Nippon Life India · Mid Cap

Nippon India Growth Mid Cap Fund

Equity Scheme - Mid Cap Fund Direct plan, growth benchmark: NIFTY Midcap 150 TRI launched 25 Sep 1995 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹821.84

−0.03% since 18 Sep 2026, the previous NAV

1 year

7.0%

return

3 years

18.6%

a year

5 years

18.0%

a year

Since launch

17.6%

a year, over 12.0 years

Assets (AUM)

₹48,143 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.61% / 1.24%

a year, as of Jul 2026

Holdings

105

top ten are 25% of the fund · Aug 2026

Disclosed history

14 yrs

Oct 2012 – Aug 2026 · 5 of 11 checks could run

Fund managers

Rupesh Patel · since Jan 2023

All managers →

As the Jul 2026 factsheet printed it: standard deviation 17.9% · portfolio turnover 0.10×. Exit load and minimum investment are not yet extracted from the scheme documents.

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 0.86% a year more than Direct

₹35,643 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Run by Rupesh Patel for 3.6 yrs

A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Rupesh Patel's other funds →

NAVTracking gap

NAV replicates within 4.3 bp of its disclosed portfolio

1 jump since the last disclosure. We re-price the last disclosed portfolio every day and compare it with the NAV the fund published; a gap that opens and stays is a trade not yet disclosed.

See the daily gap →

P4Consistency

Beat its category in 87% of three-year stretches, and averaged +2.0 points a year across all of them

109 rolling windows since 2014 · ahead by 2.4 points a year when it won, behind by 1.0 when it lost. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

headline and record disagree 2 checks found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Sep 2014

145 month-ends · ₹118.55 → ₹821.84, 6.9× since Sep 2014

Deepest fall (max drawdown)

−19.9%

24 Sep 2024 → 28 Feb 2025

Worst month

−11.5%

Mar 2026

Days to recover

234

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 105 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	AU Small Finance Bank Limited equity	Banks	2.93%	Jul 2018	8.2 yrs	+0.65%
2	The Federal Bank Limited equity	Banks	2.80%	Jan 2021	5.7 yrs	+0.30%
3	Multi Commodity Exchange of India Limited equity	Capital Markets	2.80%	Mar 2026	6 mo	+1.30%
4	Info Edge (India) Limited equity	Retailing	2.64%	May 2025	1.3 yrs	+0.54%
5	Fortis Healthcare Limited equity	Healthcare Services	2.61%	Feb 2018	8.6 yrs	-0.07%
6	BSE Limited equity	Capital Markets	2.45%	Aug 2023	3.1 yrs	-0.87%
7	Eternal Limited equity	Retailing	2.39%	May 2022	4.3 yrs	+0.22%
8	REC Limited equity	Finance	2.20%	Aug 2023	3.1 yrs	+1.49%
9	Bharat Forge Limited equity	Auto Components	2.05%	Nov 2023	2.8 yrs	-0.20%
10	One 97 Communications Limited equity	Financial Technology (Fintech)	2.00%	Jan 2024	2.7 yrs	+0.44%
11	GE Vernova T&D India Limited equity	Electrical Equipment	1.99%	Nov 2024	1.8 yrs	+0.04%
12	Mankind Pharma Limited equity	Pharmaceuticals & Biotechnology	1.81%	Nov 2025	10 mo	+0.11%
13	ICICI Lombard General Insurance Company Limited equity	Insurance	1.79%	Aug 2023	3.1 yrs	+0.51%
14	Persistent Systems Limited equity	IT - Software	1.76%	Mar 2024	2.5 yrs	-0.04%
15	Varun Beverages Limited equity	Beverages	1.72%	Sep 2024	2.0 yrs	-0.10%
16	Samvardhana Motherson International Limited equity	Auto Components	1.70%	Dec 2023	2.8 yrs	+0.10%
17	Voltas Limited equity	Consumer Durables	1.58%	Jun 2018	8.3 yrs	-0.24%
18	Gland Pharma Limited equity	Pharmaceuticals & Biotechnology	1.55%	Oct 2022	3.9 yrs	+0.22%
19	Cholamandalam Financial Holdings Limited equity	Finance	1.53%	Oct 2017	8.9 yrs	-0.27%
20	Max Financial Services Limited equity	Insurance	1.48%	Oct 2012	14 yrs	-0.25%
21	Max Healthcare Institute Limited equity	Healthcare Services	1.46%	Aug 2022	4.1 yrs	+0.10%
22	Bharat Heavy Electricals Limited equity	Electrical Equipment	1.44%	Oct 2022	3.9 yrs	-0.41%
23	Tube Investments of India Limited equity	Auto Components	1.42%	Aug 2020	6.1 yrs	-0.17%
24	ICICI Bank Limited equity	Banks	1.39%	Jan 2026	8 mo	-0.46%
25	NTPC Green Energy Limited equity	Power	1.34%	Nov 2024	1.8 yrs	-0.35%
26	Indus Towers Limited equity	Telecom - Services	1.34%	Nov 2023	2.8 yrs	-0.34%
27	Alkem Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.25%	Mar 2022	4.5 yrs	-0.10%
28	Ashok Leyland Limited equity	Agricultural, Commercial & Construction Vehicles	1.24%	Aug 2023	3.1 yrs	-0.20%
29	APL Apollo Tubes Limited equity	Industrial Products	1.23%	May 2024	2.3 yrs	+0.11%
30	Shree Cement Limited equity	Cement & Cement Products	1.20%	Jun 2026	3 mo	+1.20%
31	Dixon Technologies (India) Limited equity	Consumer Durables	1.19%	Mar 2021	5.5 yrs	+0.10%
32	Cummins India Limited equity	Industrial Products	1.17%	Nov 2022	3.8 yrs	-0.44%
33	IPCA Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.17%	Jan 2022	4.7 yrs	+0.17%
34	Prestige Estates Projects Limited equity	Realty	1.16%	Mar 2022	4.5 yrs	+0.08%
35	Indian Bank equity	Banks	1.12%	Dec 2023	2.8 yrs	-0.29%
36	FSN E-Commerce Ventures Limited equity	Retailing	1.12%	Aug 2024	2.1 yrs	+0.19%
37	The Indian Hotels Company Limited equity	Leisure Services	1.10%	May 2021	5.3 yrs	+0.03%
38	Jubilant Foodworks Limited equity	Leisure Services	1.06%	Mar 2023	3.5 yrs	+0.42%
39	ZF Commercial Vehicle Control Systems India Limited equity	Auto Components	0.99%	Jul 2023	3.2 yrs	-0.06%
40	Radico Khaitan Limited equity	Beverages	0.93%	Sep 2022	4.0 yrs	+0.12%
41	HDB Financial Services Limited equity	Finance	0.92%	Jun 2025	1.3 yrs	-0.07%
42	Lupin Limited equity	Pharmaceuticals & Biotechnology	0.92%	Oct 2022	3.9 yrs	-0.13%
43	NLC India Limited equity	Power	0.91%	Jun 2023	3.3 yrs	-0.27%
44	CG Power and Industrial Solutions Limited equity	Electrical Equipment	0.89%	Jan 2024	2.7 yrs	-0.10%
45	NTPC Limited equity	Power	0.88%	Sep 2021	5.0 yrs	-0.26%
46	Trent Limited equity	Retailing	0.88%	Jan 2021	5.7 yrs	-0.07%
47	Balkrishna Industries Limited equity	Auto Components	0.85%	Nov 2023	2.8 yrs	+0.11%
48	Sundaram Finance Limited equity	Finance	0.84%	Dec 2024	1.8 yrs	-0.02%
49	Supreme Industries Limited equity	Industrial Products	0.83%	Aug 2021	5.1 yrs	-0.08%
50	Torrent Power Limited equity	Power	0.82%	Apr 2018	8.4 yrs	-0.23%
51	Swiggy Limited equity	Retailing	0.81%	Jan 2026	8 mo	+0.15%
52	Angel One Limited equity	Capital Markets	0.80%	Feb 2026	7 mo	-0.30%
53	Bharat Electronics Limited equity	Aerospace & Defense	0.79%	Aug 2018	8.1 yrs	-0.08%
54	Triparty Repo money market	—	0.77%	Aug 2020	6.1 yrs	-0.40%
55	Mahindra & Mahindra Financial Services Limited equity	Finance	0.75%	Feb 2021	5.6 yrs	+0.08%
56	Vishal Mega Mart Limited equity	Retailing	0.74%	Dec 2024	1.8 yrs	-0.16%
57	Power Finance Corporation Limited equity	Finance	0.72%	Jan 2020	6.7 yrs	-1.29%
58	Endurance Technologies Limited equity	Auto Components	0.71%	Apr 2022	4.4 yrs	-0.04%
59	Schaeffler India Limited equity	Auto Components	0.69%	Jul 2024	2.2 yrs	-0.09%
60	Carborundum Universal Limited equity	Industrial Products	0.66%	Sep 2023	3.0 yrs	-0.01%
61	Page Industries Limited equity	Textiles & Apparels	0.66%	Feb 2019	7.6 yrs	-0.11%
62	RBL Bank Limited equity	Banks	0.65%	Jul 2026	2 mo	+0.65%
63	Hindustan Petroleum Corporation Limited equity	Petroleum Products	0.65%	Jan 2025	1.7 yrs	-0.27%
64	United Breweries Limited equity	Beverages	0.62%	Dec 2020	5.8 yrs	-0.07%
65	Dalmia Bharat Limited equity	Cement & Cement Products	0.61%	Feb 2021	5.6 yrs	-0.05%
66	Prudent Corporate Advisory Services Limited equity	Capital Markets	0.60%	May 2022	4.3 yrs	+0.11%
67	Union Bank of India equity	Banks	0.58%	Aug 2023	3.1 yrs	-0.20%
68	Astral Limited equity	Industrial Products	0.58%	Dec 2023	2.8 yrs	+0.08%
69	LG Electronics India Ltd equity	Consumer Durables	0.56%	Oct 2025	11 mo	0.00%
70	Mphasis Limited equity	IT - Software	0.55%	Nov 2022	3.8 yrs	+0.02%
71	Gujarat Fluorochemicals Limited equity	Chemicals & Petrochemicals	0.54%	Nov 2023	2.8 yrs	+0.08%
72	Piramal Finance Limited equity	Finance	0.54%	Jul 2026	2 mo	+0.54%
73	Hindustan Aeronautics Limited equity	Aerospace & Defense	0.51%	Sep 2023	3.0 yrs	+0.01%
74	Blue Star Limited equity	Consumer Durables	0.51%	Jul 2025	1.2 yrs	-0.10%
75	ITC Hotels Limited equity	Leisure Services	0.51%	Dec 2025	9 mo	-0.08%
76	Container Corporation of India Limited equity	Transport Services	0.51%	Dec 2021	4.8 yrs	0.00%
77	Sundram Fasteners Limited equity	Auto Components	0.48%	Jun 2023	3.3 yrs	+0.10%
78	MTAR Technologies Limited equity	Electrical Equipment	0.47%	Mar 2021	5.5 yrs	-0.14%
79	Devyani International Limited equity	Leisure Services	0.47%	Aug 2021	5.1 yrs	+0.04%
80	Colgate Palmolive (India) Limited equity	Personal Products	0.47%	Oct 2025	11 mo	-0.09%
81	Coromandel International Limited equity	Fertilizers & Agrochemicals	0.44%	Aug 2021	5.1 yrs	-0.01%
82	HDFC Asset Management Company Limited equity	Capital Markets	0.40%	Feb 2025	1.6 yrs	-0.42%
83	Bank of India equity	Banks	0.39%	Jan 2024	2.7 yrs	-0.04%
84	Timken India Limited equity	Industrial Products	0.39%	Jan 2023	3.7 yrs	-0.10%
85	3M India Limited equity	Diversified	0.38%	Jun 2022	4.3 yrs	-0.04%
86	NMDC Limited equity	Minerals & Mining	0.38%	Jul 2022	4.2 yrs	-0.04%
87	Gujarat Energy Ltd equity	Gas	0.37%	Dec 2023	2.8 yrs	-0.28%
88	Sanofi Consumer Healthcare India Limited equity	Pharmaceuticals & Biotechnology	0.35%	Jun 2024	2.3 yrs	-0.05%
89	HDFC Bank Limited equity	Banks	0.34%	Aug 2026	1 mo	+0.34%
90	GlaxoSmithKline Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.33%	Jun 2023	3.3 yrs	+0.07%
91	Net Current Assets cash equivalent	—	0.32%	Oct 2012	14 yrs	+0.45%
92	JK Cement Limited equity	Cement & Cement Products	0.30%	Jul 2022	4.2 yrs	-0.03%
93	Apar Industries Limited equity	Electrical Equipment	0.29%	Jul 2024	2.2 yrs	+0.05%
94	Restaurant Brands Asia Limited equity	Leisure Services	0.28%	Apr 2024	2.4 yrs	+0.06%
95	InterGlobe Aviation Limited equity	Transport Services	0.28%	Sep 2022	4.0 yrs	-0.28%
96	Crompton Greaves Consumer Electricals Limited equity	Consumer Durables	0.27%	Jul 2020	6.2 yrs	-0.09%
97	Bata India Limited equity	Consumer Durables	0.25%	Oct 2021	4.9 yrs	-0.02%
98	Deepak Nitrite Limited equity	Chemicals & Petrochemicals	0.22%	Sep 2020	6.0 yrs	-0.01%
99	Tata Communications Limited equity	Telecom - Services	0.19%	Jan 2022	4.7 yrs	-0.05%
100	Bajaj Housing Finance Limited equity	Finance	0.16%	Jun 2026	3 mo	+0.16%
101	TREPS / cash equivalents Cash Margin - Derivatives · cash equivalent	—	0.14%	Apr 2026	5 mo	-0.12%
102	Sanofi India Limited equity	Pharmaceuticals & Biotechnology	0.11%	Sep 2017	9.0 yrs	-0.01%
103	GSPL Transmission Limited** equity	Gas	0.07%	Jul 2026	2 mo	+0.07%
104	Globsyn Technologies Limited** equity	IT - Services	—	Jun 2022	4.3 yrs	—
105	TREPS / cash equivalents Cash Margin - CCIL · cash equivalent	—	—	Oct 2012	14 yrs	—

Showing 1–105 of 105 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks10.2% · 7.0%

Auto Components8.9% · 8.1%

Retailing8.6% · 6.5%

Finance7.7% · 7.9%

Pharmaceuticals & Biotechnology7.5% · 6.5%

Capital Markets7.0% · 5.2%

Electrical Equipment5.1% · 3.5%

Industrial Products4.9% · 5.6%

share of the book05%10%15%

By market cap, Aug 2026

Large cap14.3%

Mid cap75.1%

Small / micro cap9.3%

Cash & equivalents1.2%

share of the book025%50%75%100%

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 14%
Mid cap 75%
Small / micro 9%
Cash & other 1%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date headline and record disagree

Beat its category in 87% of three-year stretches, and averaged +2.0 points a year across all of them

109 rolling windows since 2014 · ahead by 2.4 points a year when it won, behind by 1.0 when it lost

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. Ahead by 2.4 points a year in the 95 windows it won and behind by 1.0 in the 14 it lost, so the average across all 109 is +2.0 points. The worst window ended Sep 2017, 1.9 points behind.

87%

lowest in categoryhighest in category

78th percentile · top quartile of 29 funds · category median 44%

windows measured109windows won95average across every window+1.98 pts a year · median +1.93when ahead, by how much+2.41 pts a year over 95 windowswhen behind, by how much−0.97 pts a year over 14 windowsworst window−1.90 pts a year, ended Sep 2017best window+5.87 pts a year, ended Dec 2023non-overlapping windows in that span4 — the rolling count overlaps, this does not

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

A modest five-year number over a record that beat its category 87% of the time. Rolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. This fund was ahead of its category median in 87% of them, which points the opposite way to the headline figure. A single end date decided that headline.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests.

P5 Cost, measured

Regular plan costs 0.86% a year more than Direct

₹35,643 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

0.86 pp a year

costliest in categorycheapest in category

95th percentile · top decile of 31 funds · category median 1.36 pp

on ₹1,00,000 over ten years₹35,643Direct vs Regular, annualised17.5% vs 16.6%measured over12 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 52% of the portfolio a year

+0.00 pts of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

52% a year

costliest in categorycheapest in category

95th percentile · top decile of 28 funds · category median 86%

excess return per unit of turnover+0.00 pts

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 37 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

37 months

lowest in categoryhighest in category

86th percentile · top quartile of 28 funds · category median 22 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

5 of 10 top picks beat their peers over the next 6 months, and averaged 3.0 points ahead of them

1571 positions judged, one disclosure at a time · ahead by 20.1 points when it won, behind by 15.9 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 20.1 points in the 823 positions it won and behind by 15.9 in the 748 it lost, so the average across all 1571 is +3.0 points. The worst position was INE238A01026 at the Feb 2014 disclosure, 116.5 points behind.

52%

lowest in categoryhighest in category

55th percentile · above median of 27 funds

positions judged1571beat the median stock823average across every position+2.99 pts · median +1.28when ahead, by how much+20.13 pts over 823 positionswhen behind, by how much−15.93 pts over 748 positionsworst position−116.52 pts, INE238A01026 at the Feb 2014 disclosurebest position+130.39 pts, INE134E01011 at the May 2023 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹48,143 Cr, 95th percentile in category; 61% of growth came from inflows

smaller than 5% of the funds in its category (28 funds) · AUM Sep 2023 → Jul 2026 · Regular plan expense ratio 1.54%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

95th percentile by AUM

largestsmallest

5th percentile · bottom decile of 28 funds

median holding weight, trendfallingexpense ratio, Regular / Direct1.54% / 0.79% · category median 2.02%AUM, Sep 2023 → Jul 2026₹17,841 Cr → ₹48,143 Cr (+42% a year)of that change, from flows rather than returns61% net inflows · NAV +67% over the window

Assets under management, ₹ crore, Jun 2010 – Jul 2026

78 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.15% in Jun 2018 → 1.54% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this headline and record disagree

Run by Rupesh Patel for 3.6 yrs

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

3.6 yrs · Rupesh Patel

newest teamlongest-serving

50th percentile · above median of 16 funds · category median 3.6 yrs

running it nowRupesh Patel (since Jan 2023)share of the fund's life under the longest-serving current manager12%changes of hands in the archive1 — last Nov 2024

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Rupesh Patel	fund manager	Jan 2023	now	23.8% vs 21.1% p.a. (+2.70 pp)	100% of 7
Sanjay Doshi	fund manager	Jan 2023	Oct 2024	41.5% vs 36.5% p.a. (+5.04 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 3.7 years, against a 5-year figure on display. Rupesh Patel joined roughly 3.7 years ago. A record earned under different people is not evidence about these ones.

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. It does mean the displayed record is the house’s more than the person’s.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

NAV replicates within 4.3 bp of its disclosed portfolio

What this means. Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

Latest gap beyond expense accrual

+4.3 bp

expense accrual ≈ 0.238 bp a day

Jumps since the disclosure

1clean

2 Jul 2026 +7.7 bp · 31 Aug 2026 −7.1 bp · 14 Aug 2026 +6.4 bp

Window

60 days

25 Jun 2026 – 18 Sep 2026

Read it this way: daily residuals within ±2 bp are trading noise and the expense ratio accruing. A jump that stays is a portfolio change the fund has not disclosed yet — the size bounds how material. A gap that opens then closes is usually a dividend going ex-date.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Nippon India Growth Mid Cap Fund - Direct Plan Growth Plan - Bonus Option	growth	₹821.84	21 Sep 2026
direct Nippon India Growth Mid Cap Fund - Direct Plan Growth Plan - Growth Option	growth	₹4,946.79	21 Sep 2026
direct NIPPON INDIA GROWTH MID CAP FUND - DIRECT Plan - IDCW Option	idcw	₹191.88	21 Sep 2026
regular Nippon India Growth Mid Cap Fund-Growth Plan-Bonus Option	growth	₹744.85	21 Sep 2026
regular Nippon India Growth Mid Cap Fund-Growth Plan-Growth Option	growth	₹4,474.38	21 Sep 2026
regular NIPPON INDIA GROWTH MID CAP FUND - IDCW Option	idcw	₹120.33	21 Sep 2026
— NIPPON INDIA GROWTH MID CAP FUND - INSTITUTIONAL Plan - IDCW Option	idcw	₹1,366.06	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹821.84
Regular growth NAV: ₹744.85
NAV divergence to date: 10.3% — same portfolio, priced differently
Regular costs more by: 0.86% a year
On ₹1,00,000 over ten years: ₹35,643

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

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