HDFC Multi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
HDFC Multi Cap Fund Direct Growth Plan has a NAV of ₹19.314 as of 16 September 2026 and a scheme AUM of ₹20,649 Cr. Its 1-year, 3-year and 5-year returns are -3.77%, 10.55% and 0%, and it sits in the High Risk category.
Our view is that this is a diversified equity option that has shown a mixed return pattern: a weak recent year, a better 3-year stretch, and limited evidence for a 5-year track record in the figures available here. The portfolio is spread across 86 holdings, led by banks, which may suit investors who can tolerate volatility and want a multi-cap style exposure rather than a smoother, lower-risk equity path.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹19.314 as of 16 Sep 2026 |
| AUM | ₹20,649 Cr |
| Expense Ratio | 0.73% |
| Launch Date | 10 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 | Amar Kalkundrikar |
The fund is managed by Amar Kalkundrikar.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.99% | -4.41% |
| 3M | -1.2% | -3.6% |
| 1Y | -3.77% | -7.76% |
| 3Y | 10.55% | 5.74% |
| 5Y | Data not available | Data not available |
The last month and last quarter were both soft, which tells us the fund has not had a clean recent run. Even so, the fall was less severe than the benchmark in both windows, so relative resilience has been better than the index even though absolute returns were still negative.
The 1-year figure strengthens that reading. The fund is still down over the period, but it has lost less than the benchmark, which points to some downside control rather than outright strength. That matters for investors watching how the fund behaves in weaker phases.
The 3-year picture is more constructive. The fund has compounded at 10.55% against 5.74% for the benchmark, so the longer stretch has clearly been better than the index. The time pattern also shows a period of stronger accumulation followed by a softer patch, which suggests returns have not moved in a straight line.
We do not have a usable 5-year performance figure here, so our read leans more on the 1-year and 3-year contrast. Taken together, the fund appears capable of beating the benchmark over a fuller cycle, but its recent behaviour has been weaker than its 3-year record would suggest.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD HDFC 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 HDFC Multi Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| HDFC Multi Cap Fund Direct Growth Plan | -3.77% | 10.55% | Data not available |
| 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.
The comparison splits the story. On 1-year numbers, the fund trails every peer listed here with a usable figure, while the shorter-term peer returns are firmly positive. That shows the latest stretch has been far weaker than the rest of this peer set.
Over 3 years, the picture improves. The fund’s 10.55% is below the better peer figures that are available, but it is still a healthier long-term outcome than its own 1-year result and better than the benchmark. The 5-year comparison is less complete because only some peers have usable figures, yet the available numbers still suggest the fund has not stood out on that horizon either.
So the short-term and longer-term peer reads are different: the recent year is the weakest part of the profile, while the 3-year record is more defensible.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Ltd. | Bank | 3.8% |
| HDFC Bank Ltd.£ | Bank | 3.43% |
| Axis Bank Ltd. | Bank | 2.45% |
| Reliance Industries Ltd. | Crude Oil | 2.44% |
| Britannia Industries Ltd. | FMCG | 2.11% |
| Eternal Limited | Retailing | 2.07% |
| Bharti Airtel Ltd. | Telecom | 2.02% |
| State Bank of India | Bank | 1.85% |
| NTPC Limited | Power | 1.65% |
| Kotak Mahindra Bank Limited | Bank | 1.52% |
The top 10 holdings account for approximately 23.34% of the portfolio.
To see all holdings, visit the HDFC Multi Cap Fund Direct Growth Plan page
The largest holding, ICICI Bank Ltd., is only 3.8%, which is a modest single-stock weight for an equity fund of this size. The drop from the largest position to the tenth is fairly gradual, ending at 1.52%, so no single name dominates the visible holding set.
The mix also looks reasonably spread out across financials, consumption, telecom and power, although banks remain the clearest theme within the top positions. Because the top 10 account for 23.34% and the fund reports 86 holdings in total, the broader portfolio is likely to have a meaningful tail beyond the names shown here. That can dilute single-stock dependence, but it does not remove equity market risk.
Source data date: as of 16 Sep 2026
Who should invest
This fund fits investors who can handle High Risk equity exposure and are comfortable with a choppy return path. The 3-year record is more constructive than the 1-year figure, so a patient horizon matters more than a short holding period.
It may suit someone who wants a diversified multi-cap style portfolio with a visible bank tilt rather than a narrow sector bet. The main trade-off is that the fund can lag in weak market phases even when its longer stretch looks better than the benchmark. Investors need to accept that uneven pattern in exchange for the chance of stronger medium-term compounding.
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 HDFC Multi Cap Fund Direct Growth Plan?
The NAV is ₹19.314 as of 16 September 2026.
What are the 1-year, 3-year and 5-year returns?
The 1-year return is -3.77%, the 3-year return is 10.55%, and the 5-year return is 0% in the figures available here.
How has it done versus the benchmark?
It has been better than the benchmark over 1 year and 3 years, but the recent 1-month and 3-month periods were still negative.
Which peer funds look stronger on available return figures?
Groww Multicap Fund Direct Growth Plan, TRUSTMF Multi Cap 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 all show stronger 1-year figures than this fund.
What is the minimum SIP amount?
The minimum SIP amount is not stated here, so it should not be assumed from this page.
Who manages the fund, and what is the exit load?
Amar Kalkundrikar manages the fund. The exit load is 1% on or before 1 year and nil after 1 year.
Bottom line
The fund’s recent year has been weak, but the 3-year record is healthier and better than the benchmark, so the longer-term picture is more favourable than the latest stretch. Peer comparison tells a different story on the short end, where several comparable funds have much stronger 1-year numbers. The risk profile is High Risk, and the portfolio is led by banks with a fairly broad spread across 86 holdings. That combination points to an equity fund for investors who can tolerate volatility and wait for the medium-term thesis to play out.
Published on 17 September 2026 at 12:51 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.