Nippon India Multi Cap Fund
Direct · GrowthAI Summary
Nippon India Multi Cap Fund has delivered strong SIP XIRR across horizons, with 3Y at 17.15% and 10Y at 18.74%, beating the NIFTY 50 lump-sum CAGR by wide margins (e.g., 5Y fund CAGR of 19.19% vs benchmark 7.83%). Against category average SIP XIRR, the fund leads meaningfully in the short term (1Y: 21.48% vs 15.06%; 3Y: 17.15% vs 16.01%) but trails slightly over longer periods (5Y: 17.31% vs 17.83%; 7Y: 17.16% vs 18.13%). Consistent positive alpha across all windows, ranging from 4.84% (15Y) to 11.43% (5Y), confirms genuine benchmark outperformance.
The fund shows favorable downside behavior with downside capture consistently below 100% (82.76% to 90.43%) versus upside capture near 96-98%, meaning it loses less in falling markets while keeping most of the gains. Beta of roughly 0.93-0.97 indicates volatility close to the benchmark. The Calmar ratio declines from 0.47 (1Y) to about 0.35-0.41 over longer windows, and the maximum drawdown recovery took 295 days over a 301-day drawdown episode, suggesting investors should be prepared for extended recovery periods.
The portfolio is well diversified across 111 holdings, with the top three positions being banks — HDFC Bank (7.1%), Axis Bank (4.92%), and ICICI Bank (4.41%) — giving Banks a 17.7% sector weight. Beyond financials, exposure is spread across Pharmaceuticals (7.7%), Retailing (7.6%), Consumer Durables (6.6%), and IT (6.4%), reflecting true multi-cap breadth. No single non-bank holding exceeds 4%, limiting single-stock concentration risk.
The fund outperforms the category on 1Y and 3Y SIP XIRR but slightly lags on 5Y, 7Y, and 10Y averages, indicating recent momentum is stronger than its long-term category standing. Calendar year returns show strong consistency in up markets — 48.5% in 2021, 38.34% in 2023, and 26.42% in 2024 — though 2025 (4.4%) and 2026 YTD (1.72%) have been subdued. Its persistent positive alpha versus NIFTY 50 across 1Y to 15Y windows underscores durable stock-selection skill.
This fund suits investors seeking diversified, actively managed exposure across market capitalizations with a long-term horizon of at least 5-7 years. It is appropriate for moderate-to-high risk tolerance investors who can withstand drawdowns lasting up to a year and near-flat calendar years like 2025. It works well as a core equity holding for SIP investors given its consistent alpha and below-benchmark downside capture.
- Consistent positive alpha versus NIFTY 50 across all measured windows, peaking at 11.43% over 5Y
- Favorable asymmetry with downside capture of 82.76-90.43% against upside capture near 96-98%
- Strong recent SIP performance: 1Y XIRR of 21.48% versus category average of 15.06%
- SIP XIRR trails category averages over 5Y, 7Y, and 10Y horizons (e.g., 7Y: 17.16% vs 18.13%)
- Banks sector concentration of 17.7% with the top three holdings all financials creates sector-level risk
- Extended drawdown recovery of 295 days and nine drawdown events exceeding 10% indicate meaningful interim volatility
Generated on 04-09-2026, 2:49 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 | ₹12.83 L | 21.5% | -64.7% | 121.7% |
| 3 Years | ₹36.00 L | ₹44.77 L | 17.2% | -26.6% | 40.7% |
| 5 Years | ₹60.00 L | ₹92.83 L | 17.3% | -12.4% | 37.1% |
| 7 Years | ₹84.00 L | ₹1.56 Cr | 17.2% | -4.1% | 28.6% |
| 10 Years | ₹1.20 Cr | ₹3.19 Cr | 18.7% | 14.2% | 22.5% |
| 12 Years | ₹1.44 Cr | ₹4.54 Cr | 17.9% | 15.4% | 20.4% |
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 | 21.5% | 14.4% | 15.1% | +7.1% |
| 3 Years | 17.2% | 11.1% | 16.0% | +6.1% |
| 5 Years | 17.3% | 10.4% | 17.8% | +6.9% |
| 7 Years | 17.2% | 10.6% | 18.1% | +6.6% |
| 10 Years | 18.7% | 11.5% | 18.1% | +7.3% |
| 12 Years | 17.9% | 11.4% | 17.3% | +6.6% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 20.3% | 13.8% | -38.9% | 93.7% | 0.54 | 1.68 | 82% | — | — |
| 3 Years | 17.4% | 17.1% | -8.9% | 42.6% | 1.04 | 3.97 | 93% | — | — |
| 5 Years | 16.6% | 16.6% | -4.0% | 37.1% | 1.23 | 5.93 | 98% | — | — |
| 10 Years | 16.7% | 16.4% | 13.1% | 19.9% | 6.96 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +4.87 | 0.96 | 94.8% | 87.9% | 2.3% | -2.9% |
| 3 Years | +7.84 | 0.96 | 98.6% | 88.0% | 15.5% | 7.8% |
| 5 Years | +11.43 | 0.94 | 96.8% | 82.8% | 19.2% | 7.8% |
| 7 Years | +8.61 | 0.95 | 97.0% | 87.9% | 20.2% | 11.8% |
| 10 Years | +5.31 | 0.96 | 96.9% | 90.4% | 15.9% | 10.8% |
| 12 Years | +5.49 | 0.95 | 95.8% | 89.1% | 15.1% | 9.8% |
| 15 Years | +4.84 | 0.93 | 94.4% | 87.8% | 14.3% | 9.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 6.64% |
| 2 | Axis Bank Limited | 5.14% |
| 3 | Infosys Limited | 3.43% |
| 4 | ICICI Bank Limited | 3.12% |
| 5 | Larsen & Toubro Limited | 1.79% |
| 6 | Samvardhana Motherson International Limited | 1.77% |
| 7 | Linde India Limited | 1.73% |
| 8 | NTPC Limited | 1.73% |
| 9 | Max Financial Services Limited | 1.72% |
| 10 | GE Vernova T&D India Limited | 1.72% |