Baroda BNP Paribas Multi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Baroda BNP Paribas Multi Cap Fund Direct Growth Plan has a NAV of ₹329.4168 as of 17 Sep 2026 and an AUM of ₹3,492 Cr. Its 1-year, 3-year and 5-year returns are 0.21%, 13.66% and 12.36%, and the scheme is tagged High Risk. Our view is that the fund has been steadier over longer horizons than in the recent year, so it may suit investors who can tolerate sharp near-term swings while looking for a multi-year equity holding.

The fund’s benchmark is Nifty 50, and its return pattern suggests a stronger long-term profile than the index, while the latest year has been much less comfortable. The portfolio is spread across 75 holdings, which helps diversify stock-specific risk, but the top positions still matter meaningfully. For investors who want an active multi-cap equity allocation and can stay invested through uneven periods, the fund is worth understanding in detail.

Quick facts

Particular	Details
NAV	₹329.4168 as of 17 Sep 2026
AUM	₹3,492 Cr
Expense Ratio	0.92%
Launch Date	01 Jan 2013
Min SIP	₹250
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 365D, Nil after 365D
Fund Managers	Paresh Jain, Himanshu Singh

The fund is managed by Paresh Jain and Himanshu Singh.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.55%	-3.66%
3M	-0.06%	-3.71%
1Y	0.21%	-7.13%
3Y	13.66%	5.82%
5Y	12.36%	5.72%

The short-term picture is mixed, but it is not as weak as the benchmark. Over 1 month, both the fund and the index were negative, yet the fund fell slightly less. Over 3 months and 1 year, the fund held up materially better than Nifty 50, which tells us the recent stretch has been about defence rather than momentum.

The longer horizon is stronger. The 3-year return of 13.66% and the 5-year return of 12.36% both sit well above the benchmark’s 5.82% and 5.72%. That gap matters because it suggests the strategy has added value across a fuller market cycle rather than only in a brief rebound.

The time pattern also points to some volatility along the way. The fund did move through phases of pressure and recovery, especially in the last year, so the trajectory has not been linear. Even so, the broader 3-year and 5-year compounding pattern remains more constructive than the benchmark’s, which supports a view that the fund’s process has been better rewarded over time than in the latest 12 months.

Our read is that the recent year should not be ignored, but it should be weighed against the longer record. For long-term investors, the fund has shown a better multi-year outcome than the benchmark, while the shorter-end softness reminds us that this is still an equity fund with uneven interim performance.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Baroda BNP Paribas 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
Baroda BNP Paribas Multi Cap Fund Direct Growth Plan	0.21%	13.66%	12.36%
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 recent 1-year return trails the available peer returns quite sharply, especially against Groww Multicap Fund Direct Growth Plan and TRUSTMF Multi Cap Fund Direct Growth Plan. That makes the latest year look weaker than the peer group’s recent momentum, even though the current fund still held up better than the benchmark.

The longer view is more balanced. Its 3-year and 5-year returns are solid, but among peers with those figures available, Mahindra Manulife Multi Cap Fund Direct Growth Plan and Bank of India Multi Cap Fund Direct Growth Plan have shown stronger mid-to-long term numbers, while ITI Multi Cap Fund Direct Growth Plan has also stayed ahead on both horizons. The short-term comparison tells a different story from the benchmark comparison: the fund looks more resilient than Nifty 50, but not as strong as the better-performing peers on available return data.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Navin Fluorine International Limited	Chemicals	2.89%
Karur Vysya Bank Limited	Bank	2.49%
Radico Khaitan Limited	Alcohol	2.45%
Mahindra & Mahindra Limited	Automobile & Ancillaries	2.35%
State Bank of India	Bank	2.28%
TVS Motor Company Limited	Automobile & Ancillaries	2.24%
Bharat Heavy Electricals Limited	Capital Goods	2.19%
Titan Company Limited	Diamond & Jewellery	2.19%
Shriram Finance Limited	Finance	2.14%
One 97 Communications Limited	IT	2.07%

The top 10 holdings account for approximately 23.29% of the portfolio.

To see all holdings, visit the Baroda BNP Paribas Multi Cap Fund Direct Growth Plan page

The biggest position, Navin Fluorine International Limited, is 2.89%, so no single stock dominates the disclosed basket. The drop from the first holding to the tenth is fairly gradual, moving from 2.89% to 2.07%, which suggests the visible part of the portfolio is spread across several similar-sized positions rather than being driven by one or two outsized bets.

At the same time, the top 10 holdings together make up 23.29% of the portfolio, while the scheme holds 75 stocks in total. That combination points to a diversified structure, although the leading positions may still have a meaningful influence on near-term results. The balance between a long tail of holdings and a relatively modest top-weight concentration can help spread stock-specific risk, but it also means returns may depend on performance across many individual names.

Source data date: as of 17 Sep 2026

Who should invest

This fund may suit investors with a high tolerance for equity volatility and a time horizon that is long enough to ride out weaker patches. The 1-year return has been soft, but the 3-year and 5-year figures are much stronger, so the fund looks better as a multi-year holding than as a short-term allocation.

Its return profile also suggests that investors who want to stay ahead of the benchmark over full cycles may find it more relevant than those looking for consistency every quarter. The main trade-off is clear: you get a diversified multi-cap portfolio with stronger longer-term numbers, but you must accept uneven recent performance and the possibility of sharp swings along the way.

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 within 365 days; nil after 365 days.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of Baroda BNP Paribas Multi Cap Fund Direct Growth Plan?

The current NAV is ₹329.4168 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year return is 0.21%, the 3-year return is 13.66% and the 5-year return is 12.36%.

How does the fund compare with Nifty 50?

The fund has done better than Nifty 50 over 1 year, 3 years and 5 years. The gap is especially visible in the 3-year and 5-year numbers, where the benchmark is much lower.

How does it compare with the listed peer funds on 1-year returns?

The fund’s 1-year return is much lower than the displayed peer returns from 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.

Is there a minimum SIP amount?

The fund allows SIP, but a minimum SIP amount is not stated here.

Who manages the fund and what is the exit load?

The fund is managed by Paresh Jain and Himanshu Singh. The exit load is 1% if units are sold within 365 days, and nil after 365 days.

Bottom line

Baroda BNP Paribas Multi Cap Fund Direct Growth Plan has a much stronger longer-term record than its latest 12-month stretch, and that contrast is important. It has also outpaced Nifty 50 over 3 years and 5 years, though some peer funds with available multi-year figures have done better. With High Risk tagging and a portfolio spread across 75 holdings, the fund looks more suited to patient equity investors than to those seeking smoother short-term outcomes.

Published on 18 September 2026 at 3:07 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.