Motilal Oswal Multi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 11, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Motilal Oswal Multi Cap Fund Direct Growth Plan had a NAV of ₹15.625 as of 10 Sep 2026, with scheme AUM of ₹4,676 Cr. Its 1-year, 3-year and 5-year returns are 9.69%, 0% and 0%, and it sits in the High Risk category. Our view is that this is a fund for investors who can tolerate sharp swings and want a diversified multi-cap structure, but the short live history means the longer-term track record is still limited.
The benchmark is Nifty 50, and the fund has recently been moving with a steadier short-term uptrend than its own 1-year backdrop suggests. That makes the latest recovery worth watching, but it does not yet erase the lack of a long performance runway. With a low expense ratio of 0.61% and a sizable equity book, the fund may appeal more to investors who want an active multi-cap allocation and can stay patient through uneven phases.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹15.625 as of 10 Sep 2026 |
| AUM | ₹4,676 Cr |
| Expense Ratio | 0.61% |
| Launch Date | 18 Jun 2024 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 365D, Nil after 365D |
| Fund Managers | Atul Mehra, Sandeep Jain, Bhalchandra Shinde, Rakesh Shetty |
The fund is managed by Atul Mehra, Sandeep Jain, Bhalchandra Shinde, and Rakesh Shetty.
Source data date: as of 10 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 2.16% | -4.06% |
| 3M | 22.59% | 1.37% |
| 1Y | 9.69% | -7.31% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The most recent stretch has been stronger than the benchmark, especially over 3 months, where the fund has clearly outpaced the index. That kind of short-term rebound is important, but it also needs to be read alongside the 1-year figure, which is more moderate and shows that the path has not been one-way. The monthly pattern suggests the fund can recover after dips, but it has also moved through uneven phases rather than delivering a smooth climb.
Against the benchmark, the fund is ahead across all the available horizons. The 1-month comparison is still useful because the fund stayed positive while the benchmark was negative, which points to better near-term resilience. Over 3 months and 1 year, the gap is wider, so the recent stretch is not just a small edge. Even so, this is still a young scheme launched in June 2024, so our view is that the 1-year figure deserves more weight than any attempt to infer a longer cycle that is not yet available.
The key point is that the short-term picture is stronger than the longer-range label set available here. The fund’s 3-month momentum looks much better than the benchmark’s, but the 1-year record is still the most relevant evidence for investors right now. Since 3-year and 5-year figures are not available, this is better treated as a fund with encouraging early-stage performance rather than a proven long-horizon compounder.
Source data date: as of 10 Sep 2026
Should you BUY or HOLD Motilal Oswal 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 Motilal Oswal Multi Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Motilal Oswal Multi Cap Fund Direct Growth Plan | 9.69% | 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.
The fund’s 1-year return trails the strongest peer figures available here, while its 3-month performance is also behind the standout short-term numbers posted by the leading peer funds. That said, its recent recovery still compares reasonably well with the broader peer set because several peers have only 1-year data visible, and the fund remains ahead of the benchmark over every common horizon shown. The longer-term peer comparison is more limited, but where 3-year and 5-year numbers are available, the current fund does not yet have a comparable record.
So the peer picture tells two different stories. In the near term, the fund looks competitive but not dominant versus the strongest recent performers. In the longer view, the lack of 3-year and 5-year figures means investors cannot yet judge it on the same footing as older peers that have already built a multi-year record. That makes the short-term recovery useful, but not decisive.
Source data date: as of 10 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Shaily Engineering Plastics Limited | Plastic Products | 5.23% |
| Eternal Limited | Retailing | 4.71% |
| Bajaj Finance Ltd | Finance | 4.28% |
| Kalyan Jewellers India Limited | Diamond & Jewellery | 4.09% |
| Divi’S Laboratories Limited | Healthcare | 4.01% |
| CG Power and Industrial Solutions Limited | Capital Goods | 3.90% |
| Indusind Bank Limited | Bank | 3.72% |
| ICICI Bank Limited | Bank | 3.52% |
| RBL Bank Limited | Bank | 3.29% |
| Navin Fluorine International Limited | Chemicals | 3.27% |
The top 10 holdings account for approximately 40.02% of the portfolio.
To see all holdings, visit the Motilal Oswal Multi Cap Fund Direct Growth Plan page
The largest holding, Shaily Engineering Plastics Limited, carries a 5.23% weight, which is meaningful but not dominant by itself. The next few positions are also close together, so the top end of the portfolio does not rely on a single oversized bet. That pattern may help keep the fund from being overly dependent on one stock, while still leaving individual positions large enough to matter.
The drop from the first holding to the tenth is fairly contained rather than steep. The tenth holding still has a 3.27% weight, so the spread across the top names is relatively tight. With 40.02% of assets in the displayed top 10 and 38 total disclosed holdings, the portfolio looks moderately concentrated in its leading positions but still leaves room for a wider tail of smaller holdings.
That structure suggests the fund could be influenced by a handful of names, while not being confined to only a few positions. For investors, the main takeaway is that stock selection is likely to matter, but the overall book is not so concentrated that one position alone would define the portfolio outcome.
Source data date: as of 10 Sep 2026
Who should invest
This fund suits investors who can accept high day-to-day volatility and are comfortable with a multi-cap equity approach. The current evidence supports a medium- to long-term horizon, because the 1-year record is positive but still short, while 3-year and 5-year figures are not available yet.
Its main trade-off is between growth-oriented equity exposure and uneven return paths. The fund has beaten the benchmark across the periods shown, but it has not yet built a long track record, so investors need to be comfortable with both uncertainty and the possibility that early momentum can fade. The moderate concentration in the leading holdings may also add to stock-specific movement.
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 365 days. No exit load after 365 days.
Source data date: as of 10 Sep 2026
Frequently asked questions
What is the current NAV of Motilal Oswal Multi Cap Fund Direct Growth Plan?
The NAV is ₹15.625 as of 10 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 9.69%, while the 3-year and 5-year returns are Data not available.
How has the fund performed against the benchmark?
It has outperformed Nifty 50 across the available periods shown, including 1 month, 3 months and 1 year.
How does it compare with peer multi-cap funds on recent returns?
Its 1-year return is below the strongest peer figures shown, while its 3-month return also trails the leading peers in this comparison.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
What should investors note about risk, portfolio and exit load?
The fund is classified as High Risk, and its top 10 holdings account for approximately 40.02% of the portfolio. It also has a 1% exit load if units are sold on or before 365 days, with no exit load after that period.
Bottom line
Motilal Oswal Multi Cap Fund Direct Growth Plan shows a better short-term and 1-year picture than its benchmark, but the record is still young enough that there is no established long-run track record to lean on. Compared with peers, its recent returns are respectable but not among the strongest visible numbers, while older peers also have longer histories to judge. The fund’s High Risk label and the fairly concentrated top holdings make it more suitable for investors who can stay invested through uneven phases and want multi-cap equity exposure with a clearly active stock-selection style.
Published on 11 September 2026 at 2:01 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.