A number of Indian mid-cap mutual funds have delivered annualised returns exceeding 25% over the last three years. Notably, the Invesco India Midcap Fund achieved ~28.46% annualised returns, while the HDFC Midcap Fund posted ~26.63%. These funds typically invest at least 65% of assets in mid-cap stocks (companies ranked between 101-249 by market cap). Analysts warn, however, that past performance may not guarantee future outcomes — given valuation risks and narrower market breadth for mid-caps.