ITI Multi Cap Fund
Direct · GrowthAI Summary
ITI Multi Cap Fund has delivered strong SIP XIRR across horizons, with 19.79% over 1Y, 18.81% over 3Y, and 20.30% over 5Y, outperforming the category average SIP XIRR of 15.06%, 16.01%, and 17.83% respectively. Against the NIFTY 50, the fund shows substantial alpha of 18.14% over 1Y and 11.92% over 3Y, with a 3Y lump-sum CAGR of 19.73% versus the benchmark's 7.75%. Alpha has compressed over longer horizons, from 11.92% at 3Y to 2.40% at 15Y, indicating recent outperformance rather than sustained long-term edge.
The fund exhibits a favorable downside profile with a maximum drawdown of just -0.39% and only 3 drawdown events exceeding 10%, though recovery took 280 days. Downside capture is consistently below 100% across all periods, ranging from 84.64% to 95.12%, meaning the fund falls less than the NIFTY 50 in weak markets. Calmar ratios of roughly 0.49 across 1Y to 5Y horizons indicate solid risk-adjusted returns, though the 7Y Calmar of 0.4136 is slightly weaker.
The portfolio is well diversified across 71 holdings, with the top position, ICICI Bank at 3.85%, representing a modest allocation and the top 10 holdings totaling under 25% of NAV. Banks is the largest sector at 16.2%, followed by Electrical Equipment and Pharmaceuticals at 8.4% each, showing reasonable sector spread. The fund holds meaningful mid-sized positions in names like TD Power Systems and Avalon Technologies, suggesting a willingness to look beyond large caps.
The fund beats the category average SIP XIRR at every comparable horizon, with the widest gap at 1Y (19.79% vs 15.06%) and 3Y (18.81% vs 16.01%). However, its 7Y XIRR of 16.98% trails the category average of 18.13%, indicating recent-period outperformance against weaker longer-term consistency. Calendar year returns show variability, ranging from 40.35% in 2023 to 3.63% in 2025.
This fund suits investors seeking diversified multi-cap exposure with a track record of strong recent performance and low downside capture relative to the NIFTY 50. A time horizon of at least 5 years is appropriate to ride out calendar-year volatility, as seen in returns ranging from 3.63% to 40.35%. Investors should have moderate-to-high risk tolerance, as multi-cap funds carry meaningful equity market risk despite the fund's favorable drawdown history.
- Consistent outperformance versus category average SIP XIRR at 1Y, 3Y, and 5Y horizons, with a 5Y XIRR of 20.30% versus 17.83% for the category
- Strong downside protection with downside capture of 84.64% to 95.12% across periods and a maximum drawdown of only -0.39%
- Well-diversified 71-stock portfolio with no single holding above 3.85% of NAV
- Alpha versus the NIFTY 50 has steadily compressed over longer horizons, from 11.92% at 3Y to just 2.40% at 15Y, raising questions about long-term consistency
- The 7Y SIP XIRR of 16.98% trails the category average of 18.13%, indicating the fund's outperformance is concentrated in recent years
Generated on 01-09-2026, 2:48 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.76 L | 19.8% | -51.1% | 90.4% |
| 3 Years | ₹36.00 L | ₹45.54 L | 18.8% | 4.0% | 38.4% |
| 5 Years | ₹60.00 L | ₹94.03 L | 20.3% | 11.1% | 29.2% |
| 7 Years | ₹84.00 L | ₹1.53 Cr | 17.0% | 14.0% | 18.2% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 19.8% | 14.4% | 15.1% | +5.4% |
| 3 Years | 18.8% | 11.1% | 16.0% | +7.7% |
| 5 Years | 20.3% | 10.4% | 17.8% | +9.9% |
| 7 Years | 17.0% | 10.6% | 18.1% | +6.4% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 18.8% | 9.7% | -17.2% | 84.9% | 0.54 | 1.93 | 76% | — | — |
| 3 Years | 19.1% | 20.7% | 6.3% | 28.3% | 2.67 | — | 100% | — | — |
| 5 Years | 19.0% | 19.4% | 12.6% | 26.5% | 3.72 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +18.14 | 1.00 | 107.7% | 84.6% | 15.2% | -2.9% |
| 3 Years | +11.92 | 1.05 | 109.6% | 95.1% | 19.7% | 7.8% |
| 5 Years | +7.99 | 0.96 | 98.0% | 87.9% | 15.8% | 7.8% |
| 7 Years | +5.79 | 0.90 | 91.6% | 84.9% | 17.1% | 11.8% |
| 10 Years | +4.07 | 0.90 | 91.4% | 84.6% | 11.7% | 7.8% |
| 12 Years | +3.22 | 0.90 | 91.4% | 84.6% | 9.7% | 6.5% |
| 15 Years | +2.40 | 0.90 | 91.4% | 84.6% | 7.7% | 5.1% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 3.85% |
| 2 | HDFC Bank Limited | 3.39% |
| 3 | Reliance Industries Limited | 2.98% |
| 4 | TD Power Systems Limited | 2.48% |
| 5 | Bharti Airtel Limited | 2.14% |
| 6 | Aditya Infotech Limited | 2.07% |
| 7 | Avalon Technologies Limited | 1.95% |
| 8 | Lupin Limited | 1.93% |
| 9 | Multi Commodity Exchange of India Limited | 1.86% |
| 10 | Linde India Limited | 1.83% |