Best Multi Cap Funds in India (2026)
Live · updated 2026-09-16 Ranked by data, refreshed from daily NAVs
This is the complete, data-ranked list of multi caps we track - every Direct-Growth scheme in the category with a meaningful track record, ordered by long-term quality (King Score). This page is recomputed from NAV data every day, so it cannot go stale, and every fund on it links to a full research page with returns, risk, SIP outcomes, holdings and manager track record.
Multi cap funds must hold at least 25% each in large, mid and small caps - a fixed three-way split that guarantees genuine exposure to the whole market. This is the category's defining difference from flexi cap: a flexi cap manager can hide in large caps when nervous, a multi cap manager cannot.
That forced small cap slice gives multi cap funds higher return potential and visibly deeper drawdowns than flexi caps. They suit investors who want one fund to own the entire market breadth and are prepared for the extra swing that the mandatory small cap allocation brings. As always, the ranking below is about which funds have handled that mandate best, not whether the mandate suits you.
Tap any column heading to sort. Every fund name links to its full review.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Axis Multicap Fund | 90 | 90 | 5.9% | 16.4% | 8.0% | 18.3% | n/a | n/a | 0.77 | 22.8% | -18.1% |
| 2 | LIC MF Multi Cap Fund | 80 | 88 | 3.0% | 15.2% | 7.9% | 17.1% | n/a | n/a | 0.65 | 21.4% | -19.3% |
| 3 | HSBC Multi Cap Fund | 68 | 82 | 2.5% | 14.1% | 6.4% | 17.1% | n/a | n/a | 0.63 | 22.7% | -20.1% |
| 4 | Mahindra Manulife Multi Cap Fund | 91 | 78 | 4.8% | 17.2% | 12.0% | 16.6% | 15.6% | n/a | 0.58 | 22.7% | -34.4% |
| 5 | Union Multicap Fund | 83 | 78 | 3.8% | 13.2% | 8.5% | 14.0% | n/a | n/a | 0.47 | 18.8% | -19.8% |
| 6 | Bank of India Multi Cap Fund | 82 | 78 | 2.2% | 13.8% | 11.1% | 16.8% | n/a | n/a | 0.61 | 21.4% | -20.3% |
| 7 | Kotak Multicap Fund | 37 | 77 | -0.0% | 7.6% | 3.7% | 15.8% | n/a | n/a | 0.54 | 24.6% | -21.0% |
| 8 | Mirae Asset Multicap Fund | 44 | 75 | 1.5% | 8.0% | 1.5% | 12.7% | n/a | n/a | 0.41 | n/a | -18.2% |
| 9 | ICICI Prudential Multicap Fund | 38 | 72 | -2.1% | 10.7% | 5.0% | 14.4% | 14.1% | 14.4% | 0.56 | 17.7% | -38.9% |
| 10 | Canara Robeco Multi Cap Fund | 48 | 70 | 1.9% | 9.5% | 0.9% | 13.7% | n/a | n/a | 0.49 | n/a | -18.3% |
| 11 | SBI Multicap Fund | 35 | 70 | 1.4% | 8.8% | -0.9% | 12.1% | n/a | n/a | 0.42 | 17.6% | -15.1% |
| 12 | Aditya Birla Sun Life Multi-Cap Fund | 85 | 69 | 4.2% | 14.0% | 7.2% | 13.4% | 12.6% | n/a | 0.46 | 18.2% | -19.9% |
| 13 | ITI Multi Cap Fund | 86 | 67 | 2.2% | 15.4% | 9.8% | 16.0% | 13.7% | n/a | 0.56 | 20.6% | -38.7% |
| 14 | Bandhan Multi Cap Fund | 25 | 64 | -0.4% | 8.1% | 0.4% | 11.7% | n/a | n/a | 0.37 | 18.6% | -18.3% |
| 15 | Sundaram Multi Cap Fund (Formerly Known as Principal Multi Cap Fund) | 54 | 61 | 3.5% | 10.8% | 1.0% | 12.3% | n/a | n/a | 0.39 | 17.8% | -19.4% |
The category returns: 1 month to 10 years𝕏 Share this statWhatsApp
Over the last 1 year, the category averaged 4.0% - the best, Mahindra Manulife Multi Cap Fund, returned 12.0% while the weakest managed -3.2%. That spread is why picking within the category matters. Over 10 years the average compounding rate is 15.2% a year, which turned ₹1 lakh into about ₹411,600.
| Period | Average | Median | Best fund | Weakest |
|---|---|---|---|---|
| 1 month | -3.3% | -3.2% | Mahindra Manulife Multi Cap Fund (-1.3%) | -4.7% |
| 3 months | 1.6% | 1.7% | Axis Multicap Fund (5.9%) | -2.1% |
| 6 months | 11.0% | 10.7% | Mahindra Manulife Multi Cap Fund (17.2%) | 3.9% |
| 1 year | 4.0% | 4.4% | Mahindra Manulife Multi Cap Fund (12.0%) | -3.2% |
| 3 years (CAGR) | 13.7% | 13.5% | Axis Multicap Fund (18.3%) | 8.9% |
| 5 years (CAGR) | 13.7% | 13.7% | Nippon India Multi Cap Fund (16.1%) | 11.0% |
| 10 years (CAGR) | 15.2% | 14.8% | quant Multi Cap Fund (17.7%) | 14.3% |
Averages across every qualifying fund, refreshed daily. Best-fund links open that fund's full review.
What ₹1 lakh became
The same returns, translated into money - at the average pace and at the best fund's pace:
| Held for | Average pace | ₹1 lakh → (average) | ₹1 lakh → (best fund) |
|---|---|---|---|
| 1 year | 4.0% a year | ₹104,000 | ₹112,000 |
| 3 years | 13.7% a year | ₹147,000 | ₹165,600 |
| 5 years | 13.7% a year | ₹190,000 | ₹210,900 |
| 10 years | 15.2% a year | ₹411,600 | ₹510,200 |
Pre-tax, from historical returns. The averages smooth over a very bumpy ride - see the worst-fall column in the ranking above for what the journey involved.
The category by the numbers
| Funds that qualify | 22 |
| Combined assets | ₹262,619 Cr |
| Average 3-year return | 13.7% a year (best 18.3%, weakest 8.9%) |
| Average 5-year return | 13.7% a year |
| Average worst-ever fall | -26.2% (deepest: -42.8%) |
| Average expense ratio (Direct) | 0.64% |
| Largest fund by assets | Nippon India Multi Cap Fund (₹53,410 Cr) |
Put the risk number in rupees: at the average worst fall of -26.2%, ₹1 lakh temporarily becomes about ₹73,800. That is the stretch every ranked fund's investors had to sit through at some point - the ranking rewards the funds that made that wait worthwhile.
Momentum check: what is hot right now
As of 2026-09-16, 2 of the 22 funds here rate RS 90 or above (top-decile recent momentum versus peers). The strongest momentum belongs to Mahindra Manulife Multi Cap Fund (RS 91/99). Average return over the last 3 months: 1.6%; over 6 months: 11.0%. Momentum is a snapshot, not a ranking criterion here - but it tells you whether this corner of the market is currently in favour.
Before you pick a multi cap fund: four checks
- Open the fund's page and look at the worst-fall figure in rupees - decide whether you could genuinely sit through it without selling.
- Check the rolling-return consistency, not just the trailing return: a fund that delivered in most windows beats one lucky streak.
- Compare its expense ratio against the category average shown above - a persistent 0.5% cost gap compounds into lakhs over decades.
- If you already own funds in this category, check the portfolio overlap section on the fund page - two funds owning the same stocks is one bet, not two.
Filter the entire Indian mutual fund universe by 40+ metrics - returns, consistency, drawdown, RS Rating, King Score, cost - then chart, compare and backtest anything you find.
How to read the table
RS (1-99) is recent momentum versus category peers - 99 is the hottest right now. King (0-100) is the long-term quality composite this list is ranked by. 3M/6M are recent returns; 3Y and 5Y CAGR are annualised longer records. Sharpe is return earned per unit of volatility - higher means smoother compounding. Roll 3Y is the median of every 3-year holding period in the fund's history, the fairest single return number a fund has. Worst fall is the deepest peak-to-bottom loss ever - the number that tests whether you would have stayed invested. Missing values show as n/a, usually because the fund is too young for that measurement.
The top 10, decoded𝕏 Share this statWhatsApp
- Axis Multicap Fund (Multi Cap Fund) - King Score 90/100, RS 90/99 right now. 3-year return 18.3% a year, against a worst-ever fall of 18.1% (₹1 lakh briefly ₹81,900). Median 3-year rolling return 22.8%, sharpe 0.77.
- LIC MF Multi Cap Fund (Multi Cap Fund) - King Score 88/100, RS 80/99 right now. 3-year return 17.1% a year, against a worst-ever fall of 19.3% (₹1 lakh briefly ₹80,700). Median 3-year rolling return 21.4%, sharpe 0.65.
- HSBC Multi Cap Fund (Multi Cap Fund) - King Score 82/100, RS 68/99 right now. 3-year return 17.1% a year, against a worst-ever fall of 20.1% (₹1 lakh briefly ₹79,900). Median 3-year rolling return 22.7%, sharpe 0.63.
- Mahindra Manulife Multi Cap Fund (Multi Cap Fund) - King Score 78/100, RS 91/99 right now. 3-year return 16.6% a year, against a worst-ever fall of 34.4% (₹1 lakh briefly ₹65,600). 5-year pace 15.6% a year, median 3-year rolling return 22.7%, sharpe 0.58.
- Union Multicap Fund (Multi Cap Fund) - King Score 78/100, RS 83/99 right now. 3-year return 14.0% a year, against a worst-ever fall of 19.8% (₹1 lakh briefly ₹80,200). Median 3-year rolling return 18.8%, sharpe 0.47.
- Bank of India Multi Cap Fund (Multi Cap Fund) - King Score 78/100, RS 82/99 right now. 3-year return 16.8% a year, against a worst-ever fall of 20.3% (₹1 lakh briefly ₹79,700). Median 3-year rolling return 21.4%, sharpe 0.61.
- Kotak Multicap Fund (Multi Cap Fund) - King Score 77/100, RS 37/99 right now. 3-year return 15.8% a year, against a worst-ever fall of 21.0% (₹1 lakh briefly ₹79,000). Median 3-year rolling return 24.6%, sharpe 0.54.
- Mirae Asset Multicap Fund (Multi Cap Fund) - King Score 75/100, RS 44/99 right now. 3-year return 12.7% a year, against a worst-ever fall of 18.2% (₹1 lakh briefly ₹81,800). Sharpe 0.41.
- ICICI Prudential Multicap Fund (Multi Cap Fund) - King Score 72/100, RS 38/99 right now. 3-year return 14.4% a year, against a worst-ever fall of 38.9% (₹1 lakh briefly ₹61,100). 5-year pace 14.1% a year, median 3-year rolling return 17.7%, sharpe 0.56.
- Canara Robeco Multi Cap Fund (Multi Cap Fund) - King Score 70/100, RS 48/99 right now. 3-year return 13.7% a year, against a worst-ever fall of 18.3% (₹1 lakh briefly ₹81,700). Sharpe 0.49.
Frequently asked questions
Which is the best multi cap fund right now?
On our data-driven ranking as of 2026-09-16, Axis Multicap Fund scores highest (King Score 90/100). That is a description of its record versus peers, not a recommendation - rankings move as NAVs update, and the right fund depends on your goals and risk tolerance.
Are multi cap funds risky?
The category's numbers answer this better than adjectives: the average fund here has seen a worst-ever fall of -26.2%, and the deepest fall in the category is -42.8%. If a temporary loss of that size would make you sell, this category (or its allocation size in your portfolio) deserves a rethink. Risk here is not hypothetical - it is a matter of record.
What returns have multi cap funds given historically?
Across the 22 funds we track in this category, the average 3-year return is 13.7% a year, with the best at 18.3% and the weakest at 8.9%. Over 5 years the category average is 13.7% a year. These are records, not projections - the next three years owe nothing to the last three.
What is the average 1-year return of multi cap funds right now?
As of 2026-09-16, the 22 qualifying funds averaged 4.0% over the last year (median 4.4%). The best, Mahindra Manulife Multi Cap Fund, returned 12.0%; the weakest returned -3.2%. One year is weather, not climate - check the 5 and 10 year columns before drawing conclusions.
Which multi cap fund gave the highest return in the last 10 years?
quant Multi Cap Fund leads with 17.7% a year over 10 years - ₹1 lakh became about ₹510,200 pre-tax. The average across funds with a 10-year record is 15.2% a year. A decade-long record says a lot about the past and nothing certain about the next decade.
How is this list ranked?
Funds are ordered by King Score - a 0-100 composite of 3-year returns, rolling consistency, worst drawdown and Sharpe, each measured against category peers. The full formulas are public - see our methodology page. No fund pays to be here and rankings cannot be bought.
Should I invest in the #1 fund on this list?
We cannot tell you that - MF Terminal is descriptive research, not investment advice. A top rank says the past record was strong versus peers. Read the fund's full page, check the drawdowns you would have to sit through, and decide against your own horizon.
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All figures pre-tax, from AMFI NAV history. Rankings are descriptive and change with the data. Nothing here is investment advice or a recommendation to buy, sell or hold any fund. Past performance does not guarantee future returns.