Aditya Birla SL Multi-Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Aditya Birla SL Multi-Cap Fund Direct Growth Plan has a NAV of ₹23.29 as of 28 August 2026 and a scheme AUM of ₹7,082 Cr. Its 1-year, 3-year and 5-year returns are 14.17%, 16.22% and 14.65%, and the fund sits in the High Risk category. Our view is that this is a diversified multi-cap equity option for investors who can stay with a volatile equity path and want exposure across market caps rather than a narrow style bet.

Its return profile is steadier over longer periods than in the very short term, and the portfolio mix across large, mid and small caps supports that diversified character. The fund has also stayed ahead of the benchmark across the periods shown, which makes the long-run case more persuasive than the recent patchwork of monthly moves.

Quick facts

Metric	Details
NAV	₹23.29 (as of 28 August 2026)
AUM	₹7,082 Cr
Expense Ratio	0.71%
Launch Date	07 May 2021
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% if units are sold on or before 90 days; nil after 90 days
Fund Managers	Abhinav Khandelwal, Harshil Suvarnkar

The fund is managed by Abhinav Khandelwal and Harshil Suvarnkar.

Source data date: as of 28 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	4.25%	-0.85%
3M	10.69%	3.39%
1Y	14.17%	-2.29%
3Y	16.22%	6.40%
5Y	14.65%	7.13%

The recent shape of returns is stronger than the benchmark across every period shown. Over 1 month and 3 months, the fund has held up well and delivered a clear edge, which suggests the last stretch was constructive even if daily moves were uneven.

The longer view is more important for a multi-cap equity fund, and here the picture remains positive. The 3-year and 5-year numbers are both comfortably above the benchmark, which tells us the fund has compounded better than the index through a fuller cycle rather than only in one short rally.

The return path has not been linear. The pattern of monthly moves indicates periods of softness followed by recovery, which is normal for a diversified equity portfolio, but the overall direction of travel has improved over the measured horizons. That matters because it shows the fund has not relied only on one clean trend to produce its long-term figure.

For investors, the main takeaway is that the fund has combined short-term resilience with better longer-term compounding than the benchmark. The trade-off is that the ride can still be uneven, so the current appeal is stronger for those who can accept equity volatility in exchange for broader participation across market caps.

Source data date: as of 28 Aug 2026

Should you BUY or HOLD Aditya Birla SL 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Aditya Birla SL Multi-Cap Fund Direct Growth Plan	14.17%	16.22%	14.65%
Groww Multicap Fund Direct Growth Plan	23.92%	Data not available	Data not available
TRUSTMF Multi Cap Fund Direct Growth Plan	23.29%	Data not available	Data not available
Mahindra Manulife Multi Cap Fund Direct Growth Plan	19.69%	19.47%	18.17%
Bank of India Multi Cap Fund Direct Growth Plan	17.40%	19.95%	Data not available
ITI Multi Cap Fund Direct Growth Plan	17.26%	19.10%	16.16%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On recent numbers, the fund trails the fastest 1-year peer returns, with several peers showing a higher one-year figure. That said, the current fund still has a positive 1-year return and its longer-run profile is more complete than some peers whose longer-horizon figures are missing.

Against peers with available 3-year and 5-year data, its longer-term numbers are lower than Mahindra Manulife Multi Cap Fund Direct Growth Plan and ITI Multi Cap Fund Direct Growth Plan, while Bank of India Multi Cap Fund Direct Growth Plan is ahead on 3 years but lacks a 5-year figure. The contrast suggests that the fund’s short-term competition looks tougher than its long-term comparison set.

The peer picture therefore tells two stories. In the recent window, the fund is behind the sharper performers, but over the fuller cycle it still offers a sound multi-cap track record with both 3-year and 5-year figures intact. That combination is useful for investors who want continuity of data and broad equity exposure rather than only chasing the quickest recent gains.

Source data date: as of 28 Aug 2026

Portfolio: where your money goes

The market-cap mix is 34.42% large cap, 31.93% mid cap, 29.02% small cap and 4.63% other. That is a fairly balanced spread, with no single market-cap bucket dominating the whole portfolio.

Sector	Allocation	Top holdings
BANK	16.83%	KOTAK MAHINDRA BANK LIMITED (3.44%), ICICI BANK LIMITED (2.55%)
REALTY	8.87%	BRIGADE ENTERPRISES LIMITED (7.23%), ADITYA BIRLA REAL ESTATE LTD. (0.74%)
FINANCE	8.20%	MULTI COMMODITY EXCHANGE OF INDIA LIMITED (2.17%), POWER FINANCE CORPORATION LIMITED (1.20%)
AUTOMOBILE & ANCILLARIES	7.44%	SJS ENTERPRISES PVT LIMITED (1.37%), MAHINDRA & MAHINDRA LIMITED (1.14%)
CAPITAL GOODS	7.40%	TD POWER SYSTEMS LIMITED (2.85%), V-GUARD INDUSTRIES LIMITED (0.85%)

The BANK allocation is materially larger than each of the next four sectors, so it is likely to have the greatest influence on how the portfolio behaves. Even so, the gap is not extreme enough to make the fund a single-sector play, because REALTY, FINANCE, AUTOMOBILE & ANCILLARIES and CAPITAL GOODS are all meaningful contributors.

The market-cap split adds another layer of balance. With large, mid and small caps all sitting in a fairly tight band, the fund is not overly dependent on one size segment. That gives it a multi-cap character, but it also means returns can swing with sentiment across a wide part of the market.

Overall, the portfolio mix suggests a fund that may participate in different market phases rather than rely on one narrow style. The BANK sector can pull performance directionally, while the broad spread across market caps may keep the portfolio from becoming too concentrated in one type of stock.

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 stay invested through uneven periods. The 1-year, 3-year and 5-year returns show that the fund has been able to compound well over time, but the short-term path has still had volatility.

It is better suited to a medium-to-long investment horizon, where the benefit of diversified multi-cap exposure has time to matter. Compared with the benchmark, the fund has been stronger across the periods shown, but the peer set shows that other multi-cap funds have also delivered sharper recent figures.

The main trade-off is straightforward: broader market participation and a stronger long-run record than the benchmark, in exchange for a ride that may not be smooth from one period to the next. The balanced market-cap mix makes it appropriate for investors who want a diversified equity allocation rather than a narrow style bet.

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 90 days. There is no exit load after the holding period.

Source data date: as of 28 Aug 2026

Frequently asked questions

What is the current NAV of Aditya Birla SL Multi-Cap Fund Direct Growth Plan?
Its NAV is ₹23.29 as of 28 August 2026.

What are the 1-year, 3-year and 5-year returns?
The fund’s returns are 14.17% for 1 year, 16.22% for 3 years and 14.65% for 5 years.

How does it compare with the benchmark?
It has outperformed the Nifty 50 across the periods shown. The benchmark’s returns are -2.29% for 1 year, 6.40% for 3 years and 7.13% for 5 years.

What is the minimum SIP amount?
The minimum SIP is ₹100.

How much risk does this fund carry?
It is tagged as High Risk. The portfolio also spreads across large-cap, mid-cap and small-cap stocks, which supports diversification but can keep volatility meaningful.

Who manages the fund and what is the exit load?
The fund is managed by Abhinav Khandelwal and Harshil Suvarnkar. The exit load is 1% if units are sold on or before 90 days, and nil after that period.

Bottom line

Aditya Birla SL Multi-Cap Fund Direct Growth Plan has a stronger longer-term record than the benchmark and a positive short-term run as well, though its recent peer comparison is less striking than its own benchmark gap. The High Risk label fits the uneven return path, but the portfolio is not narrowly concentrated: large, mid and small caps are all meaningfully represented. That makes it more suitable for investors who want diversified equity exposure and can remain patient through volatility.

Published on 31 August 2026 at 12:58 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.