December 27, 2025
RA Jainee
SBI Multicap Fund
| Fund at a Glance | |
| NAV Growth | Rs 17.52 |
| NAV Bonus | — |
| NAV IDCW | Rs 17.52 |
| Min. Investment (Rs.) | 5,000 |
| Min. SIP Investment (Rs.) | 500 |
| Min. No of Cheques | 12 |
| Benchmark | Nifty 500 Multicap 50:25:25 TRI |
| AUM Rs. | 23,956 Cr |
| (As on 30-Nov-2025) | |
| Expense | 0.83% |
| 1 Year Return (%) | 3.82 |
| 3 Year Return (%) | 18.21 |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 15.88% |
⚖️ Sahifund Review – SBI Multicap Fund
PLUS: Stability | Track Record | Diversification
SBI Multicap Fund offers true multi-cap exposure with mandated allocation across large, mid and small caps, aiding diversification across market cycles. Backed by SBI AMC’s research depth and experienced fund managers, the portfolio is reasonably diversified with 60+ stocks. Over 3 years, returns near 18% CAGR reflect steady compounding despite volatile phases. Portfolio turnover is moderate, indicating a disciplined, long-term approach rather than frequent churn.
MINUS: Large AUM | Cost | Momentum Lag
With an AUM nearing Rs. 24,000 crore, agility—especially in mid and small caps—can be limited. The expense ratio of 0.83% is on the higher side for a multicap strategy. Short-term performance has been muted, and the fund has lagged category peers during momentum-driven rallies, testing investor patience.
Sahifund View (Decisive Line):
Best suited for long-term SIP investors (5+ years) seeking balanced diversification across market caps, but not ideal for those chasing short-term outperformance.
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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 provide investors with opportunities for long term growth in capital from a diversified portfolio of equity and equity related instruments across market capitalization.
Fund Manager:
1) Rama Iyer Srinivasan
Education: Mr. Srinivasan is M.Com and MFM.
Experience: Prior to joining SBI Mutual Fund he has worked with Principal AMC, Oppenheimer & Co, Indosuez WI Carr and Motilal Oswal.
2) Saurabh Pant
Education: Mr. Pant is a B.Com (H), MBE and CFA (Level III).
Experience: He has been associated with SBI Mutual Fund since 2007.
Investment Details
| Min. Investment (Rs) | 5,000 |
| Min. Addl Investment (Rs) | 1,000 |
| Min. SIP Investment (Rs) | 500 |
| Min. Withdrawal (Rs) | 500 |
| Min. No of Cheques | 12 |
| Min. Balance (Rs) | — |
| Lock-in Period | NA |
| Exit Load | 0.25% for redemption within 30 days |
| 0.1% for redemption after 30 days and within 90 days |
Basic Details of SBI Multicap Fund
| Fund House | SBI Mutual Fund |
| Launch Date | 08-Mar-22 |
| Return Since Launch | 15.88% |
| Benchmark | Nifty 500 Multicap 50:25:25 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | Rs 23,956 Cr |
| (As on 30-Nov-2025) | |
| Expense | 0.83% |
| (As on 30-Nov-2025) | |
| Risk Grade | Below Average |
| Return Grade | Below Average |
| Turnover | 26.00% |
Trailing Returns (%)
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| SBI Multicap Dir | 3.51 | -0.29 | -1.98 | 0.84 | -0.87 | 3.82 | 18.21 | — | — | — |
| VR Multicap TRI | 3.63 | -0.19 | 0.48 | 1.51 | 2.22 | 3.78 | 20.33 | — | — | — |
| Equity: Multi Cap | 2.95 | -0.35 | -1.38 | 3.10 | 0.85 | 2.98 | 20.64 | — | — | — |
| Rank within category | 18 | 14 | 32 | 31 | 30 | 18 | 15 | — | — | — |
| Number of funds in category | 34 | 37 | 37 | 37 | 36 | 34 | 16 | 0 | 0 | 0 |
Peer Comparison of SBI Multicap 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 (%) | |
| SBI Multicap Dir | 3 star | 3.82 | 18.21 | — | 0.83 | 23,956 | 15.88 | 0.25 (30) | 3Y 9M | 26.00 |
| 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 2M | 40.48 |
| HDFC Multi Cap Dir | 4 star | 2.94 | 21.93 | — | 0.74 | 19,911 | 18.80 | 1.00 (365) | 4Y | 27.30 |
| ICICI Pru Multicap Dir | 4 star | 5.5 | 21.1 | 20.99 | 0.93 | 16,148 | 16.46 | 1.00 (365) | 12Y 11M | 94.00 |
Portfolio Analysis of SBI Multicap Fund
| No. of Stocks | 63 |
| Top 10 Stocks | 33.30% |
| Top 5 Stocks | 18.20% |
| Top 3 Sectors | 63.32% |
| Portfolio P/B Ratio | 3.68 |
| Portfolio P/E Ratio | 25.46 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 79,362 | 97,045 |
| Giant (%) | 37.11 | 35.17 |
| Large (%) | 7.79 | 19.33 |
| Mid (%) | 41.45 | 34.72 |
| Small (%) | 13.65 | 10.78 |
| Tiny (%) | — | 0.11 |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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