December 29, 2025
RA Jainee
HDFC Multi Cap Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 20.07 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 19.14 |
| Min. Investment (Rs.) | 100 |
| Min. SIP Investment (Rs.) | 100 |
| Min. No of Cheques | 6 |
| Benchmark | Nifty 500 Multicap 50:25:25 TRI |
| AUM Rs. | 19,911 Cr |
| (As on 30-Nov-2025) | |
| Expense | 0.74% |
| 1 Year Return (%) | 2.94 |
| 3 Year Return (%) | 21.93 |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 18.80% |
⚖️ Sahifund Review — HDFC Multi Cap Fund ✓
PLUS: Stability, track record, cost efficiency
HDFC Multi Cap Fund offers true multi-cap diversification, with mandated exposure across large, mid and small caps, helping investors capture growth across market cycles. Since its 2021 launch, the fund has delivered a strong 3-year CAGR of ~22%, outperforming the multi-cap category average. A well-spread portfolio of 160+ stocks reduces single-stock risk, while a reasonable expense ratio of 0.74% supports long-term compounding. Backed by HDFC Mutual Fund, the fund follows a disciplined, research-led investment approach.
MINUS: Large AUM, large-cap bias, momentum lag
With assets nearing Rs. 20,000 Cr, return outperformance can be gradual rather than sharp. Short-term returns have been muted, reflecting consolidation across broader markets. Mandatory allocation limits flexibility, and relatively higher mid-small cap exposure can increase volatility during market corrections. Investors chasing aggressive momentum may find performance smoother but less exciting in fast rallies.
Decisive Line (Sahifund View):
Best suited for long-term SIP investors (5+ years) seeking diversified equity exposure across market caps with controlled risk and steady compounding.
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| NFO Guidance |
What lies ahead? Below we decode returns consistency, portfolio concentration, peer positioning and risk profile in detail.
Suitable For Which Investors?
When you invest for five years or more, you can expect gains that comfortably beat the inflation rate as well as returns from fixed income options. But be prepared for ups and downs in your investment value along the way.
This fund is mandated to invest at least 25 per cent of its money each in stocks of large, medium and small-sized companies. Such funds can be fairly volatile since at least 50% of their assets will always be invested in mid and small cap stocks which generally experience more severe ups and downs. This makes them suitable for long-term investors who don’t mind higher risk, but we suggest you also consider flexi-cap funds which offer complete freedom to fund managers to choose companies of different sizes.
Like for all equity funds, you must invest only through the SIP route.
Fund’s Investment Strategy:
The scheme seeks to generate long term capital appreciation by investing in equity and equity related securities of large cap, mid cap and small cap companies.
Fund Manager:
1) Amar Kalkundrikar
Education: Mr. Kalkundrikar has done B.Com, CA, CFA, and MBA from Columbia Business School.
Experience: Prior to joining HDFC Asset Management Company Limited, he has worked with Nippon India Mutual Fund, and HDFC AMC. He worked with multiple roles at HDFC MF.
Investment Details
| Min. Investment (Rs) | 100 |
| Min. Addl Investment (Rs) | 100 |
| Min. SIP Investment (Rs) | 100 |
| Min. Withdrawal (Rs) | 100 |
| Min. No of Cheques | 6 |
| Min. Balance (Rs) | — |
| Lock-in Period | NA |
| Exit Load | 1% for redemption within 365 days |
Basic Details of HDFC Multi Cap Fund
| Fund House | HDFC Mutual Fund |
| Launch Date | 10-Dec-21 |
| Return Since Launch | 18.80% |
| Benchmark | Nifty 500 Multicap 50:25:25 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | Rs 19,911 Cr |
| (As on 30-Nov-2025) | |
| Expense | 0.74% |
| (As on 30-Nov-2025) | |
| Risk Grade | Average |
| Return Grade | Above Average |
| Turnover | 27.30% |
Trailing Returns (%) of HDFC Multi Cap Fund
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| HDFC Multi Cap Dir | 3.01 | -0.51 | -1.51 | 3.01 | 0.27 | 2.94 | 21.93 | — | — | — |
| VR Multicap TRI | 3.32 | -0.30 | -1.02 | 3.60 | 0.29 | 3.39 | 19.40 | — | — | — |
| Equity: Multi Cap | 2.95 | -0.35 | -1.38 | 3.10 | 0.85 | 2.98 | 20.64 | — | — | — |
| Rank within category | 21 | 30 | 23 | 24 | 26 | 22 | 7 | — | — | — |
| Number of funds in category | 34 | 37 | 37 | 37 | 36 | 34 | 16 | 0 | 0 | 0 |
Peer Comparison of HDFC Multi Cap Fund
| Rating | 1 Year Returns | 3 Year Returns | 5 Year Returns | Expense Ratio (%) | Net Assets (Rs Cr) | Return Since Launch (%) | Exit Load (Days) | Fund Age | Turnover (%) | |
| HDFC Multi Cap Dir | 4 star | 2.94 | 21.93 | — | 0.74 | 19,911 | 18.80 | 1.00 (365) | 4Y | 27.30 |
| Nippon India Multi Cap Dir | 5 star | 4.48 | 23.17 | 26.29 | 0.71 | 50,048 | 16.59 | 1.00 (365) | 12Y 11M | 27.00 |
| Kotak Multicap Dir | 4 star | 6.89 | 25.59 | — | 0.45 | 22,281 | 19.49 | 1.00 (365) | 4Y 3M | 40.48 |
| ICICI Pru Multicap Dir | 4 star | 5.50 | 21.10 | 20.99 | 0.93 | 16,148 | 16.46 | 1.00 (365) | 12Y 11M | 94.00 |
| Axis Multicap Dir | 4 star | 2.54 | 24.14 | — | 0.73 | 9,243 | 17.29 | 1.00 (365) | 4Y | 43.00 |
Portfolio Analysis of HDFC Multi Cap Fund
| No. of Stocks | 161 |
| Top 10 Stocks | 23.69% |
| Top 5 Stocks | 15.23% |
| Top 3 Sectors | 57.62% |
| Portfolio P/B Ratio | 3.90 |
| Portfolio P/E Ratio | 26.63 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 1,10,670 | 97,045 |
| Giant (%) | 38.99 | 35.17 |
| Large (%) | 17.85 | 19.33 |
| Mid (%) | 34.23 | 34.72 |
| Small (%) | 8.93 | 10.78 |
| Tiny (%) | — | 0.11 |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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