Only 4 mid-cap funds cross17% in 3-year SIP returns; HSBC Midcap led at 20.70% while HDFC and Kotak lagged

HSBC Midcap Fund delivered the highest three-year SIP return among the mid-cap funds in the data, at 20.70%. (AI-generated image used for representational purpose)AI Quick ReadMid-cap funds have delivered mixed returns for SIP investors over the past three years. Only four funds in the list provided by Value Research delivered more than 17% annualised returns, while several large funds by assets delivered lower returns.

HSBC Midcap Fund topped the list with a 20.70% three-year SIP return. Invesco India Mid Cap Fund, WhiteOak Capital Mid Cap Fund and ICICI Prudential Mid Cap Fund were the other three funds to cross the 17% mark.

HSBC Midcap Fund delivered the highest three-year SIP return among the mid-cap funds in the data, at 20.70%. Invesco India Mid Cap Fund followed with 18.82%, while WhiteOak Capital Mid Cap Fund delivered 18.39%. ICICI Prudential Mid Cap Fund was the fourth fund to cross the 17% mark, with a return of 17.16%.

The gap between the top four and the next set of funds was significant. Bandhan Mid Cap Fund delivered 14.82%, followed by Edelweiss Mid Cap Fund at 14.58% and JM Mid Cap Fund at 14.53%.

Union Midcap Fund and Mirae Asset Midcap Fund delivered 14.29% and 14.06%, respectively. Kotak Mid Cap Fund returned 13.67%, while ITI Mid Cap Fund delivered 13.54%.

Several other funds were below the 13% mark. Canara Robeco Mid Cap Fund delivered 13.23%, Mahindra Manulife Mid Cap Fund 13.17% and Sundaram Mid Cap Fund 12.86%. Axis Midcap Fund returned 12.71%, while Nippon India Growth Mid Cap Fund delivered 12.67%.

At the lower end, Quant Mid Cap Fund recorded a three-year SIP return of 4.48%, the lowest in the data. SBI Midcap Fund delivered 7.04%, while PGIM India Midcap Fund returned 8.34%.

The largest mid-cap funds by assets did not necessarily deliver the highest three-year SIP returns. Value Research data shows that HDFC Mid Cap Fund was the largest fund in the list, with net assets of ₹1,05,143 crore. Its three-year SIP return was 12.45%.

Kotak Mid Cap Fund, the second-largest fund in the category with ₹69,283 crore in net assets, delivered a three-year SIP return of 13.67%. Nippon India Growth Mid Cap Fund, with ₹50,751 crore in assets, returned 12.67%.

Motilal Oswal Midcap Fund had ₹40,036 crore in net assets but delivered 11.02%. Axis Midcap Fund, with ₹34,404 crore, returned 12.71%, while SBI Midcap Fund delivered 7.04% despite having ₹24,354 crore in assets.

The data shows that a fund's size does not necessarily translate into higher recent returns. Investors should therefore avoid choosing a mid-cap fund solely on the basis of AUM or short-term performance. Investment strategy, portfolio construction, risk and performance consistency across market cycles also matter.

Kirti Jha is a Senior Content Producer at Mint, where she writes on mutual funds, taxation, personal finance and macroeconomic developments. Her reporting focuses on helping readers understand complex financial developments through data-driven, research-backed stories that explain how policy changes, market trends and regulatory decisions affect investors and households. <br><br> Before joining Mint, Kirti worked at ET Money, where she specialised in mutual fund research and investment analysis. She tracked portfolio disclosures, fund manager strategies, sectoral allocation shifts and investment trends, distilling large datasets into investor-focused insights. Her work combined quantitative analysis with consumer-centric storytelling, enabling readers to better understand fund positioning, portfolio changes and long-term investment opportunities.<br><br> Kirti holds a Bachelor&#x27;s degree in Economics from Indraprastha College for Women, University of Delhi, and a Master&#x27;s in Finance from the Jindal School of Banking & Finance at O.P. Jindal Global University. Her academic training emphasised analytical thinking, quantitative research and financial decision-making, providing a strong foundation in understanding capital markets, financial systems and economic policy. With a combined experience in investment research and financial journalism, she is committed to producing accurate, accessible and insightful journalism that empowers readers to make well-informed financial decisions.

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