Multi Cap Mutual Funds in India
Updated June 2026 · 33 active funds · data from AMFI NAVs · benchmark: NIFTY 500 TRI
Multi Cap funds are required by SEBI (per the September 2020 amendment) to invest at least 75% in equity, with a hard minimum of 25% each in large-cap, mid-cap and small-cap stocks. This mandated three-way split guarantees genuine diversification across the entire cap curve in a single fund - the manager cannot quietly drift entirely into large caps. The forced small-cap and mid-cap floors make multi-cap funds more volatile than flexi-cap or large-cap funds, but the spread across all three segments can smooth returns relative to a pure mid or small-cap fund. They suit investors who want one diversified equity holding with structural exposure to smaller companies' growth, without picking cap allocations themselves. The default benchmark on FindMF is the NIFTY 500 TRI, India's broad all-cap total-return index, though the fund's mandated equal-weight tilt to mid and small caps means it carries more of that exposure than the market-cap-weighted 500. FindMF computes trailing returns, volatility, Sharpe, Sortino, drawdown and alpha/beta against the NIFTY 500 TRI from AMFI daily NAVs under a disclosed methodology, so you can compare each fund's actual risk profile.
Who it suits: Investors who want a single rules-based fund with guaranteed exposure across large, mid and small caps.
96% of the 28 funds here with a computed alpha beat their benchmark over the measured window (positive alpha). Past performance is not indicative; this is analysis, not advice.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | HSBC Multi Cap Fund HSBC | +1.64% | +20.63% | - | 0.94 | -20.1% | 0.83% | ₹5.2K Cr |
| 2 | Kotak Multicap Fund Kotak Mahindra | +1.62% | +20.57% | - | 0.63 | -21.0% | 0.45% | ₹23.1K Cr |
| 3 | Axis Multicap Fund Axis | +0.38% | +20.00% | - | 0.56 | -18.1% | 0.98% | ₹9.1K Cr |
| 4 | Bank of India Multi Cap Fund Bank of India | +4.88% | +19.71% | - | 0.96 | -20.3% | 0.91% | ₹992 Cr |
| 5 | LIC MF Multi Cap Fund LIC | +1.26% | +19.43% | - | 0.68 | -19.3% | 2.14% | ₹1.8K Cr |
| 6 | Mahindra Manulife Multi Cap Fund Mahindra Manulife | +2.32% | +19.17% | +16.62% | 0.78 | -20.6% | 2.19% | ₹6.0K Cr |
| 7 | ITI Multi Cap Fund ITI | +2.93% | +18.98% | +12.89% | 0.56 | -23.1% | 1.32% | ₹1.3K Cr |
| 8 | ICICI Prudential Multicap Fund ICICI Prudential | +1.58% | +18.39% | +16.05% | 0.80 | -17.2% | 1.06% | ₹15.9K Cr |
| 9 | Nippon India Multi Cap Fund Nippon India | -3.74% | +17.36% | +19.15% | 0.93 | -18.6% | 0.72% | ₹49.4K Cr |
| 10 | Union Multicap Fund Union | +4.03% | +16.61% | - | 0.69 | -19.8% | 1.34% | ₹1.3K Cr |
| 11 | Baroda BNP Paribas MULTI CAP FUND Baroda BNP Paribas | -1.32% | +16.19% | +15.15% | 0.68 | -21.5% | 1.23% | ₹3.1K Cr |
| 12 | BANDHAN MULTI CAP FUND Bandhan | -2.15% | +15.08% | - | 0.50 | -18.3% | 0.77% | ₹2.8K Cr |
| 13 | Aditya Birla Sun Life Multi - Cap Fund Aditya Birla Sun Life | +0.24% | +14.88% | +13.93% | 0.56 | -20.0% | 0.76% | ₹6.5K Cr |
| 14 | HDFC Multi Cap Fund HDFC | -6.30% | +14.76% | - | 0.55 | -20.2% | 0.97% | ₹19.2K Cr |
| 15 | Sundaram Multi Cap Fund (Formerly Known as Principal Multi Cap Growth Fund) Sundaram | -4.55% | +14.32% | - | 0.32 | -19.4% | 1.43% | ₹2.8K Cr |
| 16 | SBI Multicap Fund SBI | -3.86% | +14.31% | - | 0.45 | -15.1% | 0.95% | ₹22.7K Cr |
| 17 | Invesco India Multicap Fund Invesco | -8.70% | +14.08% | +12.24% | 0.54 | -22.6% | 0.91% | ₹3.9K Cr |
| 18 | Tata Multicap Fund Tata | +4.29% | +12.94% | - | 0.54 | -22.4% | 2.41% | ₹3.1K Cr |
| 19 | quant Multi Cap Fund quant | -1.02% | +12.84% | +12.99% | 0.52 | -25.3% | 0.96% | ₹7.4K Cr |
| 20 | Groww Multicap Fund Groww | +9.76% | - | - | 0.23 | -16.5% | 0.51% | ₹350 Cr |
Ranked by trailing return (3Y where available, else 1Y) on funds with at least one year of history. Returns, Sharpe, drawdown and TER are computed independently from AMFI NAVs - see methodology. No paid placement.
Frequently asked questions
How are Multi Cap funds taxed?
Multi Cap funds hold at least 75% in Indian equity, qualifying as equity-oriented. Short-term gains (units held under 12 months) are taxed at 20%; long-term gains (12 months or more) at 12.5% on the amount above Rs 1.25 lakh per financial year.
How is a Multi Cap fund different from a Flexi Cap fund?
A Multi Cap fund must hold at least 25% each in large, mid and small caps - a rigid floor. A Flexi Cap fund has no such minimums and the manager can shift freely across caps. Multi Cap therefore carries structurally higher mid- and small-cap exposure and usually more volatility.
What expense ratio is reasonable, and how do I compare these funds?
Direct-plan TERs sit in the mid-range for equity funds. Since all multi-cap funds share the same 25/25/25 mandate, differences come from stock selection - compare them on FindMF using alpha versus the NIFTY 500 TRI, Sharpe, drawdown and TER together, all computed from AMFI NAVs.
Are Multi Cap funds more volatile than they used to be?
Yes. The 2020 rule forcing minimum 25% each in mid and small caps raised their risk profile versus the older, large-cap-heavy multi-cap funds. FindMF's volatility and drawdown figures, derived from AMFI NAVs, reflect each fund's current risk.