UTI Asset Mgmt. Co. Ltd. · Mid Cap

UTI - Mid Cap Fund

Equity Scheme - Mid Cap Fund Direct plan, growth launched 2 Jan 2003 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹352.55

−0.27% since 18 Sep 2026, the previous NAV

1 year

3.4%

return

3 years

12.3%

a year

5 years

12.1%

a year

Since launch

14.6%

a year, over 12.0 years

Assets (AUM)

₹12,211 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

1.07% / 1.88%

a year, as of Aug 2026

Holdings

top ten are 24% of the fund · Aug 2026

Disclosed history

12 yrs

Jan 2014 – Aug 2026 · 5 of 11 checks could run

Fund managers

Vishal Chopda · since Jun 2025

All managers →

As the Aug 2026 factsheet printed it: standard deviation 15.2% · portfolio turnover 0.59×. 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 1.02 percentage points a year more than Direct

₹33,367 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 Vishal Chopda for 1.3 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.

Vishal Chopda's other funds →

NAVTracking gap

NAV sits 0.19 percentage points from its disclosed portfolio, but the replication is noisy

7 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 23% of three-year stretches, and averaged −1.8 percentage points a year across all of them

109 rolling windows since 2014 · ahead by 1.5 percentage points a year when it won, behind by 2.7 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 One check 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 · ₹69.01 → ₹352.55, 5.1× since Sep 2014

Deepest fall (max drawdown)

−22.7%

24 Sep 2024 → 28 Feb 2025

Worst month

−11.2%

Feb 2025

Days to recover

529

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 · 84 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	EQ - COFORGE LTD equity	IT - Software	3.26%	Jun 2025	1.3 yrs	+1.22% points
2	EQ - PB FINTECH LTD equity	Financial Technology (Fintech)	3.08%	Nov 2021	4.8 yrs	+0.71% points
3	EQ - AU SMALL FINANCE BANK LTD equity	Banks	2.76%	Jul 2025	1.2 yrs	+1.18% points
4	EQ - APL APOLLO TUBES LTD equity	Industrial Products	2.43%	Dec 2020	5.8 yrs	+0.66% points
5	EQ - HERO MOTOCORP LTD. equity	Automobiles	2.17%	Dec 2023	2.8 yrs	+0.52% points
6	EQ - AUROBINDO PHARMA LTD. equity	Pharmaceuticals & Biotechnology	2.15%	Nov 2025	10 mo	+0.42% points
7	EQ - FEDERAL BANK LTD. equity	Banks	2.08%	Jan 2014	13 yrs	+0.21% points
8	EQ - AJANTA PHARMA LTD. equity	Pharmaceuticals & Biotechnology	2.07%	Nov 2023	2.8 yrs	+0.22% points
9	EQ - POLYCAB INDIA LTD equity	Industrial Products	2.07%	Dec 2020	5.8 yrs	−0.33% points
10	EQ - SHRIRAM FINANCE LTD equity	Finance	2.00%	Jan 2025	1.7 yrs	+0.32% points
11	EQ - MAX FINANCIAL SERVICES LTD. equity	Insurance	1.97%	Jul 2018	8.2 yrs	−0.22% points
12	EQ - INFO-EDGE (INDIA) LTD. equity	Retailing	1.92%	May 2025	1.3 yrs	+0.50% points
13	EQ - SUZLON ENERGY LTD. equity	Electrical Equipment	1.89%	Jun 2024	2.3 yrs	−0.22% points
14	EQ - PHOENIX MILLS LTD equity	Realty	1.78%	Jul 2020	6.2 yrs	−0.16% points
15	EQ - BHARAT HEAVY ELECTRICALS LTD. equity	Electrical Equipment	1.76%	Jul 2026	2 mo	+1.76% points
16	EQ - J.K.CEMENT LTD equity	Cement & Cement Products	1.56%	Aug 2020	6.1 yrs	+0.19% points
17	EQ - SWIGGY LTD equity	Retailing	1.54%	Feb 2025	1.6 yrs	+0.37% points
18	EQ - STEEL AUTHORITY OF INDIA LTD. equity	Ferrous Metals	1.48%	Jan 2026	8 mo	+0.45% points
19	EQ - 360 ONE WAM LIMITED equity	Capital Markets	1.47%	Oct 2023	2.9 yrs	+0.62% points
20	EQ - SCHAEFFLER INDIA LTD equity	Auto Components	1.44%	Feb 2022	4.6 yrs	−0.16% points
21	EQ - PERSISTENT SYSTEMS LTD. equity	IT - Software	1.42%	Mar 2024	2.5 yrs	−0.11% points
22	EQ - BHARTI HEXACOM LTD equity	Telecom - Services	1.41%	Apr 2024	2.4 yrs	+0.06% points
23	EQ - IDFC FIRST BANK LTD equity	Banks	1.41%	Jul 2025	1.2 yrs	+0.21% points
24	EQ - VOLTAMP TRANSFORMERS LTD. equity	Electrical Equipment	1.41%	Jul 2014	12 yrs	+0.09% points
25	EQ - INDIAN BANK equity	Banks	1.40%	Jul 2023	3.2 yrs	+0.35% points
26	EQ - ANTHEM BIOSCIENCES LTD equity	Pharmaceuticals & Biotechnology	1.40%	Apr 2026	5 mo	+1.10% points
27	EQ - TORRENT POWER LTD. equity	Power	1.33%	Mar 2025	1.5 yrs	+0.55% points
28	EQ - BLUE STAR LIMITED equity	Consumer Durables	1.32%	Sep 2025	1.0 yrs	−0.22% points
29	EQ - LENSKART SOLUTIONS LTD equity	Retailing	1.29%	Jul 2026	2 mo	+1.29% points
30	EQ - MULTI COMMODITY EXCHANGE OF IN equity	Capital Markets	1.29%	Feb 2026	7 mo	−0.20% points
31	EQ - BSE LTD equity	Capital Markets	1.28%	May 2026	4 mo	−0.73% points
32	EQ - ADITYA BIRLA CAPITAL LTD equity	Finance	1.28%	May 2026	4 mo	+0.51% points
33	EQ - ENDURANCE TECHNOLOGIES LTD equity	Auto Components	1.27%	Dec 2019	6.8 yrs	−0.03% points
34	EQ - BRIGADE ENTERPRISES LTD. equity	Realty	1.20%	Apr 2026	5 mo	+0.38% points
35	EQ - SRF LTD. equity	Chemicals & Petrochemicals	1.20%	Jul 2025	1.2 yrs	−0.22% points
36	EQ - HAVELLS INDIA LTD. equity	Consumer Durables	1.19%	Dec 2025	9 mo	+0.30% points
37	EQ - GRINDWELL NORTON LTD. equity	Industrial Products	1.19%	Feb 2021	5.6 yrs	+0.04% points
38	EQ - ASHOK LEYLAND LTD equity	Agricultural, Commercial & Construction Vehicles	1.17%	Jun 2026	3 mo	+1.17% points
39	EQ- GLOBAL HEALTH LTD. equity	Healthcare Services	1.16%	Aug 2025	1.1 yrs	+0.26% points
40	NET CURRENT ASSETS cash equivalent	—	1.16%	Jan 2014	13 yrs	−0.44% points
41	EQ - MPHASIS LTD equity	IT - Software	1.14%	Mar 2015	12 yrs	−0.01% points
42	EQ - OIL INDIA LTD. equity	Oil	1.13%	Feb 2026	7 mo	+0.05% points
43	EQ - GLAND PHARMA LTD. equity	Pharmaceuticals & Biotechnology	1.11%	Apr 2024	2.4 yrs	+0.13% points
44	EQ - SOLAR INDUSTRIES INDIA LTD. equity	Chemicals & Petrochemicals	1.02%	Apr 2024	2.4 yrs	−0.07% points
45	EQ - CHOLAMANDALAM INVESTMENT & FIN equity	Finance	1.02%	Jun 2019	7.3 yrs	+0.11% points
46	EQ - DR LAL PATHLABS LTD. equity	Healthcare Services	1.01%	Jan 2020	6.7 yrs	−0.01% points
47	EQ - TIMKEN INDIA LTD. equity	Industrial Products	1.01%	May 2024	2.3 yrs	−0.20% points
48	EQ - PNB HOUSING FINANCE LTD. equity	Finance	1.00%	May 2026	4 mo	+0.51% points
49	EQ - VISHAL MEGA MART LTD equity	Retailing	0.99%	Feb 2026	7 mo	+0.07% points
50	EQ - JINDAL STAINLESS LTD. equity	Ferrous Metals	0.99%	Oct 2025	11 mo	+0.08% points
51	EQ - ASTRAL LTD. equity	Industrial Products	0.99%	Sep 2019	7.0 yrs	−0.45% points
52	EQ - PETRONET LNG LTD. equity	Gas	0.99%	Mar 2026	6 mo	+0.48% points
53	EQ - NAVIN FLUORINE INTERNATIONAL L equity	Chemicals & Petrochemicals	0.98%	Apr 2025	1.4 yrs	+0.15% points
54	EQ - BERGER PAINTS INDIA LTD. equity	Consumer Durables	0.97%	Feb 2025	1.6 yrs	−0.08% points
55	EQ - BHARAT ELECTRONICS LTD. equity	Aerospace & Defense	0.97%	Apr 2022	4.4 yrs	+0.28% points
56	EQ - KARUR VYSYA BANK LTD. equity	Banks	0.96%	Jan 2018	8.7 yrs	+0.04% points
57	EQ - CREDITACCESS GRAMEEN LTD equity	Finance	0.96%	Apr 2021	5.4 yrs	+0.11% points
58	EQ - LG ELECTRONICS INDIA LTD equity	Consumer Durables	0.93%	Nov 2025	10 mo	+0.03% points
59	EQ - COROMANDEL INTERNATIONAL LTD. equity	Fertilizers & Agrochemicals	0.93%	Mar 2017	9.5 yrs	+0.01% points
60	EQ - DELHIVERY LTD. equity	Transport Services	0.93%	Sep 2024	2.0 yrs	+0.08% points
61	EQ - KAJARIA CERAMICS LTD. equity	Consumer Durables	0.92%	Sep 2019	7.0 yrs	+0.11% points
62	EQ - LUPIN LTD. equity	Pharmaceuticals & Biotechnology	0.92%	Apr 2023	3.4 yrs	−0.46% points
63	EQ - ITC HOTELS LTD. equity	Leisure Services	0.88%	Feb 2025	1.6 yrs	−0.03% points
64	EQ - GLENMARK PHARMACEUTICALS LTD. equity	Pharmaceuticals & Biotechnology	0.87%	Jul 2025	1.2 yrs	−0.28% points
65	EQ - PFIZER LIMITED equity	Pharmaceuticals & Biotechnology	0.86%	Oct 2023	2.9 yrs	−0.09% points
66	EQ - TUBE INVESTMENTS OF INDIA LTD equity	Auto Components	0.71%	Sep 2017	9.0 yrs	−1.62% points
67	EQ - HDFC ASSET MANAGEMENT COMPANY equity	Capital Markets	0.69%	Aug 2026	1 mo	+0.69% points
68	EQ - MEESHO LTD equity	Retailing	0.68%	Aug 2026	1 mo	+0.68% points
69	EQ - MOTHERSON SUMI WIRING INDIA LTD equity	Auto Components	0.66%	Mar 2022	4.5 yrs	−0.21% points
70	EQ - TRIVENI TURBINE LTD equity	Electrical Equipment	0.64%	Jun 2026	3 mo	+0.64% points
71	EQ - ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LTD equity	Auto Components	0.63%	Jul 2026	2 mo	+0.63% points
72	EQ - BALKRISHNA INDUSTRIES LTD. equity	Auto Components	0.63%	Dec 2019	6.8 yrs	−0.06% points
73	EQ - METRO BRANDS LTD equity	Consumer Durables	0.63%	Jan 2023	3.7 yrs	−0.12% points
74	EQ -BIKAJI FOODS INTERNATIONAL LTD. equity	Food Products	0.59%	Jan 2026	8 mo	+0.12% points
75	EQ - MANIPAL HEALTH ENTERPRISES LIMITED equity	Healthcare Services	0.53%	Aug 2026	1 mo	+0.53% points
76	EQ - KIRLOSKAR OIL ENGINES LTD equity	Industrial Products	0.51%	Jul 2026	2 mo	+0.51% points
77	REIT- EMBASSY OFFICE PARKS reit	—	0.51%	Aug 2026	1 mo	+0.51% points
78	REIT - BAGMANE PRIME OFFICE reit	—	0.50%	Jul 2026	2 mo	+0.50% points
79	EQ - BILLIONBRAINS GARAGE VENTURES LTD equity	Capital Markets	0.45%	May 2026	4 mo	+0.17% points
80	EQ - IPCA LABORATORIES LTD. equity	Pharmaceuticals & Biotechnology	0.32%	Aug 2026	1 mo	+0.32% points
81	EQ - GSPL Transmission Limited equity	Not Applicable	0.09%	Jul 2026	2 mo	+0.09% points
82	EQ - TATA COMMUNICATIONS LTD. equity	Telecom - Services	0.06%	Aug 2026	1 mo	+0.06% points
83	CLEARING CORPORATION OF INDIA LTD. STD - MARGIN equity	—	0.01%	Apr 2022	4.4 yrs	0.00% points
84	EQ - DELDOT SYSTEMS LTD. equity	Not Applicable	—	Jan 2014	13 yrs	—

Showing 1–84 of 84 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Pharmaceuticals & Biotechnology9.7% · 8.1%

Banks8.6% · 5.9%

Industrial Products8.2% · 8.4%

Retailing6.4% · 3.6%

Finance6.3% · 5.9%

Consumer Durables6.0% · 8.1%

IT - Software5.8% · 7.3%

Electrical Equipment5.7% · 3.3%

share of the book05%10%

By market cap, Aug 2026

Large cap4.7%

Mid cap78.8%

Small / micro cap14.2%

Cash & equivalents1.2%

Not classified0.1%

Other1.0%

share of the book025%50%75%100%

"Not classified" is what no cap tier could be inferred for — newly listed names, or lines without an ISIN.

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

Large cap 5%
Mid cap 79%
Small / micro 14%
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 23% of three-year stretches, and averaged −1.8 percentage points a year across all of them

109 rolling windows since 2014 · ahead by 1.5 percentage points a year when it won, behind by 2.7 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 1.5 percentage points a year in the 25 windows it won and behind by 2.7 in the 83 it lost, so the average across all 109 is −1.8 percentage points. The worst window ended Jun 2026, 5.9 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

23%

lowest in categoryhighest in category

12th percentile · bottom quartile of 29 funds · category median 44%

windows measured109windows won25average across every window−1.75% points a year · median −1.52when ahead, by how much+1.49% points a year over 25 windowswhen behind, by how much−2.75% points a year over 83 windowsworst window−5.90% points a year, ended Jun 2026best window+2.44% points a year, ended Apr 2022non-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 1.02 percentage points a year more than Direct

₹33,367 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.

Why this matters: What does a Regular plan actually cost? 6 min

1.02% points a year

costliest in categorycheapest in category

80th percentile · top quartile of 31 funds · category median 1.36% points

on ₹1,00,000 over ten years₹33,367Direct vs Regular, annualised14.6% vs 13.5%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 82% of the portfolio a year

−0.04% points 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.

Why this matters: What does a monthly portfolio not tell you? 6 min

82% a year

costliest in categorycheapest in category

56th percentile · above median of 28 funds · category median 86%

excess return per unit of turnover−0.04% points

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 34 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.

34 months

lowest in categoryhighest in category

80th 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

6 of 10 top picks beat their peers over the next 6 months, and averaged 4.9 percentage points ahead of them

1418 positions judged, one disclosure at a time · ahead by 20.5 percentage points when it won, behind by 14.3 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 20.5 percentage points in the 780 positions it won and behind by 14.3 in the 638 it lost, so the average across all 1418 is +4.9 percentage points. The worst position was INE067A01029 at the Jan 2016 disclosure, 68.5 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

55%

lowest in categoryhighest in category

74th percentile · above median of 27 funds

positions judged1418beat the median stock780average across every position+4.89% points · median +2.62when ahead, by how much+20.49% points over 780 positionswhen behind, by how much−14.25% points over 638 positionsworst position−68.51% points, INE067A01029 at the Jan 2016 disclosurebest position+158.34% points, INE647A01010 at the Jan 2014 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

₹12,211 Cr, 59th percentile in category; 12% of growth came from outflows

smaller than 41% of the funds in its category (28 funds) · AUM Sep 2023 → Aug 2026 · Regular plan expense ratio 1.95%

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.

59th percentile by AUM

largestsmallest

41th percentile · below median of 28 funds

median holding weight, trendrisingexpense ratio, Regular / Direct1.95% / 1.25% · category median 2.02%AUM, Sep 2023 → Aug 2026₹8,678 Cr → ₹12,211 Cr (+12% a year)of that change, from flows rather than returns12% net outflows · NAV +46% over the window

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

82 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.06% in Jun 2018 → 1.95% 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 Vishal Chopda for 1.3 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.

Why this matters: Whose record is the three-year number? 5 min

1.3 yrs · Vishal Chopda

newest teamlongest-serving

25th percentile · below median of 16 funds · category median 3.6 yrs

running it nowVishal Chopda (since Jun 2025)share of the fund's life under the longest-serving current manager5%changes 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
Vishal Chopda	fund manager	Jun 2025	now	8.6% vs 11.8% p.a. (−3.19% points)	—

* 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 1.3 years, against a 5-year figure on display. Vishal Chopda joined roughly 1.3 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 sits 0.19 percentage points 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

+0.19% points

expense added back ≈ 0.60% a year

Jumps since the disclosure

7noisy

20 Jul 2026 −0.14% points · 31 Jul 2026 +0.11% points · 2 Jul 2026 +0.10% points

Window

60 days

25 Jun 2026 – 18 Sep 2026

Each point is one day's gap in percentage points — a hundredth of a point is what a day's trading noise looks like.

Read it this way: a daily residual under about 0.02 percentage points — two hundredths of a point — is 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 36 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 UTI Mid Cap Fund-Growth Option- Direct	growth	₹352.55	21 Sep 2026
direct UTI Mid Cap Fund - Direct Plan - IDCW	idcw	₹173.49	21 Sep 2026
regular UTI Mid Cap Fund-Growth Option	growth	₹313.40	21 Sep 2026
regular UTI Mid Cap Fund - Regular Plan - IDCW	idcw	₹148.30	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹352.55
Regular growth NAV: ₹313.40
NAV divergence to date: 12.5% — same portfolio, priced differently
Regular costs more by: 1.02% points a year
On ₹1,00,000 over ten years: ₹33,367

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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