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

UTI Multi Cap Fund Direct Growth Plan currently has a NAV of ₹10.6419 as of 15 Sep 2026 and manages ₹2,177 Cr. Its 1-year, 3-year and 5-year returns are 1.87%, 0% and 0%, and it sits in the High Risk category. In our view, this is a fund for investors who can tolerate volatility and want to stay focused on the long term rather than expect a smooth near-term path.

We think the recent numbers call for patience. The fund has held up better than the benchmark in the latest one-year window, but its longer history is too short to judge through a full market cycle, so the portfolio mix and risk label matter more than headline trailing returns.

Quick facts

Particular	Details
NAV	₹10.6419 as of 15 Sep 2026
AUM	₹2,177 Cr
Expense Ratio	0.43%
Launch Date	16 May 2025
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 90D, Nil after 90D
Fund Managers	Karthikraj Lakshmanan

The fund is managed by Karthikraj Lakshmanan.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.88%	-4.81%
3M	2.39%	-3.63%
1Y	1.87%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The fund’s recent pattern is mixed but not weak. Over one month, it fell less than the benchmark, which tells us the portfolio did not fully escape market pressure, but it cushioned the drawdown better than the index.

The three-month picture is stronger. The fund delivered a positive return while the benchmark stayed negative, which suggests the portfolio recovered better through the latest stretch of volatility. That is useful, but it should not be read as proof of steady compounding, because the scheme has been live only since May 2025.

On a one-year view, the fund is ahead of the benchmark by a wide margin because the benchmark is still negative while the fund is modestly positive. Even so, the absolute 1.87% return is not high for an equity fund, so the takeaway is defensive relative strength rather than strong wealth creation.

We would treat the short record carefully. The day-to-day pattern in the recent windows shows bouts of weakness followed by recovery, which is consistent with a young equity strategy still finding its shape. That makes the fund more interesting for investors who care about downside control and can wait for a fuller history to develop.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD UTI 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
UTI Multi Cap Fund Direct Growth Plan	1.87%	Data not available	Data not available
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
Mahindra Manulife Multi Cap Fund Direct Growth Plan	11.6%	16.58%	15.65%
Bank of India Multi Cap Fund Direct Growth Plan	10.47%	16.74%	Data not available
ITI Multi Cap Fund Direct Growth Plan	9.3%	15.9%	13.73%

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

On the latest one-year figures, the fund trails all five peers listed here. The gap is wide against the faster-moving peer group, where one-year returns are in double digits, so the current fund looks much more cautious in the near term.

The longer view is less clear because the fund does not yet have usable 3-year or 5-year history, while several peers already do. That means the comparison currently favours peers on established track record, but the fund’s own shorter-term behaviour has been better than its benchmark even if it has not matched the stronger peer returns.

So the two stories are different: short-term relative defence versus a longer-term evidence gap. For investors, that makes the fund easier to read as a young, conservative-leaning equity option than as a proven compounding leader.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Eq – ICICI Bank Ltd	Bank	5.34%
Eq – HDFC Bank Limited	Bank	4.56%
Eq – Kotak Mahindra Bank Ltd.	Bank	3.95%
Eq – Axis Bank Ltd.	Bank	2.69%
Eq – Swiggy Ltd	Retailing	2.68%
Eq – Voltamp Transformers Ltd.	Capital Goods	2.25%
Eq – Oil India Ltd.	Crude Oil	2.22%
Net Current Assets	Cash & Cash Equivalents and Net Assets	2.18%
Eq – Coforge Ltd	IT	2.1%
Eq – Reliance Industries Ltd.	Crude Oil	1.99%

The top 10 holdings account for approximately 29.96% of the portfolio.

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

The largest holding, ICICI Bank Ltd, stands at 5.34%, which is meaningful but not excessive for a single stock in an equity fund. The next few positions also remain close in size, so the portfolio does not rely on one outsized bet to drive results.

The fall from the largest holding to the tenth is fairly gradual, from 5.34% down to 1.99%. That shape points to a measured spread across several names rather than a tightly concentrated core with a few very dominant positions.

At the same time, the top 10 holdings together make up only 29.96% of the portfolio, while the fund discloses 69 holdings in total. That suggests the disclosed book is spread across a fairly long tail, which may help reduce single-stock dependence even though the bank bucket remains prominent among the largest holdings.

Source data date: as of 15 Sep 2026

Who should invest

This fund fits investors who can accept High Risk and are comfortable with an equity portfolio that has only a short live record so far. The recent return pattern has been better than the benchmark, but the absolute gains are still modest, so the main trade-off is patience versus certainty.

We think the scheme is better suited to a longer holding horizon, where a young portfolio can go through more market conditions before being judged. Investors who want smoother near-term outcomes or a deep multi-year track record may find the evidence limited, while those who can live with uneven short-term movement may find the style easier to accept.

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 90D, Nil after 90D.

Source data date: as of 15 Sep 2026

Frequently asked questions

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

The current NAV is ₹10.6419 as of 15 Sep 2026.

How has UTI Multi Cap Fund Direct Growth Plan performed over 1 year, 3 years and 5 years?

Its 1-year return is 1.87%, while the 3-year and 5-year returns are Data not available.

How does the fund compare with Nifty 50?

It has done better than Nifty 50 over the recent periods shown. The fund is positive over 3 months and 1 year, while the benchmark remains negative in both windows.

Which peer fund has the strongest 1-year return in this comparison set?

Groww Multicap Fund Direct Growth Plan shows the strongest 1-year return at 15.51% among the peers listed here.

Is there a minimum SIP amount for this fund?

Yes. The minimum SIP amount is ₹500.

Who manages the fund and what exit load applies?

The fund is managed by Karthikraj Lakshmanan. The exit load is 1% on or before 90D, and nil after 90D.

Bottom line

UTI Multi Cap Fund Direct Growth Plan has a short track record, so we would read it mainly through its recent behaviour rather than any long-cycle claim. It has held up better than the benchmark in the latest windows, but its absolute returns are still modest and it trails the stronger peer returns shown here. The portfolio is spread across 69 holdings, with the top 10 accounting for about 29.96%, which suggests a measured approach rather than heavy concentration. That makes it more relevant for investors who value cautious equity exposure and can wait for a fuller performance history.

Published on 16 September 2026 at 4:33 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.