March 24, 2026
RA Jainee
WhiteOak Capital Multi Cap Fund
WhiteOak Capital Multi Cap Fund review: Should you invest in this emerging multi cap mutual fund in 2026? In this detailed review, we analyse the latest NAV, returns, portfolio allocation, expense ratio, peer comparison, risk profile and fund strategy to help investors make a smarter SIP decision.
WhiteOak Capital Multi Cap Fund has attracted investor attention due to its diversified market-cap exposure, competitive cost structure and relatively strong recent return profile. But can it sustain performance over the long term, and does it deserve a place in your portfolio? Let’s decode the fund in detail.
| Fund at a Glance | |
| NAV Growth (Rs.) | 14.37 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | — |
| Min. Investment (Rs.) | 500 |
| Min. SIP Investment (Rs.) | 100 |
| Min. No of Cheques | 6 |
| Benchmark | Nifty 500 Multicap 50:25:25 TRI |
| AUM Rs. | 3,112 Cr |
| (As on 28-Feb-2026) | |
| Expense | 0.68% |
| 1 Year Return (%) | 5.54 |
| 3 Year Return (%) | — |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 15.67% |
⚖️ Sahifund Review – WhiteOak Capital Multi Cap Fund ✔
PLUS: Stability, track record, cost efficiency
WhiteOak Capital Multi Cap Fund is emerging as a high-potential multi cap fund for investors looking for exposure across large-cap, mid-cap and small-cap stocks in one portfolio. The fund has delivered a healthy 1-year return of 5.54%, outperforming both the benchmark and category average in the recent period. Its expense ratio of 0.68% remains competitive, which is positive for long-term SIP investors. The portfolio is widely diversified with 183 stocks, helping reduce concentration risk. The fund also has a higher small-cap allocation (33.40%), which can support stronger long-term wealth creation if market conditions remain favourable. For investors searching for a diversified equity mutual fund for long-term growth, this scheme has started showing promise.
MINUS: Large AUM, large-cap bias, momentum lag
At the same time, this is still a relatively new mutual fund, so it lacks the comfort of a full 3-year or 5-year long-term performance record. That means investors do not yet have enough evidence on how it behaves across full bull-bear market cycles. The fund’s turnover ratio of 180% is also on the higher side, suggesting active churn in the portfolio, which may add volatility and reduce consistency. While diversification is a strength, holding too many stocks can also dilute sharp alpha generation. Its aggressive exposure to mid and small caps can make returns more volatile during corrections. So, while the fund looks promising, it still falls into the category of a higher-risk, emerging performer rather than a fully proven multi cap leader.
Sahifund View (Decisive Line):
A promising multi cap SIP option for growth-focused investors, but it is better suited for those who can handle volatility and wait for a longer track record to build conviction.
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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?
Multi-cap funds are suitable for investors:
1. Seeking exposure in a diversified set of stocks for high returns
2. Aiming for long-term wealth creation
3. With a 5+ year investment horizon
4. Who are at ease with the market’s ups and downs
Note:
• Invest only through SIP
Fund’s Investment Strategy:
The Scheme seeks to provide long-term capital appreciation / income by investing across market capitalisations and managing a diversified portfolio of Large Cap, Mid Cap and Small Cap Stock.
Fund Manager:
1) Ramesh Mantri
Education: Mr. Mantri is an MBA, CFA and CA
Experience: Prior to joining WhiteOak Capital Mutual Fund, he has worked with WhiteOak Capital Management, Ashoka Capital Advisers, Smith Management, and CRISIL.
2) Piyush Baranwal
Education: Mr.Piyush Baranwal is a B. Tech. in Electronics and communication from Manipal Institute of Technology,Manipal.He completed PGDBM in Finance from S.P.Jain Institute of Management and Reserch and CFA.
Experience: Prior to joining WhiteOak Capital Mutual Fund he has worked with BOI AXA, Morgan Stanley Investment Management (Jan, 2011-June, 2014) and Principal Pnb AMC as a Dealer- Fixed Income (May, 2008-Jan, 2011).
Fund Manager:
3) Dheeresh Pathak
Education: Mr. Pathak has done B.E in Electronics Engineering and a PGDBM from MDI Gurgaon
Experience: Prior to joining WhiteOak Capital Mutual Fund, he has worked with Goldman Sachs
4) Trupti Agrawal
Education: Ms. Agrawal has done B.Com and CA.
Experience: Prior to joining WhiteOak Capital Mutual Fund, she has worked with L&T Infrastructure Finance Co. Ltd. and Ernst & Young.
5) Ashish Agrawal
Education: PGDBM in Finance from Institute of Management Technology, Ghaziabad and Bachelor of Commerce from University of Lucknow
Experience: Prior to joining Whiteoak Capital AMC, he was working with Motilal Owal Asset Management Co. Ltd from 2016 till date. Citigroup Global Markets Ltd from 2010 to 2016
Investment Details
| Min. Investment (Rs) | 500 |
| Min. Addl Investment (Rs) | 500 |
| Min. SIP Investment (Rs) | 100 |
| Min. Withdrawal (Rs) | 500 |
| Min. No of Cheques | 6 |
| Min. Balance (Rs) | — |
| Lock-in Period | NA |
| Exit Load | 1% for redemption within 1 month |
Basic Details of WhiteOak Capital Multi Cap Fund
| Fund House | WhiteOak Capital Mutual Fund |
| Launch Date | 22-Sep-23 |
| Return Since Launch | 15.67% |
| Benchmark | Nifty 500 Multicap 50:25:25 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | 3,112 Cr |
| (As on 28-Feb-2026) | |
| Expense | 0.68% |
| (As on 28-Feb-2026) | |
| Risk Grade | — |
| Return Grade | — |
| Turnover | 180.00% |
WhiteOak Capital Multi Cap Fund Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| WhiteOak Capital Multi Cap Dir | -10.19 | 0.07 | -7.84 | -10.22 | -9.47 | 5.54 | — | — | — | — |
| VR Multicap TRI | -11.37 | -2.99 | -8.59 | -10.65 | -11.33 | 1.80 | — | — | — | — |
| Equity: Multi Cap | -9.66 | 0.42 | -8.03 | -9.20 | -9.99 | 2.97 | — | — | — | — |
| Rank within category | 25 | 35 | 15 | 31 | 14 | 9 | — | — | — | — |
| Number of funds in category | 37 | 37 | 37 | 37 | 37 | 35 | 19 | 8 | 0 | 0 |
Peer Comparison of WhiteOak Capital 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 (%) | |
| WhiteOak Capital Multi Cap Dir | Unrated | 5.54 | — | — | 0.68 | 3,112 | 15.67 | 1.00 (30) | 2Y 5M | 180.00 |
| Nippon India Multi Cap Dir | 5 star | 4.59 | 20.95 | 20.48 | 0.71 | 50,820 | 15.56 | 1.00 (365) | 13Y 2M | 26.00 |
| Kotak Multicap Dir | 5 star | 9.73 | 23.51 | — | 0.45 | 23,886 | 15.97 | 1.00 (365) | 4Y 5M | 50.35 |
| HDFC Multi Cap Dir | 4 star | 1.66 | 18.48 | — | 0.79 | 19,528 | 14.72 | 1.00 (365) | 4Y 3M | 35.32 |
| ICICI Pru Multicap Dir | 4 star | 3.19 | 19.43 | 16.54 | 0.94 | 16,315 | 15.50 | 1.00 (365) | 13Y 2M | 94.00 |
WhiteOak Capital Multi Cap Fund Portfolio
| No. of Stocks | 183 |
| Top 10 Stocks | 22.23% |
| Top 5 Stocks | 14.50% |
| Top 3 Sectors | 55.01% |
| Portfolio P/B Ratio | 3.88 |
| Portfolio P/E Ratio | 26.69 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 80,341 | 92,813 |
| Giant (%) | — | — |
| Large (%) | 37.62 | 42.29 |
| Mid (%) | 28.97 | 28.30 |
| Small (%) | 33.40 | 29.41 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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