Kotak Large & Midcap Fund

All Cap

Energy & Utilities

Equity

India Growth

Others

Aggressive growth Investor Profile

Investor Profile

1–7 yearsInvestment Horizon

HNI, UHNI, Retail Investor, Mass AffluentTarget Segments

SEBI registered equity mutual fund suitable for all investor categoriesRegulatory Fit

Kotak Equity Opportunities Fund Growth focuses on high-growth Indian companies for wealth creation.

What This Strategy Does

Kotak Large & Midcap Fund Growth is an equity flexi-cap fund which captures India's broad-based earnings growth through a disciplined growth-at-a-reasonable-price approach, deploying capital across industrials, financials, and materials to achieve benchmark-aligned compounding.

CW Expert Research Notes

Resilient Outcome Delivery

The fund has demonstrated consistent outperformance over the long term, ranking in the second quartile over a three-year period and outpacing the category average, reflecting effective stock selection and timely sector allocation.

Disciplined GARP Approach

The fund employs a disciplined growth-at-a-reasonable-price strategy, seeking quality companies with sustainable competitive advantages, strong balance sheets, and prudent valuations, while maintaining valuation discipline and risk controls.

Macro-Aligned Portfolio Positioning

The portfolio reflects the manager's constructive view on the Indian economy, with structural overweights in industrials, materials, and select private banks, aligned with domestic capex, infrastructure, and home improvement themes.

Performance and Risk Analysis

Historical returns, volatility patterns, and how this fund has performed relative to its benchmark.

Fund Performance

1.1% AnnuallyAlpha

+13.3% vs +9.9% benchmarkSince Inception

+12.3% vs +6.3% benchmark3Y Annualized

+12.4% vs +6.5% benchmark5Y Annualized

Kotak Large & Midcap Fund

Benchmark Index

Benchmark Performance Comparison

Kotak Equity Opportunities Fund

NIFTY 50

Risk Profile

Standard Deviation17.9%

Maximum Drawdown-18.2% | Oct 2024

Sharpe Ratio0.18

Beta0.93

Upside Capture97%

Detailed Risks

Market Risk

Potential recession in India driven by slowing global growth could undermine fund's large/mid-cap tilt.

Liquidity Risk

Volatility spikes or redemptions could impair ability to efficiently rebalance mid-cap exposures.

Concentration Risk

Outsized exposure to Indian financials/banks relative to peers amplifies impact of non-performing loan cycle.

Specific Strategy Risk

Regulatory tightening on corporate governance or foreign investment could disproportionately impact mid-cap holdings.

Strategy Details

A closer look at the investment thesis, portfolio construction, and current holdings.

Core Investment Theme

Provides exposure to India's most resilient businesses across market capitalizations, capturing the nation's entrepreneurial energy and long-term growth potential. This flexible approach allows the fund to rotate capital toward the best risk-reward opportunities, whether defensiveness in large caps or growth in smaller companies. The impact is a smoother return profile across varying market conditions and the ability to compound wealth steadily over full market cycles.

Broader Market View

Market Outlook

Equity markets appear to be entering a recovery phase following the recent valuation correction. Consumption and earnings normalization, coupled with a revival in capital expenditure and credit growth, are aligning favorably with the strategy's tilt towards consumer, financial services, and technology sectors. While competitive pressures and margin cyclicality pose risks, the present environment offers an attractive entry point.

Why This Strategy is Attractive Now

The strategy seems well-positioned to capitalize on the current environment through its balanced exposure across consumer cyclicals, defensives, financials, and technology. The portfolio's diversification across approximately 70 holdings, including market leaders, coupled with its moderate beta and flexibility, appears conducive to risk-adjusted participation in the anticipated recovery. This differentiates the strategy from generic equity offerings.

Investment Style & Process

Investment Style

The portfolio exhibits characteristics of a Quality Growth strategy, emphasizing companies with durable competitive advantages, consistent earnings growth, and reasonable valuations.

Why it Makes Sense

In the current environment of moderating economic growth and elevated uncertainty, a Quality Growth approach focused on resilient business models and prudent valuations appears well-positioned.

High-Level Investment Process

Sourcing: The strategy appears to source investment ideas from a broad universe of quality companies across market capitalizations and sectors, with a preference for those demonstrating sustainable competitive advantages and attractive growth prospects. Selection: The selection process suggests an emphasis on companies with strong fundamentals, including consistent profitability, healthy balance sheets, and capable management teams, combined with reasonable valuations relative to growth potential. Construction: Portfolio construction is consistent with a diversified, conviction-weighted approach, with sector allocations and position sizes reflecting the strategy's quality and growth criteria within a risk-aware framework.

Portfolio Holdings Overview

SectoralAllocation

Utilities3.97%

Energy & Infra5.42%

Services10.49%

Technology6.22%

Financial Services31.39%

Consumers13.2%

Capital Goods29.29%

Geographic Allocation

Domestic100%

Top Stock Holdings

CompanySectorAllocation

HDFC Bank LtdFinancial Services4.97%

State Bank of IndiaFinancial Services4.41%

Bharat Electronics LtdCapital Goods3.99%

Eternal LtdConsumers2.94%

ICICI Bank LtdFinancial Services2.92%

Axis Bank LtdFinancial Services2.60%

Larsen & Toubro LtdCapital Goods2.45%

BSE LtdFinancial Services2.41%

Bharti Airtel LtdServices2.37%

Ashok Leyland LtdCapital Goods2.25%

Fund House Management

The asset management company’s track record, AUM scale, and fund manager credentials.

Fund Manager Track Record

Harsha Upadhyaya

Mr. Harsha Upadhyaya has experience of 24 years. Manages 35 funds at Kotak Mahindra Asset Management Co Ltd with an AUM of approximately ₹36,716 Cr Holds a PGDM degree.

24 years

Combined Team Experience

₹ 36,716 Cr

Assets Under Management

CW Expert Take

Kotak brings banking-grade risk assessment to fund management. Their strength is in identifying mispriced opportunities while maintaining portfolio quality. The equity teams focus on sustainable business models, while their debt strategies emphasize credit selection and liquidity management—reflecting the parent group's risk culture.

Firm Overview

Total AUM₹5,80,249.31 Cr

Investment Philosophy & Approach

Disciplined Approach

Kotak AMC follows a disciplined, process-driven investment approach focused on quality growth companies.

Valuation Conscious

The fund house emphasizes valuation discipline, seeking companies with sustainable competitive advantages at reasonable valuations.

Risk Management

Risk management is embedded through diversification, liquidity considerations, and a focus on corporate governance.

Operational & Regulatory Details

What it costs to invest, transaction mechanics, and regulatory disclosures you should know.

Costs and Fees

Total Expense Ratio (TER)1.59%

Exit Load1

Regulatory & Tax Information

INF174K01187

ISIN

DailyDealing Frequency

Nifty LargeMidcap 250 TR INRBenchmark

LTCG | >1Year 12.5%% on gain above 1.25 Lakh

STCG | <1Year 20%%

Tax Implications (India)