Best Performing Multi Cap Mutual Funds in June 2026

A data driven ranking of 32 direct growth multi cap schemes, based on fund data last updated 21 June 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 21 June 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.

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 2021 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 benchmark 3 year and 5 year returns were not available in the source data for this category.

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. Expense ratio, AUM, and 3 year Sharpe ratio are included throughout.

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	22.25%	NA*	0.51%	₹5,620.77 Cr	0.88
2	Kotak Multicap Fund	21.97%	NA*	0.47%	₹26,249.39 Cr	0.86
3	Bank of India Multi Cap Fund	21.32%	NA*	0.72%	₹1,109.57 Cr	0.88
4	Axis Multicap Fund	20.84%	NA*	0.62%	₹9,937.58 Cr	0.90
5	ITI Multi Cap Fund	20.64%	14.72%	0.63%	₹1,411.78 Cr	0.81
6	LIC MF Multi Cap Fund	20.61%	NA*	0.49%	₹1,930.43 Cr	0.78
7	Mahindra Manulife Multi Cap Fund	20.34%	18.34%	0.40%	₹6,643.08 Cr	0.84
8	ICICI Prudential Multicap Fund	19.92%	17.78%	0.78%	₹17,675.80 Cr	0.86
9	Nippon India Multi Cap Fund	18.57%	20.92%	0.61%	₹53,410.99 Cr	0.79
10	Union Multicap Fund	17.81%	NA*	0.85%	₹1,357.21 Cr	0.73

19 of the 32 funds have a 3 year return. NA* indicates the fund does not yet have sufficient track record. The 3 year category benchmark return was not available in the source data.

Ranked by 5 Year Annualised Return

Only 9 funds in the data set have a 5 year return, so this table shows all 9 rather than a top 10.

Rank	Fund	5Y Return	3Y Return	Expense Ratio	AUM	Sharpe
1	Nippon India Multi Cap Fund	20.92%	18.57%	0.61%	₹53,410.99 Cr	0.79
2	Mahindra Manulife Multi Cap Fund	18.34%	20.34%	0.40%	₹6,643.08 Cr	0.84
3	ICICI Prudential Multicap Fund	17.78%	19.92%	0.78%	₹17,675.80 Cr	0.86
4	Baroda BNP Paribas Multi Cap Fund	16.48%	17.01%	0.75%	₹3,282.49 Cr	0.71
5	Aditya Birla Sun Life Multi Cap Fund	15.26%	16.04%	0.68%	₹6,811.17 Cr	0.64
6	Sundaram Multi Cap Fund	14.96%	15.75%	0.91%	₹2,806.80 Cr	0.60
7	ITI Multi Cap Fund	14.72%	20.64%	0.63%	₹1,411.78 Cr	0.81
8	Quant Multi Cap Fund	14.56%	13.68%	0.68%	₹7,663.81 Cr	0.47
9	Invesco India Multicap Fund	14.22%	16.06%	0.62%	₹4,078.72 Cr	0.56

Only 9 of the 32 funds have a 5 year return, reflecting the category's relatively young track record following SEBI's 2020 restructuring mandate. The 5 year category benchmark return was not available in the source data.

Three funds appear in both tables: Nippon India Multi Cap Fund, Mahindra Manulife Multi Cap Fund, and ICICI Prudential Multicap Fund. These three represent the most consistent performers across both time horizons available in this category. ITI Multi Cap Fund also appears in both tables and shows a notable divergence: a strong 20.64% over 3 years against a more modest 14.72% over 5 years, indicating a strong improvement in performance in the more recent window.

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, delivers the highest 3 year return in the category at 22.25% and shares the second highest Sharpe ratio at 0.88. Its expense ratio of 0.51% is competitive and its AUM of Rs 5,620.77 Cr is well suited for deploying capital across all three market cap segments without excessive price impact. The fund does not yet have a 5 year track record, so its performance through a full market cycle cannot be evaluated at this stage.

2. Kotak Multicap Fund: Strong Returns at Low Cost and Large Scale

Kotak Multicap Fund, managed by Devender Singhal, ranks 2nd on the 3 year table at 21.97% and carries the second lowest expense ratio among the top 10 at 0.47%. With an AUM of Rs 26,249.39 Cr it is the second largest fund among those with a 3 year track record, suggesting investor confidence in the strategy. Its Sharpe ratio of 0.86 is among the higher scores in the category. The absence of a 5 year track record limits the ability to assess longer term consistency.

3. Axis Multicap Fund: Highest Sharpe Ratio in Category

Axis Multicap Fund, managed by Hitesh Das, ranks 4th by 3 year return (20.84%) but carries the highest Sharpe ratio in the entire multi cap category at 0.90. This indicates that relative to the volatility its investors experienced, Axis delivered the best risk adjusted outcome among all 32 funds in the data set. Its AUM of Rs 9,937.58 Cr is substantial and its expense ratio of 0.62% is moderate. Like most top performers in this category, it does not yet have a 5 year track record.

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

Mahindra Manulife Multi Cap Fund, managed by Fatema Pacha, is the standout fund for investors who weight both cost and consistency. It carries the lowest expense ratio among all funds with a proven track record in this category at 0.40%, ranks 7th by 3 year return (20.34%), and ranks 2nd by 5 year return (18.34%). With a Sharpe ratio of 0.84, it also scores well on risk adjusted performance. Appearing in both the 3 year and 5 year tables with strong numbers on both makes it one of the most well rounded options in the category.

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 20.92% by a clear margin of more than 2 percentage points over the second placed fund. However, its 3 year return of 18.57% ranks 9th in the category, below several newer funds. At Rs 53,410.99 Cr, it is by far the largest fund in this category and the only one with an AUM above Rs 50,000 Cr. Its Sharpe ratio of 0.79 is in the mid range. The combination of the strongest long term track record and the largest AUM makes it a natural anchor choice for investors with a longer horizon, even if its recent relative performance has been softer.

Best Risk Adjusted Returns: Highest Sharpe Ratio

The Sharpe ratio measures return per unit of risk over the 3 year period. A higher score means the fund delivered more return for each unit of volatility its investors experienced.

Fund	3Y Sharpe Ratio	3Y Return
Axis Multicap Fund	0.90	20.84%
HSBC Multi Cap Fund	0.88	22.25%
Bank of India Multi Cap Fund	0.88	21.32%
ICICI Prudential Multicap Fund	0.86	19.92%
Kotak Multicap Fund	0.86	21.97%
Mahindra Manulife Multi Cap Fund	0.84	20.34%

Axis Multicap Fund leads the Sharpe ratio table at 0.90, meaning it delivered the best return per unit of risk among all multi cap funds over 3 years. HSBC Multi Cap Fund and Bank of India Multi Cap Fund share the second spot at 0.88. Notably, all six funds in this table have also delivered 3 year returns above 19%, suggesting that in the recent period, the better risk adjusted funds have also been the better absolute return generators in this category.

Lowest Cost Multi Cap Funds

Multi cap funds require active management across three market cap segments simultaneously, which tends to result in slightly higher operational costs than single segment categories. Cost discipline is therefore particularly valuable for investor outcomes over long holding periods.

Fund	Expense Ratio	3Y Return
Mirae Asset Multicap Fund	0.38%	NA*
Mahindra Manulife Multi Cap Fund	0.40%	20.34%
Franklin India Multi Cap Fund	0.44%	NA*
Canara Robeco Multi Cap Fund	0.44%	NA*
WhiteOak Capital Multi Cap Fund	0.46%	NA*
DSP Multicap Fund	0.47%	NA*
Kotak Multicap Fund	0.47%	21.97%

NA* indicates the fund does not yet have a 3 year track record.

Mirae Asset Multicap Fund has the lowest expense ratio in the category at 0.38% but does not yet have a 3 year return to evaluate. Among funds with an established track record, Mahindra Manulife at 0.40% is the clear cost leader and also one of the category's strongest performers on returns. Kotak Multicap Fund at 0.47% offers the best combination of low cost and strong proven returns among the wider group. Canara Robeco, WhiteOak Capital, Franklin India, and DSP all charge competitive rates below 0.50% but have yet to establish return track records for comparison.

The Largest Multi Cap Funds by AUM

AUM distribution in this category is highly skewed. Nippon India Multi Cap Fund at Rs 53,410.99 Cr is more than double the size of the next largest fund, Kotak Multicap at Rs 26,249.39 Cr.

Fund	AUM	3Y Return	5Y Return
Nippon India Multi Cap Fund	₹53,410.99 Cr	18.57%	20.92%
Kotak Multicap Fund	₹26,249.39 Cr	21.97%	NA*
SBI Multicap Fund	₹23,179.50 Cr	15.59%	NA*
HDFC Multi Cap Fund	₹19,580.68 Cr	16.13%	NA*
ICICI Prudential Multicap Fund	₹17,675.80 Cr	19.92%	17.78%
Axis Multicap Fund	₹9,937.58 Cr	20.84%	NA*

Nippon India and Kotak stand out among the large funds for delivering returns above 18% over 3 years at their respective scale levels. SBI Multicap Fund and HDFC Multi Cap Fund, both very large, have delivered more modest 3 year returns of 15.59% and 16.13% respectively and do not yet have 5 year track records, limiting the ability to assess their longer term record.

ICICI Prudential Multicap Fund is the only large fund with both a strong return across 3 years and an established 5 year track record (17.78%), making it a relatively rare combination of scale and proven long term performance in this category.

What These Funds Actually Hold

By SEBI's mandate, every multi cap fund must hold at least 25% of its assets in each of large cap, mid cap, and small cap stocks. The mandatory small cap floor of 25% is the most significant structural difference between multi cap and flexi cap funds.

In practice, most multi cap funds hold approximately 25 to 35% in each of the three segments, with the remaining discretionary allocation often directed toward the segment the manager has highest conviction in at a given point in the market cycle.

The large cap portion of most funds in this data set is anchored by familiar names: HDFC Bank, ICICI Bank, Reliance Industries, and Infosys are common top holdings. The mid cap and small cap portions show more divergence between funds, with stronger performers tending to hold more concentrated and conviction based positions in industrials, specialty chemicals, healthcare, and capital goods.

The mandatory small cap exposure is both the category's largest source of additional return potential and its largest source of additional volatility compared to other multi cap or large cap alternatives.

Things to Consider Before Investing

• The category is structurally young. Most funds were relaunched after SEBI's 2020 mandate, so only 9 of 32 funds have 5 year track records and 13 have no return data at all. This limits the ability to compare funds on a like for like basis and makes it harder to assess how strategies will behave across a full market cycle.

• The mandatory small cap allocation adds meaningful volatility. The 25% minimum in small cap stocks means multi cap funds will typically experience sharper drawdowns than large cap or flexi cap funds during market corrections. Investors should be comfortable with the possibility of 35% to 50% interim declines in exchange for the long term return potential the small cap allocation provides.

• Nippon India presents the same horizon dilemma as Motilal Oswal in the mid cap category. It leads the 5 year table at 20.92% but ranks 9th on 3 years at 18.57%. The long term record is the strongest available in the category, but its more recent relative performance has been softer than the top 3 year performers.

• UTI Multi Cap Fund has a notably high expense ratio at 1.43%, the highest in the category and more than three times the cost of the cheapest options. Given the relatively undifferentiated structural allocation most multi cap funds share, paying 1.43% is difficult to justify relative to peers charging 0.38% to 0.50%.

• Mahindra Manulife Multi Cap Fund is the most cost efficient fund with a proven dual horizon track record. At 0.40% expense ratio with returns of 20.34% over 3 years and 18.34% over 5 years, it is the strongest option for cost conscious investors who want demonstrated performance on both horizons.

• The large group of funds with no track record yet includes several with very competitive expense ratios. Mirae Asset (0.38%), Canara Robeco (0.44%), Franklin India (0.44%), and WhiteOak Capital (0.46%) are worth monitoring as their records develop over the next one to two years.

Full Fund Universe: Quick Reference

Fund	3Y Return	5Y Return	Expense Ratio	AUM
HSBC Multi Cap Fund	22.25%	NA*	0.51%	₹5,620.77 Cr
Kotak Multicap Fund	21.97%	NA*	0.47%	₹26,249.39 Cr
Bank of India Multi Cap Fund	21.32%	NA*	0.72%	₹1,109.57 Cr
Axis Multicap Fund	20.84%	NA*	0.62%	₹9,937.58 Cr
ITI Multi Cap Fund	20.64%	14.72%	0.63%	₹1,411.78 Cr
LIC MF Multi Cap Fund	20.61%	NA*	0.49%	₹1,930.43 Cr
Mahindra Manulife Multi Cap Fund	20.34%	18.34%	0.40%	₹6,643.08 Cr
ICICI Prudential Multicap Fund	19.92%	17.78%	0.78%	₹17,675.80 Cr
Nippon India Multi Cap Fund	18.57%	20.92%	0.61%	₹53,410.99 Cr
Union Multicap Fund	17.81%	NA*	0.85%	₹1,357.21 Cr
Baroda BNP Paribas Multi Cap Fund	17.01%	16.48%	0.75%	₹3,282.49 Cr
Bandhan Multi Cap Fund	16.23%	NA*	0.47%	₹2,919.27 Cr
HDFC Multi Cap Fund	16.13%	NA*	0.83%	₹19,580.68 Cr
Invesco India Multicap Fund	16.06%	14.22%	0.62%	₹4,078.72 Cr
Aditya Birla Sun Life Multi Cap Fund	16.04%	15.26%	0.68%	₹6,811.17 Cr
Sundaram Multi Cap Fund	15.75%	14.96%	0.91%	₹2,806.80 Cr
SBI Multicap Fund	15.59%	NA*	0.86%	₹23,179.50 Cr
Tata Multicap Fund	14.16%	NA*	0.48%	₹3,324.88 Cr
Quant Multi Cap Fund	13.68%	14.56%	0.68%	₹7,663.81 Cr
Motilal Oswal Multi Cap Fund	NA*	NA*	0.75%	₹4,095.53 Cr
DSP Multicap Fund	NA*	NA*	0.47%	₹2,808.66 Cr
Franklin India Multi Cap Fund	NA*	NA*	0.44%	₹4,891.51 Cr
WhiteOak Capital Multi Cap Fund	NA*	NA*	0.46%	₹3,585.39 Cr
Edelweiss Multi Cap Fund	NA*	NA*	0.52%	₹3,253.30 Cr
Canara Robeco Multi Cap Fund	NA*	NA*	0.44%	₹5,250.10 Cr
Mirae Asset Multicap Fund	NA*	NA*	0.38%	₹5,071.34 Cr
Bajaj Finserv Multi Cap Fund	NA*	NA*	0.57%	₹1,323.67 Cr
UTI Multi Cap Fund	NA*	NA*	1.43%	₹1,956.43 Cr
TRUSTMF Multi Cap Fund	NA*	NA*	0.52%	₹527.45 Cr
Groww Multicap Fund	NA*	NA*	1.00%	₹575.30 Cr
PGIM India Multi Cap Fund	NA*	NA*	0.76%	₹413.64 Cr
Samco Multi Cap Fund	NA*	NA*	0.86%	₹242.69 Cr

NA* indicates insufficient track record for this metric. Table sorted by 3 year return. The multi cap category was restructured under SEBI's 2020 directive, which is why a large proportion of funds have limited or no return history.

This article is based on fund data as of 21 June 2026 and is intended for informational purposes only and is not investment advice. Mutual fund investments are subject to market risks and past performance does not guarantee future returns. Investors should read all scheme related documents carefully and consult a SEBI registered financial advisor before investing.