EquityMulti Cap FundDirectIDCWVery High

Nippon India Multi Cap Fund

Q: What is the NAV of Nippon India Multi Cap Fund?

As of 01 Oct 2026, the NAV of Nippon India Multi Cap Fund is ₹81.99 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Nippon India Multi Cap Fund delivered?

Nippon India Multi Cap Fund has returned -10.42% over 1 year, +3.94% per year over 3 years, +8.40% per year over 5 years and +8.35% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of Nippon India Multi Cap Fund?

Nippon India Multi Cap Fund charges an expense ratio of 0.88% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of Nippon India Multi Cap Fund?

Nippon India Multi Cap Fund's largest holdings are HDFC Bank Limited (6.6%), Axis Bank Limited (5.1%), Infosys Limited (3.4%), ICICI Bank Limited (3.1%) and Larsen & Toubro Limited (1.8%). Holdings are disclosed monthly and change over time.

Q: How risky is Nippon India Multi Cap Fund?

Nippon India Multi Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 16.1% and its worst peak-to-trough fall in our sample was -51.9%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of -0.16 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Nippon India Multi Cap Fund's -0.16 means it has not compensated investors for its volatility over the window. Higher is better.

Q: What is the benchmark of Nippon India Multi Cap Fund?

Nippon India Multi Cap Fund is benchmarked against the NIFTY 500 Multicap 50:25:25 TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages Nippon India Multi Cap Fund?

Nippon India Multi Cap Fund is managed by Sailesh Raj Bhan and Yatin Matta at Nippon India.

Q: How is Nippon India Multi Cap Fund taxed?

Nippon India Multi Cap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

Nippon India Mutual Fund · Best Multi Cap Mutual Funds

NAV

₹81.99

-0.81% 1D

as of 01 Oct 2026

This is the Direct plan of Nippon India Multi Cap Fund — bought from the fund house, with no distributor commission in its expense ratio. Income is distributed, which is why this NAV sits below the growth plan of the same fund.

Compare SIP calculator

This is the IDCW (dividend) option — it pays its earnings out as dividends rather than reinvesting them, so every payout steps the NAV down and the return figures below leave those payouts out. Your actual return was higher by whatever was distributed. That’s expected for a payout plan, not missing data.

View the Growth plan for compounded returns (+11.70% 3Y CAGR)

Performance

-9.71%CAGR

52-week rangePrev NAV ₹82.67

Latest ₹81.99

Low ₹75.7734th percentile of its 52-week rangeHigh ₹94.20

Scorecard

Not rated

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. Not rated — too few comparable Equity funds (same plan and option) to rank against yet.

Performance—

Not enough Multi Cap Fund peers to rank yet

Risk—

Volatility 16.1% (no category average yet)

Cost—

0.9% expense (no category average yet)

ConsistencyModerate

79% of rolling 3Y windows were positive

Key Metrics

Annual fee charged by the fund, already deducted from NAV

0.88%

Category —

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

23.92

Category —

Excess return per unit of total volatility (rf = 6.5%)

-0.16

Category —

Scheme Info

Definitions

Plan

Direct · IDCW

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

10% of the units allotted shall be redeemed without any exit load, on or before completion of 12 months from the date of allotment of units. Any redemption in excess of such limit in the first 12 months from the date of allotment shall be subject to the following exit load, Redemption of units would be done on First in First out Basis (FIFO): 1% if redeemed or switched out on or before completion of 12 months from the date of allotment of units. Nil, thereafter.

Up to 1.00%

tiered — see the full terms

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹100

Smallest one-time (lumpsum) investment the scheme accepts

₹100

NIFTY 500 Multicap 50:25:25 TRI

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

02 Jan 2013

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-5.37%

Absolute return over the last 3 months (not annualized)

-5.18%

Absolute return over the last 6 months (not annualized)

+6.07%

Absolute return since 1 Jan of this year (not annualized)

-11.11%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

-10.42%

3-year annualized return (CAGR)

+3.94%

5-year annualized return (CAGR)

+8.40%

10-year annualized return (CAGR)

+8.55%

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+8.35%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

16.12%

Excess return per unit of total volatility (rf = 6.5%)

-0.16

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

-0.20

Largest peak-to-trough decline over full history

-51.93%

Benchmark ratios (vs Nifty 500 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty 500 TRI

-4.79%

Sensitivity to Nifty 500 TRI moves; 1 = moves with the index

0.99

How much of the fund's movement Nifty 500 TRI explains

78.1%

Excess return per unit of beta (market risk)

-2.28

Active return over the benchmark per unit of tracking error

-0.66

Annualized std dev of fund-minus-benchmark returns

8.29%

Fund's share of benchmark gains in up months (100 = matches index)

86.4%

Fund's share of benchmark losses in down months (lower is better)

110.4%

Computed vs the Nifty 500 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Multi Cap Fund)

Period	Fund	Category avg.	Diff
1M abs	-5.37%	—	—
3M abs	-5.18%	—	—
6M abs	+6.07%	—	—
1Y CAGR	-10.42%	—	—
3Y CAGR	+3.94%	—	—
5Y CAGR	+8.40%	—	—

Category average across peers in Multi Cap Fund, same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹6.72L

Absolute

+11.99%

XIRR

+4.62%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into Nippon India Multi Cap Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty 500 TRI	Diff
2026part	-11.11%	-7.18%	-3.93%
2025	-3.32%	+7.94%	-11.26%
2024	+19.37%	+16.43%	+2.94%
2023	+30.39%	+27.43%	+2.96%
2022	+11.25%	+4.34%	+6.91%
2021	+49.88%	+31.59%	+18.29%
2020	+0.77%	+18.33%	-17.56%
2019	-4.48%	+8.95%	-13.43%
2018	-13.15%	-2.33%	-10.82%
2017	+30.69%	+37.35%	-6.66%

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

Recent changes

Expense-ratio, fund-manager, exit-load and minimum-investment changes we've picked up in the last 30 days.

Fund manager change — now managed by Yatin Matta
01 Oct 2026

History points

3,384

Expense ratio

0.88%

AUM

₹52,649Cr

Portfolio turnover

38%

Exit load

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

23.9

P/B ratio

4.9

Avg market cap

₹2,73,524Cr

P/E & P/B are portfolio-weighted harmonic means across 88 of 120 equity holdings (78% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Multi Cap Fund

Compare all


Nippon India Multi Cap FundThis fund Nippon India · Direct · IDCW	—	-10.42%	+3.94%	+8.40%	—	0.88%	₹52,649Cr
LIC MF Multi Cap Fund LIC · Direct · IDCW	—	+6.19%	+16.79%	—	—	0.78%	₹1,895Cr
Axis Multicap Fund Axis · Direct · IDCW	—	+2.62%	+16.38%	—	—	1.00%	₹9,775Cr
Bank of India Multi Cap Fund Bank of India · Direct · IDCW	—	+10.28%	+16.17%	—	—	1.17%	₹1,091Cr
HSBC Multi Cap Fund HSBC · Direct · IDCW	—	+3.13%	+15.58%	—	—	0.79%	₹5,538Cr
Union Multicap Fund Union · Direct · IDCW	—	+7.38%	+13.70%	—	—	1.37%	₹1,340Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 100% of the equity sleeve priced.

Large cap47.6%
Mid cap25.4%
Small cap27.0%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity99.23%
Cash & Equivalents0.77%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
Nippon India Large Cap Fund Nippon India · Large Cap Fund	55.5%	★★★★★	0.88%	+9.48%
Nippon India Balanced Advantage Fund Nippon India · Dynamic Asset Allocation or Balanced Advantage	49.4% of 72% equity	★★★☆☆	0.89%	+9.69%
Nippon India Flexi Cap Fund Nippon India · Flexi Cap Fund	44.9%	★★☆☆☆	0.65%	+8.81%
Canara Robeco Flexi Cap Fund Canara Robeco · Flexi Cap Fund	43.0%	★★★☆☆	0.69%	+10.26%
Nippon India ELSS Tax Saver Fund Nippon India · ELSS	42.5%	★★☆☆☆	1.13%	+10.88%
Nippon India Multi Asset Allocation Fund Nippon India · Multi Asset Allocation	42.2% of 56% equity	★★★★★	0.47%	+18.08%
Canara Robeco Aggressive Hybrid Fund Canara Robeco · Aggressive Hybrid Fund	41.7% of 79% equity	★★★★☆	0.69%	+9.75%
Canara Robeco ELSS - Tax Saver Fund Canara Robeco · ELSS	41.3%	★★★☆☆	0.70%	+10.17%

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

🚩Holdings under NSE surveillance (ASM)

4 holdings — 1.50% of the portfolio — sit in stocks NSE currently lists under its Additional Surveillance Measure. ASM is an exchange response to unusual price or volume activity (higher margins, and trade-for-trade settlement at stage II), not a view on the company or on this fund.

PB Fintech LimitedShort-term · Stage I0.89%
Whirlpool of India LimitedShort-term · Stage I0.27%
Cyient DLM LimitedLong-term · Stage I0.20%
BlueStone Jewellery and Lifestyle LimitedLong-term · Stage I0.14%

Source: NSE ASM list, matched to holdings by company name — a holding whose name differs from NSE's spelling may not be matched. BSE's separate list is not covered.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-51.9%23 Jan 2018 → 23 Mar 2020
Fell over 2.2 years, back to the old high on 03 Jun 2021 — 14 months under water after the low.
-30.6%03 Mar 2015 → 28 Mar 2016
Fell over 13 months, back to the old high on 08 Jan 2018 — 1.8 years under water after the low.
-25.6%26 Sep 2024 → 31 Mar 2026
Still below that high — 1.5 years down, and no recovery yet.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

Fund size over time

Quarterly average AUM · AMFI

₹52,649Cr

April - June 2026

+7%

since January - March 2026

+₹7,292Cr

est. net flow, last quarter

At or near its largest, ₹52,649Cr in April - June 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

Nippon India Mutual Fund is managed by Nippon Life India Asset Management, which took control of the former Reliance Mutual Fund in 2019 when Nippon Life of Japan bought out the Reliance Capital stake. It is among India's largest fund houses by assets and is best known for its small- and mid-cap franchise.

Launched

29 Jun 1995

Total AUM

₹7,87,053Cr+4.7% QoQ

Avg AUM · July - September 2026

Website

mf.nipponindiaim.com

Fund Managers

SBSailesh Raj BhanManaging since 01 Mar 2005

Role

CIO – Equity Investments

Education

MBA(Finance) CFA (ICFAI)

Experience

Over 29 years experience in Equity Securities research and analysis February 2014 to till date Deputy CIO - Equity Investments, NAM India, – managing various Schemes of NIMF. May 2010 to January 2014 Sr. Fund Manager - Investment Equity Oct 2006 to April 2009 Fund Manager -Equity Nov 2003 – Sept 2006 NAM India - Senior Analyst 2001-2003 Emkay Share & Stock Broker Pvt. Ltd Head – Research 1996-2001 Shah & Sequeira Invst. Pvt. Ltd Analyst - Equity research 1995-1996 ICFAI- Securities Research Center Analyst - Equity Research

Funds managed (2)

All schemes Sailesh Raj Bhan runs →

YMYatin MattaManaging since 03 Sep 2026

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Sailesh Raj Bhan

Top holdings

HDFC Bank Limited Axis Bank Limited Infosys Limited ICICI Bank Limited Larsen & Toubro Limited Samvardhana Motherson International Limited Swiggy Limited Linde India Limited NTPC Limited GE Vernova T&D India Limited Max Financial Services Limited Reliance Industries Limited

Nippon India in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

Run SIP calculator Add to compare

Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Multi Cap funds

Multi cap funds must hold at least 25% each in large, mid and small-cap stocks at all times. The fixed minimums give more mid- and small-cap exposure than a flexi cap, and usually more volatility.

Frequently asked questions

What is the NAV of Nippon India Multi Cap Fund?

As of 01 Oct 2026, the NAV of Nippon India Multi Cap Fund is ₹81.99 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Nippon India Multi Cap Fund delivered?

Nippon India Multi Cap Fund has returned -10.42% over 1 year, +3.94% per year over 3 years, +8.40% per year over 5 years and +8.35% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of Nippon India Multi Cap Fund?

Nippon India Multi Cap Fund charges an expense ratio of 0.88% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of Nippon India Multi Cap Fund?

Nippon India Multi Cap Fund's largest holdings are HDFC Bank Limited (6.6%), Axis Bank Limited (5.1%), Infosys Limited (3.4%), ICICI Bank Limited (3.1%) and Larsen & Toubro Limited (1.8%). Holdings are disclosed monthly and change over time.

How risky is Nippon India Multi Cap Fund?

Nippon India Multi Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 16.1% and its worst peak-to-trough fall in our sample was -51.9%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What does the Sharpe ratio of -0.16 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Nippon India Multi Cap Fund's -0.16 means it has not compensated investors for its volatility over the window. Higher is better.

What is the benchmark of Nippon India Multi Cap Fund?

Nippon India Multi Cap Fund is benchmarked against the NIFTY 500 Multicap 50:25:25 TRI. Its alpha and beta on this page are measured against that index.

Who manages Nippon India Multi Cap Fund?

Nippon India Multi Cap Fund is managed by Sailesh Raj Bhan and Yatin Matta at Nippon India.

How is Nippon India Multi Cap Fund taxed?

Nippon India Multi Cap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.