Best Performing Multi Cap Mutual Funds in July 2026

A data driven ranking of 32 direct growth multi cap schemes, based on fund data last updated 19 July 2026

Multi cap funds are one of the most structurally distinctive categories in Indian mutual funds. Following SEBI's September 2020 circular, these schemes are required to hold a minimum of 25% each in large cap stocks (top 100 companies by market capitalisation), mid cap stocks (101st to 250th), and small cap stocks (251st onwards), with the remaining 25% allocated at the fund manager's discretion.

This mandatory equal exposure across all three market cap segments is what sets multi cap funds apart from flexi cap funds, which carry no such floor constraints.

The forced allocation to small cap and mid cap stocks makes multi cap funds structurally more volatile than large cap or flexi cap options, but also gives them higher long term growth potential. The category itself is relatively young in its current form: most fund houses relaunched or restructured their multi cap schemes after SEBI's 2020 mandate, which is why the data set reflects a shorter track record across the board compared to the other categories in this series.

This article analyses 32 direct growth multi cap schemes using data as of 19 July 2026. Of the 32 funds, 19 have a 3 year return and only 9 have a 5 year return. The remaining 13 funds are too recently launched to have either. All figures are drawn directly from the fund data set.

A Note on Track Record Depth

The multi cap category has a more limited history than any other category reviewed in this series. Only 9 of the 32 funds have a 5 year track record, reflecting the fact that most schemes were restructured or launched from 2023 onwards in response to SEBI's revised mandate.

The 5 year rankings table therefore shows all 9 eligible funds rather than a top 10. Investors should be aware that the shorter track records across this category make performance comparisons less conclusive than in older categories such as large cap or flexi cap. The 3 year category benchmark return is 14.71% and the 5 year benchmark return is 13.80%.

How These Funds Were Ranked

Rankings are presented separately for 3 year annualised returns (19 funds eligible) and 5 year annualised returns (9 funds eligible). Where a fund appears in both tables, that consistency across time horizons is a more meaningful signal than high placement on a single horizon.

Multi Cap Fund Rankings: 3 Year vs 5 Year

Ranked by 3 Year Annualised Return

Rank	Fund	3Y Return	5Y Return	Expense Ratio	AUM	Sharpe
1	HSBC Multi Cap Fund Direct Growth	20.79%	N/A*	0.50%	₹5,914.00 Cr	0.85
2	Bank of India Multi Cap Fund Direct Growth	20.71%	N/A*	0.72%	₹1,186.47 Cr	0.87
3	Kotak Multicap Fund Direct Growth	20.15%	N/A*	0.47%	₹28,074.19 Cr	0.81
4	Axis Multicap Fund Direct Growth	19.84%	N/A*	0.62%	₹10,457.27 Cr	0.87
5	LIC MF Multi Cap Fund Direct Growth	19.82%	N/A*	0.85%	₹2,042.50 Cr	0.77
6	Mahindra Manulife Multi Cap Fund Direct Plan Growth	18.83%	17.29%	0.39%	₹6,926.01 Cr	0.79
7	ITI Multi Cap Fund Direct Growth	18.73%	14.02%	0.63%	₹1,470.48 Cr	0.77
8	ICICI Prudential Multicap Fund Direct Plan Growth	17.88%	16.07%	0.78%	₹18,193.89 Cr	0.77
9	Nippon India Multi Cap Fund Direct Plan Growth	16.67%	19.68%	0.61%	₹54,584.58 Cr	0.72
10	Union Multicap Fund Direct Growth	16.61%	N/A*	0.85%	₹1,420.10 Cr	0.71

*N/A indicates the fund's inception date doesn't yet allow for a 5 year track record. Only 19 of the 32 funds in the data set have a 3 year return, itself a reflection of how recently this category was restructured.

Ranked by 5 Year Annualised Return

Rank	Fund	5Y Return	3Y Return	Expense Ratio	AUM	Sharpe
1	Nippon India Multi Cap Fund Direct Plan Growth	19.68%	16.67%	0.61%	₹54,584.58 Cr	0.72
2	Mahindra Manulife Multi Cap Fund Direct Plan Growth	17.29%	18.83%	0.39%	₹6,926.01 Cr	0.79
3	ICICI Prudential Multicap Fund Direct Plan Growth	16.07%	17.88%	0.78%	₹18,193.89 Cr	0.77
4	Baroda BNP Paribas Multi Cap Fund Direct Growth Option	15.38%	16.10%	0.75%	₹3,339.44 Cr	0.65
5	Aditya Birla Sun Life Multi-Cap Fund Direct Growth	14.25%	15.29%	0.67%	₹7,029.62 Cr	0.61
6	Sundaram Multi Cap Fund Direct Plan Option	14.03%	15.06%	0.93%	₹2,914.87 Cr	0.58
7	ITI Multi Cap Fund Direct Growth	14.02%	18.73%	0.63%	₹1,470.48 Cr	0.77
8	Quant Multi Cap Fund Growth Option Direct Plan	13.52%	12.81%	0.95%	₹7,761.45 Cr	0.44
9	Invesco India Multicap Fund Direct Plan Growth Option	12.76%	14.86%	0.62%	₹4,301.86 Cr	0.57

Only 9 of the 32 funds in the data set have a 5 year track record, so this table shows all eligible funds rather than a top 10.

Four funds appear in both tables: Nippon India Multi Cap, Mahindra Manulife Multi Cap, ICICI Prudential Multicap, and ITI Multi Cap. Nippon India Multi Cap Fund's position is worth noting specifically: it leads the 5 year table by a wide margin at 19.68% while ranking ninth on the 3 year table, suggesting a fund whose longer run outperformance has moderated somewhat in the more recent stretch.

All returns are direct plan, growth option figures, measured against the Nifty 500 Multicap 50:25:25 TRI (the 3 year benchmark return across the set is 14.71% and the 5 year benchmark return is 13.80%).

A Closer Look at the Top Performers

1. HSBC Multi Cap Fund: Leads the 3 Year Table

HSBC Multi Cap Fund, managed by Venugopal Manghat, tops the 3 year list at 20.79%, backed by the second best Sharpe ratio among the category's leaders (0.85). It runs an unusually low concentration portfolio for this category, with top 10 holdings at just 22.53%, led by HDFC Bank (3.46%) and The Federal Bank (2.61%), spreading its bets more broadly than most multi cap peers. It does not yet have a 5 year track record.

2. Kotak Multicap Fund: Strong Returns at Scale

Kotak Multicap Fund, managed by Devender Singhal, combines a 20.15% 3 year return with by far the largest asset base among the category's top performers at ₹28,074.19 Cr, alongside a competitive 0.47% expense ratio. Its top 10 holdings sit at 32.62%, led by Maruti Suzuki India (5.13%), a more consumer and industrials leaning portfolio than the financials heavy tilt common elsewhere in the category.

3. Axis Multicap Fund: Highest Sharpe Ratio Among the 3 Year Leaders

Axis Multicap Fund, managed by Hitesh Das, posts a joint leading Sharpe ratio of 0.87 among funds with a 3 year track record, alongside a 19.84% 3 year return. Its top 10 holdings, at 23.98%, are led by HDFC Bank (4.30%) and ICICI Bank (3.87%), with the rest of the portfolio spread thinly enough that no other single holding exceeds 2.6%.

4. Mahindra Manulife Multi Cap Fund: Best Combination of Cost and Consistency

Mahindra Manulife Multi Cap Fund, managed by Fatema Pacha, is the only fund in the category's leaders to combine the lowest expense ratio on this list (0.39%) with a full 5 year track record (17.29%) and a strong 3 year return (18.83%), placing in the top 10 of both tables. Its top 10 holdings, at 27.70%, include Neuland Laboratories (3.25%) and Adani Enterprises (3.13%) alongside more familiar large cap names.

5. Nippon India Multi Cap Fund: Category Leader Over 5 Years

Nippon India Multi Cap Fund, managed by Sailesh Raj Bhan, leads the 5 year table at 19.68% while managing ₹54,584.58 Cr, the largest fund in the category by a wide margin. Its top 10 holdings sit at 31.57%, led by HDFC Bank (7.57%) and ICICI Bank (4.89%). Its more moderate 16.67% 3 year return relative to its 5 year figure suggests a fund whose historically strong long run track record has cooled somewhat in the most recent stretch, without falling out of the category's upper tier.

Best Risk Adjusted Returns: Highest Sharpe Ratio

The Sharpe ratio measures how much return a fund generated per unit of risk taken, where a higher number means the fund's gains came with comparatively less volatility.

Fund	3Y Sharpe Ratio	3Y Return
Axis Multicap Fund	0.87	19.84%
Bank of India Multi Cap Fund	0.87	20.71%
HSBC Multi Cap Fund	0.85	20.79%
Kotak Multicap Fund	0.81	20.15%
Mahindra Manulife Multi Cap Fund	0.79	18.83%

The category's best risk adjusted performers and its best raw return performers are largely the same funds, HSBC, Bank of India, Kotak, and Axis Multicap all place in the top 5 of both measures, suggesting the leading multi cap funds have generally not needed to take on outsized volatility to achieve their returns over this window.

Lowest Cost Multi Cap Funds

Expense ratio compounds over time, so it's worth weighing alongside returns:

Fund	Expense Ratio	3Y Return
Mirae Asset Multicap Fund Direct Growth	0.39%	N/A*
Mahindra Manulife Multi Cap Fund Direct Plan Growth	0.39%	18.83%
Canara Robeco Multi Cap Fund Direct Growth	0.43%	N/A*
Franklin India Multi Cap Fund Direct Growth	0.44%	N/A*
Kotak Multicap Fund Direct Growth	0.47%	20.15%

*N/A: Mirae Asset, Canara Robeco, and Franklin India's multi cap schemes were all launched in 2023 or 2024 and do not yet have a 3 year return.

Mahindra Manulife Multi Cap Fund is the standout here, matching the lowest expense ratio in the category while also carrying one of its stronger and more complete track records.

The Largest Multi Cap Funds by AUM

Size doesn't guarantee better returns, but the largest funds tend to attract assets for a reason, including long track records, brand trust, or consistent past performance:

Fund	AUM	3Y Return	5Y Return
Nippon India Multi Cap Fund Direct Plan Growth	₹54,584.58 Cr	16.67%	19.68%
Kotak Multicap Fund Direct Growth	₹28,074.19 Cr	20.15%	N/A*
SBI Multicap Fund Direct Growth	₹23,693.40 Cr	14.78%	N/A*
HDFC Multi Cap Fund Direct Growth	₹20,216.88 Cr	14.73%	N/A*
ICICI Prudential Multicap Fund Direct Plan Growth	₹18,193.89 Cr	17.88%	16.07%

*N/A: SBI Multicap and HDFC Multi Cap do not yet have a 5 year return in this data set.

Nippon India Multi Cap Fund stands apart here, being both the largest fund in the category by a wide margin and one of only two funds among the largest five to carry a complete 5 year track record.

What These Funds Actually Hold

Across the data set, multi cap portfolios average 97% in equity, with the remainder mostly in cash. HDFC Bank and ICICI Bank remain the most common names among top holdings, though less dominant than in the large cap category, reflecting the mandatory mid and small cap exposure diluting the large cap heavy composition seen elsewhere.

Concentration is generally lower in this category than in flexi cap or mid cap: HSBC Multi Cap's top 10 holdings sit at just 22.53%, and most funds in the data set fall between 25% and 40%, a natural consequence of the SEBI mandate forcing exposure across three separate market cap bands rather than letting a manager concentrate freely in favoured names.

Things to Consider Before Investing

· Track record depth is the defining limitation of this category right now. Only 9 of 32 funds have a full 5 year history, and only 19 have even a 3 year history, since most schemes were restructured after SEBI's September 2020 circular.

· The mandatory 25% floor in each of large, mid, and small cap means multi cap funds cannot retreat entirely into large cap safety during a downturn the way a flexi cap fund technically could, a structural constraint worth understanding before comparing returns across the two categories directly.

· Expense ratio compounds. The gap between the cheapest funds in this category (0.39%) and the priciest (Samco Multi Cap Fund at 2.44%, per the source data) is wide enough to meaningfully affect long term net returns.

· Risk adjusted return and raw return have moved together more often in this category than in others reviewed in this series, with the same handful of funds, HSBC, Bank of India, Kotak, and Axis Multicap, appearing near the top of both measures.

· A short track record is not disqualifying, but it does mean less data to evaluate how a fund manager has handled a full market cycle, a caveat that applies to a larger share of this category than any other in this series.

Full Fund Universe: Quick Reference

Fund	3Y Return	5Y Return	Expense Ratio	AUM
HSBC Multi Cap Fund Direct Growth	20.79%	N/A*	0.50%	₹5,914.00 Cr
Bank of India Multi Cap Fund Direct Growth	20.71%	N/A*	0.72%	₹1,186.47 Cr
Kotak Multicap Fund Direct Growth	20.15%	N/A*	0.47%	₹28,074.19 Cr
Axis Multicap Fund Direct Growth	19.84%	N/A*	0.62%	₹10,457.27 Cr
LIC MF Multi Cap Fund Direct Growth	19.82%	N/A*	0.85%	₹2,042.50 Cr
Mahindra Manulife Multi Cap Fund Direct Plan Growth	18.83%	17.29%	0.39%	₹6,926.01 Cr
ITI Multi Cap Fund Direct Growth	18.73%	14.02%	0.63%	₹1,470.48 Cr
ICICI Prudential Multicap Fund Direct Plan Growth	17.88%	16.07%	0.78%	₹18,193.89 Cr
Nippon India Multi Cap Fund Direct Plan Growth	16.67%	19.68%	0.61%	₹54,584.58 Cr
Union Multicap Fund Direct Growth	16.61%	N/A*	0.85%	₹1,420.10 Cr
Baroda BNP Paribas Multi Cap Fund Direct Growth Option	16.10%	15.38%	0.75%	₹3,339.44 Cr
Aditya Birla Sun Life Multi-Cap Fund Direct Growth	15.29%	14.25%	0.67%	₹7,029.62 Cr
Sundaram Multi Cap Fund Direct Plan Option	15.06%	14.03%	0.93%	₹2,914.87 Cr
Invesco India Multicap Fund Direct Plan Growth Option	14.86%	12.76%	0.62%	₹4,301.86 Cr
Bandhan Multi Cap Fund Direct Growth	14.79%	N/A*	0.49%	₹3,005.32 Cr
SBI Multicap Fund Direct Growth	14.78%	N/A*	0.86%	₹23,693.40 Cr
HDFC Multi Cap Fund Direct Growth	14.73%	N/A*	0.92%	₹20,216.88 Cr
Tata Multicap Fund Direct Growth	13.02%	N/A*	0.48%	₹3,455.43 Cr
Quant Multi Cap Fund Growth Option Direct Plan	12.81%	13.52%	0.95%	₹7,761.45 Cr
Motilal Oswal Multi Cap Fund Direct Growth	N/A*	N/A*	1.23%	₹4,225.50 Cr
DSP Multicap Fund Direct Growth	N/A*	N/A*	0.46%	₹2,925.15 Cr
Franklin India Multi Cap Fund Direct Growth	N/A*	N/A*	0.44%	₹5,029.48 Cr
WhiteOak Capital Multi Cap Fund Direct Growth	N/A*	N/A*	0.51%	₹3,850.16 Cr
UTI Multi Cap Fund Direct Growth	N/A*	N/A*	0.80%	₹2,041.55 Cr
Edelweiss Multi Cap Fund Direct Growth	N/A*	N/A*	0.52%	₹3,338.02 Cr
Groww Multicap Fund Direct Growth	N/A*	N/A*	1.00%	₹708.92 Cr
TRUSTMF Multi Cap Fund Direct Growth	N/A*	N/A*	0.55%	₹603.07 Cr
Samco Multi Cap Fund Direct Growth	N/A*	N/A*	2.44%	₹243.98 Cr
Mirae Asset Multicap Fund Direct Growth	N/A*	N/A*	0.39%	₹5,278.04 Cr
PGIM India Multi Cap Fund Direct Growth	N/A*	N/A*	0.76%	₹430.86 Cr
Bajaj Finserv Multi Cap Fund Direct Growth	N/A*	N/A*	0.57%	₹1,429.44 Cr
Canara Robeco Multi Cap Fund Direct Growth	N/A*	N/A*	0.43%	₹5,500.41 Cr

*N/A indicates insufficient track record for this metric. 13 of the 32 funds in this category were launched in 2023 or later and do not yet have a 3 year return.

This article is based on fund data as of 19 July 2026 and is intended for informational purposes only and is not investment advice. Mutual fund investments are subject to market risks; past performance does not guarantee future returns. Investors should read scheme related documents carefully and consult a SEBI registered financial advisor before investing.