LIC MF Large & Mid Cap Fund
The fund is aggressively repositioning toward financial services and capital goods, betting on cyclical recovery and infrastructure momentum. The wholesale exit of HDFC Bank and Reliance in favour of mid-cap names like Oberoi Realty and Ultratech signals conviction that the manager sees better risk-reward in smaller-cap plays within defensive and constructive sectors. However, the elevated cash position and concentrated top-10 holding suggest caution about valuations, even as 14 fresh additions indicate tactical conviction in sector rotation rather than market timing.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Direct Growth | ₹42.6380 | — | — | — | — | — | — |
| Regular Growth | ₹36.6663 | -0.07% | -4.64% | -6.20% | -1.91% | +15.19% | +13.58% |
| Direct IDCW | ₹33.8283 | — | — | — | — | — | — |
| Regular IDCW | ₹29.6869 | — | — | — | — | — | — |
Portfolio Metrics(latest month)
What Changed2026-03-31 → 2026-04-30
| Stock | Weight |
|---|---|
| Bharti Airtel Ltd. | 3.86% |
| Bajaj Finance Ltd. | 3.09% |
| Max Financial Services Ltd. | 2.29% |
| Oberoi Realty Ltd. | 2.23% |
| Ultratech Cement Ltd. | 2.09% |
| United Spirits Ltd. | 2.02% |
| Cholamandalam Investment & Fin Co Ltd. | 2.00% |
| Sun Pharmaceutical Industries Ltd. | 1.80% |
| Nippon Life India Asset Management Ltd. | 1.79% |
| Avenue Supermarts Ltd. | 1.77% |
| Divi's Laboratories Ltd. | 1.55% |
| Tata Power Company Ltd. | 1.50% |
| JSW Steel Ltd. | 0.98% |
| Leela Palaces Hotels & Resorts Ltd. | 0.29% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | Treps | 6.93% |
| 2 | ICICI Bank Ltd. INE090A01021 | 4.57% |
| 3 | Bharti Airtel Ltd. INE397D01024 | 3.86% |
| 4 | Infosys Ltd. INE009A01021 | 3.30% |
| 5 | Bajaj Finance Ltd. INE296A01032 | 3.09% |
| 6 | Larsen & Toubro Ltd. INE018A01030 | 3.08% |
| 7 | Schaeffler India Ltd. INE513A01022 | 2.80% |
| 8 | Schneider Electric Infrastructure Ltd. INE839M01018 | 2.68% |
| 9 | Apollo Hospitals Enterprise Ltd. INE437A01024 | 2.58% |
| 10 | Marico Ltd. INE196A01026 | 2.57% |
| 11 | Maruti Suzuki India Ltd. INE585B01010 | 2.52% |
| 12 | JSW Infrastructure Ltd. INE880J01026 | 2.51% |
| 13 | InterGlobe Aviation Ltd. INE646L01027 | 2.43% |
| 14 | Aditya Birla Capital Ltd. INE674K01013 | 2.30% |
| 15 | Multi Commodity Exchange Of India Ltd. INE745G01043 | 2.30% |
| 16 | Max Financial Services Ltd. INE180A01020 | 2.29% |
| 17 | Oberoi Realty Ltd. INE093I01010 | 2.23% |
| 18 | GE Vernova T&D India Limited INE200A01026 | 2.19% |
| 19 | Bharat Forge Ltd. INE465A01025 | 2.15% |
| 20 | Axis Bank Ltd. INE238A01034 | 2.09% |
Sector Allocation
Top 10 sectors by % to NAV. Excludes derivatives.