Union Multicap Fund
Direct · GrowthAI Summary
Union Multicap Fund has delivered strong alpha over the NIFTY 50 across all long-term windows, with a 3Y lump-sum CAGR of 13.79% versus the benchmark's 4.15% and alpha of 9.62%. On the primary SIP metric, its 1Y XIRR of 14.46% beats the category average of 11.47%, though its 3Y XIRR of 11.79% trails the category average of 14.98%. Recent calendar-year returns have softened, with 2025 at 3.05% and 2026 at 4.95% after strong 2023-2024 gains of 33.1% and 23.84%.
The fund shows a beta below 1 (0.95-0.99) with consistently low downside capture (79-87%), meaning it has historically fallen less than the benchmark in down markets while keeping upside capture near or above 100%. Risk-adjusted quality is solid, with Calmar ratios of 0.95 (1Y) and 0.91 (3Y) and only one drawdown event exceeding 10%. However, the recovery from maximum drawdown took 433 days, indicating patience is required after significant corrections.
The portfolio is well diversified across 69 holdings, with the top position (ICICI Bank at 4.48%) modestly sized and no single stock dominating. Banks is the largest sector exposure at 17.6%, followed by Auto Components at 8.6% and Pharmaceuticals at 6.7%, giving a financials-heavy tilt balanced by IT, telecom, and consumer names like Dixon Technologies and Bharti Airtel. This spread across sectors aligns well with the multi-cap mandate.
The fund outperforms the category on 1Y SIP XIRR (14.46% vs 11.47%) but lags on 3Y (11.79% vs 14.98%), suggesting recent relative softness after earlier outperformance. Long-term lump-sum consistency is a clear strength, with positive alpha over the NIFTY 50 in every window from 1Y to 15Y, though alpha narrows from 17.42% at 1Y to 2.42% at 15Y. Its downside capture of 81.71% over longer horizons supports a defensive profile relative to peers.
This fund suits investors seeking diversified multi-cap exposure with a defensive tilt, given its below-1 beta and low downside capture. A horizon of at least 5-7 years is appropriate, as drawdown recovery has historically taken over a year and long-term alpha, while positive, compresses over very long windows. Investors should tolerate periods of category underperformance, as seen in the 3Y SIP XIRR gap versus peers.
- Consistent positive alpha over NIFTY 50 across every measured window from 1Y to 15Y, including 9.62% over 3Y
- Low downside capture (79.14% at 1Y, 81.71% long-term) with near-full upside capture, offering strong loss protection
- Well-diversified 69-stock portfolio with a modest top holding of 4.48%, reducing single-stock risk
- 3Y SIP XIRR of 11.79% trails the category average of 14.98%, indicating recent underperformance versus peers
- Recovery from maximum drawdown took 433 days, and recent calendar-year returns (3.05% in 2025, 4.95% in 2026) show muted momentum
Generated on 14-10-2026, 4:07 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 | ₹12.85 L | 18.8% | -22.4% | 52.3% |
| 3 Years | ₹36.00 L | ₹42.75 L | 12.1% | 3.6% | 18.5% |
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 | 18.8% | 14.3% | 11.4% | +4.6% |
| 3 Years | 12.1% | 11.0% | 14.9% | +1.1% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 18.8% | 11.4% | -4.6% | 48.3% | 0.78 | 5.14 | 95% | — | — |
| 3 Years | 17.8% | 17.9% | 13.5% | 21.2% | 5.86 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +14.28 | 0.94 | 96.7% | 79.1% | 5.6% | -9.5% |
| 3 Years | +8.22 | 0.98 | 98.7% | 87.8% | 13.7% | 5.5% |
| 5 Years | +7.64 | 0.94 | 96.0% | 81.7% | 12.7% | 5.0% |
| 7 Years | +5.22 | 0.94 | 96.0% | 81.7% | 8.9% | 3.5% |
| 10 Years | +3.48 | 0.94 | 96.0% | 81.7% | 6.2% | 2.5% |
| 12 Years | +2.81 | 0.94 | 96.0% | 81.7% | 5.1% | 2.1% |
| 15 Years | +2.16 | 0.94 | 96.0% | 81.7% | 4.1% | 1.6% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Ltd. | 4.48% |
| 2 | Larsen & Toubro Ltd. | 2.86% |
| 3 | HDFC Bank Ltd. | 2.86% |
| 4 | One 97 Communications Ltd. | 2.60% |
| 5 | Karur Vysya Bank Ltd. | 2.41% |
| 6 | Bharti Airtel Ltd. | 2.34% |
| 7 | Coforge Ltd. | 2.18% |
| 8 | S.J.S. Enterprises Ltd. | 2.16% |
| 9 | Dixon Technologies (India) Ltd. | 2.15% |
| 10 | Shriram Finance Ltd. | 1.93% |