EquityMulti Cap FundDirectGrowthVery High

Union Multicap Fund

Q: What is the NAV of Union Multicap Fund?

As of 01 Oct 2026, the NAV of Union Multicap Fund is ₹17.61 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Union Multicap Fund delivered?

Union Multicap Fund has returned +7.38% over 1 year, +13.70% per year over 3 years and +17.07% 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 Union Multicap Fund?

Union Multicap Fund charges an expense ratio of 1.37% 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 Union Multicap Fund?

Union Multicap Fund's largest holdings are ICICI Bank Ltd. (4.5%), HDFC Bank Ltd. (2.9%), Larsen & Toubro Ltd. (2.9%), One 97 Communications Ltd. (2.6%) and Karur Vysya Bank Ltd. (2.4%). Holdings are disclosed monthly and change over time.

Q: How risky is Union Multicap Fund?

Union Multicap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.1% and its worst peak-to-trough fall in our sample was -19.8%. 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 0.48 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Union Multicap Fund's 0.48 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of Union Multicap Fund?

Union Multicap Fund is benchmarked against the Nifty 500 Multicap 50:25:25 Index (TRI). Its alpha and beta on this page are measured against that index.

Q: Who manages Union Multicap Fund?

Union Multicap Fund is managed by Sanjay Bembalkar and Harshad Patwardhan at Union.

Q: How is Union Multicap Fund taxed?

Union Multicap 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.

Union Mutual Fund · Best Multi Cap Mutual Funds

NAV

₹17.61

-0.96% 1D

as of 01 Oct 2026

This is the Direct plan of Union Multicap Fund — bought from the fund house, with no distributor commission in its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

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Performance

+8.28%CAGR

52-week rangePrev NAV ₹17.78

Latest ₹17.61

Low ₹14.9769th percentile of its 52-week rangeHigh ₹18.80

Scorecard

★★☆☆☆2/5 vs 22 of 32 Multi Cap Fund peers

Performance 60%
Risk 15%
Cost 10%
Downside 15%

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. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Multi Cap Fund (same plan and option). 22 of the 32 Multi Cap Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceAverage

3Y CAGR +13.70% · ranks 10 of 22 Multi Cap Funds

RiskModerate

Volatility 15.1% vs 14.9% category avg

CostHigh

1.4% expense vs 1.1% category avg

ConsistencyHigh

100% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

1-year return (+7.38%) beats the Multi Cap Fund average (+4.19%)
Consistent — positive in 100% of rolling 3-year windows

Concerns

High expense ratio (1.37%) vs the Multi Cap Fund average of 1.13%

Key Metrics

Annual fee charged by the fund, already deducted from NAV

1.37%

Category 1.13%▲0.24%

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

31.54

Category 26.96▲4.58

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

0.48

Category 0.46▲0.02

Scheme Info

Definitions

Plan

Direct · Growth

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

None

1% if units are redeemed or switched out on or before completion of 15 days from the date of allotment. Nil if redeemed or switched out after completion of 15 days from the date of allotment of units

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

₹1,000

Nifty 500 Multicap 50:25:25 Index (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.

26 Dec 2022

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

Definitions

Absolute return over the last 1 month (not annualized)

-5.58%

Absolute return over the last 3 months (not annualized)

-1.12%

Absolute return over the last 6 months (not annualized)

+14.95%

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

+4.26%

Annualized returns (≥1Y — CAGR)

Definitions

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

+7.38%

3-year annualized return (CAGR)

+13.70%

5-year annualized return (CAGR)

—

10-year annualized return (CAGR)

—

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.

+17.07%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

15.15%

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

0.48

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

0.64

Largest peak-to-trough decline over full history

-19.80%

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

4.18%

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

0.95

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

88.7%

Excess return per unit of beta (market risk)

7.96

Active return over the benchmark per unit of tracking error

0.81

Annualized std dev of fund-minus-benchmark returns

5.42%

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

110.0%

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

91.3%

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	-5.58%	-4.74%	-0.84%
3M abs	-1.12%	-1.33%	+0.21%
6M abs	+14.95%	+13.63%	+1.32%
1Y CAGR	+7.38%	+4.19%	+3.19%
3Y CAGR	+13.70%	+13.53%	+0.17%
5Y CAGR	—	+13.29%	—

Category average across peers in Multi Cap Fund (up to 32 funds with data), 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.

Category rank

Vs 32 peers in Multi Cap Fund

1Y return

+7.38%

Beats 74.2% · rank #9

3Y return

+13.70%

Beats 57.1% · rank #10

5Y return

—

Sharpe

0.48

Beats 57.1% · rank #10

Sortino

0.64

Beats 57.1% · rank #10

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

₹3.60L

Current value

₹4.08L

Absolute

+13.20%

XIRR

+8.68%

Value vs. invested

ValueInvested

36 monthly installments of ₹10,000 into Union Multicap 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	+4.26%	-7.18%	+11.44%
2025	+3.87%	+7.94%	-4.07%
2024	+24.03%	+16.43%	+7.60%
2023	+33.64%	+27.43%	+6.21%
2022part	+0.82%	—	—

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.

History points

927

Expense ratio

1.37%

AUM

₹1,340Cr

Portfolio turnover

119%

Exit load

1% if units are redeemed or switched out on or before completion of 15 days from the date of allotment. Nil if redeemed or switched out after completion of 15 days from the date of allotment of units

P/E ratio

31.5

P/B ratio

6.3

Avg market cap

₹2,35,096Cr

P/E & P/B are portfolio-weighted harmonic means across 64 of 73 equity holdings (85% 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


Union Multicap FundThis fund Union · Direct · Growth	★★☆☆☆	+7.38%	+13.70%	—	31.54	1.37%	₹1,340Cr
Axis Multicap Fund Axis · Direct · Growth	★★★★★	+7.81%	+18.29%	—	32.44	1.00%	₹9,775Cr
WhiteOak Capital Multi Cap Fund WhiteOak Capital · Direct · Growth	★★★★☆	+4.50%	+17.17%	—	25.72	0.88%	₹3,513Cr
HSBC Multi Cap Fund HSBC · Direct · Growth	★★★★☆	+6.77%	+16.92%	—	29.39	0.79%	₹5,538Cr
LIC MF Multi Cap Fund LIC · Direct · Growth	★★★★☆	+6.19%	+16.79%	—	26.95	0.78%	₹1,895Cr
Bank of India Multi Cap Fund Bank of India · Direct · Growth	★★★☆☆	+10.26%	+16.23%	—	22.34	1.17%	₹1,091Cr

Market-cap allocation · AMFI bands, Jul 2026

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

Large cap39.2%
Mid cap35.6%
Small cap25.1%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity95.47%
Cash & Equivalents4.47%
Debt0.06%

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

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
Union Large & Midcap Fund Union · Large & Mid Cap Fund	56.6%	★★★☆☆	1.31%	+11.90%
Union Business Cycle Fund Union · Sectoral/ Thematic	53.8%	★★★☆☆	1.81%	—
Union Children's Fund Union · Children’s Fund	53.3%	★★☆☆☆	1.45%	—
Union Retirement Fund Union · Retirement Fund	53.1%	★★★★☆	1.36%	+11.62%
Union ELSS Tax Saver Fund Fund Union · ELSS	51.3%	★☆☆☆☆	1.71%	+9.29%
Union Midcap Fund Union · Mid Cap Fund	47.9%	★★★☆☆	1.09%	+15.40%
Union Flexi Cap Fund Union · Flexi Cap Fund	46.9%	★★☆☆☆	1.50%	+10.07%
Union Balanced Advantage Fund Union · Dynamic Asset Allocation or Balanced Advantage	46.0% of 74% equity	★★★☆☆	1.46%	+7.57%

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)

2 holdings — 1.51% 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.

Sansera Engineering LimitedLong-term · Stage I1.20%
Welspun Corp LimitedLong-term · Stage I0.31%

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.

-19.8%23 Sep 2024 → 28 Feb 2025
Fell over 5 months, back to the old high on 07 May 2026 — 14 months under water after the low.
-7.3%03 Jun 2024 → 04 Jun 2024
Fell over 1 day, back to the old high on 11 Jun 2024 — 7 days under water after the low.
-6.9%03 Jan 2023 → 28 Mar 2023
Fell over 3 months, back to the old high on 28 Apr 2023 — 31 days under water after the low.

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

₹1,340Cr

April - June 2026

+4%

since January - March 2026

+₹48.99Cr

est. net flow, last quarter

At or near its largest, ₹1,340Cr 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

Union Mutual Fund is sponsored by Union Bank of India, and was branded Union KBC until its Belgian joint-venture partner exited. It runs a small equity, hybrid and debt line-up.

Launched

29 Dec 2009

Total AUM

₹28,552Cr+1.6% QoQ

Avg AUM · July - September 2026

Website

unionmf.com

Fund Managers

SBSanjay BembalkarStart date not disclosed

Role

Co-Head-Equity

Education

CFA® charterholder with the CFA Institute, USA, Chartered Accountant, M.Sc. (Accounting and Finance), B.Com.

Experience

Industry experience: Over 17 years of experience in the field Innovation of Equity Research and Fund Management. Appointed as Fund Manager (Equity) at Union Asset Management Company Private Limited with effect from June 07, 2021. October 2019 to May 2021 with Canara Robeco Asset Management Company Limited as Fund Manager Equities. December 2017 to October 2019 with Canara Robeco Asset Management Company Limited as Research Analyst – Equity. August 2015 to December 2017 with LIC Mutual Fund Asset Management Ltd. as Research Analyst – Equity. • April 2010 to August 2015 with Quantum Advisors Pvt. Ltd. as Assistant Vice President (Equity Research). •

Funds managed (16)

All schemes Sanjay Bembalkar runs →

HPHarshad PatwardhanStart date not disclosed

Role

Chief Investment Officer

Education

B. Tech (IITB), PGDM (IIML), CFA (CFA Institute)

Experience

Over 31 years of experience in the field of research and portfolio management in Indian equities. From August 02, 2023 with Union Asset Management Company Pvt. Ltd as Chief Investment Officer. January 2022 to July 2023 with Girik Wealth Advisors as Chief Investment Officer. November 2016 to December 2021 with Edelweiss Asset Management Limited as Chief Investment Officer - Equities. June 2006 to November 2016 J P Morgan Asset Management India Private Limited as Chief Investment Officer - Equities.

Funds managed (1)

Union Business Cycle Fund

All schemes Harshad Patwardhan runs →

Fund manager, benchmark and dealing terms from 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

Sanjay Bembalkar Harshad Patwardhan

Top holdings

ICICI Bank Ltd.HDFC Bank Ltd.Larsen & Toubro Ltd.One 97 Communications Ltd.Karur Vysya Bank Ltd.Bharti Airtel Ltd.Coforge Ltd.S.J.S. Enterprises Ltd.Dixon Technologies (India) Ltd.Shriram Finance Ltd.Mphasis Ltd.State Bank of India

Union 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.

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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 Union Multicap Fund?

As of 01 Oct 2026, the NAV of Union Multicap Fund is ₹17.61 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Union Multicap Fund delivered?

Union Multicap Fund has returned +7.38% over 1 year, +13.70% per year over 3 years and +17.07% 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 Union Multicap Fund?

Union Multicap Fund charges an expense ratio of 1.37% 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 Union Multicap Fund?

Union Multicap Fund's largest holdings are ICICI Bank Ltd. (4.5%), HDFC Bank Ltd. (2.9%), Larsen & Toubro Ltd. (2.9%), One 97 Communications Ltd. (2.6%) and Karur Vysya Bank Ltd. (2.4%). Holdings are disclosed monthly and change over time.

How risky is Union Multicap Fund?

Union Multicap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.1% and its worst peak-to-trough fall in our sample was -19.8%. 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 0.48 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Union Multicap Fund's 0.48 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of Union Multicap Fund?

Union Multicap Fund is benchmarked against the Nifty 500 Multicap 50:25:25 Index (TRI). Its alpha and beta on this page are measured against that index.

Who manages Union Multicap Fund?

Union Multicap Fund is managed by Sanjay Bembalkar and Harshad Patwardhan at Union.

How is Union Multicap Fund taxed?

Union Multicap 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.