Nippon India Large Cap Fund: One of the best performance track records among large cap funds

Nippon India Large Cap Fund has completed 18 years since its launch. A long-time favourite with investors, the fund has crossed Rs 50,000 crores of AUM. As per SEBI’s mandate, the fund invests at least 80% of its assets in large cap stocks (top 100 stocks by market capitalization). Nippon India large cap fund has been one of the best performing large cap fund over the last several years. In this article, we will review the performance and discuss how this fund has been so popular with investors.

The graphic below shows quartile ranking of Nippon India Large Cap Fund over the last 10 years. You can see that the fund was in the top 2 quartiles 8 times in the last 11 years – impressive performance consistency.

Source: Advisorkhoj Research, as on 30^th November 2025

The fund showed robust performance consistency even on a quarter to quarter basis. The chart below shows the quartile ranking of Nippon India Large Cap Fund – quarterly returns over the last 12 quarters. The fund was in top 2 quartiles 10 times (7 times in top quartile) in the last 12 quarters.

Source: Advisorkhoj Research, as on 30^th September 2025

The chart below shows the 3 year rolling returns of Nippon India Large Cap versus category average since the inception of the fund. You can see that the Nippon India Large Cap consistently outperformed the category average across different market conditions most of the time.

Source: Advisorkhoj Research, as on 5^th December 2025

The table below shows the median and minimum rolling returns of Nippon India Large Cap Fund versus category average for different investment tenures since the inception of the fund. You can see that median returns of the fund were higher than the category average across tenures. At the same time, the minimum returns of the fund were higher than the category across tenures – superior risk adjusted returns across different investment tenures

Source: Advisorkhoj Research, as on 5^th December 2025

The chart below shows the rolling returns distribution of the fund versus category average for different investment tenures since the inception of the fund. You can see that the fund has lesser instances of negative returns and more instances of 12%+ CAGR returns compared to category average – superior investment experience.

Source: Advisorkhoj Research, as on 5^th December 2025

Highest risk adjusted returns – Sharpe ratio

Sharpe Ratio is a measure of risk adjusted returns of a mutual fund scheme. We have compared the Sharpe Ratios of all the schemes in the large cap category (see the chart below). Nippon India Large Cap Fund had the highest Sharpe Ratio – highest risk adjusted returns.

Source: Advisorkhoj Research, as on 30^th November 2025

Limited downside risks

The chart below shows the drawdowns of Nippon India Large Cap Fund versus the large cap benchmark index. You can see that the fund was able to limit downside risks for investors.

Source: Advisorkhoj Research, as on 5^th December 2025

Wealth creation through SIP

The chart below shows the growth of Rs 10,000 monthly SIP in Nippon India Large Cap Fund since the inception of the scheme. You can see that with cumulative investment of Rs 22 lakhs you could have accumulated Rs 1.04 crores with an XIRR of ~ 15% - strong wealth creation track record.

Source: Advisorkhoj Research, as on 5^th December 2025

The chart below shows the rolling 10 year SIP XIRR of Nippon India Large Cap Fund. You can see that the fund returned double digit SIP XIRR most of the time.

Source: Advisorkhoj Research, as on 5^th December 2025

The table below shows the rolling SIP XIRR distribution of Nippon India Large Cap Fund for different investment tenures. You can see that for 8 year plus tenure, the fund was able to give 12%+ XIRR in nearly 90% of the instances, irrespective of when you started the SIP. This shows the importance of having long investment tenures for your SIP - at least 8 to 10 years or longer.

Source: Advisorkhoj Research, as on 5^th December 2025

Current portfolio positioning

Source: Nippon India MF, as on 31^st October 2025

Why invest in Nippon India Large Cap Fund?

• Active share - Follows the principle of INVESTING against INDEXING (benchmark hugging) to generate superior returns (alphas for investors).


• Taking a stance – Takes the right amount of risk tactically, attempting to benefit from market distortions.


• Not overpaying for growth – Follows Growth at Reasonable Price (GARP) investing style.


• Research driven investing – High conviction investing backed by research ideas.

Who can find Nippon India Large Cap Fund suitable?

• Investors seeking capital appreciation over long investment tenues


• Investors saving and investing for long term goals like retirement planning, children’s education, house purchase etc


• Investors who do not have appetite for very high volatility


• First time investors may find this fund suitable


• Investors with minimum 5 year investment horizon

Investors should consult with their financial advisors or mutual fund distributors if Nippon India Large Cap Fund is suitable for their investment needs.