Motilal Oswal’s Midcap Fund AUM climbed past ₹34,700 crore after a 23% year-on-year rise, reflecting sustained investor appetite for midcap themes. Its Microcap 250 Index Fund rose 1% on October 20, ranking among the top five small/midcap performers of 2025. Analysts credit disciplined sector rotation, stable SIP inflows, and reduced redemptions. AMFI data suggest retail participation in thematic schemes remains elevated despite stretched valuations in select industrial and auto names.