Nippon India Multi Cap Fund

Live data: Fetching from MF API India — charts and returns loading below...

Fund Overview

Nippon India Multi Cap Fund — Quick Summary

Nippon India Multi Cap Fund is one of India's largest and most established flexi cap mutual funds, with an AUM of over ₹1 lakh crore. Launched in March 2005, it is managed by Prashant Jain's successor Tejas Sheth at HDFC AMC. The fund follows a large-cap tilt with selective mid-cap exposure — a pragmatic, value-conscious approach that has delivered consistent long-term returns. Its deep research team and disciplined process make it a cornerstone holding for many Indian investors.

Fund House

Nippon India Mutual Fund

✓ Suitable For

✓Long-term investors wanting the oldest and largest multi cap fund with a 20-year track record

✓Investors seeking true multi cap diversification with mandatory large, mid and small cap exposure

✓SIP investors with 7+ year horizon comfortable with higher volatility for higher returns

✓Those who trust Nippon India's deep research team and disciplined process

✗ Not Suitable For

✗Conservative investors — mandatory 25% small cap exposure means higher risk than large cap funds

✗Those needing money within 5 years

✗Investors already holding separate large + mid + small cap funds — redundant exposure

✗Those who panic-sell during 30–50% market corrections

Who Runs This Fund

Fund Manager

TS

Tejas Sheth

Fund Manager — Equities, Nippon India Mutual Fund

Managing Since

2023

Experience

15+ Years

Funds Managed

4 Funds

Total AUM

₹60,000 Cr+

Tejas Sheth took over Nippon India Multi Cap Fund in 2022, succeeding the legendary Prashant Jain who managed it for nearly two decades. Roshi brings a rigorous bottom-up stock picking approach with a preference for businesses with strong return on equity and pricing power. Her transition has been smooth, maintaining the fund's value-conscious, large-cap-oriented philosophy while adding her own research-driven insights.

Fund History

Key Moments in Fund's Life

March 2005

🚀 Fund Launch — Reliance Equity Opportunities

Launched as Reliance Equity Opportunities Fund under Reliance Mutual Fund, one of India's most trusted AMC names. The fund maintained a flexible approach across market caps from day one, well before SEBI mandated it.

2008 — 2009

🔥 The Global Financial Crisis

The fund fell sharply along with the broader market. However, the team used the crash to accumulate quality stocks at distressed valuations — a decision that paid off significantly during the 2010–2014 recovery.

2019

🔄 Reliance → Nippon India Rebranding

Nippon Life Insurance of Japan acquired a majority stake in Reliance Mutual Fund, rebranding it as Nippon India Mutual Fund. The investment team and process remained intact through the transition.

September 2020

📊 SEBI Multi Cap Mandate

SEBI issued its landmark circular mandating all multi cap funds to invest at least 25% each in large, mid and small cap stocks. Nippon India Multi Cap was already well-positioned as one of the few funds genuinely operating a multi cap approach.

March 2020

💥 COVID Crash and Sharp Recovery

The fund fell significantly during the COVID crash but recovered strongly through 2021. The broad exposure across all market caps meant the recovery was faster than pure large cap funds.

2023 — 2024

🏆 Category Leader by AUM

Nippon India Multi Cap Fund consolidated its position as the category leader by AUM. Strong SIP inflows and robust performance made it the go-to multi cap fund for retail investors building long-term wealth.

What They Don't Tell You

The Dark Chapters

Every fund has painful periods. Here's an honest look at when HDFC Flexi Cap struggled.

Mandatory Small Cap Risk

Cannot Reduce Small Cap Even in a Crash — 25% Always

This is the structural risk of all multi cap funds. Even during severe market downturns like the 2020 COVID crash, Nippon India Multi Cap cannot reduce its small cap allocation below 25%. Small caps fell 50–70% during COVID. The fund was forced to hold positions it might have preferred to trim, adding to drawdown depth.

Cannot exit small cap below 25% floor

Manager Transition

New Lead Manager — Track Record Still Building

Tejas Sheth took over as lead manager in 2023. While the previous management built the strong long-term track record investors rely on, it takes a complete 7–10 year market cycle to properly evaluate a new manager's skill across bull and bear conditions.

Lead manager change in 2023

AUM Scale Limits Small Cap Alpha

Large AUM Dilutes Small Cap Returns

With ₹34,000 Cr+ AUM, taking a meaningful 1% position in a small cap stock requires deploying ₹340 Crore. This significantly limits the universe of small cap stocks accessible to the fund. In practice, the fund is pushed toward the larger end of small caps, reducing the alpha potential from this allocation.

AUM limits effective small cap exposure

Expense Ratio

0.79% — Room for Improvement at This AUM

At ₹34,000 Cr+ AUM, the fund should theoretically benefit from greater economies of scale. Kotak Multicap charges 0.47% for a similar strategy. Long-term investors should factor in that the 0.3% extra cost compounds into a meaningful wealth gap over 15–20 years.

Kotak charges 0.47% for same category

⚠️ Educational Disclaimer: The dark chapters above are for educational awareness only. Past difficulties do not predict future performance. RightAdvise.com is NOT SEBI registered. Consult a qualified advisor before investing.

Performance

Returns vs Benchmark

1 Month

—

Nifty 500: —

3 Month

—

Nifty 500: —

6 Month

—

Nifty 500: —

1 Year

—

Nifty 500: —

3 Year CAGR

—

Nifty 500: —

5 Year CAGR

—

Nifty 500: —

10 Year CAGR

—

Nifty 500: —

Since Inception

—

Mar 2005

Price History

NAV History

Consistency Analysis

Rolling Returns

1Y Rolling (Avg)

—

% of times positive: —

3Y Rolling (Avg)

—

% of times positive: —

5Y Rolling (Avg)

—

% of times positive: —

1-Year Rolling Returns

Risk Analysis

Maximum Drawdown

Max Drawdown Ever

—

Recovery: —

2020 COVID Crash

-41.2%

Recovery: ~14 months

2008 GFC Crash

-58.2%

Recovery: ~36 months

Current from Peak

—

Peak NAV: —

Drawdown Chart

Valuation Signal

NAV vs 200-Day Moving Average

Current NAV

—

200 DMA

—

NAV vs DMA

—

Loading signal...

Risk Metrics

Risk Ratios

Alpha (3Y)

—

Excess return over benchmark.

Beta (3Y)

—

Volatility vs market.

Sharpe Ratio

—

Return per unit of risk.

Sortino Ratio

—

Penalises only downside risk.

Std Deviation

—

How much returns fluctuate.

R-Squared

—

How closely it tracks the benchmark.

Benchmark Comparison

Fund vs NIFTY 500 Multicap 50:25:25 TRI

₹1 Lakh invested — Growth comparison

Help Us Improve

Your Feedback

How helpful was this page?

★★★★★

Type of Feedback

Your Name

Email (optional)

Your Message *