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

Kotak Multi Cap Fund Direct Growth Plan has a NAV of ₹21.061 as of 16 Sep 2026 and a scheme AUM of ₹30,529 Cr. Its 1-year, 3-year and 5-year returns are 2.63%, 15.76% and Data not available, respectively, and the fund sits in the High Risk category.

Our view is that this is a fund for investors who can tolerate sharp near-term swings in pursuit of equity upside. The recent return pattern has been weaker than the longer-running 3-year result, while the portfolio shows a spread across banks, automobiles, IT and other sectors rather than a single-theme bet.

Quick facts

Particular	Details
NAV	₹21.061 as of 16 Sep 2026
AUM	₹30,529 Cr
Expense Ratio	0.43%
Launch Date	29 Sep 2021
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil upto 10% of investment and 1% for remaining investments on or before 1Y, Nil after 1Y
Fund Managers	Devender Singhal, Abhishek Bisen

The fund is managed by Devender Singhal and Abhishek Bisen.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.27%	-4.41%
3M	-0.6%	-3.6%
1Y	2.63%	-7.76%
3Y	15.76%	5.74%
5Y	Data not available	Data not available

The short-term pattern has been uneven, but the fund has still held up better than the benchmark over 1 month, 3 months and 1 year. That tells us the scheme has absorbed recent market pressure more effectively than the index, even though the latest 1-year return is still modest in absolute terms.

The more important signal is the 3-year figure. A 15.76% return over 3 years is materially stronger than the benchmark’s 5.74%, which suggests the fund has compounded better over a fuller market cycle. That also means the weaker 1-year number should be read as a softer recent stretch rather than a full breakdown in the longer trend.

The time pattern is not smooth. The fund moved through periods of recovery and pullback over the past year and three years, which is consistent with a multi-cap equity approach that can look choppy in the short run. For investors, the key takeaway is that the fund has shown stronger multi-year compounding than the benchmark, but recent behaviour has been less convincing than the 3-year outcome.

Because 5-year data is not available, we would avoid stretching the current evidence into a longer history story. The visible record is enough to judge the fund as one that has outpaced the benchmark on a 3-year view while remaining vulnerable to drawdowns in shorter windows.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Kotak 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
Kotak Multi Cap Fund Direct Growth Plan	2.63%	15.76%	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 latest 1-year number, this fund trails several peers that have posted double-digit returns, even though its 3-year return remains competitive on the available list. That creates a split picture: the recent stretch has been weaker than the standout one-year peer numbers, but the 3-year outcome still compares well with peers that have multi-year records.

The longer-view comparison is more supportive than the short-term one. Among peers with 3-year figures, the fund’s 15.76% is ahead of ITI Multi Cap Fund Direct Growth Plan and broadly in line with the stronger multi-year peers, though still below Mahindra Manulife Multi Cap Fund Direct Growth Plan and Bank of India Multi Cap Fund Direct Growth Plan on that horizon. The 5-year comparison cannot be extended to this fund because the 5-year figure is not available.

Overall, the peer set tells two different stories: the fund has lagged the sharper 1-year performers, but it has remained reasonably solid on the longer 3-year measure. That makes the recent weakness important, yet not enough on its own to erase the better medium-term record.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Ltd.	Bank	5.3%
Maruti Suzuki India Limited	Automobile & Ancillaries	4.57%
Oracle Financial Services Software Ltd	IT	4.05%
State Bank of India.	Bank	3.89%
Hero Motocorp Ltd.	Automobile & Ancillaries	3.36%
Eternal Limited	Retailing	3.34%
Indusind Bank Ltd.	Bank	3.32%
Triparty Repo	Cash & Cash Equivalents and Net Assets	3.15%
Indus Towers Ltd.	Telecom	2.96%
Radico Khaitan Ltd.	Alcohol	2.44%

The top 10 holdings account for approximately 36.38% of the portfolio.

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

The largest holding, HDFC Bank Ltd., stands at 5.3%, which is meaningful but not overwhelming on its own. The next positions step down gradually, with Maruti Suzuki India Limited at 4.57% and Oracle Financial Services Software Ltd at 4.05%, so the portfolio does not rely on a single outsized position.

The decline from the first holding to the tenth is fairly measured rather than steep. Even the tenth holding, Radico Khaitan Ltd. at 2.44%, still carries a visible weight, which suggests the disclosed core is spread across several positions instead of being dominated by one or two names.

With the top 10 holdings accounting for 36.38% across 62 disclosed holdings, the portfolio may still have a long tail beyond the largest names. That combination points to a structure where the bigger positions could matter more to returns, but the overall spread also reduces dependence on any single stock.

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors who can handle High Risk equity volatility and stay invested long enough for the portfolio to work through uneven periods. The 3-year return is stronger than the benchmark, but the 1-year result is much softer, so a short holding period may not be comfortable.

The better fit is an investor with a multi-year horizon who can accept drawdowns in exchange for the possibility of stronger compounding than the index. The trade-off is clear: the fund has shown the ability to do well over a longer stretch, but recent fluctuations show that the path can still be choppy.

Because the portfolio is spread across multiple sectors and many holdings, it may appeal to investors looking for broad equity exposure rather than a narrow theme. Even so, the return pattern suggests patience matters more than short-term outcome-chasing.

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

Nil up to 10% of investment and 1% for remaining investments on or before 1 year; nil after 1 year.

Source data date: as of 16 Sep 2026

Frequently asked questions

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

The current NAV is ₹21.061 as of 16 Sep 2026.

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

Its 1-year return is 2.63% and its 3-year return is 15.76%. The 5-year return is not available.

How does the fund compare with the benchmark?

It has done better than NIFTY 50 over 1 month, 3 months, 1 year and 3 years. The gap is most noticeable over 3 years, where the fund is ahead of the benchmark by a wide margin.

How does it compare with peer multi-cap funds?

On the latest 1-year figures, several peers have stronger recent returns, while the fund’s 3-year return remains competitive among peers with medium-term records. The short-term and longer-term comparisons do not tell the same story.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Devender Singhal and Abhishek Bisen. The exit load is nil up to 10% of investment and 1% for remaining investments on or before 1 year, and nil after 1 year.

Bottom line

Kotak Multi Cap Fund Direct Growth Plan has a mixed but usable record: the latest 1-year return is modest, while the 3-year result is noticeably stronger than the benchmark. In the peer set, the short-term number looks softer than several recent standouts, but the medium-term figure still holds up reasonably well. The High Risk profile and the diversified spread across 62 disclosed holdings mean this is best viewed as a patient equity allocation rather than a quick-return story.

Published on 17 September 2026 at 11:36 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.