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

ITI Multi Cap Fund Direct Growth Plan currently has a NAV of ₹29.3359 as of 15 Sep 2026 and an AUM of ₹1,542 Cr. Its 1-year, 3-year and 5-year returns are 9.3%, 15.9% and 13.73%, and it sits in the High Risk category. Our view is that the fund suits investors who can stay invested through swings, because the recent pattern is softer than the medium-term track but the longer record still reflects healthy compounding.

The fund has a multi-cap mandate, so the portfolio is built to move across market areas rather than stay narrowly focused. That gives it room to participate in different market cycles, but it also means the outcome can vary more than a plain market benchmark. For investors who can accept that trade-off and want an equity fund with a broad mandate, the return profile is worth studying closely.

Quick facts

Particular	Details
NAV	₹29.3359 as of 15 Sep 2026
AUM	₹1,542 Cr
Expense Ratio	0.59%
Launch Date	15 May 2019
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	0.50% on or before 3M, NIL after 3M
Fund Managers	Dhimant Shah, Alok Ranjan

The fund is managed by Dhimant Shah and Alok Ranjan.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.49%	-4.81%
3M	1.98%	-3.63%
1Y	9.3%	-8.27%
3Y	15.9%	5.59%
5Y	13.73%	5.58%

The recent pattern is mixed but not weak in context. Over one month, the fund declined, yet it still fell less than the benchmark. Over three months, the fund was positive while the benchmark remained negative, which suggests the scheme handled the short-term stretch better than the index.

The 1-year figure is more important because it separates the fund clearly from the benchmark’s negative reading. That tells us the fund was able to recover from softer phases and still deliver a positive year, even though the path was uneven. The 3-year and 5-year returns remain comfortably above the benchmark, which supports the idea that the strategy has rewarded patience better than a passive large-cap style reference during this period.

The time pattern also matters. The series shows some drawdowns and recoveries rather than a straight line, so the fund has not behaved like a low-volatility equity product. That fits a multi-cap approach: it can participate well when its active choices work, but investors may need to tolerate noticeable month-to-month movement.

On balance, the longer-term record looks stronger than the recent one-month stretch, but the fund still compares well with the benchmark across the full set of periods. That makes the medium- to long-term picture more relevant than a single short spell.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD ITI 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
ITI Multi Cap Fund Direct Growth Plan	9.3%	15.9%	13.73%
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
Bank of India Multi Cap Fund Direct Growth Plan	13.11%	17.03%	Data not available
Mahindra Manulife Multi Cap Fund Direct Growth Plan	11.6%	16.58%	15.65%
Axis Multicap Fund Direct Growth Plan	11.43%	19.42%	Data not available

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

On the one-year measure, the fund trails several peers that have available numbers, so the recent showing is not as strong as the better short-term results in this group. That said, the gap is smaller when we move to the medium-term picture: the fund’s 3-year return is solid and sits behind some of the stronger available peer readings, but it is still meaningfully ahead of the benchmark. The 5-year number is also constructive, although one peer with a 5-year figure is ahead. In our view, the short-term and longer-term comparisons tell slightly different stories: the fund is not the strongest recent performer, but its longer track remains competitive enough to keep it relevant for patient equity investors.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Hitachi Energy India Limited	Capital Goods	4%
ICICI Bank Limited	Bank	3.71%
TD Power Systems Limited	Capital Goods	3.12%
HDFC Bank Limited	Bank	2.93%
Reliance Industries Limited	Crude Oil	2.9%
Avalon Technologies Limited	Electricals	2.35%
Net Receivables / (Payables)	Cash & Cash Equivalents and Net Assets	2.29%
One 97 Communications Limited	IT	2.1%
Aditya Infotech Limited	Domestic Equities	2.08%
Multi Commodity Exchange of India Limited	Finance	2.04%

The largest holding is 4%, which is sizable but still leaves room for other stocks to matter. The fall from the first holding to the tenth is gradual rather than abrupt, moving from 4% to 2.04%, so the portfolio does not look dominated by a single position.

The combined weight of the top 10 holdings is 27.52%, and the full disclosed list runs to 71 holdings. That combination suggests a spread-out structure rather than a tightly concentrated one. At the same time, the top names still matter because several holdings sit in the 2% to 4% range, which may give them greater influence on results than the smaller positions below them.

We also see a mix across capital goods, banks, electricals, IT, finance and other sleeves. That variety may help the fund express its multi-cap mandate, but it also means the outcome can depend on whether those individual stock calls work out together. For investors, the main takeaway is that this is not a narrow portfolio built around just a few bets; it is broader, though still active enough for position selection to matter.

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

Source data date: as of 15 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and who can stay invested for a longer horizon. The return pattern shows that short-term periods can be uneven, while the 3-year and 5-year numbers have been stronger than the benchmark, so patience matters more here than short holding periods.

The main trade-off is clear: the multi-cap structure can give the fund flexibility across market segments, but it can also lead to sharper swings than a calmer equity fund. Investors who want a portfolio with active stock selection across banks, capital goods and other sectors may find that mix useful, provided they can tolerate volatility and do not expect smooth month-to-month progress.

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 is 0.50% if units are sold within 3 months, and nil after 3 months.

Source data date: as of 15 Sep 2026

Frequently asked questions

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

The current NAV is ₹29.3359 as of 15 Sep 2026.

How has the fund performed over 1 year, 3 years and 5 years?

Its returns are 9.3% over 1 year, 15.9% over 3 years and 13.73% over 5 years. The longer numbers are stronger than the benchmark’s matching readings.

How does it compare with Nifty 50?

The fund is ahead of Nifty 50 across the 1-year, 3-year and 5-year figures provided here. The gap is especially visible in the 1-year period, where the benchmark is negative.

Which funds appear stronger on recent 1-year return among the peer list?

Groww Multicap Fund Direct Growth Plan at 15.51% and TRUSTMF Multi Cap Fund Direct Growth Plan at 15.41% are ahead on the 1-year figure. Bank of India Multi Cap Fund Direct Growth Plan at 13.11% and the other available peers also show stronger recent readings than this fund.

Is there a minimum SIP amount?

Yes. The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Dhimant Shah and Alok Ranjan. The exit load is 0.50% if units are sold within 3 months, and nil after 3 months.

Bottom line

ITI Multi Cap Fund Direct Growth Plan shows a weaker recent stretch than its medium- and long-term record, but the 3-year and 5-year numbers still compare well with the benchmark. The portfolio is fairly spread out across 71 holdings, with no single position dominating the book, though the top names can still shape outcomes. For investors who can handle High Risk equity volatility and want a multi-cap allocation with active stock selection, the fund may fit a patient, longer-horizon approach.

Published on 16 September 2026 at 12:53 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.