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

LIC MF Multi Cap Fund Direct Growth Plan had a NAV of ₹19.3152 as of 16 Sep 2026 and a scheme AUM of ₹2,253 Cr. Its 1-year, 3-year and 5-year returns are 7.11%, 17.04% and Data not available, while the official risk label is High Risk. Our view is that this is a diversified equity fund with a reasonably steady 3-year compounding pattern, but the short-term moves have been uneven, so it suits investors who can tolerate sharp swings and are comfortable with an equity-led portfolio.

The fund’s current return profile is better read as a medium-horizon equity story than a smooth near-term one. The benchmark has been weaker over the same periods, which supports the case for the fund’s long-term style, but the recent 1-year outcome has not been especially strong relative to its own 3-year trend.

Quick facts

Particular	Details
NAV	₹19.3152 as of 16 Sep 2026
AUM	₹2,253 Cr
Expense Ratio	0.46%
Launch Date	31 Oct 2022
Min SIP	₹200
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil upto 12% of units and 1% for remaining units on or before 12M, Nil after 12M
Fund Managers	Dikshit Mittal, Mahesh Bendre, Nikhil Kapoor

The fund is managed by Dikshit Mittal, Mahesh Bendre and Nikhil Kapoor.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.64%	-4.41%
3M	2.27%	-3.6%
1Y	7.11%	-7.76%
3Y	17.04%	5.74%
5Y	Data not available	Data not available

The fund has stayed ahead of the benchmark across every available period. That matters most at the 1-year and 3-year marks, where the fund has delivered positive returns while the benchmark has been negative over 1 year and much lower over 3 years. This tells us the fund has handled the recent equity cycle better than the benchmark reference point.

The shorter windows show a mixed but still constructive pattern. The 1-month return was negative, yet it was less weak than the benchmark, and the 3-month return turned positive while the benchmark remained negative. That pattern suggests the fund has recovered better than the benchmark in the latest quarter, even though the path has not been smooth.

Over 3 years, the fund’s return profile looks meaningfully stronger than the benchmark and points to a healthier compounding trend. At the same time, the sharp movement in the shorter windows tells us the fund is not a low-volatility equity option. Our read is that investors are being paid for higher risk with better medium-term results, but not with a straight-line ride.

Because the fund was launched in October 2022, the 5-year return is not available. That means the 3-year record is the most useful anchor for long-horizon assessment, and the recent numbers should be treated as a check on consistency rather than as the whole story.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD LIC MF 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
LIC MF Multi Cap Fund Direct Growth Plan	7.11%	17.04%	Data not available
Bank of India Flexi Cap Fund Direct Growth Plan	10.1%	18.09%	16.01%
ITI Flexi Cap Fund Direct Growth Plan	9.54%	17.61%	Data not available
Navi Flexi Cap Fund Direct Growth Plan	7.9%	10.18%	10.89%
Aditya Birla SL Flexi Cap Fund Direct Growth Plan	5.94%	13.33%	10.98%

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

On the latest 1-year numbers, this fund trails Bank of India Flexi Cap Fund Direct Growth Plan and ITI Flexi Cap Fund Direct Growth Plan, but it is still ahead of Aditya Birla SL Flexi Cap Fund Direct Growth Plan. The gap is not large versus Navi Flexi Cap Fund Direct Growth Plan on the 1-year period, which makes the short-term picture fairly close among the group.

The longer view is more supportive. The fund’s 3-year return is stronger than Navi Flexi Cap Fund Direct Growth Plan and Aditya Birla SL Flexi Cap Fund Direct Growth Plan, though it remains below Bank of India Flexi Cap Fund Direct Growth Plan and ITI Flexi Cap Fund Direct Growth Plan where those figures are available. That split tells us the fund is competitive, but not the strongest performer across every horizon.

The 5-year comparison is only partly usable because the fund itself does not have a 5-year return. Where 5-year figures are available, the peer set shows a spread, and that reminds us that the short-term and longer-term picture can differ meaningfully. For this fund, the available data point more clearly to a solid 3-year record than to a standout recent run.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS	Cash & Cash Equivalents and Net Assets	5.96%
Garware Hi-Tech Films Ltd.	Plastic Products	3.91%
ICICI Bank Ltd.	Bank	3.56%
Avalon Technologies Ltd.	Electricals	3.47%
Kotak Mahindra Bank Ltd.	Bank	2.79%
HDFC Bank Ltd.	Bank	2.7%
Lenskart Solutions Ltd.	Domestic Equities	2.23%
One 97 Communications Ltd.	IT	2.13%
Axis Bank Ltd.	Bank	2.11%
Tata Motors Ltd.	Domestic Equities	1.78%

The top 10 holdings account for approximately 30.64% of the portfolio.

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

The largest disclosed holding is TREPS at 5.96%, so the fund keeps a meaningful cash and cash-equivalent buffer among its visible positions. After that, exposure steps down gradually into stocks rather than showing a single dominant position, which suggests the portfolio may not rely on one or two names to do all the work.

The fall from the largest holding to the tenth is fairly measured, moving from 5.96% to 1.78%. That spread points to a mix of core allocations and smaller satellite bets. In practical terms, the bigger positions are likely to have greater influence on returns than the tail end of the list.

With 63 disclosed holdings and the top 10 accounting for 30.64%, the portfolio appears spread across a fairly long tail. That structure could help reduce dependence on any single stock, but it also means the fund may need several holdings to work together before that shows up clearly in performance.

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and can stay invested long enough for the 3-year return pattern to matter. The benchmark comparison is favourable, and the fund’s longer run has been better than its own recent 1-year showing, so the case is stronger for patient investors than for those looking for a smooth near-term path.

The main trade-off is simple: you get a diversified equity approach with a better medium-term record than the benchmark, but you must accept short-term swings and occasional weak months. The portfolio’s spread across 63 disclosed holdings may help soften single-stock dependence, yet the overall profile still belongs to an equity fund that can move sharply.

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 upto 12% of units and 1% for remaining units on or before 12M; no exit load after holding period.

Source data date: as of 16 Sep 2026

Frequently asked questions

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

The NAV is ₹19.3152 as of 16 Sep 2026.

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

The 1-year return is 7.11% and the 3-year return is 17.04%. The 5-year return is Data not available.

How does the fund compare with the benchmark?

It has outperformed the Nifty 50 across all available periods in the table. The gap is most visible over 1 year and 3 years, where the benchmark has been weaker.

How does it compare with peer funds on available return data?

Its 1-year and 3-year returns are competitive, though some peers such as Bank of India Flexi Cap Fund Direct Growth Plan and ITI Flexi Cap Fund Direct Growth Plan have higher numbers on the periods where they are available. It is ahead of Aditya Birla SL Flexi Cap Fund Direct Growth Plan on both 1-year and 3-year return figures.

Is there a minimum SIP for this fund?

The minimum SIP is ₹200.

Who manages the fund and what is the exit load?

The fund is managed by Dikshit Mittal, Mahesh Bendre and Nikhil Kapoor. Exit load is nil upto 12% of units and 1% for remaining units on or before 12M, with no exit load after the holding period.

Bottom line

LIC MF Multi Cap Fund Direct Growth Plan looks better on its 3-year record than on its latest 1-year run, and it has stayed ahead of the benchmark across the available periods. The fund is in the High Risk bucket, so the return path is not meant to be smooth. Its holdings are spread across many names, with the top 10 accounting for just over 30% of the portfolio, which suggests a fairly broad structure rather than a concentrated one.

Published on 17 September 2026 at 5:26 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.