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

HSBC Multi Cap Fund Direct Growth Plan had a NAV of ₹20.868 as of 17 Sep 2026, with scheme AUM of ₹6,502 Cr. Its 1-year, 3-year and 5-year returns are 5.45%, 17.11% and Data not available, and the fund sits in the High Risk category.

Our view is that this is a multi-cap option for investors who can accept sharp moves in the short term and still stay focused on the medium term. The recent return pattern is softer than the 3-year figure, but the portfolio is not tightly concentrated in a single theme, which may help the fund behave differently across market phases.

Quick facts

Particular	Details
NAV	₹20.868 as of 17 Sep 2026
AUM	₹6,502 Cr
Expense Ratio	0.57%
Launch Date	30 Jan 2023
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil upto 10% of units and 1% for remaining units on or before 1Y, Nil after 1Y
Fund Managers	Venugopal Manghat, Mahesh Chhabria

The fund is managed by Venugopal Manghat and Mahesh Chhabria.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.16%	-3.66%
3M	1.47%	-3.71%
1Y	5.45%	-7.13%
3Y	17.11%	5.82%
5Y	Data not available	Data not available

The short-term picture is uneven. Over 1 month the fund was negative, but it still held up slightly better than the benchmark. Over 3 months, it moved back into positive territory while the benchmark stayed negative, which suggests the fund recovered faster in that window.

The 1-year return is also ahead of the benchmark by a wide margin, even though the absolute gain is moderate rather than strong. That matters because it shows the fund has not merely matched a weak index phase; it has outpaced it over the same period.

The 3-year figure gives a clearer sense of the compounding trend. The fund’s longer stretch is meaningfully stronger than the benchmark’s, so the recent softer 1-month reading does not yet overturn the broader 3-year pattern. Our read is that the fund has shown resilience across a choppy path, but the latest month reminds us that the ride can still be volatile.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD HSBC 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
HSBC Multi Cap Fund Direct Growth Plan	5.45%	17.11%	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.

The fund trails the strongest 1-year peer figures on the available list, but its 3-year return remains competitive and slightly ahead of some peers with published medium-term numbers. That split matters: the short-term comparison looks softer, while the 3-year comparison still supports a solid medium-term showing.

Because several peer 5-year figures are unavailable, the longer-horizon comparison is less complete. Even so, the fund’s own 3-year result suggests it has held up better over time than its most recent 1-year pace implies. In our view, the peer table tells two different stories: near-term underperformance versus the better-placed 1-year peers, and a steadier medium-term profile versus peers with 3-year data.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TD Power Systems Limited	Capital Goods	3.01%
HDFC Bank Limited	Bank	2.8%
The Federal Bank Limited	Bank	2.57%
TREPS	Cash & Cash Equivalents and Net Assets	2.56%
Apar Industries Ltd	Capital Goods	2.39%
ICICI Bank Limited	Bank	2.3%
Sai Life Sciences Ltd.	Domestic Equities	1.99%
Reliance Industries Limited	Crude Oil	1.98%
Tata Motors Limited	Domestic Equities	1.98%
Navin Fluorine International Limited	Chemicals	1.95%

The top holding, TD Power Systems Limited, is a 3.01% position, so no single stock dominates the portfolio. The weight then steps down gradually, with the tenth holding still close to 2%, which suggests a fairly even spread among the largest names rather than a sharp concentration at the top.

The top 10 holdings account for approximately 23.53% of the portfolio, and the full disclosed holding list contains 80 names. That combination points to a long tail of smaller positions behind the visible leaders. In our view, the portfolio may therefore spread stock-specific influence across more names, even though the bank and capital-goods exposures in the top list could still shape short-run returns.

Because the fund has more holdings beyond the top 10, there is still additional diversification outside the table. That does not remove equity risk, but it may reduce dependence on only a few positions for the overall outcome.

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

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who can tolerate high equity volatility and are willing to hold through uneven periods. The 1-year result is modest, the 3-year result is much stronger, and the latest month was weak again, so the path is not smooth.

It is better aligned with a medium-to-long horizon than with a short holding period. The main trade-off is that you get exposure to a diversified multi-cap portfolio with a reasonable medium-term record, but you must accept that shorter periods can still look choppy and may lag a stronger benchmark phase.

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 applies as nil up to 10% of units and 1% for remaining units on or before 1Y, and nil after 1Y.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of HSBC Multi Cap Fund Direct Growth Plan?
The NAV is ₹20.868 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 5.45% and its 3-year return is 17.11%. The 5-year return is Data not available.

How does it compare with the benchmark?
The fund has beaten NIFTY 50 over 1 month, 3 months, 1 year and 3 years. The 5-year comparison is Data not available.

How does it compare with peer funds on available return data?
Its 1-year return trails the stronger 1-year peer figures shown, but its 3-year return remains competitive versus peers with published 3-year numbers.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

Who manages the fund and what is the risk profile?
The fund is managed by Venugopal Manghat and Mahesh Chhabria. It is classified as High Risk, which fits a portfolio that can move meaningfully in shorter periods.

Bottom line

HSBC Multi Cap Fund Direct Growth Plan has a mixed short-term picture but a stronger 3-year record, so the recent pace does not fully match the medium-term trend. It also compares reasonably well with the benchmark, especially over 1 year and 3 years, though some peers have stronger 1-year numbers. The portfolio is spread across many holdings, which may temper concentration in the largest names, but the fund still carries High Risk equity exposure.

Published on 18 September 2026 at 10:10 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.