Sebi defines large & mid cap funds as open-ended equity schemes investing minimum 35% of total assets in equity and equity-related instruments of large cap companies, and a minimum of 35% of total assets in mid cap stocks. The large & mid cap category makes sense now because of the strict investment mandate imposed by Sebi for every mutual fund category. Even though these schemes may be less risky than pure mid cap schemes and small cap schemes, the 35% minimum exposure to mid mid cap stocks make them riskier than multi cap schemes that had the freedom to switch between market capitalisation based on the market conditions.
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