HDFC Mid Cap Fund vs Nippon India Growth Mid Cap Fund: Which Scheme Comes Out Ahead?

DSIJ Intelligence/ 03 Aug 2026 /Categories: Mindshare, Mutual Fund, Trending

HDFC Mid Cap Fund vs Nippon India Growth Mid Cap Fund: Which Scheme Comes Out Ahead?

HDFC Mid Cap Fund and Nippon India Growth Mid Cap Fund have both delivered strong long-term returns, but recent performance, portfolio strategy and risk profile reveal important differences that every investor should know before investing.

✨ Key Takeaways

Mid cap Mutual Funds have become a popular choice among investors looking for higher long-term growth than large cap funds without taking on the higher risk associated with small cap schemes. These funds invest primarily in medium-sized companies that are in the growth stage of their business journey.

These funds are equity schemes that invest at least 65 per cent of their assets in mid cap companies, as defined by the Securities and Exchange Board of India (SEBI). These companies are ranked between 101 and 250 based on their full market capitalisation.

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Like any equity investment, mid cap funds can be volatile in the short term. They are generally better suited for investors with a long investment horizon and the ability to withstand market fluctuations.

Who should invest in mid cap funds?

Mid cap mutual funds may be suitable for investors who:

Have an investment horizon of at least five to seven years.
Are seeking long-term capital appreciation.
Can tolerate moderate to high market volatility.
Want to diversify their equity portfolio beyond large cap funds.

Among the most tracked schemes in this category are HDFC Mid Cap Fund and Nippon India Growth Mid Cap Fund. While both have built strong long-term track records, they differ in terms of returns across different periods, portfolio composition and fund size.

HDFC Mid Cap Fund vs Nippon India Growth Mid Cap Fund

Fund overview

Particulars	HDFC Mid Cap Fund	Nippon India Growth Mid Cap Fund
Category	Equity – Mid Cap	Equity – Mid Cap
Fund age	19 years 2 months	30 years 10 months
Fund size	Rs 1,00,858 crore	Rs 49,169 crore

Return comparison

Time period	HDFC Mid Cap Fund	Nippon India Growth Mid Cap Fund
3 months	6.70 per cent	4.12 per cent
6 months	3.79 per cent	6.77 per cent
1 year	9.46 per cent	10.22 per cent
3 years (annualised)	19.62 per cent	20.91 per cent
5 years (annualised)	19.41 per cent	18.54 per cent

The comparison shows that leadership changes depending on the investment period.

HDFC Mid Cap Fund has delivered stronger returns over the past three months and five years. Nippon India Growth Mid Cap Fund, on the other hand, has outperformed over the six-month, one-year and three-year periods.

Portfolio comparison

Top sector allocation

HDFC Mid Cap Fund	Allocation	Nippon India Growth Mid Cap Fund	Allocation
Financial	23.70 per cent	Financial	20.74 per cent
Healthcare	14.84 per cent	Services	19.07 per cent
Automobile	8.96 per cent	Healthcare	11.67 per cent

Top five holdings

HDFC Mid Cap Fund	Weight	Nippon India Growth Mid Cap Fund	Weight
The Federal Bank Ltd	4.18 per cent	BSE Ltd	2.99 per cent
Max Financial Services Ltd	4.10 per cent	The Federal Bank Ltd	2.75 per cent
AU Small Finance Bank Ltd	4.08 per cent	Fortis Healthcare Ltd	2.66 per cent
Balkrishna Industries Ltd	3.10 per cent	AU Small Finance Bank Ltd	2.65 per cent
Fortis Healthcare Ltd	3.07 per cent	Bharat Forge Ltd	2.37 per cent

Returns are important, but not the only factor

Historical returns are one of the first metrics investors look at while comparing mutual funds. However, experts believe they should not be the only factor influencing an investment decision, as past performance does not guarantee future returns.

Before investing, investors should also evaluate: