December 25, 2025
RA Jainee
Kotak Midcap Fund
| Fund at a Glance | |
| NAV Growth | Rs 159.31 |
| NAV Bonus | — |
| NAV IDCW | Rs 94.91 |
| Min. Investment (Rs.) | 100 |
| Min. SIP Investment (Rs.) | 100 |
| Min. No of Cheques | 1 |
| Benchmark | NIFTY Midcap 150 TRI |
| AUM Rs. | 60,480 Cr |
| (As on 30-Nov-2025) | |
| Expense | 0.37% |
| 1 Year Return (%) | 3.71 |
| 3 Year Return (%) | 23.05 |
| 5 Year Return (%) | 25.01 |
| 10 Year Return (%) | 19.46 |
| Return Since Launch | 20.58% |
⚖️ Sahifund Review – Kotak Midcap Fund
PLUS: Stability, track record, cost efficiency
Kotak Midcap Fund has built a strong long-term wealth creation record, with 3-year (23.05%), 5-year (25.01%) and 10-year (19.46%) returns broadly in line with or better than the midcap benchmark. The fund follows a relatively disciplined midcap approach, avoiding excessive concentration and maintaining diversification across 60+ stocks. Expense ratio of just 0.37% is a key positive, making it one of the most cost-efficient actively managed midcap funds. Over full market cycles, the fund has demonstrated the ability to participate in midcap upswings while controlling downside reasonably well.
MINUS: Large AUM, large-cap bias, momentum lag
The fund’s very large AUM (Rs. 60,480 Cr) can restrict flexibility, especially in capturing early-stage midcap opportunities. Compared to more aggressive peers, returns can lag during sharp momentum-driven rallies, as reflected in recent 1-year performance (3.71%). Portfolio valuations are on the higher side (P/E ~30x), which could cap near-term upside. Midcap volatility remains high, requiring investors to stay committed for long periods.
Sahifund View (Decisive Line):
A suitable core long-term SIP midcap fund for patient investors seeking cost-efficient exposure—avoid if you expect quick gains or aggressive momentum-led outperformance.
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| NFO Guidance |
What lies ahead? Below we decode returns consistency, portfolio concentration, peer positioning and risk profile in detail.
Suitable For Which Investors?
When you invest for seven years or more, you can expect gains that comfortably beat the inflation rate as well as returns from fixed income options.
This is a fund that invests in medium-sized companies. Compared to those that invest in larger companies, such funds tend to fall more when stock prices fall. So while you can expect higher returns in the long term, there will be more severe ups and downs along the way.
Like for all equity funds, you must invest only through the SIP route.
Fund’s Investment Strategy:
The scheme seeks to generate long-term capital appreciation from a portfolio of equity and equity related securities, by investing predominantly in mid companies.
Fund Manager:
1) Atul Bhole
Education: Mr. Bhole is a B.Com (H), Chartered Accountant and MMS.
Experience: Prior to joining Kotak Mahindra Mutual Fund he has worked with DSP Mutual Fund Tata Mutual Fund, JP Morgan Services Pvt. Ltd. and SBI Treasury.
Investment Details
| Min. Investment (Rs) | 100 |
| Min. Addl Investment (Rs) | 100 |
| Min. SIP Investment (Rs) | 100 |
| Min. Withdrawal (Rs) | 1,000 |
| Min. No of Cheques | 1 |
| Min. Balance (Rs) | 1,000 |
| Lock-in Period | NA |
| Exit Load | For units in excess of 10% of the investment, 1% will be charged for redemption within 365 days |
Basic Details of Kotak Midcap Fund
| Fund House | Kotak Mahindra Mutual Fund |
| Launch Date | 01-Jan-13 |
| Return Since Launch | 20.58% |
| Benchmark | NIFTY Midcap 150 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | Rs 60,480 Cr |
| (As on 30-Nov-2025) | |
| Expense | 0.37% |
| (As on 30-Nov-2025) | |
| Risk Grade | Below Average |
| Return Grade | Above Average |
| Turnover | 24.73% |
Trailing Returns (%) of Kotak Midcap Fund
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| Kotak Midcap Dir | 3.20 | 0.85 | 0.49 | -1.39 | 4.01 | 3.71 | 23.05 | 25.01 | 22.00 | 19.46 |
| BSE 150 MidCap TRI | 3.83 | 0.78 | 0.38 | 1.07 | 4.21 | 4.44 | 23.55 | 24.69 | 20.59 | 18.14 |
| Equity: Mid Cap | 3.55 | 0.83 | 0.37 | 1.39 | 4.04 | 3.99 | 23.19 | 23.84 | 20.40 | 17.47 |
| Rank within category | 29 | 18 | 30 | 48 | 31 | 29 | 25 | 8 | 9 | 3 |
| Number of funds in category | 48 | 57 | 55 | 54 | 51 | 48 | 40 | 25 | 22 | 19 |
Peer Comparison of Kotak Midcap Fund
| Rating | 1 Year Returns | 3 Year Returns | 5 Year Returns | Expense Ratio (%) | Net Assets (Rs Cr) | Return Since Launch (%) | Exit Load (Days) | Fund Age | Turnover (%) | |
| Kotak Midcap Dir | 4 star | 3.71 | 23.05 | 25.01 | 0.37 | 60,480 | 20.58 | 1.00 (365) | 12Y 11M | 24.73 |
| HDFC Mid Cap Dir | 5 star | 9.04 | 27.12 | 27.44 | 0.71 | 92,169 | 21.09 | 1.00 (365) | 12Y 11M | 13.07 |
| Nippon India Growth Mid Cap Dir | 4 star | 5.40 | 26.08 | 26.75 | 0.73 | 42,042 | 18.63 | 1.00 (30) | 12Y 11M | 6.00 |
| Motilal Oswal Midcap Dir | 5 star | -7.50 | 27.34 | 30.52 | 0.72 | 38,003 | 23.03 | 1.00 (365) | 11Y 9M | 124.00 |
| Sundaram Midcap Dir | 4 star | 6.61 | 25.64 | 25.11 | 0.90 | 13,345 | 18.67 | 1.00 (365) | 12Y 11M | 45.70 |
Portfolio Analysis of Kotak Midcap Fund
| No. of Stocks | 63 |
| Top 10 Stocks | 28.54% |
| Top 5 Stocks | 16.75% |
| Top 3 Sectors | 52.24% |
| Portfolio P/B Ratio | 4.76 |
| Portfolio P/E Ratio | 30.36 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 62,229 | 64,456 |
| Giant (%) | 5.83 | 5.25 |
| Large (%) | 35.55 | 40.03 |
| Mid (%) | 54.65 | 55.71 |
| Small (%) | 3.96 | 4.06 |
| Tiny (%) | — | 2.05 |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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