Midcap mutual funds have been among the most rewarding equity categories for long-term investors, thanks to their ability to capture high-growth opportunities beyond the large-cap universe. While many schemes have delivered strong returns in recent years, three funds — HDFC Mid Cap Fund, Edelweiss Mid Cap Fund and Invesco India Mid Cap Fund — have consistently stayed at the top across 5-year, 10-year and even 15-year periods. Their long-term outperformance shows how staying invested through market cycles can create meaningful wealth.
Strong 5-year returns: These three funds in top 5
On the 5-year performance chart, all three funds feature among the top 5 midcap schemes in India.
HDFC Mid Cap Fund ranks 2nd with 26.22% CAGR
Edelweiss Mid Cap Fund ranks 4th with 25.73% CAGR
Invesco India Mid Cap Fund ranks 5th with 25.28% CAGR
For context, Motilal Oswal Midcap Fund tops the chart with a 5-year CAGR of 29.21%, making it the category leader over this period.
A different story over 10 years
Long-term charts show even more consistency. Over 10 years, only these three funds occupy the top three positions, though in a different order:
Invesco India Mid Cap Fund – 18.42% CAGR
HDFC Mid Cap Fund – 18.37% CAGR
Edelweiss Mid Cap Fund – 18.28% CAGR
The difference among them is marginal, indicating stable performance across one of the most volatile decades for midcaps.
15-year returns highlight durability
The 15-year performance further reinforces their long-term strength. Once again, the same three funds dominate the top slots:
HDFC Mid Cap Fund – 18.18% CAGR
Edelweiss Mid Cap Fund – 18.09% CAGR
Invesco India Mid Cap Fund – 18.04% CAGR
Returns above 18% CAGR over 15 years are rare in the equity space and highlight how disciplined fund management and consistent strategy can pay off over time.
(All data from Value Research and AMFI. Returns are for regular plans, as 15-year direct plan returns are not available.)
Fund specifics: What makes these schemes popular?
HDFC Mid Cap Fund
Launched in June 2007, HDFC Mid Cap Fund is one of the largest in its category and is known for its relatively consistent style of investing in fundamentally strong mid-sized companies. It carries a ‘Very High’ risk rating and has delivered 17.72% returns since launch. As of October 2025, it manages Rs 89,383 crore and has an expense ratio of 1.36% (as of Nov 2025).
Edelweiss Mid Cap Fund
Introduced in December 2007, the Edelweiss scheme has built a solid reputation with a balanced approach to midcap investing. It has generated 13.91% returns since launch, is benchmarked to the NIFTY Midcap 150 TRI and manages Rs 12,647 crore in assets (as of Oct 2025). Its expense ratio stands at 1.67% (Nov 2025).
Invesco India Mid Cap Fund
Launched in April 2007, the Invesco midcap fund uses the BSE 150 MidCap TRI as its benchmark and has delivered 16.96% since inception. It manages Rs 10,007 crore as of Nov 2025, with an expense ratio of 1.72%.
A word of caution for investors
While high returns are attractive, midcap funds come with significantly higher volatility. Investors should look beyond past performance and also evaluate factors such as consistency of returns across market cycles, fund manager track record, portfolio concentration, liquidity of underlying stocks, and expense ratio relative to peers.
Midcap funds are best suited for investors with a long-term horizon (7–10 years or more) and the ability to handle short-term fluctuations.
Disclaimer: The above content is for informational purposes only. Mutual Fund investments are subject to market risks. Please consult your financial advisor before investing.
