Three midcap mutual fund schemes have delivered over 16% absolute returns in the last three months as of June 18, 2026, according to ACE MF data. The HSBC Mid Cap Fund leads with 19.01% returns, followed by JM Midcap Fund at 17.31% and Helios Midcap Fund at 16.62%. This performance comes at a time when most schemes have seen single-digit returns amid volatile markets, highlighting the exceptional nature of these returns. The HSBC Mid Cap Fund has delivered 27.41% annual returns over three years and 20% over five years, while the JM Midcap Fund has achieved 24.20% annualised returns over three years. The Helios Midcap Fund, launched in 2025, has already delivered 27.57% returns since inception despite not completing three years.
According to ACE MF data for regular plans of all midcap schemes, there is a sharp divide between past compounders and recent risers in the midcap fund category. The HSBC Mid Cap Fund leads across all time periods, ranking first in 3-month, 6-month, 1-year, and 3-year durations, while the Motilal Oswal Midcap Fund tops the 5-year rankings. The JM Midcap Fund and ICICI Prudential Midcap Fund also maintain strong positions across multiple timeframes, demonstrating consistent performance across different investment horizons. Recent AMFI data shows that equity midcap funds had inflows of ₹4,385 crore and ₹6,551 crore in May and April 2026 respectively, with March 2026 witnessing inflows of ₹6,063 crore. These high net inflows continue to support the midcap fund category, coinciding with a spike in returns over the last few months.
The three top-performing schemes have distinct portfolio allocations reflecting their investment strategies. The HSBC Mid Cap Fund has invested 74.17% in midcap stocks, 19.75% in small-cap stocks, and just 4.97% in large-cap stocks. As of May 31, 2026, the scheme's total assets under management (AUM) stood at ₹14,249 crore with portfolio dominated by stocks like GE Vernova T&D India (4.66%), FSN E-Commerce (4.51%), BSE (4.34%), PB Fintech (4.24%), and Lenskart (4.21%). The JM Midcap Fund has invested 68.27% in midcap stocks, 26.1% in small-cap stocks, and 4.62% in large-cap stocks. Its AUM stands at ₹1,217 crore as of May 31, 2026, with portfolio dominated by Godfrey Philips (3.6%), Bharat Forge (3.53%), Tube Investments (3.36%), Avalon Technologies (3.23%), and Marico (3.07%). The Helios Mid Cap Fund has invested 64.69% in midcap stocks, 29.81% in small-cap stocks, and 3.84% in large-cap stocks.
Recent AMFI data shows that equity midcap funds had inflows of ₹4,385 crore and ₹6,551 crore in May and April 2026 respectively, with March 2026 witnessing inflows of ₹6,063 crore. As reported by Upstox, these high net inflows continue to support the midcap fund category, coinciding with a spike in returns over the last few months. The data indicates that several midcap mutual funds have seen a spike in returns in recent months, contributing to the increased investor interest in this category. The performance data reveals that only one fund ranks first across four periods and remains in the top 10 over 5 years, highlighting the dynamic nature of market leadership.
