SBI Multicap Fund
Direct · GrowthAI Summary
SBI Multicap Fund has delivered strong alpha versus the NIFTY 50 across all periods, with a 3Y lump-sum CAGR of 15.22% against the benchmark's 7.75% and alpha of 7.69%. On the primary SIP metric, its 1Y XIRR of 16.25% beats the category average of 15.06%, though the 3Y XIRR of 14.63% trails the category's 16.01%. Calendar year returns show meaningful dispersion, from 26.62% in 2024 to 2.88% in 2025, indicating performance is market-cycle dependent.
The fund exhibits defensive characteristics with a 3Y beta of 0.83, downside capture of 74.59%, and upside capture of 85.85%, meaning it loses less in declines while participating reasonably in rallies. Risk-adjusted returns are solid, with Calmar ratios of 1.11 (1Y) and 1.17 (3Y) and positive alpha across every measured window from 1Y to 15Y. However, the fund has experienced 4 drawdown events exceeding 10%, and the current maximum drawdown of -0.15% has persisted for 251 days without full recovery, suggesting a prolonged flat phase.
The portfolio is well diversified across 61 stocks, with the top holding ICICI Bank at just 4.64% of NAV and no single stock exceeding 5%. Banks is the largest sector at 15.0%, followed by Consumer Durables (9.3%) and Power (7.5%), with meaningful exposure to Adani group companies (Adani Power 4.29% and Adani Enterprises 3.67%, together 7.96%). The spread across financials, power, healthcare, textiles, and consumer names reflects genuine multi-cap diversification.
The fund outperforms its category on the 1Y SIP XIRR (16.25% vs 15.06%) but underperforms on the 3Y XIRR (14.63% vs 16.01%), and no category averages are provided beyond 3Y for like-for-like comparison. Long-term lump-sum consistency is a clear strength, with the fund beating NIFTY 50 CAGR in every window from 3Y (15.22% vs 7.75%) through 15Y (3.89% vs 2.38%). This persistent alpha suggests disciplined stock selection rather than a single-period fluke.
This fund suits investors seeking diversified, benchmark-beating equity exposure with lower volatility than the broad market, given its sub-0.9 beta and strong downside capture. A horizon of at least 5-7 years is appropriate, as recent calendar years (2025: 2.88%, 2026 YTD: 2.46%) show returns can be muted over shorter stretches. Investors should be comfortable with moderate drawdown risk, including the 4 historical drawdown events exceeding 10%.
- Consistent positive alpha versus NIFTY 50 across all periods from 1Y to 15Y, including 7.69% alpha over 3Y
- Defensive risk profile with 3Y downside capture of 74.59% and beta of 0.83, cushioning market declines
- Well-diversified 61-stock portfolio with no single holding above 4.64% of NAV
- 3Y SIP XIRR of 14.63% trails the category average of 16.01%, indicating recent underperformance versus multi-cap peers
- Current maximum drawdown has lasted 251 days without recovery, and weak 2025-2026 calendar returns (2.88% and 2.46%) signal a prolonged flat phase
Generated on 11-09-2026, 3:12 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 | ₹12.66 L | 16.3% | -22.3% | 54.9% |
| 3 Years | ₹36.00 L | ₹45.16 L | 14.6% | 2.5% | 22.7% |
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 | 16.3% | 14.4% | 15.1% | +1.8% |
| 3 Years | 14.6% | 11.1% | 16.0% | +3.5% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 16.8% | 13.3% | -4.7% | 44.3% | 0.76 | 3.62 | 92% | — | — |
| 3 Years | 17.7% | 17.4% | 14.0% | 23.7% | 5.32 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +4.34 | 0.90 | 88.0% | 80.7% | 2.4% | -2.9% |
| 3 Years | +7.69 | 0.83 | 85.8% | 74.6% | 15.2% | 7.8% |
| 5 Years | +5.01 | 0.76 | 78.4% | 69.4% | 12.1% | 7.3% |
| 7 Years | +3.02 | 0.76 | 78.4% | 69.4% | 8.5% | 5.2% |
| 10 Years | +1.60 | 0.76 | 78.4% | 69.4% | 5.9% | 3.6% |
| 12 Years | +1.05 | 0.76 | 78.4% | 69.4% | 4.9% | 3.0% |
| 15 Years | +0.52 | 0.76 | 78.4% | 69.4% | 3.9% | 2.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Ltd. | 4.64% |
| 2 | Adani Power Ltd. | 4.29% |
| 3 | HDFC Bank Ltd. | 4.04% |
| 4 | Adani Enterprises Ltd. | 3.67% |
| 5 | Kotak Mahindra Bank Ltd. | 3.07% |
| 6 | K.P.R. Mill Ltd. | 3.04% |
| 7 | Divi's Laboratories Ltd. | 2.84% |
| 8 | Jupiter Life Line Hospitals Ltd. | 2.75% |
| 9 | Torrent Power Ltd. | 2.53% |
| 10 | Asian Paints Ltd. | 2.50% |