Best Multi-Cap Mutual Funds for SIP

What Are Multi-Cap Mutual Funds?

Multi-cap mutual funds are diversified equity schemes that mandate a minimum 25% investment in each of the three market categories: large-cap, mid-cap, and small-cap stocks. Unlike other funds, this "25-25-25" rule ensures you always hold a balanced mix of stability and high-growth potential. However, because of the heavy requirement in smaller companies, these are classified as Very High Risk and are best suited for investors with a 5–7 year horizon.

Investing via a Systematic Investment Plan is the smartest way to handle this volatility, as it uses Rupee Cost Averaging to lower your average purchase price over time. In 2026, these funds are subject to equity taxation: short-term gains are taxed at 20%, while long-term gains are taxed at 12.5% for profits exceeding ₹1.25 lakh. This automated approach ensures disciplined wealth creation while navigating market swings effectively.

Best Multi-Cap Mutual Funds for SIP

Below are the top best multi-cap funds for SIP with 3 year and 5 years returns:

1. Nippon India Multi Cap Fund Direct - Growth

   A massive fund with a strong long-term track record, consistently ranking high in its category with 3Y annualized returns around 21.7%.

   Parameters	Details
   Fund Name	Nippon India Multi Cap Fund Direct-Growth
   NAV	₹ 304.99 (as on 13th March, 2026)
   AUM	₹45,881.41 Crs
   Expense Ratio	0.7%
   Return 5 Years	31.02%
   Minimum Investment	SIP ₹1000 & Lumpsum ₹100
   Risk Level	Principal at very high risk
   Launch Date	NA
   Asset Allocation	Equity: 99.37%, Debt: 0%, Others: 0.63%
   Top Sectors	Real Estate Consumer Discretionary Industrials Consumer Staples Diversified Energy & Utilities Financial Healthcare Materials Technology
   Top Holdings	HDFC Bank Ltd ICICI Bank Ltd Axis Bank Ltd GE T&D India Ltd Infosys Ltd Reliance Industries Ltd Max Financial Services Ltd State Bank of India NTPC Ltd Linde India Ltd
   Fund Managers	Sailesh Raj Bhan Ashutosh Bhargava
   Fund Type	Open-ended

   Read more

2. ICICI Prudential Multicap Fund Direct Plan - Growth

   Focused on "very high risk" high-growth sectors with a steady 3Y return of around 20.4%; it maintains a balanced allocation across market caps.

   Parameters	Details
   Fund Name	ICICI Prudential Multicap Fund Direct Plan-Growth
   NAV	₹ 832.88 (as on 13th March, 2026)
   AUM	₹15,523.25 Crs
   Expense Ratio	0.93%
   Return 5 Years	25.1%
   Minimum Investment	SIP ₹1000 & Lumpsum ₹5,000
   Risk Level	Principal at very high risk
   Launch Date	NA
   Asset Allocation	Equity: 97.84%, Others: 2.16%
   Top Sectors	Financial Technology Consumer Discretionary Industrials Consumer Staples Energy & Utilities Healthcare Materials Real Estate Unspecified
   Top Holdings	ICICI Bank Ltd Repo Vedanta Ltd Reliance Industries Ltd Bharti Airtel Ltd Sun Pharmaceutical Industries Ltd HDFC Bank Ltd Hindustan Unilever Ltd Ultratech Cement Ltd Jindal Steel & Power Ltd
   Fund Managers	Anand V Sharma Sharmila D'Silva
   Fund Type	Open-ended

   Read more

3. Baroda BNP Paribas Multi Cap Fund Regular - Growth

   Features a high expense ratio (1.96%) and has delivered a steady CAGR of around 15.9% since inception, focusing on long-term capital appreciation.

   Parameters	Details
   Fund Name	Baroda BNP Paribas Multi Cap Fund Regular-Growth
   NAV	₹ 260.26 (as on 13th March, 2026)
   AUM	₹2,953.13 Crs
   Expense Ratio	1.97%
   Return 5 Years	22.72%
   Minimum Investment	SIP ₹1000 & Lumpsum ₹5,000
   Risk Level	Principal at very high risk
   Launch Date	12th September, 2003
   Asset Allocation	Equity: 94.54%, Debt: 4.56%, Others: 0.9%
   Top Sectors	Industrials Consumer Staples Diversified Energy & Utilities Financial Healthcare Materials Technology Consumer Discretionary
   Top Holdings	Others CBLO HDFC Bank Ltd ICICI Bank Ltd Reliance Industries Ltd Indusind Bank Ltd Bharti Airtel Ltd Karur Vysya Bank Ltd Navin Fluorine International Ltd Radico Khaitan Ltd Sagility India Ltd.
   Fund Managers	Sanjay Chawla Sandeep Jain
   Fund Type	Open-ended

   Read more

4. Axis Multicap Fund Direct - Growth

   A younger fund (launched late 2021) that has performed strongly recently, boasting one of the higher 3Y returns in the category at around 23.4%

   Parameters	Details
   Fund Name	Axis Multicap Fund Direct-Growth
   NAV	₹ 17.34 (as on 13th March, 2026)
   AUM	₹8,291.80 Crs
   Expense Ratio	0.74%
   Return 5 Years	N/A
   Minimum Investment	SIP ₹1000 & Lumpsum ₹100
   Risk Level	Principal at very high risk
   Launch Date	17th December, 2021
   Asset Allocation	Equity: 94.92%, Debt: 5.87%, Others: -0.79%
   Top Sectors	NA
   Top Holdings	HDFC Bank Ltd Others CBLO ICICI Bank Ltd Reliance Industries Ltd State Bank of India Fortis Healthcare Ltd Shriram Transport Finance Company Ltd Bharti Airtel Ltd Infosys Ltd Zomato Ltd
   Fund Managers	Shreyash Devalkar Hitesh Das Nitin Arora
   Fund Type	Open-ended

   Read more

5. Quant Multi Cap Fund Regular - Growth

   Known for its high-turnover "VLRT" strategy, it has faced recent volatility with a 1Y return of around -3.25%, though it remains a choice for aggressive investors.

   Parameters	Details
   Fund Name	Quant Multi Cap Fund Regular-Growth
   NAV	₹ 555.09 (as on 13th March, 2026)
   AUM	₹9,631.80 Crs
   Expense Ratio	1.74%
   Return 5 Years	23.12%
   Minimum Investment	SIP ₹1000 & Lumpsum ₹5,000
   Risk Level	Principal at very high risk
   Launch Date	21st March, 2001
   Asset Allocation	Equity: 88.02%, Debt: 24.05%, Others: -12.07%
   Top Sectors	Consumer Discretionary Industrials Consumer Staples Energy & Utilities Financial Healthcare Materials Real Estate Technology
   Top Holdings	Others Fixed Deposits Repo Aurobindo Pharma Ltd Reliance Industries Ltd Nifty Midcap Select index ID Adani Power Ltd MIDCAPNIFTY 30/12/2025 ICICI Bank Ltd Larsen & Toubro Ltd Britannia Industries Ltd
   Fund Managers	Sanjeev Sharma Ankit A Pande Sandeep Tandon Lokesh Garg Varun Pattani Ayusha Kumbhat Sameer Kate Yug Tibrewal
   Fund Type	Open-ended

   Read more

6. HDFC Multi Cap Fund Regular - Growth

    Launched in Dec 2021, it has quickly scaled to over ₹18,000Cr AUM while maintaining competitive 3Y returns of around ~17.9%. 

   Parameters	Details
   Fund Name	HDFC Multi Cap Fund Regular - Growth
   NAV	₹ 17.15 (as on 13th March, 2026)
   AUM	₹18,335.56 Crs
   Expense Ratio	1.68%
   Return 5 Years	N/A
   Minimum Investment	SIP ₹1000 & Lumpsum ₹100
   Risk Level	Principal at very high risk
   Launch Date	10th December, 2021
   Asset Allocation	Equity: 98.3%, Others: 1.22%
   Top Sectors	Consumer Discretionary Industrials Consumer Staples Diversified Energy & Utilities Financial Healthcare Materials Real Estate Technology
   Top Holdings	HDFC Bank Ltd Repo ICICI Bank Ltd Reliance Industries Ltd Axis Bank Ltd Britannia Industries Ltd Bharti Airtel Ltd Infosys Ltd Larsen & Toubro Ltd ITC Ltd
   Fund Managers	Gopal Agrawal Dhruv Muchhal
   Fund Type	Open-ended

   Read more

7. SBI Multicap Fund Regular - Growth

   SBI's entry into the space manages ~₹23,000Cr with a focus on financial and basic materials, yielding a modest of around 0.95% return over the last year.

   Parameters	Details
   Fund Name	SBI Multicap Fund Regular - Growth
   NAV	₹ 15.40 (as on 13th March, 2026)
   AUM	₹22,387.31 Crs
   Expense Ratio	1.66%
   Return 5 Years	N/A
   Minimum Investment	SIP ₹1000 & Lumpsum ₹5,000
   Risk Level	Principal at very high risk
   Launch Date	8th March, 2022
   Asset Allocation	Equity: 92.17%, Debt: 0.53%, Others: 7.3%
   Top Sectors	Unspecified Consumer Discretionary Industrials Consumer Staples Energy & Utilities Financial Healthcare Materials Technology
   Top Holdings	Repo Kotak Mahindra Bank Ltd HDFC Bank Ltd KPR Mills Ltd Muthoot Finance Ltd Hindalco Industries Ltd Paradeep Phosphates Ltd ICICI Bank Ltd Adani Power Ltd Bajaj Finserv Ltd
   Fund Managers	Saurabh Pant Pradeep Kesavan Rama Iyer Srinivasan
   Fund Type	Open-ended

   Read more

8. Aditya Birla Sun Life Multi-Cap Fund Regular - Growth

    Focuses on research-based diversification across 130+ stocks, delivering a 1Y return of ~8.1% and a 3Y return of around 17.0%.

   Parameters	Details
   Fund Name	Aditya Birla Sun Life Multi-Cap Fund Regular-Growth
   NAV	₹ 17.82 (as on 13th March, 2026)
   AUM	₹6,508.32 Crs
   Expense Ratio	1.82%
   Return 5 Years	N/A
   Minimum Investment	SIP ₹1000 & Lumpsum ₹500
   Risk Level	Principal at very high risk
   Launch Date	7th May, 2021
   Asset Allocation	Equity: 97.97%, Others: 2.03%
   Top Sectors	Consumer Discretionary Industrials Consumer Staples Energy & Utilities Financial Healthcare Materials Real Estate Technology Unspecified
   Top Holdings	Reverse Repo HDFC Bank Ltd Reliance Industries Ltd ICICI Bank Ltd State Bank of India Ultratech Cement Ltd Fortis Healthcare Ltd Indus Towers Ltd Axis Bank Ltd Kotak Mahindra Bank Ltd
   Fund Managers	Harshil Suvarnkar Dhaval Joshi Abhinav Khandelwal
   Fund Type	Open-ended

   Read more

9. Invesco India Multicap Fund Direct - Growth

    Utilizes a bottom-up investment approach and has maintained a 5Y annualized return of around 14.9%, performing in line with category averages.

   Parameters	Details
   Fund Name	Invesco India Multicap Fund Direct-Growth
   NAV	₹ 133.26 (as on 13th March, 2026)
   AUM	₹4,069.96 Crs
   Expense Ratio	0.69%
   Return 5 Years	23.68%
   Minimum Investment	SIP ₹1000 & Lumpsum ₹1,000
   Risk Level	Principal at very high risk
   Launch Date	NA
   Asset Allocation	Equity: 99.66%, Others: 0.34%
   Top Sectors	Consumer Discretionary Industrials Consumer Staples Financial Healthcare Materials Real Estate Technology
   Top Holdings	ICICI Bank Ltd Zomato Ltd Cholamandalam Investment & Finance Company Ltd Trent Ltd HDFC Bank Ltd Dixon Technologies (India) Ltd Krishna Institute Of Medical Sciences Ltd BSE Ltd Sai Life Sciences Ltd. Bharti Airtel Ltd PPE
   Fund Managers	Taher Badshah Manish Poddar
   Fund Type	Open-ended

   Read more

10. Kotak Multicap Fund Regular - Growth

     Currently holds the top spot for 3Y returns at around ~24.4%, making it one of the most consistent performers in the current market cycle.

    Parameters	Details
    Fund Name	Kotak Multicap Fund Regular - Growth
    NAV	₹ 18.16 (as on 13th March, 2026)
    AUM	₹18,854.40 Crs
    Expense Ratio	1.62%
    Return 5 Years	N/A
    Minimum Investment	SIP ₹1000 & Lumpsum ₹100
    Risk Level	Principal at very high risk
    Launch Date	29th September, 2021
    Asset Allocation	Equity: 98.56%, Debt: 0.32%, Others: 1.13%
    Top Sectors	Consumer Discretionary Industrials Consumer Staples Energy & Utilities Financial Healthcare Materials Technology
    Top Holdings	Maruti Suzuki India Ltd ITC Ltd State Bank of India Hero Motocorp Ltd Indusind Bank Ltd Shriram Transport Finance Company Ltd Indus Towers Ltd Repo Zomato Ltd Poonawalla Fincorp Ltd
    Fund Managers	Abhishek Bisen Devender Singhal
    Fund Type	Open-ended

    Read more

Why Invest In the Multi-Cap Mutual Funds for SIP?

Investment in multi-cap mutual funds offers exposure to different market segments as per volatility. Multi-cap mutual funds are a combination of large-cap, mid-cap, and small-cap stocks that help generate high returns on your investments. 

Also, investing in multi-cap mutual funds through SIP will make you earn more profits at low prices through automated payments. It eliminates the need for market timing since payments are made automatically at regular intervals.

Benefits of Multi-Cap Funds

The benefits of the multi-cap funds for SIPs are discussed below:

• Through investing in multi-cap funds, you are exposed to all investment sectors.
• No need to purchase various funds for all kinds of investments.
• Suitable for investors with a low-risk appetite.
• Flexibility to change the portfolios of the investment according to changes in the market conditions.
• Disciplined approach to the assets in the multi-cap mutual funds through SIP.

In Conclusion

Choosing the best multi-cap mutual fund for SIP is important to gain high returns at low risk. Before you invest in any multi-cap mutual fund, it is better to analyse the performance of the multi-cap mutual fund and invest in a suitable fund through SIP.