One-year contrast, August 2026 portfolio, data as of 30 September 2026
quant Large Cap Fund Gained 4.89% in a Year While Its Benchmark Proxy Fell 5.15%
A 3-year return of 43.46%, a negative two-year return, and a portfolio that does not look like a plain large-cap list. The August disclosure explains part of the gap, and leaves part of it open.
In the year to 30 September 2026, the NAV of quant Large Cap Fund (Direct Growth) rose from ₹15.5473 to ₹16.3072, a gain of 4.89%. Over the same year the benchmark proxy shown on DirectGrowth, built for the Nifty 100 TRI, fell 5.15%.
The two-year picture is less comfortable. The fund returned -3.14% over two years, against -9.64% for the proxy. So the fund lost money over two years, and still came out ahead of its benchmark proxy by 6.5 percentage points. Both statements are true, and both belong in any honest summary.
The fund in numbers
quant Large Cap Fund in numbers
The returns are point-to-point and end on 30 September 2026. They start from NAVs of ₹15.5473 (30 September 2025), ₹16.8356 (30 September 2024) and ₹11.3667 (29 September 2023). The yearly equivalent of the three-year figure is our own conversion.
How the fund ranks against large-cap peers
Among the Direct Growth large-cap funds in DirectGrowth's data, the fund was ahead of 97% of its peers over one year, 83% over two years and 96% over three, with 29 funds in the three-year comparison. The percentiles are DirectGrowth's own calculation from public NAVs.
Large-cap funds as a group had a hard two years. The benchmark proxy for this fund fell 9.64% over two years, and the fund's -3.14% was a better result, not a good one in absolute terms. The category snapshot frozen on 1 September 2026 placed the fund 12th of 32 large-cap funds.
Where the three-year return came from
From ₹11.3667 on 29 September 2023 to ₹16.8356 on 30 September 2024, the NAV rose 48.11%. From ₹16.8356 to ₹16.3072 two years later, it fell 3.14%. The three-year return of 43.46% is therefore a first-year story followed by two flat-to-down years.
The largest fall in the NAV history DirectGrowth holds from September 2024 ran from 27 September 2024 to 4 March 2025 and measured 21.1%. The fund's high is ₹17.226 on 3 August 2026, and the latest NAV is 5.33% below it. From the one-year low of ₹13.7623 on 30 March 2026, the NAV has recovered 18.49%.
The one-year gain also hides a dip. The NAV fell to ₹13.7623 on 30 March 2026, which was 11.48% below its ₹15.5473 level on 30 September 2025. It then gained 15.86% over the six months to 30 September 2026. The latest stretch is weaker: the NAV fell 2.04% over three months and 2.85% over the last month.
A portfolio that does not read like a plain large-cap list
The 31 August 2026 disclosure lists 36 lines. The weights add to 100% only after a negative line, so the composition needs reading carefully.
| Line in the disclosure | Share of net assets, 31 Aug 2026 |
|---|---|
| Equity (16 holdings) | 69.26% |
| Derivatives (6 lines) | 30.04% |
| Triparty repo | 24.57% |
| Treasury bills (12 lines) | 6.30% |
| Cash equivalent | -30.17% |
The derivative lines are named with a 29 September 2026 date, which is an expiry date. The negative cash-equivalent line offsets them, which is how the total reaches 100%. The disclosure shows the positions, not the purpose behind them. We do not know from this document whether they reduce risk, add exposure or arise from some other part of the strategy, and we do not guess.
The equity share was 73.98% on 30 June 2026, 67.78% on 31 July and 69.26% on 31 August. It also holds a large block of cash-like assets, and the derivative lines are part of how that is reported.
The equity holdings
Sixteen equity holdings make up 69.26% of net assets, so each carries a large weight.
| Equity holding | 31 Aug 2026 | 31 Jul 2026 |
|---|---|---|
| ICICI Prudential AMC | 8.81% | 3.34% |
| Adani Green Energy | 8.10% | 8.41% |
| Adani Enterprises | 8.08% | 8.65% |
| LG Electronics India | 7.32% | 6.04% |
| Divi's Laboratories | 4.97% | 3.57% |
| Samvardhana Motherson International | 4.76% | 3.19% |
| Capri Global Capital | 4.13% | 6.72% |
| Adani Energy Solutions | 3.94% | 4.65% |
| Infosys | 3.58% | 2.96% |
| Bharti Airtel | 3.33% | 3.68% |
The largest move is ICICI Prudential AMC, from 3.34% to 8.81%. By sector label, power holds 12.03% of net assets, capital markets 8.81%, metals and minerals trading 8.08%, pharmaceuticals and biotechnology 7.76% and consumer durables 7.32%.
Between the two months, ICICI Bank (8.90% in July) and Tech Mahindra (5.51%) are no longer among the equity holdings. Zydus Lifesciences (2.79%), State Bank of India (2.38%), DLF (2.38%), Life Insurance Corporation of India (1.21%) and Oil and Natural Gas Corporation (0.48%) appear in August. A count of entries and exits would overstate the change, because the derivative lines carry an expiry date in their names and change name every month.
Size and the direction of money
Month-end assets under management rose from ₹2,698.00 crore on 30 April 2026 to ₹3,112.00 crore on 29 May, ₹3,281.00 crore on 30 June and ₹3,388.00 crore on 31 July 2026. The fund's NAV rose about 7.8% between 30 April and 31 July, which explains part of that increase.
Removing the market-driven part leaves an estimated net inflow of about ₹480 crore, or about 17.8% of the opening assets. This is our own estimate, not a disclosed figure. August assets are not available in our database, so the estimate stops at 31 July.
How the Vriddhi Score has behaved
The Vriddhi Score of 82.84 on 30 September 2026 placed the fund 53rd among 1,207 eligible equity funds. Across the 21 daily score files for September 2026, the score ranged from 65.0 to 82.8 and was above 80 on only 5 of them, all in the second half of the month (18, 24, 28, 29 and 30 September). It climbed from 65.0 on 1 September, so the score moved a long way inside a single month.
What the data does not tell us
The August disclosure shows what the fund held, not why. It does not show how the derivative positions are used, how long the cash block will stay, or whether a portfolio of 16 equity holdings will keep to its category's rules as the mix changes. A fund this concentrated can differ sharply from its benchmark in either direction, as the last two years show.
The current expense ratio and exit load are left to the fund house's own documents, since both can change.
What to watch next
The next disclosure will show whether the equity share stays near 69%, whether the weight of ICICI Prudential AMC keeps rising, and how the derivative and cash lines change after the September expiry. The score history over the coming weeks will show whether the late-September level holds or falls back below 80.
Sources and notes
- quant Large Cap Fund, scheme page, quant Mutual Fund: scheme category, benchmark and inception date (11 August 2022).
Holdings, NAV, AUM and returns come from DirectGrowth's validated database, which is built from the fund house's monthly portfolio disclosure and published NAVs. NAV and return figures are as of 30 September 2026, holdings as of 31 August 2026, AUM as of 31 July 2026, and the Vriddhi Score as of 30 September 2026 (data generated 30 September 2026, 17:59 UTC). Peer percentiles are DirectGrowth's own calculation across Direct Growth funds of the same category. The benchmark figures are a validated proxy built from index-tracker NAVs. Estimated inflows are our own calculation from month-end AUM and NAV. Figures change after publication.
This article is for information and education only. It is not investment advice or a recommendation to buy, sell or hold any scheme. The Vriddhi Score is DirectGrowth's own analysis and changes as new data arrives. Past performance may or may not be sustained in future. Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before making any investment decisions, and consult your financial advisor.