Top Mid cap Mutual Funds in India: People at large have suffered for years due to a lack of financial education for years, particularly when it comes to investing in depth. This may be due to a lack of time to actively manage a portfolio among many others. This is where mutual funds come to the rescue. It makes sense for them to go for mutual funds instead of putting their hard-earned money at risk by investing themselves.
From the vast universe of mutual funds, we present the ‘top mid-cap mutual funds in 2023’ for risk-taking mutual fund investors looking forward to market-beating returns.
Top Mid Cap Mutual Funds in 2023
For putting together a list of the top mid cap mutual funds in India to invest in 2023, we compared the funds across key parameters such as 3-yr annualized returns, expense ratios, assets under management, and more. Without further ado, let us jump in.
Top Mid Cap Mutual Funds in India #1 – PGIM India Midcap Opportunities Fund
|Fund Company||PGIM India Asset Management||Size (AUM in Cr)||7,558|
|3-yr returns (CAGR)||32.50%||1-yr return||-2.97%|
|Expense ratio||0.44%||Inception Date||December 02, 2013|
|Exit Load (after 1-yr)||nil||#Stocks Held||47|
PGIM India Mutual Fund is a subsidiary of Prudential Financial, a US-based global investment management firm. PGIM India Midcap Opportunities Fund was started on December 02, 2013, and has been a top performer in the midcap space for the last three years.
The fund has generated an impressive annualized return of 32.50% for investors over the previous three years. Its 1-year return stands at -2.97%. It commands Rs 7,558 crore as assets under management (AUM).
The midcap fund has invested 90.66% of its assets in stocks with Cummins India (4.15%), HDFC Bank (3.90%), and Bata India (3.67%) as its top three holdings. Its annual expense ratio is 0.44%.
Mr Aniruddha Naha has been managing the fund since January 6, 2021. He comes with over 22 years of industry experience and currently manages PGIM India Diversified Equity Fund and PGIM India Midcap Opportunities Fund as Senior Fund Manager – Equity at PGIM India Asset Management Pvt. Ltd.
Top Mid Cap Mutual Funds in India #2 – HDFC Mid-Cap Opportunities Fund
|Fund Company||HDFC Asset Mgmt. Co.||Size (AUM in Cr)||35,731|
|3-yr returns (CAGR)||23.31%||1-yr return||9.63%|
|Expense ratio||0.94%||Inception Date||Jan 01, 2013|
|Exit Load (after 1-yr)||nil||#Stocks Held||63|
HDFC Mid-Cap Opportunities Fund is the largest mid-market mutual fund with an AUM of Rs 35,731 crore. It was launched on January 01, 2013, and is being managed by Chirag Setalvad since then. He has more than 18 years of experience in fund management and equity research.
The fund holds some 63 stocks in its portfolio with the top ten holdings accounting for almost 34.2% of the assets held. It has returned 23.31% every year for the last three years. Its one-year return is an impressive 9.63% when compared with negative or nil returns of the other funds. The expense ratio for the direct plan is 0.94%.
The mid-cap opportunities fund has put 95.54% of its assets in stocks with Indian Hotels Company (4.64%), Max Healthcare Institute (3.61%), and Bharat Electronics (3.61%) as its top three holdings.
Top Mid Cap Mutual Funds in India #3 – Kotak Emerging Equity Fund
|Fund Company||Kotak Mahindra Asset Mgmt. Co.||Size (AUM in Cr)||23,335|
|3-yr returns (CAGR)||22.11%||1-yr return||4.28%|
|Expense ratio||0.49%||Inception Date||Jan 30, 2013|
|Exit Load (after 1-yr)||nil||#Stocks Held||70|
Kotak Emerging Equity Fund is the second largest mid-cap mutual fund in India with an AUM of Rs 23,335 crore.
It has generated an impressive long-term return of 19.53% p.a. since its inception on January 01, 2013. The fund has been under the stewardship of Mr. Pankaj Tibrewal since June 21, 2010, who comes with 20 years of exposure to the mutual fund industry.
The fund is one of the most diversified with 70 stock holdings. Its 32.25% of the assets are held in the top 10 stocks. Supreme Industries (4.23%), Schaeffler India (3.84%), and Solar Industries India (3.58%) are the largest holdings of the fund.
Kotak Emerging Equity Fund has generated an annualized return of 22.1% p.a. in the last three years with 4.28% gains in the past twelve months. The expense ratio of the fund is 0.49%.
Top Mid Cap Mutual Funds in India #4 – SBI Magnum Midcap Fund
|Fund Company||SBI Funds Mgmt.||Size (AUM in Cr)||8,426|
|3-yr returns (CAGR)||24.46%||1-yr return||1.28%|
|Expense ratio||0.98%||Inception Date||Jan 01, 2013|
|Exit Load (after 1-yr)||nil||#Stocks Held||57|
SBI Magnum Midcap Fund is an 18-year-old mid-cap mutual fund with assets under management of Rs 8,426 crore. It was launched on January 01, 2013 and is being managed by Ms Sohini Andani since July 2010. An ICAI graduate, she has an experience of more than 23 years.
It has given a CAGR return of 24.46% for the last three years and a 1.28% return in the last 12 months. SBI Magnum Midcap has made a 94.71% allocation of its assets to equities with CRISIL (5.10%), Tube Investments of India (4.61%), and Page Industries (4.46%) as its top three investments.
The expense ratio for the direct plan of the fund is 0.98% every year, one of the highest in our list of top mid-cap mutual funds.
Top Mid Cap Mutual Funds in India #5 – Mirae Asset Midcap Fund
|Fund Company||Mirae Asset Investment Managers (India)||Size (AUM in Rs Cr)||9,002|
|3-yr returns (CAGR)||24.32%||1-yr return||-0.04%|
|Expense ratio||0.61%||Inception Date||July 29, 2019|
|Exit Load (after 1-yr)||nil||#Stocks Held||56|
Mirae Asset Investment Managers (India) is one of the fastest-growing AMCs in India. Its Mirae Asset Midcap Fund has been one of the top mid-cap mutual funds with a 3-yr annualized return of 24.32% to its investors. Its 1-yr return stands at -0.04%.
The fund is comparatively new against the other top mid-cap mutual funds which we have presented in this article. It was launched on July 29, 2019, and has grown to amass assets under the management of Rs 9,002 crore.
Mr Ankit Jain has been managing the fund since 2019. He is a graduate of NMIMS, Mumbai, and has been working at Mirae since 2015.
The fund holds 56 stocks in its portfolio. It counts The Federal Bank (4.37%), Bharat Forge (4.10%), and Axis Bank (3.71%) as its top three holdings. Its largest ten equity holdings make up 32.20% of the total assets.
The expense ratio of Mirae Asset Midcap Fund was 0.61% as of December 31, 2022.
List of Top Mid Cap Mutual Funds in 2023
The table below summarises our findings on the top mid-cap mutual funds in 2023.
|Fund name||Size (AUM in Rs Cr)||3-yr return (annualised)||1-yr return||Expense ratio||Top 3 holdings||Assets in Top 10 Holdings||#Stocks Held|
|PGIM India Midcap Opportunities Fund||7,558||32.50%||-2.97%||0.44%||Cummins India (4.15%), HDFC Bank (3.90%) & Bata India (3.67%)||34.87%||47|
|SBI Magnum Midcap Fund||8,426||24.46%||1.28%||0.98%||CRISIL (5.10%), Tube Investments (4.61%) & Page Industries (4.46%)||37.85%||57|
|Mirae Asset Midcap Fund||9,002||24.32%||-0.04%||0.61%||The Federal Bank (4.37%), Bharat Forge (4.10%) & Axis Bank (3.71%)||32.20%||56|
|HDFC Mid-Cap Opportunities Fund||35,731||23.31%||9.63%||0.94%||Indian Hotels Co. (4.64%), Max Healthcare Inst. (3.61%) & Bharat Electronics (3.61%)||34.29%||63|
|Motilal Oswal Midcap 30 Fund||3,627||22.70%||10.33%||0.87%||CG Power and Ind. Sol. (10.62%), Phoenix Mills (10.49%) & Tube Investments (10.33%)||59.42%||32|
|Nippon India Growth Fund||13,597||22.13%||2.65%||1.04%||AU Small Finance Bank (3.58%), Varun Beverages (3.53%) & Cholamandalam Fin. Holdings (2.82%)||25.87%||87|
|Kotak Emerging Equity Fund||23,335||22.11%||4.28%||0.49%||Supreme Industries (4.23%), Schaeffler India (3.84%) & Solar Industries (3.58%)||32.25%||70|
|UTI Mid Cap Fund||7,230||21.91%||-1.50%||0.99%||Tube Investments (4.37%), Cholamandalam Invest. & Fin. Co. (3.14%) & The Federal Bank (3.05%)||25.95%||72|
We are at the end of our article on the top mid-cap mutual funds in 2023. While investing in mutual funds an investor must remember that past performance doesn’t necessarily guarantee future returns.
Furthermore, a higher-than-usual expense ratio doesn’t mean that a fund should be avoided altogether. When invested, the investor should give ample time, ideally 3 to 5 years to judge the fund performance.
In your opinion, what other points should one keep in mind while investing in mutual funds? How about you let us know in the comments below?
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Vikalp Mishra is a commerce graduate from the University of Delhi. He likes to write on finance, money and business. He is a voracious reader with a genuine interest in investing. Drop him a mail at [email protected]
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