Bandhan Multi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 31, 2026
- Posted by: Harsh Piplani
- Category: Mutual Funds
Bandhan Multi Cap Fund Direct Growth Plan currently has a NAV of ₹19.003 as of 28 August 2026 and manages ₹3,063 Cr. Its 1-year, 3-year and 5-year returns are 6.67%, 14.55% and Data not available, respectively, and the scheme is tagged High Risk. Our view is that this is a diversified multi-cap option, but the recent return profile is uneven relative to the benchmark, so it suits investors who can stay with a volatile equity allocation for a longer horizon.
The portfolio is spread across large-cap, mid-cap and small-cap stocks, with banks carrying the heaviest sector exposure. That mix can support breadth, but it also means the fund may move with shifts in financials and broader equity sentiment. The direct plan structure keeps the expense ratio at 0.56%, and SIPs can start from ₹100.
Quick facts
| Metric | Value |
|---|---|
| NAV | ₹19.003 |
| AUM | ₹3,063 Cr |
| Expense Ratio | 0.56% |
| Launch Date | 02 Dec 2021 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% if units are sold on or before 1 year; nil after 1 year |
| Fund Managers | Daylynn Pinto, Harshal Joshi |
The fund is managed by Daylynn Pinto and Harshal Joshi.
Source data date: as of 28 Aug 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.52% | -0.85% |
| 3M | 4.59% | 3.39% |
| 1Y | 6.67% | -2.29% |
| 3Y | 14.55% | 6.40% |
| 5Y | Data not available | Data not available |
The fund has been steadier over the shorter windows than the benchmark, especially over 1 month and 1 year. That matters because the benchmark was negative over 1 year, while the fund still stayed in positive territory, which suggests some resilience through a weaker market phase.
The 3-year return is stronger than the benchmark as well, but the path has not been linear. The pattern over the year points to a period of drawdown followed by recovery, so the fund has shown it can rebound, but not without visible swings. For investors, that is an important clue: the return stream has upside, but it is not a smooth one.
The 5-year figure is not available, so we cannot treat this as a full long-cycle performance story. Even so, the available 3-year history indicates that the fund has done better than the benchmark across medium and short horizons, while the recent path has been more choppy than a simple straight-line compounding pattern.
From an investor lens, the fund looks more convincing on recovery than on consistency. It has held up better than the benchmark in the periods we can measure, yet the year-long swings show that the journey has required patience.
Source data date: as of 28 Aug 2026
Should you BUY or HOLD Bandhan 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 Bandhan Multi Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Bandhan Multi Cap Fund Direct Growth Plan | 6.67% | 14.55% | Data not available |
| Bank of India Flexi Cap Fund Direct Growth Plan | 18.05% | 22.17% | 18.21% |
| ITI Flexi Cap Fund Direct Growth Plan | 17.78% | 20.00% | Data not available |
| Navi Flexi Cap Fund Direct Growth Plan | 15.64% | 13.15% | 13.03% |
| LIC MF Multi Cap Fund Direct Growth Plan | 15.46% | 19.73% | Data not available |
| TRUSTMF Flexi Cap Fund Direct Growth Plan | 14.21% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return is well below the stronger peer figures in this set, while its 3-year number also trails the better-performing peers that disclose the same horizon. That tells us the recent recovery is real, but it has not yet translated into a peer-leading medium-term outcome.
The absence of a usable 5-year figure makes the longer comparison thinner, but the available peers with 5-year numbers are still ahead of the fund on that horizon. So the short-term and longer-term peer pictures both lean against the fund, even though its own benchmark comparison remains better than the index over the same measured periods.
Source data date: as of 28 Aug 2026
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Portfolio: where your money goes
The market-cap mix is 45.09% large cap, 25.57% mid cap, 24.91% small cap and 4.43% other. That is a genuinely blended structure, with large caps only slightly ahead of the combined mid- and small-cap sleeves, so the fund should not behave like a pure large-cap strategy.
| Sector | Weight | Top holdings |
|---|---|---|
| BANK | 23.49% | KOTAK MAHINDRA BANK LIMITED 10.88%; HDFC BANK LIMITED 5.03% |
| FINANCE | 7.28% | MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED 1.67%; POONAWALLA FINCORP LIMITED 1.50% |
| IT | 7.16% | TATA CONSULTANCY SERVICES LIMITED 2.10%; INFOSYS LIMITED 1.74% |
| HEALTHCARE | 7.11% | AUROBINDO PHARMA LIMITED 1.14%; DR. REDDY’S LABORATORIES LIMITED 1.02% |
| FMCG | 6.22% | NESTLE INDIA LIMITED 1.22%; EMAMI LIMITED 0.84% |
The sector profile is led by banks, and 23.49% is materially higher than any other sector in the table. That means financials are likely to have greater influence on the fund’s short-term movement than the other listed sectors, especially because the next four sectors are all clustered in a much narrower band around 6% to 7%.
The market-cap spread suggests the fund is not overly dependent on one size bucket, but it is also not evenly balanced. Large caps have the biggest weight at 45.09%, while mid caps and small caps together account for a substantial portion of the rest, which can add return potential but also more price movement. In our view, that combination fits a fund that may participate in market upswings while still carrying enough mid- and small-cap exposure to feel the market’s swings.
Because bank exposure is the single largest sector by a clear margin, it could be the main driver of near-term behavior. The other sectors diversify the book, but none are close enough in weight to offset banks as the dominant theme.
Source data date: as of 28 Aug 2026
Who should invest
This fund suits investors who are comfortable with High Risk equity exposure and can hold through uneven return patterns. The 1-year and 3-year numbers show positive results, but the journey has not been smooth, so a medium- to long-term horizon is more appropriate than a short one.
The main trade-off is between diversified multi-cap participation and higher volatility. The benchmark comparison is constructive, and the portfolio mix gives breadth across market-cap buckets, but the bank-heavy sector tilt means the fund can still react strongly to financial-sector moves. For investors who want a blended equity fund and can tolerate swings, that trade-off may be acceptable.
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 |
The exit load is 1% if units are sold on or before 1 year, and nil after 1 year.
Source data date: as of 28 Aug 2026
Frequently asked questions
What is the current NAV of Bandhan Multi Cap Fund Direct Growth Plan?
Its current NAV is ₹19.003 as of 28 August 2026.
What are the 1-year, 3-year and 5-year returns?
The 1-year return is 6.67%, the 3-year return is 14.55%, and the 5-year return is Data not available.
How has it done against the benchmark?
It has beaten the benchmark over 1 month, 3 months, 1 year and 3 years. The benchmark was negative over 1 year, while the fund stayed positive.
How does it compare with the peer funds listed here?
Its 1-year and 3-year returns are below the stronger peer figures shown in the comparison table. The gap is most visible in the 1-year period.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund and what is the risk profile?
The fund is managed by Daylynn Pinto and Harshal Joshi, and it is tagged High Risk. The portfolio also carries a large bank allocation, which adds to the need for a longer holding period.
Bottom line
Bandhan Multi Cap Fund Direct Growth Plan has shown a better recent and medium-term return profile than its benchmark, but the journey has been uneven and the 5-year figure is not available. Against the peer set shown here, the available return figures are less compelling, especially on the 1-year horizon. The fund’s High Risk tag, blended market-cap mix and bank-heavy sector exposure make it more suitable for investors who can absorb volatility and keep a longer time frame in mind.
Published on 31 August 2026 at 1:55 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.
