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As per the Sebi mandate, large & mid cap schemes are open-ended equity schemes that will invest a minimum of 35% of total assets in large cap companies, and a minimum of 35% of total assets in mid cap stocks.
Equity mutual fund categories under Modi's second term witnessed significant returns, with small cap funds leading at 243.94%. Nippon India Small Cap Fund topped with 304.07%. ELSS funds, large cap, and aggressive hybrid funds also showed notable performance.
The large & mid cap schemes are benchmarked against NIFTY LargeMidcap 250 - TRI, S&P BSE 250 LargeMidCap Index - TRI. NIFTY LargeMidcap 250 - TRI, S&P BSE 250 LargeMidCap Index - TRI gave 27.76% and 20.82% respectively in 2023.
The mid cap schemes are benchmarked against Nifty Midcap 100 - TRI, Nifty Midcap 150 - TRI, and S&P BSE 150 MidCap - TRI. Nifty Midcap 100 - TRI, Nifty Midcap 150 - TRI, and S&P BSE 150 MidCap - TRI offered 42.91%, 40.22%, and 38.08% respectively in 2023.