap companies have a higher chance of rapid growth. But it is also worth noting that midcaps have higher volatility, which increases the risk a bit. Therefore, such funds are right for those investors who can invest for a long period and have the mental preparation to withstand market volatility.
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If you’re also on the lookout for mutual funds with a proven track record of over three decades, here are five old and trusted large and midcap funds you should know about. We’ve listed their performance and key details below.
1. UTI Large and Mid Cap Fund
UTI Large & Mid Cap Fund is the oldest fund in this category, which was started on 16 February 1993. It has given an average annual return of 13.90% in its journey of more than 30 years. If we talk about the last 20 years, then this fund has given an annual return of 14.19%, which shows that its performance has been stable and strong over time.
This fund is managed by UTI Mutual Fund and it follows NIFTY LargeMidcap 250 TRI as a benchmark. Its asset under management (AUM) is around Rs 4,544 crore (as on 31 May 2025) and expense ratio is 1.93% (as on 30 June 2025).
In terms of risk, it is placed in the category of “Very High Risk”, that is, it is better for those investors who are ready to invest for the long term and are not afraid of market volatility.
2. SBI Large & Midcap Fund
SBI Large & Midcap Fund was launched on 28 February 1993, and since then it has given an average annual return of 15.08%. If we talk about the last 20 years, then it has given a great annual return of 17.48%, which makes it one of the top performing funds in this category.
This fund invests by considering NIFTY LargeMidcap 250 TRI Index as a benchmark and its riskometer puts it in the category of “Very High Risk”.
The most important thing about SBI Large & Midcap Fund is its size — its AUM or asset under management is Rs 31,296 crore (as on 31 May 2025). The expense ratio is also 1.58%, which is considered decent for a fund of this size.
3. Tata Large and Mid Cap Fund
Tata Large and Mid Cap Fund was launched on 31 March 1993 and since then it has given an average annual return of 13.12%. These returns show that the fund has maintained stability over time. At the same time, in the last 20 years, this fund has given a compound annual return (CAGR) of 15.27%.
This fund follows NIFTY LargeMidcap 250 TRI as a benchmark and falls in the “Very High Risk” category. That is, it has good growth potential but at the same time investors have to be prepared for market volatility. This fund is open-ended, meaning investors can invest or withdraw from it at any time.
The asset under management (AUM) of Tata Large and Mid Cap Fund is Rs 8,546 crore (as on 31 May 2025) and the expense ratio is 1.74% (as on 30 June 2025), which can be considered moderate.
4. HDFC Large & Mid Cap Fund
HDFC Large & Mid Cap Fund was launched on 18 February 1994 and since then it has given an average annual return of 13.01%. If we talk only about the last 20 years, it has given a compound annual growth rate (CAGR) of 13.49%. That is, this fund has faced many ups and downs in the market in more than two decades and has been successful in giving stable returns to the investors.
This fund follows NIFTY LargeMidcap 250 TRI as a benchmark and is placed in the category of “Very High Risk”.
Its AUM is Rs 25,412 crore (as on 31 May 2025), which shows that investors have a strong confidence in this fund. The expense ratio is 1.64% (till June 30, 2025), which can be considered average in this category.
5. Aditya Birla Sun Life Large & Mid Cap Fund
Aditya Birla Sun Life Large & Mid Cap Fund was launched on 24 February 1995, and it proves to be the strongest fund in this list in terms of returns. Since its launch, it has given an impressive annual return of 16.74%, making it a strong contender for long-term wealth creation. However, if we talk about the last 20 years only, then its CAGR has been slightly less i.e. 13.78% – which is still considered good.
This fund also follows NIFTY LargeMidcap 250 TRI as a benchmark and falls in the “Very High Risk” category on the riskometer. That is, there is a lot of potential for growth in it but at the same time investors should have the ability to deal with the ups and downs of the market.
The scheme has an asset under management (AUM) of Rs 5,737 crore (as of 31 May 2025) and an expense ratio of 1.89% (as of 30 June 2025).
Also read: Best multi cap mutual funds to invest in 2025
Summing up …
Among these five funds, if we talk about the returns of the last 20 years, then SBI Large and Midcap Fund has given the highest annual return of 17.48%. On the other hand, if we look at the data since launch, Aditya Birla Sun Life Large and Mid Cap Fund is at the forefront, which has given an excellent compound return of 16.74%.
However, it is important that investors take these figures only as an indication. These are all past returns, which tell how the funds have performed in the past. But mutual funds are market linked, and future returns may be different from this. Therefore, before investing in any fund, keep in mind your financial goals and risk taking capacity.
Disclaimer: The above content is for informational purposes only. Mutual Fund investments are subject to market risks. Please consult your financial advisor before investing.