It would not be an exaggeration to say that calendar year 2025 was a forgettable year for equity investors. Benchmark Nifty 50 delivered a modest return of 10.5%. Broader mid and small-cap segments even underperformed. The Nifty Midcap 150 rose by just 5.4%, while the Nifty Smallcap 250 fell by 6% last year.
Even though the domestic macro picture remained solid and flows from domestic institutional investors (DIIs) were the highest ever at $90.1 billion, according to Motilal Oswal Financial Services, the domestic market delivered an unimpressive show due to record foreign money outflow amid US-tariff-related uncertainty and geopolitical issues.
Nevertheless, many equity mutual funds delivered decent returns last year. In the mid-cap category, top equity mutual funds delivered returns in the range of 5-12% last year.
Investors often examine the past returns of funds to decide which funds align with their risk appetite and return expectations. However, there is no guarantee that a fund will repeat its past performance. Returns from equity investments, after all, depend on many variables, and no one can precisely predict how the stock market will perform in the future.
We have collated a list of the top 10 mid-cap equity mutual funds, based on their returns last year. Let’s take a look:
Top mid-cap mutual funds based on their returns in 2025
1. ICICI Prudential MidCap Fund Direct Plan Growth: The fund delivered an absolute return of 12% last year. According to Mint data, as of 2 January 2026, Muthoot Finance, BSE, and Jindal Steel are among the top holdings of the fund. Its highest exposure is in investment services, iron and steel, and chemical manufacturing.
2. Mirae Asset Midcap Fund Direct Growth: It delivered an absolute return of 10% last year. According to Mint data, as of 2 January 2026, Lupin, Federal Bank, and Bharat Forge are among the top holdings of the fund. Its highest exposure is in biotechnology and drugs, regional banks, and Software.
3. Invesco India Mid Cap Fund Direct Plan Growth: With an absolute return of 7.6%, the fund remained among the top-performing mid-cap equity mutual funds last year. Federal Bank, AU Small Finance Bank, and L&T Finance are the top holdings, while regional banks, healthcare facilities, and consumer financial services are its top sectoral exposures, as per Mint data on 2 January 2026.
4. HDFC Mid Cap Fund – Direct Plan: It delivered an absolute return of 7.5% in 2025. Treps – Tri-Party Repo, Max Financial Services, and AU Small Finance Bank are the top holdings and regional banks. Software and programming, biotechnology and drugs are the top sectoral exposures, as per Mint data on 2 January 2026.
5. Tata Mid Cap Fund Direct Plan Growth: It delivered an absolute return of over 7% last year. AU Small Finance Bank, Indian Bank, and UPL are among its top holdings, while regional banks, chemical manufacturing, and biotechnology and drugs are its top sectoral exposures.
6. WhiteOak Capital Mid Cap Fund Direct Growth: It delivered an absolute return of 6.7% in 2025. Its top holdings include Clearing Corporation Of India, Persistent Systems, and Max Financial Services are its top holdings. Software and programming, biotechnology and drugs, and investment services are among its top sectoral holdings.
7. ITI Mid Cap Fund Direct Growth: It delivered an absolute return of 6.6%. Federal Bank, Persistent Systems, and Coforge are its top holdings, while consumer financial services, software and programming, and regional banks are among the top sectoral exposures of the fund.
8. Canara Robeco Mid Cap Fund Direct Growth: It gave an absolute return of 5.7% last year. Treps, Persistent Systems, and BHEL are its top holdings, while software and programming, regional banks, and chemical manufacturing are its top sectoral exposures, as per Mint data on 2 January.
9. Aditya Birla Sun Life Mid Cap Fund Direct Plan Growth: It delivered an absolute return of 5.23%. AU Small Finance Bank, Max Financial Services, and Federal Bank were the top holdings, while software and programming, regional banks, and consumer financial services are its top sectoral exposures.
10. Edelweiss Mid Cap Fund Direct Plan Growth Option: It delivered an absolute return of 5.1% last year. Coforge, Persistent Systems, and Clearing Corporation of India are its top holdings, while regional banks, software and programming, and investment services are its top sectoral exposures, as per Mint data on 2 January.
Read more stories by Nishant Kumar
Disclaimer: This story is for educational purposes only. The data has been taken from the Mint website. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.