To find the best multi-cap funds in India, it is important to compare several top-performing options side-by-side using key metrics like returns, Assets Under Management (AUM), and expense ratios. Based on data updated as of September 2025, here is a comparison of some of the leading multi-cap funds.
Side-by-side comparison of top multi-cap funds (Direct Plan)
Fund Name | 3-Year Annualized Returns (Approx.) | 5-Year Annualized Returns (Approx.) | Expense Ratio (Approx.) | AUM (Approx.) | Key Takeaway |
|---|---|---|---|---|---|
Nippon India Multi Cap Fund | 23.5% | 30.5% | 0.71–0.73% | ₹45,881 Cr | Consistently strong returns across different time frames with a large AUM, reflecting significant investor interest. |
Kotak Multicap Fund | 23.9% | Not available* | 0.42% | ₹18,854 Cr | Excellent recent performance, but has a shorter track record than some peers, as it was launched in late 2021. |
Axis Multicap Fund | 23.2% | Not available* | 0.74% | ₹8,291 Cr | A strong performer over the three-year period, though its long-term track record is still building. |
Mahindra Manulife Multi Cap Fund | 20.5% | 26.9% | 0.41% | ₹5,727 Cr | Delivers competitive returns at a very low expense ratio, making it a cost-efficient option. |
ICICI Prudential Multicap Fund | 20.6% | 24.8% | 0.93–0.94% | ₹15,523 Cr | Offers solid, long-term returns, though it has a higher expense ratio compared to some competitors. |
Baroda BNP Paribas Multi Cap Fund | 20.0% | 24.8% | 0.94% | ₹2,953 Cr | Provides stable, respectable returns over both three and five years. |
Quant Multi Cap Fund | 12.6% | 24.6% | 0.62% | ₹9,632 Cr | Known for an aggressive, dynamic investment style, it can produce high returns over five years but has experienced very high volatility and poor short-term performance in 2025. |
*Data not available because the fund has not completed a 5-year tenure.
Analysis of the top contenders
This analysis reviews the top-performing multi-cap funds in India, highlighting their strengths and distinguishing features based on recent data and expert commentary
Nippon India Multi Cap Fund
- Strengths: This fund stands out for its strong long-term performance, delivering the highest 5-year annualized returns among its peers. It is managed by an experienced team that takes high-conviction bets and focuses on fundamentally sound stocks available at reasonable valuations. It has demonstrated the ability to generate strong risk-adjusted returns over complete market cycles.
- Recent Performance: While its long-term record is excellent, its 1-year performance has lagged slightly behind some peers.
- Best for: Long-term investors who prioritize consistent, high returns and are comfortable with an experienced management team taking active, high-conviction bets.
Kotak Multicap Fund
- Strengths: Despite its shorter track record (launched in late 2021), this fund is a strong contender with impressive 3-year annualized returns. It boasts the lowest expense ratio among the top funds, making it a highly cost-efficient option. The fund focuses on identifying and investing in sectoral leaders.
- Recent Performance: It has shown solid growth in NAV within a short timeframe, attributed to its ability to identify long-term winners across market caps.
- Best for: Investors seeking a relatively new, high-growth fund with a very low expense ratio and a strategic focus on market leaders.
Axis Multicap Fund
- Strengths: The fund has delivered robust performance since its launch in late 2021, with strong 3-year returns. It follows a bottom-up stock selection approach, focusing on scalable and asset-light businesses. Its volatility has been lower than the category average.
- Cost-Efficiency: Its expense ratio of 0.74% is moderate.
- Best for: Investors looking for a fund with a strong recent track record and a focus on quality, scalable businesses, but with a higher expense ratio than Kotak’s offering.
Mahindra Manulife Multi Cap Fund
- Strengths: This fund is praised by Morningstar for its “Above Average” process and strong risk-adjusted returns over eight years. It operates with a very low expense ratio of 0.41%, offering significant cost benefits to investors. The strategy demonstrates a tilt towards high-momentum and high-quality stocks.
- Best for: Cost-conscious investors who want a strategy that has delivered respectable long-term performance with low expenses and a strong parent company backing.
ICICI Prudential Multicap Fund
- Strengths: The fund has a long and stable history, delivering solid and respectable long-term returns. It holds the highest Sortino ratio among some peers, indicating strong risk-adjusted returns despite a high expense ratio.
- Recent Performance: Its 3-year annualized return is a bit lower compared to the top performers like Nippon and Kotak.
- Best for: Conservative long-term investors who prioritize stable returns over aggressive growth and are willing to pay a higher fee for established fund management.
Baroda BNP Paribas Multi Cap Fund
- Strengths: Similar to ICICI Prudential, this fund has provided stable and respectable long-term returns. It is backed by a stable management team, according to Morningstar.
- Recent Performance: Its 3-year annualized return is also on the lower end among the top contenders.
- Best for: Investors looking for a stable, long-tenured fund with a consistent process, but its ability to control losses in a falling market is considered below average.
Quant Multi Cap Fund
Best for: Very high-risk tolerant investors who prefer a dynamic and momentum-driven strategy and are not concerned by high volatility and potential for significant short-term losses.
Strengths: This fund is known for its highly dynamic and aggressive investment strategy, which can generate high returns over longer periods. It has delivered very strong 5-year returns, outperforming the benchmark significantly during that period.
Weaknesses: The fund has experienced extremely high volatility and very poor recent performance. Its 1-year return is heavily negative, and its 3-year return is the lowest among this group of contenders.
How to choose the best multi-cap fund for you
To make an informed decision, consider these factors in addition to the performance comparison:
- Fund manager’s expertise: Look at the fund manager’s experience and track record. For example, the Nippon India Multi Cap Fund is noted for having an experienced fund manager who takes high-conviction bets.
- Investment strategy: Understand the fund’s approach. Kotak Multicap focuses on identifying sectoral leaders and maintaining a diversified portfolio, while Quant uses a more dynamic and aggressive strategy.
- Portfolio composition: Examine the fund’s asset allocation across large-, mid-, and small-cap stocks. For instance, Kotak Multicap leans towards large- and mid-cap stocks, while the Quant fund has historically been more flexible.
- Risk profile and volatility: Multi-cap funds are considered high-risk due to their exposure to mid- and small-cap segments. Compare each fund’s standard deviation to understand its volatility relative to the market and its peers.
- Investment tenure: As multi-cap funds are equity-oriented, they are best suited for long-term investors with a horizon of at least 5 to 7 years. This allows your investment to ride out market cycles and generate potentially higher returns.
- Investment style: Choose a fund that aligns with your philosophy. If you prefer structured, balanced diversification, a multi-cap fund is suitable. If you believe a manager can outperform by tactically reallocating assets, a flexi-cap fund might be a better fit.
Best Multi Cap Fund In India | How to Select: Compared Side By Side