Searching for the “best mutual fund” can lead to very different lists. A fund may rank first over one year, last over another period and belong to a risk category entirely different from a gold or debt fund. To avoid that false comparison, this article examines one defined universe: Indian multi-cap mutual funds, regular-plan growth options, ranked by trailing one-year return.
The comparison below uses the MFOnline category table dated 26 October 2026. These are historical returns, not a recommendation to buy. A reader should recheck the latest NAV, the exact plan and current scheme factsheet before taking any decision. The table source may refresh, so this snapshot preserves the data date rather than implying that figures are live on 30 October.
In this article
Top 10: the dated performance table
| Rank by 1Y return | Scheme — regular growth plan | Trailing 1Y return | Trailing 3Y annualised return |
|---|---|---|---|
| 1 | Groww MultiCap Fund | +6.68% | Not available |
| 2 | TrustMF Multi Cap Fund | +6.37% | Not available |
| 3 | ITI Multi Cap Fund | +3.69% | +14.23% |
| 4 | Motilal Oswal Multi Cap Fund | +2.06% | Not available |
| 5 | Bank of India Multi Cap Fund | +1.54% | +15.38% |
| 6 | Bajaj Finserv Multi Cap Fund | +0.92% | Not available |
| 7 | Axis MultiCap Fund | +0.88% | +17.02% |
| 8 | Union MultiCap Fund | +0.80% | +12.93% |
| 9 | Mahindra Manulife Multi Cap Fund | +0.78% | +14.31% |
| 10= | Aditya Birla Sun Life Multi-Cap Fund | −1.25% | +12.52% |
Data note: MFOnline also shows LIC MF Multi Cap Fund at −1.25% one-year return, tied at the tenth-place cutoff. It is not correct to suggest Aditya Birla Sun Life was uniquely tenth. The ranking excludes a newer entry whose one-year return was not shown. All values are percentage returns, not rupee gains, and the 3-year column is annualised where available.
Source: MFOnline multi-cap performance table, displayed with a 26 October 2026 data date at the time of review. Select the same category and plan for a like-for-like check.
Three things stand out
First, a first-place finish is not the same as a large gain. The leading one-year figure in this group was 6.68%. Compare this with what a reader might have expected after seeing promotional lists of “high-return funds.” The headline is about relative leadership in a defined category, not extraordinary absolute performance.
Second, several young schemes do not have comparable three-year histories. A blank three-year field is not a zero return or proof of poor performance. It means the stated history was unavailable in this comparison. A fund with one good year and limited past data is not directly equivalent to a fund that has lived through several market environments.
Third, longer-term ranking can differ. For example, Axis MultiCap’s one-year figure in the table was below 1%, while its displayed three-year annualised result was 17.02%. That is not a reason to prefer Axis; it shows why a single trailing period tells an incomplete story.
How did the category and benchmark compare?
MFOnline reported a multi-cap category average of −3.19% over one year and NIFTY 500 TRI at −7.89% for the corresponding table. These references help readers understand the wider period. They do not mean each scheme’s mandate exactly matches the NIFTY 500 TRI, and the category average is not an investable fund.
In addition, multi-cap funds must invest across company-size segments under the applicable regulatory category framework. Their behaviour can differ from a large-cap or flexi-cap fund. Readers should compare the actual fund benchmark named in each scheme document and evaluate market-cap exposure, portfolio concentration and churn.
Direct versus regular: do not combine return columns
This ranking uses regular plans, which include distribution-related expenses. AMFI explains that direct and regular options of the same scheme usually hold the same underlying portfolio but have different expense ratios and NAVs. A direct-growth fund can therefore report a different return from its regular-growth counterpart.
If you invest through a direct plan, find the same scheme’s direct-plan factsheet and rerun the comparison with direct-plan returns for every entry. Mixing the best direct-plan number for one fund with a regular-plan number for another produces an unfair ranking.
A more useful checklist than “which is number one?”
| Question | Why it matters |
|---|---|
| Is this a multi-cap fund that fits my risk tolerance? | Multi-cap equity exposure can be volatile and may lose principal. |
| Does it have 3- and 5-year performance data? | A newer fund’s high one-year rank says less about consistency. |
| Did it outperform its own stated benchmark? | A high number alone might reflect a rising category. |
| What does the riskometer say? | A return figure without risk context is incomplete. |
| What are the expense ratio and exit load? | Net outcomes and flexibility can change with costs. |
| Am I comparing the same plan and option? | Direct, regular, growth and IDCW should not be casually mixed. |
| How would a fall affect my time horizon? | Money needed soon may not tolerate equity-market losses. |
An investor seeking a near-term emergency reserve should not treat a multi-cap leaderboard as a savings-account alternative. Likewise, someone making a long-term SIP decision should examine rolling returns and drawdowns, not assume the scheme that won the previous 12 months will win the next 12.
How to independently verify these figures
- Open the scheme’s latest official AMC factsheet and check the exact plan/option.
- Compare one-year point-to-point returns using the same ending NAV date.
- Review three- and five-year CAGR when the scheme has sufficient history.
- Read the benchmark, riskometer, expense ratio, exit load and portfolio allocation.
- Compare the fund only with relevant category peers; then review if the choice meets your own time horizon and risk capacity.
AMFI’s investor education pages explicitly say mutual funds are not assured-return products and past performance does not guarantee future results. A ranking is a research starting point, not a personal financial plan.
FAQ
Which multi-cap fund topped this table? Groww MultiCap, at 6.68% one-year return for the specified regular-growth snapshot dated 26 October 2026.
Does “top-performing” mean safest? No. Historical return ranks do not measure a future guarantee or suitability.
Why are the returns not all double-digit? The comparison captures a specific one-year market window. Some funds and the category average showed losses.
Can I use these figures for direct plans? Not directly. Direct plans have different expenses and reported returns; use the matching direct-growth series.
Why isn’t a gold, silver or technology fund in the table? This is deliberately a same-category multi-cap comparison. Combining unlike categories by one-year returns can reward a temporary sector surge while concealing very different risks.
Bottom line: Use this table to understand relative performance on 26 October 2026. Do not describe the top row as the “best fund to buy.” Suitability depends on a reader’s goals, risk and current scheme facts.
Financial disclaimer: Educational reporting only; not a solicitation, recommendation or personalised investment advice. Consult a SEBI-registered investment adviser when appropriate. Mutual fund investments are subject to market risks; read scheme-related documents carefully.
Sources: MFOnline table; AMFI on direct and regular plans; AMFI on mutual-fund risks; AMFI investor resources.
Related reading: Deposit insurance differs from market-linked mutual funds
Visual credit: NewsThreads247. Conceptual AI-generated illustration; displayed graphs are not actual fund-return data.