Aditya Birla SL Multi-Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 31, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Aditya Birla SL Multi-Cap Fund Direct Growth Plan has a NAV of ₹22.45 as of 16 Sep 2026 and a scheme AUM of ₹7,531 Cr. Its 1-year, 3-year and 5-year returns are 6.76%, 13.34% and 12.63%, and it sits in the High Risk category. Our view is that the fund has delivered a mixed but workable long-term profile: the longer horizon is stronger than the near term, while the portfolio structure suggests exposure to a broad set of ideas rather than a narrowly defensive mix.
The fund has also stayed below the Nifty 50 over 1Y, but it has been ahead over 3Y and 5Y. That combination makes it more suitable for investors who can tolerate sharp swings and are looking at a multi-year horizon rather than short holding periods.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹22.45 as of 16 Sep 2026 |
| AUM | ₹7,531 Cr |
| Expense Ratio | 0.71% |
| Launch Date | 07 May 2021 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 90D, Nil after 90D |
| Fund Managers | Abhinav Khandelwal, Harshil Suvarnkar |
The fund is managed by Abhinav Khandelwal and Harshil Suvarnkar.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.86% | -4.41% |
| 3M | 3.36% | -3.6% |
| 1Y | 6.76% | -7.76% |
| 3Y | 13.34% | 5.74% |
| 5Y | 12.63% | 5.67% |
The fund’s short-term path has been uneven, but the recent picture is still better than the benchmark. Over 1 month, it declined, though the fall was milder than the index. Over 3 months, it recovered well while the benchmark stayed negative. That tells us the portfolio has been able to bounce back faster than the market index in the latest quarter.
The bigger picture is more constructive. The 3-year and 5-year returns are both comfortably above the benchmark, which suggests the fund has compounded better than the Nifty 50 across medium and long horizons. Our read is that this is not a smooth compounder, but it has rewarded patience more than the benchmark has.
The time pattern also matters. The fund has shown phases of weakness and recovery rather than a straight line, so investors should expect volatility along the way. Even so, the long-run trend is more resilient than the recent one-month dip might suggest, and the 3-year and 5-year numbers still support the case for holding it through full market cycles.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD Aditya Birla SL 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 Aditya Birla SL Multi-Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Aditya Birla SL Multi-Cap Fund Direct Growth Plan | 6.76% | 13.34% | 12.63% |
| Groww Multicap Fund Direct Growth Plan | 14.94% | Data not available | Data not available |
| TRUSTMF Multi Cap Fund Direct Growth Plan | 14.56% | Data not available | Data not available |
| Mahindra Manulife Multi Cap Fund Direct Growth Plan | 11.14% | 16.6% | 15.58% |
| Bank of India Multi Cap Fund Direct Growth Plan | 10.47% | 16.74% | Data not available |
| ITI Multi Cap Fund Direct Growth Plan | 9.07% | 15.96% | 13.64% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the latest period, the fund trails the stronger peer returns shown by Groww Multicap Fund Direct Growth Plan and TRUSTMF Multi Cap Fund Direct Growth Plan, both of which have delivered much higher 1-year gains. At the same time, the fund’s 3-year and 5-year returns remain competitive against peers with longer track records, and they compare well with the available numbers for 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.
The short-term and longer-term stories are therefore different. Near-term performance is behind the leading peer 1-year figures, but the 3-year and 5-year outcomes are more balanced and sit in the same broad area as the stronger multi-cap peers with available longer-term history. That gap between recent and longer-run results is important for anyone comparing this fund with other multi-cap choices.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Ltd. | Bank | 3.04% |
| Eternal Ltd. | Retailing | 2.59% |
| TD Power Systems Ltd. | Capital Goods | 2.57% |
| Adani Energy Solutions Ltd. | Power | 2.4% |
| One 97 Communications Ltd. | IT | 2.31% |
| TREPS | Cash & Cash Equivalents and Net Assets | 2.27% |
| Lenskart Solutions Ltd. | Domestic Equities | 2.15% |
| Persistent Systems Ltd. | IT | 2.15% |
| Ather Energy Ltd. | Domestic Equities | 2.12% |
| Sansera Engineering Ltd. | Automobile & Ancillaries | 2.1% |
The top 10 holdings account for approximately 23.7% of the portfolio.
To see all holdings, visit the Aditya Birla SL Multi-Cap Fund Direct Growth Plan page
The largest holding, ICICI Bank Ltd., is 3.04%, which is meaningful but not dominant. The tenth holding is 2.1%, so the drop from the first to the tenth position is fairly shallow. That tells us the visible core is spread across several mid-sized positions rather than relying on one or two outsized bets.
With 74 disclosed holdings and the top 10 accounting for 23.7%, the portfolio appears to be reasonably diversified across a long tail. At the same time, the listed names include banks, retail, power, IT, cash and domestic equities, so the fund may draw performance from several different areas of the market. Our view is that this structure can help reduce dependence on a single stock, even though individual holdings may still influence short-term returns.
Source data date: as of 16 Sep 2026
Who should invest
This fund suits investors who can handle High Risk exposure and stay invested for several years. The 1-year return has lagged the benchmark, but the 3-year and 5-year numbers are stronger than the Nifty 50, so the fund makes more sense for investors who can tolerate uneven short-term outcomes in exchange for better long-run compounding.
The portfolio is spread across many holdings, which may appeal to investors who want multi-cap exposure without a very concentrated stock book. The trade-off is that returns may move around sharply from month to month, so this is better viewed as a patient, cycle-aware allocation rather than a short-horizon option.
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: 1% if units are sold on or before 90 days; nil after 90 days.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of Aditya Birla SL Multi-Cap Fund Direct Growth Plan?
The current NAV is ₹22.45 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 6.76% over 1 year, 13.34% over 3 years and 12.63% over 5 years.
How has it performed against the benchmark?
It has lagged the Nifty 50 over 1 year, but it has outperformed the benchmark over 3 years and 5 years.
How does it compare with peer multi-cap funds?
Its 1-year return is below the stronger peer numbers shown for Groww Multicap Fund Direct Growth Plan and TRUSTMF Multi Cap Fund Direct Growth Plan, while its 3-year and 5-year returns compare more evenly with peers that have longer track records.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund and what is the exit load?
The fund is managed by Abhinav Khandelwal and Harshil Suvarnkar. The exit load is 1% if units are sold on or before 90 days, and nil after 90 days.
Bottom line
Aditya Birla SL Multi-Cap Fund Direct Growth Plan has a weaker recent stretch than its longer-term record, but its 3-year and 5-year returns still stand ahead of the benchmark. Relative to peers, the latest 1-year number looks lighter, while the longer horizon is more competitive. The fund carries High Risk, and its portfolio is spread across 74 holdings, which may soften single-stock dependence. It is most relevant for investors who can stay invested through volatile phases and want a multi-cap portfolio with a longer run view.
Published on 17 September 2026 at 9:55 AM 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.