Compare the best multicap mutual funds in India 2026 — Nippon India, ICICI Prudential, Kotak, Mahindra Manulife and Franklin India Multi Cap. SEBI mandates 25% each in large, mid and small cap. Live NAV, returns, AAUM and risk from RightAdvise database.
Sorted by 5-year CAGR. Click any fund for full analysis — rolling returns, drawdown chart, NAV history and risk ratios.
If you had invested ₹1 lakh 5 years ago in each fund, here is how much it would be worth today. Calculated from 5 years of daily NAV in the RightAdvise database.
💡 What is AAUM? AAUM stands for Average Assets Under Management — the average value of all investor money a fund managed during a specific quarter. Reported to SEBI every quarter via AMFI. More reliable than a single-day AUM snapshot.
| Fund | NAV | AAUM | 1Y Return | 3Y CAGR | 5Y CAGR | 10Y CAGR | Max Drawdown | Sharpe (3Y) |
|---|---|---|---|---|---|---|---|---|
| Nippon India Multi Cap Fund | ₹324.01 2026-06-04 | ₹48.4K Cr Jan–Mar 2026 | -0.1% | +18.3 % p.a. | +20.1 % p.a. | +16.4 % p.a. | -42.8% | 0.99 |
| Mahindra Manulife Multi Cap Fund | ₹43.06 2026-06-04 | ₹6.0K Cr Jan–Mar 2026 | +8.3% | +20.4 % p.a. | +18.0 % p.a. | — | -34.4% | 1.00 |
| ICICI Prudential Multicap Fund | ₹934.21 2026-06-04 | ₹15.7K Cr Jan–Mar 2026 | +6.5% | +19.8 % p.a. | +17.2 % p.a. | +16.1 % p.a. | -38.9% | 1.15 |
| Kotak Multicap Fund | ₹20.70 2026-06-04 | ₹23.1K Cr Jan–Mar 2026 | +6.1% | +21.7 % p.a. | — | — | -21.0% | 1.10 |
| Franklin India Multi Cap Fund | ₹10.50 2026-06-04 | ₹4.8K Cr Jan–Mar 2026 | +4.7% | — | — | — | -18.7% | — |
As per SEBI, Multi Cap Funds must invest at least 75% of their assets in equity, with a mandatory minimum of 25% each in large cap, mid cap, and small cap stocks. The remaining 25% is at the fund manager's discretion. This mandatory allocation across all three segments is what distinguishes multi cap funds from flexi cap funds.
Multi cap funds are designed to give investors genuine diversification across India's entire listed market — from the biggest blue chip companies down to smaller, high-growth businesses. The SEBI mandate of at least 25% each in large, mid, and small caps ensures the fund cannot abandon any segment even during volatile markets. This structural discipline is what makes the best multicap mutual funds different from flexi cap funds, where the manager has complete discretion.
If you are looking for the best multi cap fund in India 2026 with strong 5-year rolling returns, the five funds on this page are a good starting point. Nippon India Multi Cap is one of India's oldest in this category. Franklin India Multi Cap Fund takes a value-oriented approach. Kotak Multicap, ICICI Prudential Multicap and Mahindra Manulife Multi Cap each bring different stock selection styles. The comparison table shows their 5-year CAGR, Sharpe ratio, max drawdown and AAUM side by side.
The critical difference is allocation discipline. Multi cap funds MUST always maintain at least 25% each in large, mid, and small caps — this is a SEBI rule that cannot be overridden. A flexi cap fund manager can put 90% in large caps or reduce small cap exposure to zero during uncertain markets. Multi cap funds give you predictable, structured diversification; flexi cap funds give the manager full tactical flexibility.
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