SBI Multicap Fund

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Fund Overview

SBI Multicap Fund — Quick Summary

SBI Multicap Fund is one of India's largest and most established flexi cap mutual funds, with an AUM of over ₹1 lakh crore. Launched in February 2021, it is managed by Prashant Jain's successor Rohit Shimpi 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

SBI Mutual Fund

✓ Suitable For

✓Investors who trust India's largest fund house backed by the SBI brand

✓Long-term SIP investors with 7+ year horizon seeking structured multi cap exposure

✓Those who bank with SBI and want seamless SIP setup through their account

✓Investors who value institutional depth and research scale of a top-tier AMC

✗ Not Suitable For

✗Investors seeking a long track record — fund launched only in 2021

✗Those preferring ₹100 SIP minimum — this requires ₹500/month minimum

✗Investors wanting the lowest cost option — Kotak charges 0.47% vs 0.79% here

✗Performance-focused investors wanting proven alpha generation over a full market cycle

Who Runs This Fund

Fund Manager

RS

Rohit Shimpi

Fund Manager — Equities, SBI Mutual Fund

Managing Since

2021

Experience

15+ Years

Funds Managed

3 Funds

Total AUM

₹30,000 Cr+

Rohit Shimpi took over SBI Multicap 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

February 2021

🚀 Fund Launch — SEBI Multi Cap Mandate Response

SBI Multicap Fund launched in February 2021, directly complying with SEBI's September 2020 circular mandating the 25-25-25 allocation structure. The SBI brand and network generated strong initial NFO subscriptions.

2021

📈 Launched Into a Bull Market

The fund launched at the tail end of a strong bull run following COVID recovery. Initial NAV growth was strong, benefiting from rising mid and small cap stocks. However, new investors should note this early performance was aided by favourable market conditions.

2022

⚡ First Real Test — Global Headwinds

Rising global inflation, Fed rate hikes and FII outflows created a challenging environment. The mandatory small cap exposure added to volatility. This was the fund's first significant test since launch.

2023

📊 Navigating the Recovery

Indian markets recovered strongly from 2022 lows. SBI Multicap's broad exposure across market caps allowed it to participate in the recovery across segments, with mid and small caps leading the way.

2024

🏆 AUM Growth Driven by SBI Distribution

SBI's unmatched branch network across India — reaching Tier 2, 3 and rural markets — drove consistent SIP inflows. AUM grew rapidly as retail investors trusted the SBI brand for their equity investment journey.

2025

⏳ Building a Track Record

With just 4 years of history, SBI Multicap is still building its performance track record across a full market cycle. Investors should evaluate it primarily on process, team quality and the AMC's broader reputation.

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.

Very Short Track Record

Only 4 Years Old — No Full Market Cycle Data

SBI Multicap Fund launched in February 2021. It has seen just 4 years of performance data — not enough to evaluate across a complete bull-bear-bull market cycle. Investors relying on historical returns must understand they are seeing only a partial picture. Nippon India Multi Cap has 20 years of data; SBI has 4. This is a significant difference.

Launched 2021 — insufficient history

Higher Minimum SIP

₹500/month vs ₹100 at Most Peers

SBI Multicap requires a ₹500/month minimum SIP — 5x higher than Nippon, ICICI, Kotak and HDFC Multi Cap. Given SBI's target audience includes rural and small-town investors for whom ₹500 vs ₹100 can make a real difference in participation, this higher threshold is a notable friction.

₹500 vs ₹100 at Nippon/ICICI/Kotak/HDFC

Brand-Driven Inflows

AUM Growth Is SBI-Brand-Driven, Not Pure Performance

SBI Mutual Fund is India's largest fund house largely due to its parent bank's distribution reach, not because its investment performance is consistently best-in-class. Many investors choose SBI Multicap simply because their relationship manager at an SBI branch suggested it. This creates a structural AUM size that may not reflect independent performance merit.

Distribution-driven AUM growth

Expense Ratio

0.79% — Not the Cheapest for a New Fund

Kotak Multicap, also launched in 2021, charges only 0.47%. For a newer fund still building its track record, charging 0.79% is harder to justify than it might be for an older fund with a 15-year proven record. Over 20 years, this 0.32% annual extra cost compounds materially.

Kotak charges 0.47% vs 0.79% here

⚠️ 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

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Nifty 500: —

3 Month

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Nifty 500: —

6 Month

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Nifty 500: —

1 Year

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Nifty 500: —

3 Year CAGR

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Nifty 500: —

5 Year CAGR

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Nifty 500: —

10 Year CAGR

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Nifty 500: —

Since Inception

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Feb 2021

Price History

NAV History

Consistency Analysis

Rolling Returns

1Y Rolling (Avg)

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% of times positive: —

3Y Rolling (Avg)

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% of times positive: —

5Y Rolling (Avg)

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% of times positive: —

1-Year Rolling Returns

Risk Analysis

Maximum Drawdown

Max Drawdown Ever

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Recovery: —

2020 COVID Crash

N/A (post-2020)

Recovery: Fund launched 2021

2008 GFC Crash

-58.2%

Recovery: ~36 months

Current from Peak

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Peak NAV: —

Drawdown Chart

Valuation Signal

NAV vs 200-Day Moving Average

Current NAV

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200 DMA

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NAV vs DMA

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Loading signal...

Risk Metrics

Risk Ratios

Alpha (3Y)

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Excess return over benchmark.

Beta (3Y)

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Volatility vs market.

Sharpe Ratio

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Return per unit of risk.

Sortino Ratio

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Penalises only downside risk.

Std Deviation

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How much returns fluctuate.

R-Squared

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How closely it tracks the benchmark.

Benchmark Comparison

Fund vs NIFTY 500 Multicap 50:25:25 TRI

₹1 Lakh invested — Growth comparison

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