Midcap mutual funds have become powerful wealth creators for disciplined investors. While large caps offer stability and small caps carry aggressive upside, midcaps have delivered a mix of growth and resilience. Over the past decade, they have beaten most major equity categories. The 10-year category average return stands at an impressive 16.22% CAGR, better than large-cap, large & midcap, ELSS, flexi-cap and multi-cap funds. Only small-cap and select thematic categories like technology and energy have managed to surpass them.
Amid this strong landscape, three midcap funds stand out as the top SIP performers, each delivering more than 22% annualised returns over 10 years — making them the best long-term wealth creators in their category.
Top 3 mid-cap SIP champions (10-year SIP returns)
Motilal Oswal Midcap Fund — 22.78% CAGR
Invesco India Mid Cap Fund — 22.73% CAGR
Edelweiss Mid Cap Fund — 22.66% CAGR
What did a Rs 10,000 monthly SIP grow into over 10 years?
Motilal Oswal Midcap Fund: Rs 10,000 SIP turns into Rs 39.96 lakh
Invesco India Mid Cap Fund: Rs 10,000 SIP turns into Rs 39.85 lakh
Edelweiss Mid Cap Fund: Rs 10,000 SIP into Rs 39.67 lakh
Even with a narrow difference in returns, all three delivered nearly 4-times wealth growth — showcasing how midcaps reward long-term SIP investors.
Lump-sum rankings tell a slightly different story
When comparing 10-year lump-sum returns, the order shifts:
Invesco India Mid Cap Fund — 20.20%
Edelweiss Mid Cap Fund — 19.89%
Motilal Oswal Midcap Fund — 19.25%
This indicates that staggered investing via SIPs worked better in riding market volatility for this category.
Fund profiles & portfolio positioning
Motilal Oswal Midcap Fund
Since inception return: 23.28%
Assets: Rs 38,003 crore
Expense ratio: 0.72%
Benchmark: NIFTY Midcap 150 TRI
Risk rating: Very High
Portfolio-wise, it shows a strong tilt towards technology and domestic consumption themes.
Top holdings include Persistent Systems (10.03%), Coforge (9.92%), and Eternal (8.69%), along with consumer names like Dixon Technologies (8.07%) and Kalyan Jewellers (7.98%), signalling high-conviction sector plays.
Invesco India Mid Cap Fund
Since inception return: 21.66%
Assets: Rs 10,007 crore
Expense ratio: 0.54%
Benchmark: BSE 150 MidCap TRI
Risk rating: Very High
Its portfolio leans towards financials and consumer-tech companies.
Its top holdings include AU Small Finance Bank (5.59%), Swiggy (5.23%), Federal Bank (5.07%), L&T Finance (4.89%), and Prestige Estates (4.59%).
Edelweiss Mid Cap Fund
Since inception return: 22.09%
Assets: Rs 12,647 crore
Expense ratio: 0.40%
Benchmark: NIFTY Midcap 150 TRI
Risk rating: Very High
It follows a diversified approach, with exposure spread across technology, healthcare and financials.
Top holdings include Coforge (2.78%), Max Healthcare (2.70%), Persistent Systems (2.58%), Indian Bank (2.28%), and PB Fintech (2.20%).
Final word for investors
These returns reflect strong long-term performance, but past returns do not guarantee future results. Midcap investing carries higher volatility and is influenced by market sentiment, earnings cycles, interest rates and macro conditions.
Investors must evaluate other parameters such as risk profile, fund consistency, portfolio strategy and suitability to their goals. It is always wise to consult a SEBI-registered financial advisor before choosing funds and to stay disciplined through long-term investing.