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

DSP Multi Cap Fund Direct Growth Plan has a NAV of ₹12.508 as of 17 Sep 2026 and scheme assets of ₹3,024 Cr. Its 1-year, 3-year and 5-year returns are -2.2%, 0% and 0%, and the scheme is tagged High Risk. Our view is that it currently suits investors who can tolerate sharp swings and want a multi-cap structure, but the recent return pattern is still weaker than the benchmark and does not yet show sustained long-horizon compounding.

The fund is young, launched on 30 Jan 2024, so the 3-year and 5-year figures do not represent a full long track record. Even so, the current portfolio is built around large bank, IT, healthcare and auto positions, which gives it a diversified style but also leaves meaningful stock-specific impact from a few names.

Quick facts

Particular	Details
NAV	₹12.508 as of 17 Sep 2026
AUM	₹3,024 Cr
Expense Ratio	0.49%
Launch Date	30 Jan 2024
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 12M, Nil after 12M
Fund Managers	Chirag Dagli

The fund is managed by Chirag Dagli.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.27%	-3.66%
3M	-0.4%	-3.71%
1Y	-2.2%	-7.13%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern has been mixed but not weak across every window. Over 1 month, the fund declined, yet the fall was a little smaller than the benchmark. Over 3 months, it held up better than the benchmark by a wider margin, which suggests some resilience in a choppy stretch rather than a straight-line move.

The 1-year figure is still negative, but the benchmark fell more sharply. That means the fund has protected capital better than the index over the past year, even though the absolute return is not positive. For a High Risk equity strategy, that is an important distinction: relative defence has improved, but it has not turned into meaningful absolute gains yet.

The daily pattern through the year also points to periods of recovery after drawdowns, followed by fresh pressure later on. That shape usually tells us the portfolio has participated in market rebounds, but not with enough consistency to build a strong compounding story. Since the fund was launched in 2024, the available longer-window figures do not yet show a mature 3-year or 5-year record.

Our read is that the benchmark comparison is favourable on a relative basis in recent windows, but the overall return profile still needs time before it can be called durable. At this stage, the fund looks more like a portfolio that has defended better than the index in parts of the recent cycle than one that has delivered a full, settled long-term track record.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD DSP 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
DSP Multi Cap Fund Direct Growth Plan	-2.2%	Data not available	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.

On the recent 1-year figure, the fund trails the strongest peer return figures by a wide margin, even though the peer set is clearly delivering positive absolute gains over the same period. That makes the current fund look cautious rather than competitive on near-term performance.

For the peers with 3-year and 5-year records, the fund also looks weaker on long-window outcomes because it does not yet have meaningful multi-year gains to compare. 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 positive multi-year returns where available, so the comparison leans against the current fund on established compounding.

The short-term and longer-term pictures therefore tell different stories. The fund has held up better than the benchmark in recent windows, but it still lags peers that have already converted that style into positive multi-year returns. That makes it more of a waiting-to-prove story than a finished one.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Limited	Bank	6.09%
ICICI Bank Limited	Bank	5.63%
Axis Bank Limited	Bank	3.81%
Max Financial Services Limited	Finance	3.31%
Coforge Limited	IT	3.1%
Info Edge (India) Limited	IT	3.03%
Alkem Laboratories Limited	Healthcare	3%
Mahindra & Mahindra Limited	Automobile & Ancillaries	2.92%
Cipla Limited	Healthcare	2.71%
Hero Motocorp Limited	Automobile & Ancillaries	2.59%

The top 10 holdings account for approximately 36.19% of the portfolio.

To see all holdings, visit the DSP Multi Cap Fund Direct Growth Plan page

The largest holding, HDFC Bank Limited, is 6.09%, which is meaningful but not extreme for an equity fund. The gap from the first holding to the tenth is modest rather than steep, because the top positions still sit in a fairly narrow band from 6.09% down to 2.59%.

That pattern suggests the portfolio is not driven by one oversized position, yet the leading names can still shape outcomes. Bank stocks take three of the top four spots, while IT, healthcare and auto add balance through the rest of the disclosed list. This gives the fund a diversified look across industries, but the top slice still matters.

With 36.19% across the top 10 and 56 holdings disclosed in total, the portfolio appears spread across a reasonably long tail beyond the largest names. That may reduce dependence on any single holding, while still leaving the disclosed leaders likely to have greater influence on returns than the smaller positions.

Source data date: as of 17 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and can stay invested through uneven short-term results. The one-year return is negative, but the fund has held up better than the benchmark in the recent windows, which makes it more suitable for investors who can tolerate volatility while waiting for a stronger track record.

The fund may suit a longer horizon rather than a short holding period, especially because the scheme is still young and does not yet have a full 3-year or 5-year history. The main trade-off is that the portfolio has a diversified multi-cap shape and a broad 56-holding universe, but the current performance record is still in the early stages.

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 12 months; nil after 12 months.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of DSP Multi Cap Fund Direct Growth Plan?

The current NAV is ₹12.508 as of 17 Sep 2026.

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

The 1-year return is -2.2%, while the 3-year and 5-year returns are both 0 in the available figures.

How does the fund compare with its benchmark?

It has done better than the benchmark in the recent 1-month, 3-month and 1-year windows, but the absolute 1-year return is still negative. That means relative resilience has improved, even though the fund has not yet delivered positive longer-window gains.

How does it compare with peer multi-cap funds on recent returns?

The fund trails the peer names listed here on 1-year returns, because those peers show positive recent gains while this fund is still negative over 1 year. The longer-window comparison is also less established because this scheme does not yet have meaningful 3-year or 5-year figures.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What are the risk level, fund manager and exit load?

The fund is High Risk and is managed by Chirag Dagli. The exit load is 1% if units are sold within 12 months and nil after 12 months.

This fund has a young track record, a High Risk profile and a portfolio led by banks, with additional exposure to IT, healthcare and auto. Recent returns have been less weak than the benchmark, but peer comparisons still favour funds with established positive multi-year records.

Published on 18 September 2026 at 11:51 AM 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.