Top 3 Multi Cap Funds That Delivered Positive Returns in Each of the Last Five Calendar Years
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Only three multi cap mutual funds managed to stay in the green every calendar year from 2022 to 2026. Here's a look at the funds that delivered consistent returns despite changing market conditions.
✨ Key Takeaways
Multi cap funds are designed to invest across Large-Cap, Mid-Cap and Small-Cap stocks, giving fund managers the flexibility to build a diversified portfolio. While many funds generate strong returns in bull markets, only a handful manage to stay in the green consistently across different market conditions.
Unlike category-specific Equity Funds, SEBI mandates that multi cap funds invest at least 25 per cent each in large-cap, mid-cap and small-cap stocks, ensuring balanced exposure across the market-cap spectrum. This structure allows investors to participate in the growth potential of smaller companies while also benefiting from the relative stability of large-cap stocks.
Also Read - SBI Small Cap Fund vs Nippon India Small Cap Fund: Which Delivered Better Returns?
Based on calendar year returns from 2022 to 2026 (as of July 16, 2026), only three multi cap funds from the given list have delivered positive returns in every calendar year.
Top 3 Consistent Multi Cap Funds
|
Fund |
Returns (in per cent) |
||||
|
2022 |
2023 |
2024 |
2025 |
2026* |
|
|
Mahindra Manulife Multi Cap Fund |
1.64 |
34.23 |
23.44 |
3.37 |
5.99 |
|
ICICI Prudential Multi Cap Fund |
4.65 |
35.38 |
20.68 |
5.72 |
5.70 |
|
ITI Multi Cap Fund |
2.74 |
38.54 |
20.19 |
2.73 |
6.30 |
*Returns for 2026 are as of July 16, 2026.
Why Consistency Matters
A single year of strong performance does not necessarily indicate a quality Mutual Fund. Funds that generate positive returns across multiple market cycles often reflect disciplined portfolio management and a balanced investment approach.
However, investors should avoid making decisions based solely on historical returns. A fund's past performance does not guarantee future returns. Investment strategy, portfolio quality, expense ratio, fund manager's track record, risk level and consistency across different market cycles are equally important factors to evaluate before investing.
Every investor has different financial goals, investment horizons and risk tolerance. For this reason, investors should conduct thorough research before selecting a mutual fund. Reviewing a fund's investment objective, portfolio allocation, risk measures and long-term performance can help in making an informed decision.
Those who are unsure about choosing a suitable scheme may also consider consulting a qualified financial advisor before investing.
Disclaimer: The article is for informational purposes only and not investment advice.