Bank of India Mid Cap was the second-best performer, losing 4.25%, followed by Quant Mid Cap, which declined 4.50%. Helios Mid Cap posted a 4.65% fall, while The Wealth Company Mid Cap and JM Midcap declined 4.90% and 5.31%, respectively.
This means six schemes in the snapshot managed to outperform the benchmark despite posting negative monthly returns.
Majority of funds cushion the correction
The September performance highlights the importance of distinguishing between absolute returns and relative performance during a market downturn. While investors in all the funds saw their portfolios decline, the losses were considerably smaller for the top-performing schemes than the benchmark’s 7.07% fall.
After JM Midcap, SBI Midcap declined 5.33%, followed by PGIM India Midcap at 5.38%, Bandhan Midcap at 5.41% and Nippon India Mid Cap at 5.55%.
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Axis Midcap, Canara Robeco Mid Cap and Samco Mid Cap fell 5.64%, 5.65% and 6.12%, respectively. WhiteOak Capital Mid Cap declined 6.14%, while Invesco India Midcap and Trustmf Mid Cap lost 6.16% and 6.21%.
Mid-cap funds: September 2026 performance
| Fund | Sept 2026 return | 6-month return | CYF return | 1-year return | 3-year return |
|---|---|---|---|---|---|
| Taurus Mid Cap | -2.44% | — | — | — | — |
| Bank of India Mid Cap | -4.25% | — | — | — | — |
| Quant Mid Cap | -4.50% | — | — | — | — |
| Helios Mid Cap | -4.65% | — | — | — | — |
| The Wealth Company Mid Cap | -4.90% | — | — | — | — |
| JM Midcap | -5.31% | 21.68% | 21.25% | — | — |
| SBI Midcap | -5.33% | — | — | — | — |
| PGIM India Midcap | -5.38% | — | — | — | — |
| Bandhan Midcap | -5.41% | — | — | — | — |
| Nippon India Mid Cap | -5.55% | — | — | — | — |
| Axis Midcap | -5.64% | — | — | — | — |
| Canara Robeco Mid Cap | -5.65% | — | — | — | — |
| Samco Mid Cap | -6.12% | — | — | — | — |
| WhiteOak Capital Mid Cap | -6.14% | 17.23% | 17.38% | 12.32% | 20.33% |
| Invesco India Midcap | -6.16% | 19.54% | 19.31% | — | 22.22% |
| Trustmf Mid Cap | -6.21% | — | — | — | — |
| HSBC Midcap | -6.81% | 22.31% | 21.98% | 17.89% | 22.18% |
| Sundaram Mid Cap | -7.37% | — | — | — | — |
| Kotak Midcap | -7.51% | — | — | — | — |
| Mahindra Manulife Mid Cap | -8.03% | — | — | — | — |
| Nifty Midcap 150 TRI | -7.07% |
Longer-term returns remain positive for several funds
Despite the sharp September correction, the snapshot shows that several mid-cap funds continued to deliver strong returns over longer periods.
HSBC Midcap, for instance, recorded a 22.31% six-month return and 21.98% CYF return, while its one-year and three-year returns stood at 17.89% and 22.18%, respectively. Its September decline was 6.81%.
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WhiteOak Capital Mid Cap also posted strong medium-term numbers, with 17.23% over six months, 17.38% CYF, 12.32% over one year and 20.33% over three years, despite a 6.14% monthly fall.
Invesco India Midcap recorded 19.54% over six months, 19.31% CYF and 22.22% over three years, while JM Midcap delivered 21.68% over six months and 21.25% CYF.
Mahindra Manulife records biggest monthly fall
At the other end of the table, Mahindra Manulife Mid Cap was the weakest performer, declining 8.03% in September. Kotak Midcap and Sundaram Mid Cap fell 7.51% and 7.37%, respectively.
The September data therefore paints a clear picture: mid-cap funds were unable to avoid the broader correction, but fund-level performance varied significantly. For investors, the divergence suggests that downside protection and longer-term consistency can be as important as headline returns when assessing mid-cap strategies.
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Disclaimer: Business Today provides market and personal news for informational purposes only and should not be construed as investment advice. All mutual fund investments are subject to market risks. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
