Aditya Birla Sun Life Large Cap Fund: 23 years track record of outperformance and wealth creation

Current market context

Equity market rebounded in September in the wake of GST rate rationalization. After three consecutive months of sell-off, FIIs turned net buyers in October with Rs 6,480 crores of net equity purchase till MTD 17^th October 2025 (source: NSDL). While the market recovery has been broad based, the market has to contend with risk factors like impact of US tariffs on earnings of exporters, shifting geopolitical dynamics and fiscal concerns. In current market scenarios large cap funds may offer relative stability to investors’ portfolios

Why large cap?

• As per SEBI’s categorization, the 100 largest companies by market capitalization are classified as large cap companies.


• These companies are market leaders in their respective industry segments and are better positioned to withstand economic downturns compared to smaller companies


• Large cap stocks have high percentage of institutional (both DII and FII) ownership, are traded in large volumes and hence are more liquid than mid and small cap stocks.


• Large cap stocks are relatively less volatile than mid / small cap stocks and experience smaller drawdowns compared to the other two market cap segments (see the chart below).
  
  

  

  Source: NSE, Advisorkhoj Research. Period: 1^st January 2015 to 30^th September 2025



• The correction has brought large caps stocks to reasonable levels compared to midcap and small cap stocks, which are trading at premium to large cap valuations.

Source: NSE, Advisorkhoj Research. Period: 1^st September 2024 to 30^th September 2025

In this article, we will review Aditya Birla Sun Life Large Cap Fund (erstwhile Aditya Birla Sun Life Frontline Equity Fund), one of the most popular large cap funds with over Rs 30,000 crores of AUM (as on 30^th September 2025) with a vintage of over 23 years.

Wealth creation track record

The chart below shows the growth of Rs 1 lakh investment in Aditya Birla Sun Life since the inception of the scheme. You can see that your investment would have multiplied nearly 54X to nearly Rs 54 lakhs (as on 17^th October 2025). You can also see that the fund outperformed benchmark index, Nifty 100 TRI during this period.

Source: Advisorkhoj Research, as of 17^th October

Outperformed benchmark across different market conditions

The fund outperformed the benchmark index over sufficiently long investment tenures (e.g., 5 years) across different market conditions over the last 20 years (see the chart below).

Source: Advisorkhoj Research, as of 17^th October

The fund outperformed the benchmark index across different investment tenures. Over 7 years plus investment tenures, the fund outperformed the benchmark both in terms of upside potential and downside risks.

Source: Advisorkhoj Research, as of 17^th October. 1 Aditya Birla Sun Life Large Cap Fund. 2 Nifty 100 TRI

The table below shows the returns distribution of Aditya Birla Sun Life Large Cap Fund versus the benchmark index over different investment tenures. You can see that the fund had lesser percentage instances of negative returns compared to the benchmark. At the same time, the fund had higher percentage instances of 12%+, 15%+ and 20%+ CAGR returns over different investment tenures compared to the benchmark index. In other words, the risk / return trade-off offered by the fund was superior to the benchmark.

Source: Advisorkhoj Research, as of 17^th October. 1 Aditya Birla Sun Life Large Cap Fund. 2 Nifty 100 TRI

Outperformed peer average across different market conditions

The fund outperformed the category average over sufficiently long investment tenures (e.g., 5 years) across different market conditions over the last 20 years (see the chart below).

Source: Advisorkhoj Research, as of 17^th October

The fund outperformed the category average across different investment tenures (see the table below).

Source: Advisorkhoj Research, as of 17^th October. 1 Aditya Birla Sun Life Large Cap Fund. 2 Large Cap Funds category average

You can see that the fund had lesser percentage instances of negative returns compared to the benchmark. At the same time, the fund had higher percentage instances of 12%+, 15%+ and 20%+ CAGR returns over different investment tenures compared to the category. In other words, the risk / return trade-off offered by the fund was superior to the category.

Source: Advisorkhoj Research, as of 17^th October. 1 Aditya Birla Sun Life Large Cap Fund. 2 Large Cap Funds category average

Wealth creation through SIP

The chart below shows the growth of Rs 10,000 monthly SIP in Aditya Birla Large Cap Fund versus the benchmark index since the inception of the fund. With a cumulative investment of just Rs 27.8 lakhs you could have accumulated a corpus of Rs 2.5 crores.

Source: Advisorkhoj Research, as of 17^th October

Aditya Birla Sun Life Large Cap Fund almost always gave double digit SIP returns (XIRR) since its inception. Average 10 years monthly SIP XIRR of the fund was 14.5%.

Source: Advisorkhoj Research, as of 17^th October

The fund had higher percentage instances of 12%+, 15%+ and 20%+ SIP XIRR over different SIP tenures compared to the benchmark index.

Source: Advisorkhoj Research, as of 17^th October

Limited downside risks for investors

The fund experienced smaller drawdowns compared to the benchmark index and was able to limit downside risks for investors.

Source: Advisorkhoj Research. Period: 1^st October 2005 to 30^th September 2025

Strong SWP track record

The chart below shows the results of Rs 30,000 monthly SIP from Rs 50 lakh investment in Aditya Birla Sun Life Large Cap Fund. You can see that despite withdrawing Rs 72 lakhs (more than what was invested), the value of the balance units as on 17th October 2025 would have grown to Rs 4.8 crores.

Source: Advisorkhoj Research. Period: 1^st October 2005 to 17^th October 2025

Consistency in outperformance

Aditya Birla Sun Life Large Cap Fund was in the Top 2 quartiles 7 times in the last 11 years (including YTD 2025).

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

The fund showed strong consistency even in quarterly performance. It was in the Top 2 quartiles 7 times in the last 12 quarters.

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

Current portfolio positioning

Source: Aditya Birla Sun Life MF, Advisorkhoj Research, as on 30^th September 2025

Who can invest in Aditya Birla Sun Life Large Cap Fund?

• Investors seeking capital appreciation or wealth creation over long investment horizon.


• Investors seeking exposure to India’s largest companies.


• Suitable for new or first-time investors.


• Investors should have high risk appetite for this fund.


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

Investors should consult with their financial advisors or mutual fund distributors if Aditya Birla Sun Life Large Cap Fund is suitable for their investment needs.