Bandhan Multi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 31, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Bandhan Multi Cap Fund Direct Growth Plan has a NAV of ₹18.353 as of 16 Sep 2026 and an AUM of ₹3,074 Cr. Its 1-year, 3-year and 5-year returns are -0.29%, 11.7% and Data not available, and the scheme carries a High Risk label. Our view is that this is a multi-cap equity fund for investors who can stay patient through short-term swings and are comfortable with a portfolio that has meaningful exposure to large financial and technology names.
The fund has been around since 02 Dec 2021 and tracks the Nifty 50 as its benchmark. Recent performance has been weak, but the 3-year record is better than the latest 1-year reading, so the fund looks more suitable for investors who want to judge it over a fuller market cycle rather than only on near-term moves.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹18.353 as of 16 Sep 2026 |
| AUM | ₹3,074 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% on or before 1Y, Nil after 1Y |
| Fund Managers | Daylynn Pinto, Harshal Joshi |
The fund is managed by Daylynn Pinto and Harshal Joshi.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.73% | -4.41% |
| 3M | -1.29% | -3.6% |
| 1Y | -0.29% | -7.76% |
| 3Y | 11.7% | 5.74% |
| 5Y | Data not available | Data not available |
In the recent windows, the fund has still been under pressure, but it has held up better than the benchmark in each of the listed short periods. The 1-month and 3-month figures are negative for both the fund and the benchmark, which tells us the broader market backdrop has been weak. Even so, the fund’s declines have been milder, so it has preserved some relative resilience.
The 1-year return is still negative at -0.29%, but that is much less severe than the benchmark’s -7.76%. That gap matters because it shows the fund did not mirror the full downside in the index. At the same time, a negative 1-year number means the recent experience has been unsatisfactory for investors who entered over the last year.
The 3-year return of 11.7% is the clearest sign that the fund’s longer run has been better than its latest stretch. It is also above the benchmark’s 5.74% over the same horizon, so our read is that the fund has shown better compounding over a fuller cycle even though the shorter-term path has been choppy. The missing 5-year history means investors do not yet have a long published track record to lean on.
Viewed together, the pattern is mixed: weaker near-term action, but a stronger 3-year outcome than the benchmark. That combination usually suits investors who can tolerate volatility and are willing to evaluate the fund on a medium-term basis rather than expecting steady month-to-month gains.
Source data date: as of 16 Sep 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 | -0.29% | 11.7% | Data not available |
| Bank of India Flexi Cap Fund Direct Growth Plan | 10.1% | 18.09% | 16.01% |
| ITI Flexi Cap Fund Direct Growth Plan | 9.54% | 17.61% | Data not available |
| Navi Flexi Cap Fund Direct Growth Plan | 7.9% | 10.18% | 10.89% |
| LIC MF Multi Cap Fund Direct Growth Plan | 7.11% | 17.04% | Data not available |
| Aditya Birla SL Flexi Cap Fund Direct Growth Plan | 5.94% | 13.33% | 10.98% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
Against the listed peers, the fund’s 1-year return is clearly weaker, because every named peer has a positive 1-year figure while this fund is slightly negative. That tells us the recent stretch has been less rewarding than the comparison set.
The picture improves over 3 years. The fund’s 11.7% is below the stronger 3-year peer readings, but it is still a positive and respectable outcome, and it is ahead of the lower end of the peer set that also publishes 3-year numbers. The 5-year comparison is less complete because several peers do not have a usable figure, but the peers that do show published 5-year outcomes above the fund’s unavailable record, which leaves the fund with less long-horizon evidence than some of the comparison names.
So the short-term and longer-term stories differ. Near term, the fund has trailed most peers; over 3 years, it shows workable compounding, though not the strongest among the set. That split matters for investors who want to compare recent momentum with medium-term steadiness.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Limited | Bank | 5.88% |
| Kotak Mahindra Bank Limited | Bank | 3.96% |
| Reliance Industries Limited | Crude Oil | 3.95% |
| Triparty Repo TRP_010926 | Cash & Cash Equivalents and Net Assets | 3.79% |
| ICICI Bank Limited | Bank | 3.31% |
| Tata Consultancy Services Limited | IT | 2.73% |
| Axis Bank Limited | Bank | 2.11% |
| Infosys Limited | IT | 2.03% |
| Maruti Suzuki India Limited | Automobile & Ancillaries | 1.85% |
| Mahindra & Mahindra Financial Services Limited | Finance | 1.82% |
The top 10 holdings account for approximately 31.43% of the portfolio.
To see all holdings, visit the Bandhan Multi Cap Fund Direct Growth Plan page
The largest holding, HDFC Bank Limited, stands at 5.88%, which is sizeable but not overwhelming by itself. The gap from the first holding to the tenth is fairly moderate, falling to 1.82%, so the visible book does not look top-heavy in just one or two names.
The mix across the largest positions is spread across banks, IT, one crude-oil exposure, and one cash-and-cash-equivalents line. That pattern suggests the displayed portfolio may have several influence points rather than relying on a single sector theme, although banks still appear more prominent than the other categories in the top slice.
With 31.43% of the portfolio in the top 10 holdings and 73 holdings disclosed overall, the fund appears to combine a meaningful core with a fairly long tail. In our view, that can reduce reliance on any one position, while still leaving the larger names with greater influence on short-term behaviour.
Source data date: as of 16 Sep 2026
Who should invest
This fund is more suitable for investors who can handle High Risk equity volatility and stay invested for at least a medium-term horizon. The 1-year number is negative, so anyone looking for steady short-term outcomes may find the ride uncomfortable.
The 3-year record is better than the latest 1-year outcome and also better than the benchmark over the same period, which makes the fund more relevant for investors who can wait through rough patches. The main trade-off is that the shorter-term path has been uneven, even though the medium-term result has been more encouraging. The portfolio’s large-bank and IT exposure may also make the fund behave differently from a broad, evenly balanced basket of stocks.
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% on or before 1Y, Nil after 1Y.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of Bandhan Multi Cap Fund Direct Growth Plan?
The current NAV is ₹18.353 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -0.29%, the 3-year return is 11.7%, and the 5-year return is Data not available.
How does the fund compare with its benchmark?
It has done better than the Nifty 50 over 1 year and 3 years, while both the fund and the benchmark have been weak in the short term. The 1-year benchmark return is -7.76% compared with the fund’s -0.29%, and the 3-year benchmark return is 5.74% versus the fund’s 11.7%.
How does it compare with the peer funds listed here?
Its 1-year return is weaker than every listed peer, but its 3-year return is still positive and sits in a reasonable middle range among peers with available 3-year figures. The 5-year comparison is less complete because some peer funds do not have a usable 5-year figure.
Is there a minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund and what is the exit load?
The fund is managed by Daylynn Pinto and Harshal Joshi. The exit load is 1% on or before 1 year and nil after 1 year.
Bottom line
Bandhan Multi Cap Fund Direct Growth Plan has a mixed profile: the latest 1-year return is negative, but the 3-year outcome is positive and ahead of the benchmark over the same period. Against the listed peers, the recent figure looks weaker, while the medium-term record is more workable. The fund sits in the High Risk bucket and its portfolio is led by banks and IT names, with a meaningful but not dominant top-10 weight. It may suit investors who can tolerate uneven short-term performance and focus on a medium-term holding period.
Published on 17 September 2026 at 12:32 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.