SBI Funds Management Limited · Large & Mid Cap

SBI LARGE & MIDCAP FUND

Equity Scheme - Large & Mid Cap Fund Direct plan, growth riskometer: Very high benchmark: Index : launched 1 Jan 1993 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 18 Sep 2026

₹695.44

+1.12% since 17 Sep 2026, the previous NAV

1 year

0.9%

return

3 years

12.7%

a year

5 years

13.4%

a year

Since launch

14.7%

a year, over 12.0 years

Assets (AUM)

₹42,320 Cr

Aug 2026 disclosure

Expense ratio, Direct / Regular

0.85% / 1.65%

a year, as of Aug 2026

Holdings

top ten are 31% of the fund · Aug 2026

Disclosed history

5.8 yrs

Aug 2018 – Aug 2026 · 5 of 11 checks could run

Fund managers

Saurabh Pant · since at least Jun 2026

All managers →

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 0.81% a year more than Direct

₹26,920 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 Saurabh Pant for at least 3 mo

the factsheet archive starts Jun 2026, so this is a floor. 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.

Saurabh Pant's other funds →

NAVTracking gap

NAV sits 4.7 bp from its disclosed portfolio, but the replication is noisy

5 jumps 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 37% of three-year stretches, and averaged −0.1 points a year across all of them

109 rolling windows since 2014 · ahead by 1.3 points a year when it won, behind by 0.9 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 →

NAV and drawdown

Direct plan, growth class · as of 18 Sep 2026

Month-end NAV, indexed to 100 at Sep 2014

145 month-ends · ₹134.14 → ₹695.44, 5.2× since Sep 2014

Deepest fall (max drawdown)

−14.2%

26 Sep 2024 → 3 Mar 2025

Worst month

−11.4%

Mar 2026

Days to recover

119

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 · 94 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	HDFC Bank Ltd. equity	Banks	6.36%	Sep 2019	7.0 yrs	-0.82%
2	ICICI Bank Ltd. equity	Banks	3.98%	Aug 2018	8.1 yrs	+1.33%
3	Axis Bank Ltd. equity	Banks	3.38%	Jan 2025	1.7 yrs	+0.08%
4	State Bank of India equity	Banks	2.88%	Aug 2018	8.1 yrs	+0.07%
5	Balkrishna Industries Ltd. equity	Auto Components	2.53%	Nov 2024	1.8 yrs	+0.91%
6	Asian Paints Ltd. equity	Consumer Durables	2.41%	Jun 2025	1.3 yrs	-0.19%
7	Tata Motors Ltd. equity	Agricultural, Commercial & Construction Vehicles	2.37%	Nov 2025	10 mo	+0.32%
8	Berger Paints India Ltd. equity	Consumer Durables	2.35%	Jun 2024	2.3 yrs	-0.19%
9	Bharat Forge Ltd. equity	Auto Components	2.34%	Mar 2025	1.5 yrs	-0.89%
10	Ashok Leyland Ltd. equity	Agricultural, Commercial & Construction Vehicles	2.32%	Jan 2023	3.7 yrs	+0.11%
11	Adani Enterprises Ltd. equity	Metals & Minerals Trading	2.31%	May 2026	4 mo	+0.15%
12	Biocon Ltd. equity	Pharmaceuticals & Biotechnology	2.29%	Nov 2025	10 mo	+0.12%
13	Gland Pharma Ltd. equity	Pharmaceuticals & Biotechnology	2.17%	May 2023	3.3 yrs	+0.36%
14	Swiggy Ltd. equity	Retailing	2.05%	Jun 2026	3 mo	+2.05%
15	Aurobindo Pharma Ltd. equity	Pharmaceuticals & Biotechnology	1.91%	Jul 2025	1.2 yrs	-0.03%
16	LTM Ltd. equity	IT - Software	1.89%	Aug 2023	3.1 yrs	+0.57%
17	Abbott India Ltd. equity	Pharmaceuticals & Biotechnology	1.88%	Jan 2023	3.7 yrs	-0.22%
18	Torrent Power Ltd. equity	Power	1.87%	Jan 2023	3.7 yrs	+0.05%
19	Colgate Palmolive (India) Ltd. equity	Personal Products	1.86%	May 2025	1.3 yrs	-0.31%
20	Alkem Laboratories Ltd. equity	Pharmaceuticals & Biotechnology	1.86%	Jan 2023	3.7 yrs	-0.20%
21	Divi's Laboratories Ltd. equity	Pharmaceuticals & Biotechnology	1.86%	Feb 2023	3.6 yrs	+0.46%
22	Shree Cement Ltd. equity	Cement & Cement Products	1.84%	Apr 2023	3.4 yrs	-0.31%
23	Jindal Steel Ltd. equity	Ferrous Metals	1.83%	Jan 2023	3.7 yrs	-0.35%
24	United Breweries Ltd. equity	Beverages	1.77%	Jan 2023	3.7 yrs	+0.15%
25	HDFC Life Insurance Company Ltd. equity	Insurance	1.75%	Jan 2026	8 mo	-0.19%
26	TREPS / cash equivalents TREPS · money market	—	1.59%	Nov 2018	7.8 yrs	-1.76%
27	Hexaware Technologies Ltd. equity	IT - Software	1.57%	Jan 2026	8 mo	+0.02%
28	FSN E-Commerce Ventures Ltd. equity	Retailing	1.49%	Jan 2023	3.7 yrs	+0.29%
29	ICICI Prudential Asset Management Company Ltd. equity	Capital Markets	1.45%	Dec 2025	9 mo	-0.52%
30	Hindustan Unilever Ltd. equity	Diversified FMCG	1.35%	Jun 2024	2.3 yrs	+0.26%
31	Sundram Fasteners Ltd. equity	Auto Components	1.34%	Oct 2023	2.9 yrs	+0.31%
32	Indus Towers Ltd. equity	Telecom - Services	1.30%	Jun 2024	2.3 yrs	-0.28%
33	Jubilant Foodworks Ltd. equity	Leisure Services	1.29%	Jan 2024	2.7 yrs	+0.29%
34	AIA Engineering Ltd. equity	Industrial Products	1.06%	Sep 2025	1.0 yrs	-0.14%
35	ZF Commercial Vehicle Control Systems India Ltd. equity	Auto Components	1.04%	Jan 2023	3.7 yrs	-0.04%
36	Page Industries Ltd. equity	Textiles & Apparels	1.03%	Jan 2020	6.7 yrs	-0.15%
37	Godrej Consumer Products Ltd. equity	Personal Products	1.00%	Nov 2023	2.8 yrs	-0.23%
38	Delhivery Ltd. equity	Transport Services	0.99%	Jan 2023	3.7 yrs	+0.13%
39	Bajaj Finserv Ltd. equity	Finance	0.98%	Jul 2026	2 mo	+0.98%
40	The Ramco Cements Ltd. equity	Cement & Cement Products	0.98%	May 2025	1.3 yrs	-0.06%
41	Infosys Ltd. equity	IT - Software	0.94%	Aug 2018	8.1 yrs	-0.09%
42	JSW Energy Ltd. equity	Power	0.92%	May 2026	4 mo	-0.22%
43	Adani Energy Solutions Ltd. equity	Power	0.91%	Jun 2026	3 mo	+0.91%
44	Samvardhana Motherson International Ltd. equity	Auto Components	0.81%	May 2026	4 mo	-0.20%
45	Lupin Ltd. equity	Pharmaceuticals & Biotechnology	0.79%	Mar 2026	6 mo	-0.13%
46	Epam Systems Inc foreign security	—	0.79%	Sep 2023	3.0 yrs	+0.05%
47	Astral Ltd. equity	Industrial Products	0.72%	Jul 2026	2 mo	+0.72%
48	Acme Solar Holdings Ltd. equity	Power	0.71%	Jun 2026	3 mo	+0.71%
49	Ingersoll Rand (India) Ltd. equity	Industrial Products	0.71%	Jan 2023	3.7 yrs	+0.03%
50	HCL Technologies Ltd. equity	IT - Software	0.68%	Mar 2026	6 mo	+0.02%
51	Relaxo Footwears Ltd. equity	Consumer Durables	0.65%	Mar 2019	7.5 yrs	-0.02%
52	Endurance Technologies Ltd. equity	Auto Components	0.62%	Aug 2026	1 mo	+0.62%
53	Tenneco Clean Air India Ltd. equity	Auto Components	0.61%	Aug 2026	1 mo	+0.61%
54	Tata Steel Ltd. equity	Ferrous Metals	0.60%	Jul 2023	3.2 yrs	-0.46%
55	Dr. Lal Path labs Ltd. equity	Healthcare Services	0.59%	Oct 2023	2.9 yrs	+0.06%
56	Kajaria Ceramics Ltd. equity	Consumer Durables	0.57%	Aug 2023	3.1 yrs	+0.03%
57	Emami Ltd. equity	Personal Products	0.56%	Jun 2019	7.3 yrs	-0.10%
58	Wipro Ltd. equity	IT - Software	0.55%	Dec 2023	2.8 yrs	+0.13%
59	Hatsun Agro Product Ltd. equity	Food Products	0.54%	Dec 2019	6.8 yrs	+0.10%
60	Voltas Ltd. equity	Consumer Durables	0.53%	Feb 2026	7 mo	-0.06%
61	Honeywell Automation India Ltd. equity	Industrial Manufacturing	0.52%	May 2024	2.3 yrs	-0.04%
62	Cholamandalam Financial Holdings Ltd. equity	Finance	0.50%	Jun 2024	2.3 yrs	-0.07%
63	Vedant Fashions Ltd. equity	Retailing	0.49%	Aug 2026	1 mo	+0.49%
64	SBI Cards & Payment Services Ltd. equity	Finance	0.47%	Jul 2026	2 mo	+0.47%
65	G R Infra projects Ltd. equity	Construction	0.47%	Jan 2023	3.7 yrs	-0.05%
66	91 DAY T-BILL 03.09.26 government security	—	0.47%	Jun 2026	3 mo	+0.47%
67	JK Cement Ltd. equity	Cement & Cement Products	0.46%	May 2026	4 mo	-0.04%
68	LG Electronics India Ltd. equity	Consumer Durables	0.44%	Oct 2025	11 mo	-0.10%
69	Nuvoco Vistas Corporation Ltd. equity	Cement & Cement Products	0.42%	Jan 2023	3.7 yrs	-0.08%
70	Timken India Ltd. equity	Industrial Products	0.42%	Mar 2023	3.5 yrs	-0.10%
71	Vedanta Aluminium Metal Ltd. equity	Non - Ferrous Metals	0.41%	Jun 2026	3 mo	+0.41%
72	ACC Ltd. equity	Cement & Cement Products	0.41%	Jan 2023	3.7 yrs	-0.07%
73	Coal India Ltd. equity	Consumable Fuels	0.39%	Jul 2026	2 mo	+0.39%
74	Hero MotoCorp Ltd. equity	Automobiles	0.37%	Jul 2026	2 mo	+0.37%
75	Tata Motors Passenger Vehicles Ltd. equity	Automobiles	0.26%	Jul 2026	2 mo	+0.26%
76	Motherson Sumi Wiring India Ltd. equity	Auto Components	0.25%	Jan 2023	3.7 yrs	-0.03%
77	GO Digit General Insurance Ltd. equity	Insurance	0.23%	Aug 2026	1 mo	+0.23%
78	Sheela Foam Ltd. equity	Consumer Durables	0.22%	Aug 2018	8.1 yrs	0.00%
79	Ganesha Ecosphere Ltd. equity	Textiles & Apparels	0.21%	Sep 2020	6.0 yrs	+0.01%
80	Acutaas Chemicals Ltd. equity	Pharmaceuticals & Biotechnology	0.19%	Apr 2025	1.4 yrs	-0.31%
81	Deepak Nitrite Ltd. equity	Chemicals & Petrochemicals	0.17%	Aug 2026	1 mo	+0.17%
82	HDFC Asset Management Co. Ltd. equity	Capital Markets	0.17%	Mar 2023	3.5 yrs	-0.21%
83	Gujarat Energy Ltd. equity	Gas	0.17%	May 2026	4 mo	-0.13%
84	Sun Pharmaceutical Industries Ltd. equity	Pharmaceuticals & Biotechnology	0.14%	Aug 2026	1 mo	+0.14%
85	Lemon Tree Hotels Ltd. equity	Leisure Services	0.11%	Aug 2018	8.1 yrs	-0.01%
86	364 DAY T-BILL 19.11.26 government security	—	0.08%	Nov 2025	10 mo	-0.01%
87	Neogen Chemicals Ltd. equity	Chemicals & Petrochemicals	0.05%	Jan 2023	3.7 yrs	-0.39%
88	GSPL Transmission Ltd. equity	Gas	0.03%	Jul 2026	2 mo	+0.03%
89	TREPS / cash equivalents Margin amount for Derivative positions · money market	—	0.02%	Oct 2025	11 mo	0.00%
90	TREPS / cash equivalents Net Receivable / Payable · money market	—	-0.86%	Aug 2018	8.1 yrs	-0.79%
91	Manpasand Beverages Ltd. foreign security	—	—	Aug 2018	8.1 yrs	—
92	Jadoonet.Com foreign security	—	—	Aug 2018	8.1 yrs	—
93	Numero Uno International Ltd. foreign security	—	—	Aug 2018	8.1 yrs	—
94	Padmini Technologies Ltd. foreign security	—	—	Aug 2018	8.1 yrs	—

Showing 1–94 of 94 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks16.6% · 19.1%

Pharmaceuticals & Biotechnology13.1% · 12.2%

Auto Components9.5% · 8.7%

Consumer Durables7.2% · 7.7%

IT - Software5.6% · 3.7%

Agricultural, Commercial & Construction Vehicles4.7%

Power4.4%

Cement & Cement Products4.1% · 4.6%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap41.7%

Mid cap43.3%

Small / micro cap13.0%

Cash & equivalents0.8%

Other1.3%

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 42%
Mid cap 43%
Small / micro 13%
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

Beat its category in 37% of three-year stretches, and averaged −0.1 points a year across all of them

109 rolling windows since 2014 · ahead by 1.3 points a year when it won, behind by 0.9 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 1.3 points a year in the 40 windows it won and behind by 0.9 in the 69 it lost, so the average across all 109 is −0.1 points. The worst window ended Oct 2025, 2.5 points behind.

37%

lowest in categoryhighest in category

32th percentile · below median of 26 funds · category median 47%

windows measured109windows won40average across every window−0.09 pts a year · median −0.52when ahead, by how much+1.32 pts a year over 40 windowswhen behind, by how much−0.91 pts a year over 69 windowsworst window−2.47 pts a year, ended Oct 2025best window+3.93 pts a year, ended Mar 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.

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 — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 0.81% a year more than Direct

₹26,920 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.

0.81 pp a year

costliest in categorycheapest in category

86th percentile · top quartile of 33 funds · category median 1.45 pp

on ₹1,00,000 over ten years₹26,920Direct vs Regular, annualised14.7% vs 13.9%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 70% of the portfolio a year

−0.04 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.

70% a year

costliest in categorycheapest in category

80th percentile · top quartile of 30 funds · category median 104%

excess return per unit of turnover−0.04 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 25 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.

25 months

lowest in categoryhighest in category

46th percentile · below median of 30 funds · category median 26 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, yet averaged 0.8 points ahead of them

640 positions judged, one disclosure at a time · ahead by 15.5 points when it won, behind by 13.0 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. It lost more positions than it won, but the wins were bigger. Ahead by 15.5 points in the 309 positions it won and behind by 13.0 in the 331 it lost, so the average across all 640 is +0.8 points. The worst position was INE397D01024 at the May 2020 disclosure, 49.8 points behind. Counting positions makes this fund look worse than the arithmetic does.

48%

lowest in categoryhighest in category

10th percentile · bottom quartile of 28 funds

positions judged640beat the median stock309average across every position+0.79 pts · median −0.55when ahead, by how much+15.53 pts over 309 positionswhen behind, by how much−12.96 pts over 331 positionsworst position−49.77 pts, INE397D01024 at the May 2020 disclosurebest position+73.27 pts, INE397D01024 at the Oct 2019 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

₹42,320 Cr, 95th percentile in category; 75% of growth came from inflows

smaller than 5% of the funds in its category (30 funds) · AUM Sep 2023 → Jul 2026 · Regular plan expense ratio 1.64%

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 30 funds

median holding weight, trendfallingexpense ratio, Regular / Direct1.64% / 0.84% · category median 2.31%AUM, Sep 2023 → Jul 2026₹14,293 Cr → ₹42,320 Cr (+47% a year)of that change, from flows rather than returns75% net inflows · NAV +48% over the window

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

66 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.27% in Jun 2018 → 1.64% 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

Run by Saurabh Pant for at least 3 mo

the factsheet archive starts Jun 2026, so this is a floor

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.

No category distribution for this measure yet.

running it nowSaurabh Pant (since at least Jun 2026)share of the fund's life under the current teamnot knowable — the archive starts Jun 2026, so the tenure is a floorchanges of hands in the archivenone

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
Saurabh Pant	fund manager	by Jun 2026†	now	3.4% vs 6.6% (−3.22 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. † already named on the first factsheet we hold: the stint is at least this long, and its start is not known. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

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. Co-managed funds attribute the same months to every named manager, and a factsheet names the manager of record, not necessarily the person making the calls. And the archive we hold starts in Jun 2026: Saurabh Pant was already named on its first sheet, so the tenure here is the floor of what is known, not the month anyone arrived — the record may well belong to the people running it now.

Tracking gap

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

NAV sits 4.7 bp from its disclosed portfolio, but the replication is noisy

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

−4.7 bp

expense accrual ≈ 0.238 bp a day

Jumps since the disclosure

5noisy

29 Jul 2026 +12 bp · 6 Aug 2026 −10 bp · 27 Jul 2026 +7.9 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.

Marked noisy: the replication jumped on 31 days in the window. Read the gap as coverage, not as a signal.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct SBI LARGE & MIDCAP FUND -DIRECT PLAN -Growth	growth	₹695.44	18 Sep 2026
direct SBI Large & Midcap Fund - Direct Plan - Income Distribution cum Capital Withdrawal Option (IDCW)	idcw	₹362.48	18 Sep 2026
regular SBI LARGE & MIDCAP FUND- REGULAR PLAN -Growth	growth	₹634.98	18 Sep 2026
regular SBI Large & Midcap Fund - Regular Plan - Income Distribution cum Capital Withdrawal Option (IDCW)	idcw	₹286.88	18 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹695.44
Regular growth NAV: ₹634.98
NAV divergence to date: 9.5% — same portfolio, priced differently
Regular costs more by: 0.81% a year
On ₹1,00,000 over ten years: ₹26,920

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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