Which large-cap mutual funds delivered the best returns over the past 10 years through a monthly SIP of ₹5,000? As of October 2026, five top large-cap funds have turned such investments into over ₹11.4 lakh, outperforming their benchmark indices. However, their risk levels and recent performance vary significantly.
- Nippon India Large Cap Fund leads with ₹12.24 lakh from a 10-year SIP.
- Invesco India Largecap Fund and Bandhan Large Cap Fund follow closely behind.
- All five funds outperformed their respective benchmark indices over 10 years.
- Recent one-year returns were negative for all five funds, with varying volatility.
- Fund size and risk profiles differ greatly among these schemes.
What are the top large-cap funds based on 10-year SIP returns?
Large-cap funds invest mainly in India's largest companies listed on the Sensex and Nifty indices. Over the past 10 years, a monthly SIP of ₹5,000 in these five direct large-cap schemes would have grown as follows:
| Fund Name | Value of SIP (₹) |
|---|---|
| Nippon India Large Cap Fund | 12,24,081 |
| Invesco India Largecap Fund | 12,09,283 |
| Bandhan Large Cap Fund | 11,49,907 |
| ICICI Prudential Large Cap Fund | 11,49,061 |
| Canara Robeco Large Cap Fund | 11,41,679 |
For comparison, the same SIP in the BSE 100 index would have grown to about ₹10.04 lakh, and in the Nifty 100 to about ₹10.32 lakh.
How do these funds perform over shorter periods?
The ranking changes when looking at shorter time frames. Over five years, Nippon India leads with an average annual return of 11.65%, followed by Invesco (10.37%), ICICI Prudential (9.99%), Bandhan (9.52%), and Canara Robeco (7.97%). Over three years, Invesco performs best with 12.89% annual returns. Since their launch in January 2013, these funds have compounded annually between 12.5% and 14.6%.
What was the recent one-year performance and risk profile?
The past year was challenging for all five funds, with negative returns ranging from -0.68% (Invesco) to -7.80% (ICICI Prudential). Large-cap indices peaked in early January 2026 and hit lows in late March 2026, matching the funds' 52-week high and low dates.
Risk measures over the past year show that ICICI Prudential was the calmest fund with the lowest standard deviation (0.81) and a beta of 0.92, indicating less movement than the market. Invesco was the most volatile with a standard deviation of 0.94 and a beta above 1 (1.04), meaning it swings more than the market. All funds had negative Sharpe ratios, indicating they were not rewarded for the risk taken during this period.
How do fund sizes and portfolios compare?
Fund sizes vary greatly: ICICI Prudential is the largest at ₹80,206 crore, followed by Nippon India (₹54,134 crore) and Canara Robeco (₹15,963 crore). Bandhan and Invesco are smaller, managing around ₹2,000 crore each.
Banks are the biggest sector in all five funds, ranging from 18% to 26% of their portfolios. ICICI Bank is the largest holding in four funds, while Nippon India holds HDFC Bank as its top stock. Other common holdings include HDFC Bank, Reliance Industries, Infosys, and Larsen & Toubro.
What are the key differences in valuation and investment style?
ICICI Prudential holds the cheapest portfolio with a price-to-earnings ratio of 29.3 and invests in larger companies, contributing to its steadier performance. In contrast, Invesco has the most expensive portfolio with a P/E ratio of 42.4 and invests in smaller companies, resulting in higher volatility.
What are the main takeaways for investors?
- Over 10 years, the difference in SIP outcomes among these funds is relatively small, emphasizing the importance of staying invested.
- Even large-cap funds can experience negative returns over shorter periods, as seen in the past year.
- Investors should consider fund size and risk profile when choosing among large-cap funds.
Source: ACE MF; returns as of October 7, 2026; benchmark returns for five years were 5.99% (BSE 100) and 6.77% (Nifty 100). Since-launch figures start from January 2013.
