PGIM India Multi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 11, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
PGIM India Multi Cap Fund Direct Growth Plan currently has a NAV of ₹11.02 as of 10 Sep 2026 and an AUM of ₹467 Cr. Its 1-year, 3-year and 5-year returns are 9.32%, 0% and 0% respectively, and the scheme carries a High Risk label. Our view is that this is a high-volatility multi-cap strategy with a recent recovery in the 1-year window, but the absence of longer track record returns makes it better suited to investors who can stay invested through uneven periods.
The fund’s benchmark is Nifty 50, and the recent return profile has been stronger than the benchmark over 1 year, while the shorter 3-month reading has also been more constructive. The portfolio is spread across 85 holdings, with banks, industrials, telecom and consumer-linked names among the larger positions, so the outcome may depend on how different parts of the market move together.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹11.02 as of 10 Sep 2026 |
| AUM | ₹467 Cr |
| Expense Ratio | 0.65% |
| Launch Date | 10 Sep 2024 |
| Min SIP | ₹1,000 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 0.50% on or before 90D, Nil after 90D |
| Fund Managers | Sharma Vivek, Utsav Mehta, Anandha Padmanabhan Anjeneyan, Puneet Pal |
The fund is managed by Sharma Vivek, Utsav Mehta, Anandha Padmanabhan Anjeneyan and Puneet Pal.
Source data date: as of 10 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.27% | -4.06% |
| 3M | 10.2% | 1.37% |
| 1Y | 9.32% | -7.31% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The 1-month reading was mildly negative for the fund, but it held up better than the benchmark over the same stretch. That points to a relatively steadier short-term path than the Nifty 50 in a weak month, even though the move was not strong enough to look like a clean breakout.
The sharper improvement is visible in the 3-month window, where the fund’s return was well ahead of the benchmark. The pattern suggests a recent recovery phase rather than a smooth one-way rise, because the short series shows alternating gains and setbacks rather than a straight climb.
Over 1 year, the fund has stayed positive while the benchmark is negative, which is the clearest sign of outperformance in the data available here. At the same time, the lack of 3-year and 5-year return history means we cannot treat the recent improvement as a full-cycle proof of consistency. Our view is that the fund is showing better recent momentum than the benchmark, but the longer-term track record still looks incomplete.
Source data date: as of 10 Sep 2026
Should you BUY or HOLD PGIM India Multi Cap?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding PGIM India Multi Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| PGIM India Multi Cap Fund Direct Growth Plan | 9.32% | Data not available | Data not available |
| TRUSTMF Multi Cap Fund Direct Growth Plan | 19.94% | Data not available | Data not available |
| Groww Multicap Fund Direct Growth Plan | 19.23% | Data not available | Data not available |
| Mahindra Manulife Multi Cap Fund Direct Growth Plan | 14.95% | 17.31% | 16.76% |
| Bank of India Multi Cap Fund Direct Growth Plan | 13.34% | 17.45% | Data not available |
| ITI Multi Cap Fund Direct Growth Plan | 13.18% | 17.1% | 14.48% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the available 1-year figures, the fund trails the stronger peer returns from TRUSTMF Multi Cap Fund Direct Growth Plan and Groww Multicap Fund Direct Growth Plan, and it also sits below Mahindra Manulife Multi Cap Fund Direct Growth Plan, Bank of India Multi Cap Fund Direct Growth Plan and ITI Multi Cap Fund Direct Growth Plan. That short-term gap matters because the fund’s own recent momentum has improved, but it has not yet matched the sharper peer gains over the same period.
For 3-year and 5-year comparisons, the picture is mixed because several peers do not have figures for those periods. Among the peers with available longer-horizon numbers, the fund still cannot be judged on those windows, so the short-term comparison carries more weight than the longer-term one. The main takeaway is that the fund’s recent improvement is visible, but the peer set shows that some other multi-cap strategies have converted that into stronger one-year outcomes.
Source data date: as of 10 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Ltd. | Bank | 4.8% |
| HDFC Bank Ltd. | Bank | 3.69% |
| Clearing Corporation of India Ltd. | Cash & Cash Equivalents and Net Assets | 2.73% |
| Reliance Industries Ltd. | Crude Oil | 2.44% |
| TVS Motor Company Ltd. | Automobile & Ancillaries | 2.36% |
| Bharti Airtel Ltd. | Telecom | 2% |
| CG Power and Industrial Solutions Ltd. | Capital Goods | 1.99% |
| Indo-Mim Ltd. | Domestic Equities | 1.93% |
| Eternal Ltd. | Retailing | 1.78% |
| Sansera Engineering Ltd. | Automobile & Ancillaries | 1.71% |
The largest holding, ICICI Bank Ltd., has a weight of 4.8%, so no single position dominates the portfolio on its own. The drop from the first holding to the tenth holding is measured rather than abrupt, moving from 4.8% to 1.71%, which suggests the portfolio may not be driven by one or two oversized bets alone.
The top 10 holdings account for approximately 25.43% of the portfolio, while the disclosed portfolio spans 85 holdings in total. That combination points to a reasonably diversified structure with a noticeable long tail, where the biggest names may matter, but a wide set of smaller positions could also influence results over time.
To see all holdings, visit the PGIM India Multi Cap Fund Direct Growth Plan page
Source data date: as of 10 Sep 2026
Who should invest
This fund may suit investors who can tolerate High Risk exposure and who are comfortable with uneven short-term outcomes. The 1-year return is positive, but the 3-year and 5-year figures are not available, so the case rests more on the recent improvement than on a long, proven compounding record.
It may fit an investor with a multi-year horizon who wants equity exposure that has recently held up better than the benchmark and has also improved over the 3-month window. The trade-off is that the portfolio can move sharply, and the return pattern does not yet show a long history of consistency across full market cycles.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: 0.50% on or before 90D, Nil after 90D.
Source data date: as of 10 Sep 2026
Frequently asked questions
What is the current NAV of PGIM India Multi Cap Fund Direct Growth Plan?
The current NAV is ₹11.02 as of 10 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 9.32%, while the 3-year and 5-year returns are not available.
How has the fund done versus Nifty 50?
It has done better than Nifty 50 over 1 year and 3 months, and it also held up better over 1 month.
How does it compare with peer multi-cap funds on 1-year returns?
Its 1-year return is below TRUSTMF Multi Cap Fund Direct Growth Plan, Groww Multicap Fund Direct Growth Plan, Mahindra Manulife Multi Cap Fund Direct Growth Plan, Bank of India Multi Cap Fund Direct Growth Plan and ITI Multi Cap Fund Direct Growth Plan.
What is the minimum SIP amount?
The minimum SIP amount is ₹1,000.
Who manages the fund and what is the exit load?
The fund is managed by Sharma Vivek, Utsav Mehta, Anandha Padmanabhan Anjeneyan and Puneet Pal. The exit load is 0.50% on or before 90D and nil after 90D.
Bottom line
PGIM India Multi Cap Fund Direct Growth Plan has shown a better recent tone than its benchmark, especially over 3 months and 1 year, but the longer return history is not yet available here. Against peers, the 1-year figure is weaker than several comparable multi-cap funds, so the recent improvement still needs more time to prove itself. The portfolio is spread across 85 holdings, which may reduce dependence on any one stock, but the fund still sits in High Risk territory and is best viewed through a multi-year lens.
Published on 11 September 2026 at 5:39 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.