Last updated 4 September 2026 · vs July 2026 · How the score is calculated
Multi-cap funds must hold a minimum 25% each in large-cap, mid-cap, and small-cap stocks. SEBI imposed this rule in late 2020 to stop multi-cap funds from drifting into pseudo-flexi-cap vehicles that mostly held large-caps. The category is the most regulator-mandated diversification in the Indian mutual fund industry, which makes it a sensible choice for investors who do not want to make a market-cap call themselves. Multi-cap returns typically sit between large-cap and mid-cap over a full cycle, with a standard deviation closer to the flexi-cap average. The trade-off is that you give up the manager's flexibility to time the cap structure: a multi-cap fund has to be in mid-caps even when they are richly valued, and in small-caps even when the manager would rather not be. How to read this table. Multi-cap and flexi-cap are very close cousins, and the right choice between them is often the manager, not the mandate. If a multi-cap manager has a 5-year return meaningfully above its flexi-cap peers despite the cap constraints, they are earning their keep.
Each Multi Cap fund in the table is scored on a blend of five factors: 1-year, 3-year, and 5-year returns, the 3-year Sharpe ratio, and the 3-year maximum drawdown. The 5-year return carries the heaviest weight; the 1-year return carries the lightest, because a single year is mostly noise. Funds with less than three years of history are kept out of the 3Y / 5Y windows but are still listed if they have a 1-year track record.
The underlying NAV data is sourced nightly from the AMFI daily NAV file and the AMC factsheets. The score is re-run every month after the latest upload. Two funds with a score within 5 points of each other are essentially interchangeable for retail purposes; pick from the top 3-5 names in the list, not just the top 1. The full formula, weights, and edge cases are in the rankings methodology post.
| Rank | Scheme | Score |
|---|---|---|
1↑4 | LIC MF Multi Cap Fund - Regular Plan - Growth LIC Mutual Fund · Regular | 61.7 |
2↑1 | BANK OF INDIA MULTI CAP FUND - Regular Plan - Growth Bank of India Mutual Fund · Regular | 60.0 |
3 | Union Multicap Fund - Regular Plan - Growth Option Union Mutual Fund · Regular | 52.0 |
4 | Baroda BNP Paribas Multi Cap Fund - Regular Plan - Growth Option Baroda BNP Paribas Mutual Fund · Regular | 41.0 |
5 | Quant Multi Cap Fund - Regular Plan - Growth Option quant Mutual Fund · Regular | 40.7 |
Rankings based on data up to 4 September 2026. Direct plans and regular plans are scored separately; this table shows the regular plan of each fund. For educational purposes only, not investment advice. Mutual fund investments are subject to market risks. Read the full disclaimer.
Multi-cap funds cluster tightly in return: most are within 1-2 percentage points of each other over 5 years. The differentiator is the small-cap sleeve: managers who pick well in the 25% small-cap bucket meaningfully outperform the rest, especially in recovery years.
FinvestR Research Desk
Research team, FinvestR
The FinvestR research desk produces the monthly fund rankings and the underlying scoring engine. The team includes AMFI-registered distributors (ARN-142502) and NISM-Series-V-A certified research analysts. Plain English, no product pitches, full methodology on every page.
AMFI-registered Mutual Fund Distributor · ARN-142502 · NISM-Series-V-A: Mutual Fund Distributors
Last updated 4 September 2026. The full ranking methodology and the data sources are published in the July 2026 rankings post. Past performance does not indicate future results.
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. FinvestR Capital is registered with AMFI as a Mutual Fund Distributor (ARN-142502). The rankings on this page are research output and not personalised investment advice. Consult a SEBI- registered investment advisor for advice tailored to your situation.