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

Union Multicap Fund Direct Growth Plan has a NAV of ₹18.04 as of 17 Sep 2026 and scheme AUM of ₹1,561 Cr. Its 1-year, 3-year and 5-year returns are 7.34%, 13.93% and Data not available, and the fund sits in the High Risk category. Our view is that this is a multicap fund for investors who can accept uneven short-term movement in exchange for diversified equity exposure, but the recent 1-year pace is still lower than its 3-year result.

The fund’s behaviour versus NIFTY 50 has been more resilient over the longer window, while the short window has been softer and more choppy. That makes it more suitable for investors with a longer horizon who can tolerate periods of weaker relative momentum while the portfolio works through different market phases.

Quick facts

Particular	Details
NAV	₹18.04 as of 17 Sep 2026
AUM	₹1,561 Cr
Expense Ratio	0.93%
Launch Date	19 Dec 2022
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Harshad Patwardhan, Sanjay Bembalkar

The fund is managed by Harshad Patwardhan and Sanjay Bembalkar.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.01%	-3.66%
3M	2.44%	-3.71%
1Y	7.34%	-7.13%
3Y	13.93%	5.82%
5Y	Data not available	Data not available

In the near term, the fund has moved through a mixed patch. The 1-month return is negative, but the fund still held up better than the benchmark in that stretch. Over 3 months, the picture improves meaningfully because the fund turned positive while the benchmark stayed negative.

The 1-year number is the most useful recent checkpoint. The fund is in positive territory, while NIFTY 50 is negative over the same period, which tells us the scheme has done better than the benchmark in a difficult year for the index. Even so, the 1-year return is well below the 3-year return, so the recent pace is softer than the medium-term trend.

Over 3 years, the compounding pattern is stronger and steadier than the shorter windows suggest. The portfolio has recovered from earlier dips and has delivered a clearer upward drift over the longer holding period. That matters because multicap funds can experience uneven stretches, and this one has shown that the longer arc has been more constructive than the latest year alone.

We would read the return pattern as a sign of a fund that can participate in equity upside, but not in a straight line. Against the benchmark, it has been ahead across the displayed periods where comparison is possible, and the gap is especially visible over 1 year and 3 years. The 5-year figure is not available because the scheme launched in 2022.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Union 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
Union Multicap Fund Direct Growth Plan	7.34%	13.93%	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%	16.60%	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 recent 1-year measure, the fund trails the stronger peer figures shown here, though it still stays ahead of the benchmark over the same period. The 3-year result is also below the better peer numbers available for that horizon, but it remains comfortably above the benchmark’s 3-year return. The peer set therefore tells a split story: the fund has not matched the strongest recent peer momentum, yet its longer-window result still compares favourably with the benchmark backdrop.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Ltd.	Bank	4.48%
TREPS	Cash & Cash Equivalents and Net Assets	4.45%
HDFC Bank Ltd.	Bank	2.86%
Larsen & Toubro Ltd.	Infrastructure	2.86%
One 97 Communications Ltd.	IT	2.60%
Karur Vysya Bank Ltd.	Bank	2.41%
Bharti Airtel Ltd.	Telecom	2.34%
Coforge Ltd.	IT	2.18%
S.J.S. Enterprises Ltd.	Automobile & Ancillaries	2.16%
Dixon Technologies (India) Ltd.	Consumer Durables	2.15%

The largest holding, ICICI Bank Ltd., is 4.48%, which is a meaningful single-stock weight but not an extreme one for an equity multicap fund. The step-down from the first holding to the tenth is gradual, with the top positions clustered in a fairly tight range rather than dominated by one oversized bet.

The top ten holdings together account for approximately 28.49% of the portfolio, and the fund discloses 70 holdings in total. That combination points to a portfolio that is spread across many positions, even though a few names can still influence near-term returns more than the rest. The presence of TREPS as one of the larger disclosed rows also suggests some cash-like support in the mix, which may help temper day-to-day swings without removing equity risk.

Overall, the visible holdings look moderately spread out rather than heavily concentrated. For investors, that means individual stock moves could matter, but the impact is likely to be diluted across a longer tail of positions.

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

Source data date: as of 17 Sep 2026

Who should invest

This fund fits investors who can tolerate High Risk and who are comfortable with equity volatility over a longer horizon. Its return pattern shows a weaker recent stretch than the 3-year outcome, so short-term patience matters more here than a quick outcome.

The main trade-off is that the fund has outpaced the benchmark over the displayed periods where comparison is possible, but the path has not been smooth and the recent year has been softer than the medium-term track. Investors who want diversified equity exposure through a multicap style and can stay invested through uneven phases may find that trade-off acceptable.

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: 1% on or before 15 days; Nil after 15 days.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of Union Multicap Fund Direct Growth Plan?
Its NAV is ₹18.04 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 7.34% and the 3-year return is 13.93%. The 5-year return is Data not available.

How does it compare with NIFTY 50?
It has done better than NIFTY 50 in the displayed 1-month, 3-month, 1-year and 3-year periods. The gap is most visible over 1 year and 3 years.

How does it compare with peer multicap funds?
Its 1-year and 3-year returns are below the stronger peer figures shown here, but the fund still compares better than the benchmark over the same horizons. The shorter-term and longer-term peer picture is therefore mixed.

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

Who manages the fund and what is the exit load?
The fund is managed by Harshad Patwardhan and Sanjay Bembalkar. The exit load is 1% on or before 15 days and nil after 15 days.

Bottom line

Union Multicap Fund Direct Growth Plan has a clearer longer-term shape than its latest year suggests. It has stayed ahead of the benchmark over the periods where a comparison is available, but peer returns show that some competing multicap funds have been stronger on the recent 1-year and 3-year measures. The portfolio is spread across 70 holdings, with the top ten making up about 28.49%, so stock-specific risk is present but not concentrated in one or two names. Our view is that it suits investors who can accept High Risk and wait through uneven stretches for the multicap approach to play out.

Published on 18 September 2026 at 8:55 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.