# Mid-cap funds vary wildly in large, small stock bets 2026-09-21T18:17:04+00:00 | Business & Economy | Indian Opinion Desk Corroboration: 1 independent outlet An analysis of 18 mid-cap mutual funds with a combined AUM of Rs 4.75 lakh crore reveals wide differences in portfolio composition. Motilal Oswal Midcap Fund holds 25.3% in large-cap stocks, the highest in the category, while Helios Midcap Fund allocates just 4% to large caps. Quant Midcap Fund leads mid-cap exposure at 74.6%, with the category median at 70.3%. Helios also has the largest small-cap allocation at 30.1%, compared to Motilal Oswal's 3.9%. Equity exposure ranges from Helios's 99.5% to Franklin Midcap Fund's cash holding of 4%. Although all funds fall under the SEBI-defined mid-cap category, the portfolios carry significantly different risk profiles, meaning investors may not get the market exposure they expect. ## Indian Opinion Analysis Mutual fund categories are defined by SEBI's 2017 circular, which mandates that a mid-cap fund invest at least 65% of its assets in stocks ranked 101st to 250th by market capitalisation. The remaining 35% gives fund managers wide latitude, which explains the divergence: Motilal Oswal's 25.3% large-cap allocation is legal but aggressive, while Helios's 30.1% small-cap bet pushes the portfolio into territory closer to a small-cap fund's risk profile. Investors comparing trailing returns may miss that two funds in the same category can have vastly different volatility. The median figures (15.2% large, 70.3% mid, 15.8% small) provide a category benchmark, but no single fund exactly matches the average. The next quarterly portfolio disclosure, due by end-October 2026, will show whether fund managers are narrowing or widening these gaps. ## Coverage - bazaar.businesstoday.in Tags: Helios Mutual Fund, mid-cap funds, Motilal Oswal, Quant Mutual Fund, SEBI Canonical: https://indianopinion.org/mid-cap-funds-vary-wildly-in-large-small-stock-bets/ License: Summary and commentary (c) Indian Opinion, reusable with attribution. Facts belong to the linked sources. Cite: https://indianopinion.org/mid-cap-funds-vary-wildly-in-large-small-stock-bets/#story-in-brief