Multi-cap mutual funds have demonstrated remarkable resilience in navigating market volatility, with only three equity multi-cap funds delivering positive returns in every calendar year since 2022. According to latest data as of July 23, 2026, these consistent performers include ICICI Prudential Multi Cap Fund with returns of 4.15% in 2026, Mahindra Manulife Multi Cap Fund at 4.71%, and ITI Multi Cap Fund at 4.53%. This exceptional consistency highlights the funds' ability to generate gains across different market cycles and varying market conditions.
Multi-cap mutual funds continued to attract robust investor interest in June 2026, with the category receiving ₹3,070 crore in net inflows, according to AMFI data. This represents an increase from ₹2,291 crore in May 2026 and ₹2,794 crore in June 2025. The funds, which invest across large, mid and small-cap stocks, maintained their appeal despite varying performance outcomes across individual schemes and the challenging market environment.
An analysis of Value Research data reveals significant performance disparities among multi-cap funds. Only four of the 32 multi-cap funds delivered negative returns over the one-year period, while 28 schemes posted positive returns. The worst-performing fund was Samco Multi Cap Fund with a negative return of 10.13%, followed by HDFC Multi Cap Fund at -1.42%, Invesco India Multicap Fund at -1.01%, and SBI Multicap Fund at -0.80%. Groww Multicap Fund emerged as the top performer with a positive return of 14.29%.
The performance gap between top and bottom performers reflects significant differences in investment approaches. Samco Multi Cap Fund allocated 99.65% of its assets to equities, with 20.87% in large-cap stocks and 55.57% in small-cap stocks. In contrast, Groww Multicap Fund maintained a more balanced approach with 97.52% equity allocation, 34.60% in large-cap stocks, and 41.12% in small-cap stocks. Sectoral exposure also varied, with Samco having 24.13% in financials and Groww allocating 36.94% to the financial sector.
The exceptional consistency demonstrated by the three multi-cap funds that delivered positive returns every year since 2022 underscores the importance of disciplined portfolio management and well-defined investment strategies. As per SEBI regulations, multi-cap schemes must allocate at least 25% of their portfolio to each of the three market capitalization segments, while the remaining 25% can be invested at the fund manager's discretion. This diversified approach provides investors with exposure across different market segments through a single fund, making it crucial for investors to evaluate consistency alongside other parameters such as portfolio quality, risk management, and long-term investment approach before making investment decisions.
