Mirae Asset Multicap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Mirae Asset Multicap Fund Direct Growth Plan had a NAV of ₹15.232 as of 17 Sep 2026 and an AUM of ₹5,619 Cr. Its 1-year, 3-year and 5-year returns are 0.4%, 12.68% and Data not available, respectively. The fund carries a High Risk label, so our view is that it suits investors who can tolerate sharp swings and want a multicap equity allocation rather than a steady-return profile.

Recent performance has been uneven, but the 3-year track record is stronger than the benchmark and the portfolio is built around a meaningful banking core with a long tail of other sectors. That mix may help diversification, yet the short 1-year outcome shows that the fund can lag in softer market phases.

Quick facts

Particular	Details
NAV	₹15.232 as of 17 Sep 2026
AUM	₹5,619 Cr
Expense Ratio	0.39%
Launch Date	21 Aug 2023
Min SIP	₹99
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 365D, Nil after 365D
Fund Managers	Ankit Jain

The fund is managed by Ankit Jain.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.92%	-3.66%
3M	0.97%	-3.71%
1Y	0.4%	-7.13%
3Y	12.68%	5.82%
5Y	Data not available	Data not available

The recent pattern is mixed, but the fund has held up better than the benchmark over 1 month, 3 months and 1 year. That matters because the benchmark itself was weak over those periods, yet the fund still stayed ahead, which suggests relative resilience rather than broad market beta alone.

The 3-year figure is more meaningful for judging how the strategy has behaved through a fuller market cycle. At 12.68%, the fund is ahead of the benchmark’s 5.82% and that gap supports a better longer-term compounding profile than the index has delivered in the same stretch. The difference between the short-term and 3-year pattern tells us that recent softness has not erased the broader trend, but it does show that the ride is not smooth.

The 1-year return is close to flat, and the month-by-month path indicates periods of recovery followed by fresh pullbacks. In our view, that sort of pattern is typical of a high-risk diversified equity fund that can move around meaningfully before a longer holding period has time to work.

The lack of a 5-year return is a reminder that the fund is still relatively young. For that reason, the 3-year comparison is the more useful anchor here, while the 1-year outcome is best read as a snapshot of current volatility rather than a full verdict on the strategy.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Mirae Asset Multicap?

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
Mirae Asset Multicap Fund Direct Growth Plan	0.4%	12.68%	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 current fund’s 1-year return is far below the stronger recent numbers posted by the peer set, which makes the latest stretch look soft even though it has still beaten the benchmark. The picture improves on the longer horizon: its 3-year return is above the benchmark, but it remains below the 3-year figures available for several peers. That means the short-term story and the medium-term story are not the same. The fund has shown relative strength versus the benchmark, yet peers with longer track records have generally compounded better where data is available.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Ltd.	Bank	5.28%
ICICI Bank Ltd.	Bank	3.79%
Axis Bank Ltd.	Bank	3.4%
Delhivery Ltd.	Logistics	2.71%
Gland Pharma Ltd.	Healthcare	2.28%
Bharti Airtel Ltd.	Telecom	2.26%
Dalmia Bharat Ltd.	Construction Materials	2.23%
Reliance Industries Ltd.	Crude Oil	2.2%
Vedanta Aluminium Metal Ltd.	Non – Ferrous Metals	2.05%
HDB Financial Services Ltd.	Domestic Equities	2%

The top holding, HDFC Bank Ltd., carries a 5.28% weight, which is meaningful but not overwhelming on its own. The gap from the largest position to the tenth holding is fairly moderate, with the bottom of the visible list still sitting at 2%, so the portfolio does not look excessively dependent on a single stock.

The top 10 holdings account for approximately 28.2% of the portfolio, which suggests the disclosed part of the book is spread across a broad tail rather than being tightly concentrated in a few names. With 73 holdings disclosed in total, the fund likely uses that breadth to balance its banking tilt with exposure to logistics, healthcare, telecom, construction materials, energy and metals. That mix may reduce single-stock dependence, although the bank basket remains the clearest anchor in the visible holdings.

For readers, the key point is that this is not a narrowly focused portfolio. The visible positions are diversified enough to avoid obvious concentration risk in the top line, yet the largest banks still carry enough weight to shape returns more than smaller satellite positions may do.

To see all holdings, visit the Mirae Asset Multicap Fund Direct Growth Plan page

Source data date: as of 17 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and who can stay invested long enough for uneven periods to even out. The 3-year result is constructive relative to the benchmark, but the 1-year return shows that the journey can be choppy.

It may suit a medium- to long-term horizon where the investor is prepared to accept short-term underperformance against stronger peers or a weak benchmark spell. The main trade-off is that the fund offers diversification across large, mid and small companies, but that breadth comes with volatility and a less predictable near-term path than a conservative equity option.

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 1% on or before 365D, and there is no exit load after the holding period.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of Mirae Asset Multicap Fund Direct Growth Plan?

The current NAV is ₹15.232 as of 17 Sep 2026.

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

The 1-year return is 0.4% and the 3-year return is 12.68%. The 5-year return is Data not available.

How has the fund done versus the benchmark?

It has beaten the benchmark over 1 month, 3 months, 1 year and 3 years. The benchmark return is weaker in every shown period, including -7.13% over 1 year and 5.82% over 3 years.

How does it compare with peer multicap funds on recent returns?

Its 1-year return is much lower than the stronger recent peer figures shown, including 14.94% for Groww Multicap Fund Direct Growth Plan and 14.56% for TRUSTMF Multi Cap Fund Direct Growth Plan. On a 3-year basis, its 12.68% is below the available peer figures of 16.6%, 16.74% and 15.96% for some peers.

What is the minimum SIP amount?

The minimum SIP amount is ₹99.

Who manages the fund and what is the exit load?

The fund is managed by Ankit Jain. Exit load is 1% on or before 365D, and there is no exit load after that period.

Bottom line

Mirae Asset Multicap Fund Direct Growth Plan has a mixed near-term record, but its 3-year return is stronger than the benchmark and more useful than the weak-looking 1-year outcome. Compared with peers, the recent return lag is visible, while the medium-term figure still holds up better than the index. The fund carries High Risk and is built around a bank-heavy core, with 73 disclosed holdings adding breadth. That makes it more suitable for investors who can absorb volatility and are judging the fund on a longer horizon rather than the latest stretch.

Published on 18 September 2026 at 1:23 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.