Franklin India Mid Cap Fund, erstwhile Franklin India Prima Fund, is one of the oldest mutual funds overall and the oldest in the midcap fund space in India. There are only three midcap mutual funds that have completed over 30 years. The other two are – Tata Mid Cap Fund and Taurus Mid Cap Fund. Operating for over three decades, Franklin India Mid Cap Fund’s portfolio spreads across sectors, and its time-tested performance has given it special recognition among investors. Let’s take a look at the journey, performance, and portfolio of this fund so far.
Launched in 1993, an unmatched track record till date
Launched as Franklin India Prima Fund on December 1, 1993, the scheme was recently renamed as Franklin India Mid Cap Fund. It was originally launched by Pioneer ITI Mutual Fund. Later American asset management company Franklin Templeton acquired Pioneer ITI.
Franklin Templeton entered India in 1996 and since then, the firm has become a respected name in the Indian mutual fund industry.
Not just history, but strong performance even today
Franklin India Mid Cap Fund has delivered an annualised return of 19.42% since its launch. This has resulted in an investment of Rs 1 lakh growing to Rs 2.77 crore in 31.7 years.
The fund has consistently performed well over the past few years, as shown in its track record:
3-year return: 24.30% CAGR
5-year return: 26.68% CAGR
10-year return: 15.00% CAGR
20-year return: 16.23% CAGR
The fund is benchmarked to BSE 150 MidCap TRI and is placed in the “Very High” risk category. This is an open-ended scheme, i.e. you can invest and exit anytime.
As of June 30, 2025, the AUM (Asset Under Management) of this fund is Rs 12,785 crore and its expense ratio is 1.76%.
Franklin India Mid Cap Fund exposure to sectors, companies
Franklin India Midcap Fund has a balanced investment across sectors:
Financials: 19.93%
Consumer Discretionary: 18.06%
Industrials: 12.95%
Materials: 12.64%
Healthcare: 11.8%
Technology: 9.34%
Real Estate: 5.82%
The top holdings of this fund include:
The Federal Bank (3.41%)
Max Financial (2.18%)
Prestige Estates (2.12%)
APL Apollo Tubes (2.04%)
Mphasis (2.01%)
HDFC Bank and Cummins India (1.91% each)
JK Cement (1.89%)
All these companies are strong and stable midcap companies in their respective sectors, which have the potential to deliver growth in the future.
Investors should not go only by past returns
Although this fund has performed well in the last 30 years, future returns are not determined by past performance. No investor should invest just by looking at past returns. Market conditions, the direction of the economy, and the performance of the company – all these affect future returns. Therefore, consult your financial advisor before investing.
Summing up…
Franklin India Midcap Fund has established itself as a strong and reliable fund in the mid-cap category. If you think of long-term investment and can handle risk, then this fund can play an important role in your portfolio growth.