Why these four
Of the 33 multi-cap funds with a published average AUM for the July–September 2026 quarter, these four are the largest: Nippon India Multi Cap, Kotak Multi Cap, SBI MultiCap, and HDFC Multi Cap. Together they hold ₹1,30,015 crore, 52% of the category. Since 2021 a multi-cap fund must keep at least 25% each in large, mid and small caps. That forces a minimum exposure to the smaller end that flexi-cap funds can avoid. Every figure is for the Direct plan, Growth option, from NAVs to 22 October 2026.
| Fund | Average AUM, July–September 2026 (₹ crore) | Share of category | Direct plan expense ratio |
|---|---|---|---|
| Nippon India Multi Cap | 55,566 | 22.1% | 0.89% |
| Kotak Multi Cap | 29,878 | 11.9% | 0.6881% |
| SBI MultiCap | 24,132 | 9.6% | 1.05% |
| HDFC Multi Cap | 20,439 | 8.1% | 0.96% |
Returns
| Fund | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| Nippon India Multi Cap | −7.82% | 10.98% | 14.38% | 14.69% |
| Kotak Multi Cap | −4.07% | 14.35% | 15.26% | – |
| SBI MultiCap | −8.17% | 10.10% | – | – |
| HDFC Multi Cap | −9.02% | 9.34% | – | – |
| Category median | −1.44% | 12.31% | 12.18% | 13.47% |
Returns of a year or more are compounded annual rates. Over three years Kotak Multi Cap led at 14.35% and HDFC Multi Cap was lowest at 9.34%, a gap of 5.01 points a year against a category median of 12.31%. All four were negative over one year.
Calendar years
| Year | Nippon India Multi Cap | Kotak Multi Cap | SBI MultiCap | HDFC Multi Cap | Category median |
|---|---|---|---|---|---|
| 2022 | 14.97% | 11.82% | – | 11.30% | 5.29% |
| 2023 | 39.15% | 41.89% | 23.63% | 41.93% | 33.58% |
| 2024 | 26.85% | 28.75% | 27.02% | 22.21% | 24.03% |
| 2025 | 4.88% | 7.73% | 3.83% | 3.34% | 4.33% |
| 2026 to 22 Oct | −6.67% | −5.43% | −5.90% | −8.49% | −2.24% |
A single calendar year can flatter or punish a fund by several points, which is why a table by year says more than one trailing figure. A dash means the fund did not hold a full record for that year.
Risk
| Fund | Volatility (3 yr) | Worst fall (3 yr) | Sharpe ratio | Now vs peak |
|---|---|---|---|---|
| Nippon India Multi Cap | 14.5% | −18.6% | 0.31 | −9.4% |
| Kotak Multi Cap | 16.1% | −21.0% | 0.49 | −7.6% |
| SBI MultiCap | 13.1% | −15.1% | 0.28 | −9.7% |
| HDFC Multi Cap | 14.9% | −20.2% | 0.19 | −11.7% |
| Category median | 14.9% | −19.8% | 0.39 | −8.9% |
SBI MultiCap was the steadiest of the four on three-year volatility (13.1%) and Kotak Multi Cap the bumpiest (16.1%). Volatility is the annualised standard deviation of daily returns; the worst fall is the deepest peak-to-trough drop in the last three years. The Sharpe ratio uses a 6.5% risk-free rate.
What a monthly SIP earned
| Fund | 3-year SIP return (a year) | 5-year SIP return (a year) |
|---|---|---|
| Nippon India Multi Cap | 0.80% | 11.32% |
| Kotak Multi Cap | 3.96% | 14.08% |
| SBI MultiCap | 1.20% | – |
| HDFC Multi Cap | −0.81% | – |
| Category median | 3.03% | 11.31% |
SIP returns are annualised (XIRR) for ₹10,000 a month. They differ from lump-sum returns because each instalment buys at a different price.
What they own
| Fund | Stocks held | Top-10 share of portfolio | Largest five holdings |
|---|---|---|---|
| Nippon India Multi Cap | 120 | 28.4% | HDFC Bank Ltd 7.1%, Axis Bank Ltd 5.1%, Infosys Ltd 3.1%, ICICI Bank Ltd 3.0%, Linde India Ltd 1.8% |
| Kotak Multi Cap | 72 | 35.2% | HDFC Bank Ltd 5.7%, Maruti Suzuki India Ltd 4.1%, State Bank of India 3.5%, Oracle Financial Services Software Ltd 3.5%, Indo-Mim Ltd 3.3% |
| SBI MultiCap | 70 | 30.1% | ICICI Bank Ltd 3.9%, Adani Power Ltd 3.5%, Adani Enterprises Ltd 3.5%, Divi's Laboratories Ltd 3.4%, K.P.R. Mill Ltd 3.1% |
| HDFC Multi Cap | 119 | 24.2% | HDFC Bank Ltd 3.9%, ICICI Bank Ltd 3.7%, Axis Bank Ltd 2.4%, Reliance Industries Ltd 2.4%, Bharti Airtel Ltd 2.1% |
Portfolios are the latest filed monthly disclosures. A concentrated fund puts more of its result on a few names; Kotak Multi Cap is the most concentrated of the four with 35.2% in its ten largest holdings, and HDFC Multi Cap the least at 24.2%.
How much they overlap
| Pair | Stocks in common | Overlap by weight |
|---|---|---|
| Nippon India Multi Cap / Kotak Multi Cap | 20 | 19.5% |
| Nippon India Multi Cap / SBI MultiCap | 16 | 18.2% |
| Nippon India Multi Cap / HDFC Multi Cap | 41 | 36.0% |
| Kotak Multi Cap / SBI MultiCap | 8 | 9.6% |
| Kotak Multi Cap / HDFC Multi Cap | 20 | 20.4% |
| SBI MultiCap / HDFC Multi Cap | 23 | 22.2% |
"Overlap by weight" adds up, stock by stock, the smaller of the two weights. The closest pair is Nippon India Multi Cap and HDFC Multi Cap at 36.0%; the most different is Kotak Multi Cap and SBI MultiCap at 9.6%. Holding two funds with a high overlap buys little diversification.
Cost
Among the four, Kotak Multi Cap charged the lowest Direct expense ratio at 0.6881% and SBI MultiCap the highest at 1.05%. On a ₹10 lakh holding that is a difference of ₹3,619 a year. Expense ratios are deducted from the NAV every day, so they are already inside the returns shown above.
Reading the comparison
- Size is not a verdict. These are the largest funds in the category, not the best; a fund's rank by AUM says nothing about its rank by return.
- Three years is a short window for an equity fund. A fund that led in the last rally may lag in the next fall.
- Returns are historical, computed from NAVs, and not a forecast. The closest pair by holdings was Nippon India Multi Cap and HDFC Multi Cap (36.0% overlap by weight).
- This is not a recommendation to buy or sell any fund.
Source: AMFI NAVs to 22 October 2026; AMFI average AUM for July–September 2026; fund houses' TER disclosures; monthly portfolio disclosures.
Frequently asked questions
Which is the biggest multi-cap fund in India?
By average AUM for July–September 2026, Nippon India Multi Cap at about ₹55,566 crore, ahead of Kotak Multi Cap (₹29,878 crore), SBI MultiCap (₹24,132 crore) and HDFC Multi Cap (₹20,439 crore).
Which of the four biggest multi-cap funds has the best 3-year return?
Kotak Multi Cap, at 14.35% a year to 22 October 2026, against 9.34% for HDFC Multi Cap and a category median of 12.31%. Direct plan, Growth option.
Which has the lowest expense ratio?
Kotak Multi Cap, at 0.6881% for the Direct plan; SBI MultiCap charges 1.05%.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
Keep reading
Four biggest large and mid-cap funds compared in 2026
The four biggest large and mid-cap funds, compared on returns, calendar years, risk, SIP results and cost. 3-year range 10.13% to 12.19% a year.
Four biggest mid-cap funds compared: returns, risk, cost
The four biggest mid-cap funds, compared on returns, calendar years, risk, SIP results and cost. 3-year range 13.77% to 15.96% a year.
Four biggest small-cap funds compared, head to head
The four biggest small-cap funds, compared on returns, calendar years, risk, SIP results and cost. 3-year range 8.25% to 15.69% a year.