TRUSTMF Multi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
TRUSTMF Multi Cap Fund Direct Growth Plan has a NAV of ₹11.83 as of 15 Sep 2026 and an AUM of ₹809 Cr. Its 1-year, 3-year and 5-year returns are 15.41%, 0% and 0%, and the scheme is tagged High Risk. Our view is that the fund has shown a positive 1-year outcome, but it is still a young scheme with limited longer-term history, so the current reading is more useful for context than for a full cycle judgment.
The fund’s recent return profile is more resilient than the benchmark’s, but the absence of meaningful 3-year and 5-year figures means long-horizon consistency is still unproven. The portfolio also shows a mix of financials, consumer, technology and cash-like holdings, which may help diversification within the equity bucket, though the scheme’s High Risk tag remains important for investors who want a smoother ride.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹11.83 as of 15 Sep 2026 |
| AUM | ₹809 Cr |
| Expense Ratio | 0.5% |
| Launch Date | 21 Jul 2025 |
| Min SIP | ₹1,000 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 180D, Nil after 180D |
| Fund Managers | Mihir Vora, Aakash Manghani, Saurabh Kataria |
The fund is managed by Mihir Vora, Aakash Manghani and Saurabh Kataria.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.47% | -4.81% |
| 3M | 5.81% | -3.63% |
| 1Y | 15.41% | -8.27% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The 1-month and 3-month patterns suggest a fund that has handled the recent period better than the benchmark, even though it still saw a mild setback over the latest month. The 3-month line is especially useful here: the fund stayed in positive territory while the benchmark remained negative, which points to better short-term resilience.
Over 1 year, the gap is much wider. The fund’s 15.41% return stands against a benchmark decline of 8.27%, so the scheme has clearly outpaced the reference index in the period available for comparison. That said, this should be read alongside the fund’s launch date of 21 Jul 2025. Because the scheme does not yet have usable 3-year or 5-year numbers, we do not have a full market-cycle record to judge steadiness through different phases.
The return series also shows that the path was not linear. There were periods of weakness and recovery rather than a smooth climb, which is normal for an equity fund with a High Risk profile. For investors, the key point is that the recent trajectory has been constructive, but the history is still too short to treat that as a durable long-term pattern.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD TRUSTMF 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 TRUSTMF Multi Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| TRUSTMF Multi Cap Fund Direct Growth Plan | 15.41% | Data not available | Data not available |
| Groww Multicap Fund Direct Growth Plan | 15.51% | Data not available | Data not available |
| TRUSTMF Multi Cap Fund Direct Growth Plan | 15.41% | Data not available | Data not available |
| Mahindra Manulife Multi Cap Fund Direct Growth Plan | 11.6% | 16.58% | 15.65% |
| Bank of India Multi Cap Fund Direct Growth Plan | 10.47% | 16.74% | Data not available |
| ITI Multi Cap Fund Direct Growth Plan | 9.3% | 15.9% | 13.73% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund compares well on the latest 1-year number because its 15.41% return is ahead of several peers in this set, and only one peer is marginally higher at 15.51%. The short-term picture therefore looks competitive rather than merely adequate.
The longer-horizon picture is mixed because the fund does not yet have valid 3-year or 5-year figures, while some peers do. Among those peers, the available longer-term numbers are stronger on the 3-year and 5-year lens for certain funds, which means this scheme has not yet established the same depth of record. In practical terms, the recent comparison is encouraging, but the longer-term comparison remains incomplete.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| TREPS 01-Sep-2026 | Cash & Cash Equivalents and Net Assets | 4.84% |
| ICICI Bank Limited | Bank | 4.31% |
| Shriram Finance Limited | Finance | 2.56% |
| Lenskart Solutions Limited | Domestic Equities | 2.53% |
| Titan Company Limited | Diamond & Jewellery | 2.51% |
| Multi Commodity Exchange of India Limited | Finance | 2.18% |
| Eternal Limited | Retailing | 2.11% |
| Coforge Limited | IT | 2.1% |
| One 97 Communications Limited | IT | 2.07% |
| Ather Energy Limited | Domestic Equities | 1.89% |
The top 10 holdings account for approximately 27.1% of the portfolio.
To see all holdings, visit the TRUSTMF Multi Cap Fund Direct Growth Plan page
The largest disclosed holding is TREPS 01-Sep-2026 at 4.84%, which is sizeable but not dominant on its own. The weight then steps down fairly gradually through ICICI Bank Limited at 4.31%, Shriram Finance Limited at 2.56% and the rest of the top 10, so the visible sleeve does not look heavily dependent on one single position.
At the same time, the top 10 together account for 27.1% of the portfolio, while 71 holdings are disclosed in total. That combination suggests a relatively long tail beyond the biggest positions. Our reading is that the fund may have a broader spread across many holdings, with the top positions likely to matter most for near-term movement but not enough by themselves to define the whole portfolio.
Source data date: as of 15 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk equity exposure and can tolerate uneven short-term movement. The 1-year return is positive, but the 3-year and 5-year lines are not yet available in a usable form, so the main attraction is the recent recovery and the benchmark-beating 1-year outcome rather than a long operating history.
It is better suited to a medium-to-long horizon investor than to someone who needs stable, predictable outcomes over a short period. The trade-off is straightforward: you may get access to a diversified multi-cap style portfolio, but you also need to accept that the record is still young and the path can be choppy.
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 180D, Nil after 180D. No exit load after holding period.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of TRUSTMF Multi Cap Fund Direct Growth Plan?
The current NAV is ₹11.83 as of 15 Sep 2026.
How has the fund performed over 1 year?
The fund has returned 15.41% over 1 year. That is well ahead of the benchmark’s -8.27% return for the same period.
What are the 3-year and 5-year returns?
Both the 3-year and 5-year returns are not available in a usable form for this scheme. The fund was launched on 21 Jul 2025, so it does not yet have a mature long-term record.
How does it compare with the benchmark?
The fund has done better than the benchmark across the available periods. The clearest gap is over 1 year, where the fund is positive and the benchmark is negative.
What is the minimum SIP amount?
The minimum SIP amount is ₹1,000.
Who manages the fund and what is the exit load?
The fund is managed by Mihir Vora, Aakash Manghani and Saurabh Kataria. The exit load is 1% on or before 180D and nil after 180D.
Bottom line
TRUSTMF Multi Cap Fund Direct Growth Plan has started with a constructive short-term record, especially against the benchmark, but the longer-term picture is still incomplete because the scheme is too young for a full-cycle read. Its High Risk tag fits the uneven return path, while the portfolio’s spread across 71 holdings and a modest top-10 concentration suggest the fund is not dependent on a single position. Investors who are comfortable with equity volatility and want a newer multi-cap option may find it worth tracking, but the short track record remains the key limitation.
Published on 16 September 2026 at 6:11 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.