UTI Large & Mid Cap Fund: Strong performance for long term wealth creation

Global financial markets have been thrown into turmoil since war broke out in Middle East. With global energy supplies getting severely disrupted and brent crude price touching USD 100 per barrel major indices have tumbled. Sensex and Nifty broke down below their important sentiment levels of 80,000 and 24,000 respectively. While lingering geopolitical uncertainties are dampening global risk sentiments, India's favourable macro environment and resilient economic growth make Indian equities attractive for long term investors. Valuations are well below peaks in the large cap and midcap segments (see the chart below).

Large and midcaps are also somewhat less volatile than small cap stocks in highly uncertain market. In current market conditions large and midcap funds can provide suitable investment opportunities for long term investors. In this article, we will review UTI Large & Mid Cap Fund, one of the most consistently performing funds in its category.

Source: NSE, Advisorkhoj Research as on 28^th Feb 2026

UTI Large & Mid Cap Fund

UTI Large & Mid Cap Fund (formerly known as UTI Core Equity Fund) invests primarily in large cap (top 100 companies by full market capitalization) and midcap (101^st to 250^th companies by full market capitalization) stocks. As per SEBI's mandate, large and midcap funds must invest minimum 35% each in large and midcap stocks. Large cap stocks endeavour to provide stability & liquidity and mid cap stocks can potentially generate higher returns to the portfolio.

Limited downside in volatile market of past few months

In the chart below, you can see how the UTI Large & Mid Cap Fund has provided relatively better support compared to peers and the benchmark index during the falling markets in the last few months.

Source: Advisorkhoj Research as on 15^th March 2026

Wealth Creation with UTI Large & Midcap Fund

If you had started a monthly SIP of Rs 10,000 into the fund at its inception, then the value of your corpus as on 28^th February 2026 would have become Rs 1.16 Crore against a cumulative investment of Rs 24.7 lakhs only.

Source: Advisorkhoj Research as on 28^th February 2026

Quartile Performance

The fund made a strong turnaround in performance from 2021. It has consistently secured a place in the top 2 quartiles for the last 6 consecutive years (see the graphic below)

Source: Advisorkhoj Research as on 28^th February 2026

The graphic below shows the quarterly returns of the fund for the last 3 years. You can see that the fund was in the top 2 quartiles, 10 times in the last 12 quarters.

Source: Advisorkhoj Research as on 31^st December 2025

Consistently Outperformed its benchmark and category

The chart below shows the 3-year rolling returns of UTI Large & Mid Cap Fund versus its benchmark index since 1^st January 2020. You can see that the fund has consistently outperformed its benchmark index. The median 3-year rolling returns of the fund is higher than that of the benchmark. Consistent alpha generation across different market conditions is one of the hallmarks of strong fund manager performance.

Source: Advisorkhoj Research as on 15^th March 2026

The chart below shows how the 3 year rolling return of UTI Large & Mid Cap Fund versus the Large and Midcap category average since 1^st January 2020. You can see that the fund has consistently outperformed the peer average.

Source: Advisorkhoj Research as on 15^th March 2026

The table shows the rolling returns distribution of the fund. It was able to deliver superior risk / return trade off compared to peer average (see the table below).

Source: Advisorkhoj Research as on 15^th March 2026

Limited downside risks versus the benchmark index

The chart below shows the drawdowns of UTI Large & Mid Cap Fund versus its benchmark index (Nifty Large Midcap 250 TRI). You can see that the fund experienced smaller drawdowns compared to the benchmark, thereby limiting downside risks for its investors.

Source: Advisorkhoj Research (Period: From 1^st January 2022 to 15^th March 2026)

Market Capture Ratio

The up market capture ratio of the fund returns was 100%, which means that the fund was able to capture 100% of the market upside. The down market capture ratio of the fund was 89%, which means that the fund was able to arrest 11% of the market downside.

Current portfolio positioning

The investment strategy of the Fund is built around three tenets: Relative valuation versus history or peers, growth opportunities at reasonable valuations for picking mid and small cap stocks and mean reversion opportunities.

Source: UTI MF Fund Factsheet, as on 28^th February 2026

Who should invest in UTI Large & Mid Cap Fund?

• Investors looking to build their core equity portfolio for long-term goals.


• Investors should have minimum 5-year investment horizon for this fund.


• Investors should have high risk-taking appetite for investing in this fund.


• Investors can invest in this fund through Systematic Investment Plan for long term wealth creation

Investors should consult with their financial advisor or mutual fund distributor if UTI Large & Mid Cap Fund is suitable for their investment needs.