Multi Cap Mutual Funds
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Multi cap mutual funds maintain exposure to all three main company-size segments. They must invest at least 25% of total assets each in large-, mid- and small-cap equities and equity-related instruments. This means at least half the portfolio is committed to mid and small caps together, a distinction that matters when comparing multi-cap funds with flexi-cap funds.
Total funds
33
SEBI categorised
Category AUM
₹2.48L Cr
▼ ₹8.45K Cr MoM
Category avg 1Y return
-2.8%
As of 31st October 2026
Net flow - October 2026
₹3.71K Cr
▲ Net Inflow
Best Multi Cap Mutual Funds in India
Eligible direct-plan funds are ordered by INDmoney Rank; schemes marked Not Ranked do not currently meet its eligibility criteria. Compare the displayed return periods, expense ratios and AUM, then review the portfolio and benchmark before shortlisting. The ranking is a research aid and does not guarantee future returns.
Which funds are gaining or losing investor interest?
List of Multi Cap Funds with highest cash net Inflow and Outflow in the month of October 2026.
Highest Inflow funds in the last month
Fund | Inflow |
|---|---|
 Kotak Multi Cap Fund | +₹613.94 Cr |
 Axis Multicap Fund | +₹547.79 Cr |
 Nippon India Multi Cap Fund | +₹387.55 Cr |
 ICICI Prudential Multi Cap Fund | +₹364.83 Cr |
 Groww Multicap Fund | +₹263.67 Cr |
Highest Outflow funds in the last month
Fund | Outflow |
|---|---|
 Quant Multi Cap Fund | -₹61.19 Cr |
 Samco Multi Cap Fund | -₹8.09 Cr |
 HDFC Multi Cap Fund | -₹4.03 Cr |
What are the companies that Top 5 Multi Cap Funds adding or exiting?
List of companies added and exited by Top Ranked Multi Cap Funds in the month of October 2026.
| Mutual fund | Adding | Exiting | ||
|---|---|---|---|---|
| Company | Value | Company | Value | |
| Kotak Multi Cap FundKotak Multi Cap Fund | ||||
| Mahindra Manulife Multi Cap FundMahindra Manulife Multi Cap Fund | ||||
| Axis Multicap FundAxis Multicap Fund | ||||
| WhiteOak Capital Multi Cap FundWhiteOak Capital Multi Cap Fund | ||||
| Bank of India Multi Cap FundBank of India Multi Cap Fund | ||||
How the allocation rule affects risk
The three 25% minimum allocations account for at least 75% of total assets. The balance can be allocated within the scheme’s permitted mandate; it is not a separate promise of downside protection.
Because the manager cannot simply remove mid- and small-cap exposure when those segments look expensive, investors should be comfortable with the category’s structural risk. Diversification across market caps does not prevent all three segments from falling together.
Multi cap versus flexi cap
| Question | Multi-cap fund | Flexi-cap fund |
|---|---|---|
| Must it hold large, mid and small caps? | Yes, subject to category minimums | No minimum in each segment |
| Can it become overwhelmingly large-cap-focused? | The mid- and small-cap floors limit this | The mandate permits greater freedom |
| What should investors monitor? | Allocation above minimums, liquidity and selection | Allocation decisions and resulting portfolio risk |
The choice concerns the allocation framework before it concerns the highest recent return. Compare the two categories’ holdings and risks over the same dates.
How to compare multi-cap funds
Review the actual allocation above each category minimum, sector exposure and top positions. Inspect the small-cap holdings in relation to fund size and liquidity, because those holdings can be important during redemptions.
Assess results against the stated total return benchmark, with consistent plan types and periods. Costs, drawdowns, manager continuity and portfolio overlap help distinguish funds with similar headline returns. Do not add a multi-cap fund to separate mid- and small-cap funds without recalculating the combined exposure.
Time horizon and taxation
This category is an equity allocation for investors able to accept market fluctuations over a long-term goal. The allocation rule is not a guarantee of balanced returns, and an SIP does not remove the underlying market risk.
Capital-gains treatment depends on the scheme qualifying as equity-oriented and on the holding period of the units sold. Each SIP instalment has its own acquisition date. Check the current tax-year rules, and assess IDCW distributions separately from capital gains.
Explore More Equity Funds
Frequently Asked Questions
Compare schemes within the multi-cap mandate using the same plan and return dates. Examine how the manager invests beyond the required minimum allocations, along with concentration, liquidity and costs. A strong return alone does not show whether the resulting mid- and small-cap exposure fits the goal.
Not while operating normally under the multi-cap category minimum: at least 25% of assets must remain in small-cap equities and related instruments.
It creates exposure to three size segments within one scheme, but stock selection, rebalancing, costs and investor control differ from a three-fund portfolio.
No. Those are minimums. Actual allocations may exceed them and change over time within the mandate.