
Diversified Funds, also known as multi cap funds are a class of Equity Funds. Investors with a high-risk appetite who wish to take an exposure in equities usually incline towards Investing in diversified funds. As, diversified funds invest across Market caps such as – large cap, mid cap & small cap.

Multi cap, flexi cap or diversified schemes are supposed to invest across stocks in different market capitalisation based on the view of the fund manager. The allocation to each market cap varies from scheme to scheme. Some schemes have a fixed proportion and some change it dynamically depending on the market conditions.
These Mutual Funds adopt a Value investing strategy where they purchase the stocks of companies that are relatively lower in comparison to their past performance, Book Value, Earnings, and other value parameters.
By investing in the Best Diversified Equity Funds, investors can earn slightly more stable returns, however, they would still be affected by the Volatility of equities during a turbulent market condition. Diversified funds are good for investors who are not willing to take much risk to invest in small stocks, but nevertheless wants a kick of extra high return from emerging stocks. One should invest in diversified equity funds in case person has low to moderate risk profile.
To make the process of selecting a good diversified equity fund easy, we have listed essential parameters, along with some pre-selected top & best diversified equity funds – that investors can take into account during their investing journey.
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Fund NAV Net Assets (Cr) 3 MO (%) 6 MO (%) 1 YR (%) 3 YR (%) 5 YR (%) 2024 (%) HDFC Equity Fund Growth  ₹2,091.18  
 ↑ 10.02 ₹81,936 6 9.1 10.6 22.9 29.7 23.5 JM Multicap Fund Growth  ₹100.231  
 ↓ -0.03 ₹5,943 4.1 6.1 -3.7 22.9 26.1 33.3 Nippon India Multi Cap Fund Growth  ₹307.446  
 ↑ 2.22 ₹46,216 2.8 10.5 5.5 22.9 30.9 25.8 Motilal Oswal Multicap 35 Fund Growth  ₹63.171  
 ↑ 0.47 ₹13,679 2.6 9.7 4.4 22.6 19.6 45.7 ICICI Prudential Multicap Fund Growth  ₹813.66  
 ↑ 4.69 ₹15,281 2.2 7.1 3.4 20.8 24.8 20.7 Mahindra Badhat Yojana Growth  ₹36.3382  
 ↑ 0.07 ₹5,622 1.8 9.7 5.1 20.1 25.7 23.4 Aditya Birla Sun Life Manufacturing Equity Fund Growth  ₹33.92  
 ↑ 0.21 ₹1,043 6.7 15.2 4.4 20 20 25 Bandhan Focused Equity Fund Growth  ₹91.193  
 ↑ 0.91 ₹1,919 3.4 10.7 6.5 20 18.1 30.3 Baroda Pioneer Multi Cap Fund Growth  ₹291.68  
 ↓ -0.08 ₹2,923 3.3 7.9 1.5 19.6 24 31.7 Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 29 Oct 25   Research Highlights & Commentary of 9 Funds showcased
Commentary HDFC Equity Fund JM Multicap Fund Nippon India Multi Cap Fund Motilal Oswal Multicap 35 Fund ICICI Prudential Multicap Fund Mahindra Badhat Yojana Aditya Birla Sun Life Manufacturing Equity Fund Bandhan Focused Equity Fund Baroda Pioneer Multi Cap Fund Point 1 Highest AUM (₹81,936 Cr). Lower mid AUM (₹5,943 Cr). Top quartile AUM (₹46,216 Cr). Upper mid AUM (₹13,679 Cr). Upper mid AUM (₹15,281 Cr). Lower mid AUM (₹5,622 Cr). Bottom quartile AUM (₹1,043 Cr). Bottom quartile AUM (₹1,919 Cr). Bottom quartile AUM (₹2,923 Cr). Point 2 Established history (30+ yrs). Established history (17+ yrs). Established history (20+ yrs). Established history (11+ yrs). Oldest track record among peers (31 yrs). Established history (8+ yrs). Established history (10+ yrs). Established history (19+ yrs). Established history (22+ yrs). Point 3 Rating: 3★ (upper mid). Rating: 4★ (top quartile). Rating: 2★ (bottom quartile). Top rated. Rating: 3★ (lower mid). Not Rated. Not Rated. Rating: 4★ (upper mid). Rating: 3★ (lower mid). Point 4 Risk profile: Moderately High. Risk profile: Moderately High. Risk profile: Moderately High. Risk profile: Moderately High. Risk profile: Moderately High. Risk profile: Moderately High. Risk profile: High. Risk profile: Moderately High. Risk profile: Moderately High. Point 5 5Y return: 29.70% (top quartile). 5Y return: 26.12% (upper mid). 5Y return: 30.92% (top quartile). 5Y return: 19.60% (bottom quartile). 5Y return: 24.82% (lower mid). 5Y return: 25.70% (upper mid). 5Y return: 19.99% (bottom quartile). 5Y return: 18.08% (bottom quartile). 5Y return: 24.00% (lower mid). Point 6 3Y return: 22.94% (top quartile). 3Y return: 22.92% (top quartile). 3Y return: 22.92% (upper mid). 3Y return: 22.63% (upper mid). 3Y return: 20.81% (lower mid). 3Y return: 20.11% (lower mid). 3Y return: 20.00% (bottom quartile). 3Y return: 19.99% (bottom quartile). 3Y return: 19.57% (bottom quartile). Point 7 1Y return: 10.59% (top quartile). 1Y return: -3.65% (bottom quartile). 1Y return: 5.51% (upper mid). 1Y return: 4.45% (lower mid). 1Y return: 3.43% (bottom quartile). 1Y return: 5.14% (upper mid). 1Y return: 4.43% (lower mid). 1Y return: 6.48% (top quartile). 1Y return: 1.54% (bottom quartile). Point 8 Alpha: 4.96 (top quartile). Alpha: -8.50 (bottom quartile). Alpha: 3.10 (upper mid). Alpha: 9.76 (top quartile). Alpha: -2.00 (bottom quartile). Alpha: -1.14 (bottom quartile). Alpha: 0.00 (lower mid). Alpha: 2.56 (upper mid). Alpha: -0.17 (lower mid). Point 9 Sharpe: -0.16 (top quartile). Sharpe: -1.13 (bottom quartile). Sharpe: -0.38 (upper mid). Sharpe: -0.06 (top quartile). Sharpe: -0.71 (bottom quartile). Sharpe: -0.64 (bottom quartile). Sharpe: -0.59 (lower mid). Sharpe: -0.39 (upper mid). Sharpe: -0.56 (lower mid). Point 10 Information ratio: 1.74 (top quartile). Information ratio: 1.09 (upper mid). Information ratio: 1.10 (top quartile). Information ratio: 0.79 (upper mid). Information ratio: 0.53 (lower mid). Information ratio: 0.24 (bottom quartile). Information ratio: 0.00 (bottom quartile). Information ratio: 0.25 (lower mid). Information ratio: 0.22 (bottom quartile). HDFC Equity Fund
JM Multicap Fund
Nippon India Multi Cap Fund
Motilal Oswal Multicap 35 Fund
ICICI Prudential Multicap Fund
Mahindra Badhat Yojana
Aditya Birla Sun Life Manufacturing Equity Fund
Bandhan Focused Equity Fund
Baroda Pioneer Multi Cap Fund
multicap mutual funds with AUM/Net Assets > 500 Crore, sorted on 3 Year CAGR Returns.
 Aims at providing capital appreciation through investments predominantly in equity oriented securities   Research Highlights for HDFC Equity Fund   Below is the key information for HDFC Equity Fund   Returns up to 1 year are on   (Erstwhile JM Multi Strategy Fund)   The investment objective of the Scheme is to provide capital appreciation by investing in equity and equity related securities using a combination of strategies.   Research Highlights for JM Multicap Fund   Below is the key information for JM Multicap Fund   Returns up to 1 year are on   (Erstwhile Reliance Equity Opportunities Fund)   The primary investment objective of the scheme is to seek to generate capital appreciation & provide long-term growth opportunities by investing in a portfolio constituted of equity securities & equity related securities and the secondary objective is to generate consistent returns by investing in debt and money market securities.   Research Highlights for Nippon India Multi Cap Fund   Below is the key information for Nippon India Multi Cap Fund   Returns up to 1 year are on   (Erstwhile Motilal Oswal MOSt Focused Multicap 35 Fund)   The investment objective of the Scheme is to achieve long term capital appreciation by primarily investing in a maximum of 35 equity & equity related instruments across sectors and market-capitalization levels.However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.   Research Highlights for Motilal Oswal Multicap 35 Fund   Below is the key information for Motilal Oswal Multicap 35 Fund   Returns up to 1 year are on   To generate capital appreciation through investments in equity and equity related securities in core sectors and associated feeder industries.   Research Highlights for ICICI Prudential Multicap Fund   Below is the key information for ICICI Prudential Multicap Fund   Returns up to 1 year are on   The investment objective of the Scheme is to provide medium to long term capital appreciation through appropriate diversification and taking low risk on business quality. The diversified portfolio would predominantly consist of equity and equity related securities including derivatives. However, there can be no assurance that the investment objective of the Scheme will be achieved.   Research Highlights for Mahindra Badhat Yojana   Below is the key information for Mahindra Badhat Yojana   Returns up to 1 year are on   The primary investment objective of the Schemes is to generate long-term capital appreciation to unit holders from a portfolio that is invested predominantly in equity and equity related securities of companies engaged in Manufacturing activity. The Scheme does not guarantee/indicate any returns. There can be no assurance that the schemes’ objectives will be achieved.   Research Highlights for Aditya Birla Sun Life Manufacturing Equity Fund   Below is the key information for Aditya Birla Sun Life Manufacturing Equity Fund   Returns up to 1 year are on   The investment objective of the scheme is to seek to generate capital appreciation and/or provide income distribution from a portfolio of predominantly equity and equity related instruments. There is no assurance or guarantee that the objectives of the scheme will be realized.   Research Highlights for Bandhan Focused Equity Fund   Below is the key information for Bandhan Focused Equity Fund   Returns up to 1 year are on   (Erstwhile Baroda Pioneer Growth Fund)   To generate long term capital appreciation from an actively managed portfolio of equity & equity related instruments.   Research Highlights for Baroda Pioneer Multi Cap Fund   Below is the key information for Baroda Pioneer Multi Cap Fund   Returns up to 1 year are on 1. HDFC Equity Fund
HDFC Equity Fund 
 Growth Launch Date   1 Jan 95  NAV (29 Oct 25)   ₹2,091.18  ↑ 10.02   (0.48 %)  Net Assets (Cr)   ₹81,936 on 31 Aug 25  Category  Equity - Multi Cap AMC   HDFC Asset Management Company Limited  Rating  ☆☆☆ Risk  Moderately High Expense Ratio  1.44 Sharpe Ratio  -0.16 Information Ratio  1.74 Alpha Ratio  4.96 Min Investment   5,000  Min SIP Investment   300  Exit Load   0-1 Years (1%),1 Years and above(NIL)   Growth of 10,000 investment over the years. 
Date Value 30 Sep 20 ₹10,000 30 Sep 21 ₹17,596 30 Sep 22 ₹19,104 30 Sep 23 ₹23,926 30 Sep 24 ₹34,948 30 Sep 25 ₹35,891  Returns for HDFC Equity Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 29 Oct 25 Duration Returns 1 Month  4.4%  3 Month  6%  6 Month  9.1%  1 Year  10.6%  3 Year  22.9%  5 Year  29.7%  10 Year    15 Year    Since launch  18.9%   Historical performance (Yearly) on absolute basis 
Year Returns 2024  23.5%  2023  30.6%  2022  18.3%  2021  36.2%  2020  6.4%  2019  6.8%  2018  -3.5%  2017  36.9%  2016  7.3%  2015  -5.1%   Fund Manager information for HDFC Equity Fund 
Name Since Tenure Roshi Jain 29 Jul 22 3.18 Yr. Dhruv Muchhal 22 Jun 23 2.28 Yr. Data below for HDFC Equity Fund as on 31 Aug 25 
 Equity Sector Allocation 
Sector Value Financial Services 39% Consumer Cyclical 17.25% Health Care 8.73% Basic Materials 5.99% Industrials 5.21% Technology 4.98% Real Estate 2.82% Communication Services 2.6% Utility 2.23% Energy 1.28% Consumer Defensive 0.67%  Asset Allocation 
Asset Class Value Cash 8.64% Equity 90.76% Debt 0.6%  Top Securities Holdings / Portfolio 
Name Holding Value Quantity  ICICI Bank Ltd (Financial Services) 
Equity, Since 31 Oct 09 | 5321749% ₹7,818 Cr 58,000,000 
 ↑ 4,000,000  HDFC Bank Ltd (Financial Services) 
Equity, Since 31 Jul 13 | HDFCBANK8% ₹7,133 Cr 75,000,000 
 ↑ 3,000,000  Axis Bank Ltd (Financial Services) 
Equity, Since 31 Oct 17 | 5322157% ₹6,111 Cr 53,988,073 
 ↓ -11,927  State Bank of India (Financial Services) 
Equity, Since 31 Jan 03 | SBIN4% ₹3,752 Cr 43,000,000  Kotak Mahindra Bank Ltd (Financial Services) 
Equity, Since 31 Oct 23 | KOTAKBANK4% ₹3,627 Cr 18,200,000 
 ↑ 700,000  SBI Life Insurance Co Ltd (Financial Services) 
Equity, Since 31 Mar 21 | 5407194% ₹3,581 Cr 19,996,650 
 ↓ -3,350  Maruti Suzuki India Ltd (Consumer Cyclical) 
Equity, Since 31 Dec 23 | MARUTI4% ₹3,526 Cr 2,200,000 
 ↓ -300,000  Cipla Ltd (Healthcare) 
Equity, Since 30 Sep 12 | 5000874% ₹3,157 Cr 21,023,775 
 ↑ 23,775  HCL Technologies Ltd (Technology) 
Equity, Since 30 Sep 20 | HCLTECH3% ₹2,452 Cr 17,700,000 
 ↑ 1,200,000  Hyundai Motor India Ltd (Consumer Cyclical) 
Equity, Since 31 Oct 24 | HYUNDAI3% ₹2,326 Cr 9,000,000 2. JM Multicap Fund
JM Multicap Fund 
 Growth Launch Date   23 Sep 08  NAV (29 Oct 25)   ₹100.231  ↓ -0.03   (-0.03 %)  Net Assets (Cr)   ₹5,943 on 31 Aug 25  Category  Equity - Multi Cap AMC   JM Financial Asset Management Limited  Rating  ☆☆☆☆ Risk  Moderately High Expense Ratio  1.84 Sharpe Ratio  -1.13 Information Ratio  1.09 Alpha Ratio  -8.5 Min Investment   5,000  Min SIP Investment   500  Exit Load   0-60 Days (1%),60 Days and above(NIL)   Growth of 10,000 investment over the years. 
Date Value 30 Sep 20 ₹10,000 30 Sep 21 ₹17,005 30 Sep 22 ₹17,128 30 Sep 23 ₹22,454 30 Sep 24 ₹35,711 30 Sep 25 ₹31,658  Returns for JM Multicap Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 29 Oct 25 Duration Returns 1 Month  3.4%  3 Month  4.1%  6 Month  6.1%  1 Year  -3.7%  3 Year  22.9%  5 Year  26.1%  10 Year    15 Year    Since launch  14.4%   Historical performance (Yearly) on absolute basis 
Year Returns 2024  33.3%  2023  40%  2022  7.8%  2021  32.9%  2020  11.4%  2019  16.6%  2018  -5.4%  2017  39.5%  2016  10.5%  2015  -2.8%   Fund Manager information for JM Multicap Fund 
Name Since Tenure Satish Ramanathan 20 Aug 21 4.12 Yr. Asit Bhandarkar 1 Oct 24 1 Yr. Ruchi Fozdar 4 Oct 24 0.99 Yr. Deepak Gupta 11 Apr 25 0.47 Yr. Data below for JM Multicap Fund as on 31 Aug 25 
 Equity Sector Allocation 
Sector Value Financial Services 27.74% Consumer Cyclical 21.49% Technology 15.69% Industrials 11.65% Consumer Defensive 6.79% Health Care 5.85% Energy 3.19% Communication Services 2.95% Basic Materials 2.93% Real Estate 0.68%  Asset Allocation 
Asset Class Value Cash 1.03% Equity 98.96%  Top Securities Holdings / Portfolio 
Name Holding Value Quantity  ICICI Bank Ltd (Financial Services) 
Equity, Since 30 Nov 21 | ICICIBANK5% ₹297 Cr 2,200,000  Godfrey Phillips India Ltd (Consumer Defensive) 
Equity, Since 28 Feb 25 | GODFRYPHLP4% ₹266 Cr 785,118  HDFC Bank Ltd (Financial Services) 
Equity, Since 30 Nov 23 | HDFCBANK4% ₹224 Cr 2,355,252  Tech Mahindra Ltd (Technology) 
Equity, Since 31 Jul 24 | 5327553% ₹202 Cr 1,440,908  One97 Communications Ltd (Technology) 
Equity, Since 31 May 25 | 5433963% ₹186 Cr 1,654,322  Larsen & Toubro Ltd (Industrials) 
Equity, Since 30 Nov 10 | LT3% ₹183 Cr 500,000 
 ↓ -150,000  Bharti Airtel Ltd (Communication Services) 
Equity, Since 31 Mar 24 | BHARTIARTL3% ₹177 Cr 940,000  Maruti Suzuki India Ltd (Consumer Cyclical) 
Equity, Since 31 Jan 25 | MARUTI3% ₹160 Cr 100,000  State Bank of India (Financial Services) 
Equity, Since 30 Nov 20 | SBIN3% ₹153 Cr 1,755,000  Eternal Ltd (Consumer Cyclical) 
Equity, Since 30 Nov 24 | 5433202% ₹146 Cr 4,470,323 
 ↑ 500,000 3. Nippon India Multi Cap Fund
Nippon India Multi Cap Fund 
 Growth Launch Date   28 Mar 05  NAV (29 Oct 25)   ₹307.446  ↑ 2.22   (0.73 %)  Net Assets (Cr)   ₹46,216 on 31 Aug 25  Category  Equity - Multi Cap AMC   Nippon Life Asset Management Ltd.  Rating  ☆☆ Risk  Moderately High Expense Ratio  1.57 Sharpe Ratio  -0.38 Information Ratio  1.1 Alpha Ratio  3.1 Min Investment   5,000  Min SIP Investment   100  Exit Load   0-1 Years (1%),1 Years and above(NIL)   Growth of 10,000 investment over the years. 
Date Value 30 Sep 20 ₹10,000 30 Sep 21 ₹18,347 30 Sep 22 ₹20,561 30 Sep 23 ₹26,521 30 Sep 24 ₹38,654 30 Sep 25 ₹37,441  Returns for Nippon India Multi Cap Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 29 Oct 25 Duration Returns 1 Month  3.5%  3 Month  2.8%  6 Month  10.5%  1 Year  5.5%  3 Year  22.9%  5 Year  30.9%  10 Year    15 Year    Since launch  18.1%   Historical performance (Yearly) on absolute basis 
Year Returns 2024  25.8%  2023  38.1%  2022  14.1%  2021  48.9%  2020  0%  2019  2.2%  2018  -2.2%  2017  40.9%  2016  -6.7%  2015  0.5%   Fund Manager information for Nippon India Multi Cap Fund 
Name Since Tenure Sailesh Raj Bhan 31 Mar 05 20.52 Yr. Ashutosh Bhargava 1 Sep 21 4.08 Yr. Kinjal Desai 25 May 18 7.36 Yr. Data below for Nippon India Multi Cap Fund as on 31 Aug 25 
 Equity Sector Allocation 
Sector Value Financial Services 24.02% Consumer Cyclical 23% Industrials 17.33% Health Care 8.97% Utility 6.19% Basic Materials 5.68% Consumer Defensive 5.18% Technology 4.13% Energy 2.76% Communication Services 1.42%  Asset Allocation 
Asset Class Value Cash 1.33% Equity 98.67%  Top Securities Holdings / Portfolio 
Name Holding Value Quantity  HDFC Bank Ltd (Financial Services) 
Equity, Since 31 Jul 10 | HDFCBANK5% ₹2,378 Cr 25,000,896  Axis Bank Ltd (Financial Services) 
Equity, Since 31 Jan 15 | 5322154% ₹1,822 Cr 16,099,895  GE Vernova T&D India Ltd (Industrials) 
Equity, Since 31 May 12 | 5222753% ₹1,420 Cr 4,797,058 
 ↓ -354,275  Reliance Industries Ltd (Energy) 
Equity, Since 31 Oct 20 | RELIANCE3% ₹1,305 Cr 9,568,975  Infosys Ltd (Technology) 
Equity, Since 30 Apr 09 | INFY3% ₹1,252 Cr 8,683,231 
 ↑ 682,727  Max Financial Services Ltd (Financial Services) 
Equity, Since 31 Mar 12 | 5002712% ₹1,166 Cr 7,400,000  ICICI Bank Ltd (Financial Services) 
Equity, Since 31 Oct 09 | ICICIBANK2% ₹1,147 Cr 8,509,000 
 ↓ -2,472,360  State Bank of India (Financial Services) 
Equity, Since 31 Mar 05 | SBIN2% ₹1,080 Cr 12,376,760  NTPC Ltd (Utilities) 
Equity, Since 30 Jun 23 | 5325552% ₹1,013 Cr 29,762,573  Linde India Ltd (Basic Materials) 
Equity, Since 31 May 13 | 5234572% ₹952 Cr 1,524,539 4. Motilal Oswal Multicap 35 Fund
Motilal Oswal Multicap 35 Fund 
 Growth Launch Date   28 Apr 14  NAV (29 Oct 25)   ₹63.171  ↑ 0.47   (0.75 %)  Net Assets (Cr)   ₹13,679 on 31 Aug 25  Category  Equity - Multi Cap AMC   Motilal Oswal Asset Management Co. Ltd  Rating  ☆☆☆☆☆ Risk  Moderately High Expense Ratio  1.77 Sharpe Ratio  -0.06 Information Ratio  0.79 Alpha Ratio  9.76 Min Investment   5,000  Min SIP Investment   500  Exit Load   0-1 Years (1%),1 Years and above(NIL)   Growth of 10,000 investment over the years. 
Date Value 30 Sep 20 ₹10,000 30 Sep 21 ₹14,224 30 Sep 22 ₹13,477 30 Sep 23 ₹15,455 30 Sep 24 ₹25,165 30 Sep 25 ₹23,797  Returns for Motilal Oswal Multicap 35 Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 29 Oct 25 Duration Returns 1 Month  5.4%  3 Month  2.6%  6 Month  9.7%  1 Year  4.4%  3 Year  22.6%  5 Year  19.6%  10 Year    15 Year    Since launch  17.4%   Historical performance (Yearly) on absolute basis 
Year Returns 2024  45.7%  2023  31%  2022  -3%  2021  15.3%  2020  10.3%  2019  7.9%  2018  -7.8%  2017  43.1%  2016  8.5%  2015  14.6%   Fund Manager information for Motilal Oswal Multicap 35 Fund 
Name Since Tenure Ajay Khandelwal 1 Oct 24 1 Yr. Niket Shah 1 Jul 22 3.25 Yr. Rakesh Shetty 22 Nov 22 2.86 Yr. Atul Mehra 1 Oct 24 1 Yr. Sunil Sawant 1 Jul 24 1.25 Yr. Data below for Motilal Oswal Multicap 35 Fund as on 31 Aug 25 
 Equity Sector Allocation 
Sector Value Technology 31.07% Consumer Cyclical 24.07% Industrials 21.23% Financial Services 9.47% Utility 5.5% Communication Services 2.86%  Asset Allocation 
Asset Class Value Cash 6.03% Equity 93.97%  Top Securities Holdings / Portfolio 
Name Holding Value Quantity  Polycab India Ltd (Industrials) 
Equity, Since 31 Jan 24 | POLYCAB10% ₹1,374 Cr 1,886,326 
 ↓ -113,674  Eternal Ltd (Consumer Cyclical) 
Equity, Since 31 May 25 | 54332010% ₹1,302 Cr 40,000,000 
 ↑ 5,000,000  Dixon Technologies (India) Ltd (Technology) 
Equity, Since 31 Mar 25 | DIXON9% ₹1,275 Cr 781,426 
 ↓ -18,574  Coforge Ltd (Technology) 
Equity, Since 31 May 23 | COFORGE9% ₹1,273 Cr 8,000,000  Persistent Systems Ltd (Technology) 
Equity, Since 31 Mar 23 | PERSISTENT9% ₹1,206 Cr 2,500,000  Kalyan Jewellers India Ltd (Consumer Cyclical) 
Equity, Since 30 Sep 23 | KALYANKJIL8% ₹1,022 Cr 22,500,000 
 ↑ 2,500,000  Cholamandalam Investment and Finance Co Ltd (Financial Services) 
Equity, Since 31 Mar 23 | CHOLAFIN7% ₹947 Cr 5,877,496 
 ↓ -04  Trent Ltd (Consumer Cyclical) 
Equity, Since 31 Jan 23 | 5002517% ₹939 Cr 2,006,670 
 ↓ -493,330  CG Power & Industrial Solutions Ltd (Industrials) 
Equity, Since 31 Jan 25 | 5000937% ₹926 Cr 12,500,000  Siemens Energy India Ltd (Utilities) 
Equity, Since 30 Jun 25 | ENRIN5% ₹745 Cr 2,171,491 
 ↓ -328,509 5. ICICI Prudential Multicap Fund
ICICI Prudential Multicap Fund 
 Growth Launch Date   1 Oct 94  NAV (29 Oct 25)   ₹813.66  ↑ 4.69   (0.58 %)  Net Assets (Cr)   ₹15,281 on 31 Aug 25  Category  Equity - Multi Cap AMC   ICICI Prudential Asset Management Company Limited  Rating  ☆☆☆ Risk  Moderately High Expense Ratio  1.75 Sharpe Ratio  -0.71 Information Ratio  0.53 Alpha Ratio  -2 Min Investment   5,000  Min SIP Investment   100  Exit Load   0-18 Months (1%),18 Months and above(NIL)   Growth of 10,000 investment over the years. 
Date Value 30 Sep 20 ₹10,000 30 Sep 21 ₹16,902 30 Sep 22 ₹17,221 30 Sep 23 ₹21,351 30 Sep 24 ₹31,634 30 Sep 25 ₹29,693  Returns for ICICI Prudential Multicap Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 29 Oct 25 Duration Returns 1 Month  4.8%  3 Month  2.2%  6 Month  7.1%  1 Year  3.4%  3 Year  20.8%  5 Year  24.8%  10 Year    15 Year    Since launch  15.2%   Historical performance (Yearly) on absolute basis 
Year Returns 2024  20.7%  2023  35.4%  2022  4.7%  2021  36.4%  2020  9.2%  2019  6%  2018  0.2%  2017  28%  2016  10.1%  2015  3.1%   Fund Manager information for ICICI Prudential Multicap Fund 
Name Since Tenure Lalit Kumar 29 Sep 25 0.01 Yr. Sharmila D’mello 31 Jul 22 3.17 Yr. Data below for ICICI Prudential Multicap Fund as on 31 Aug 25 
 Equity Sector Allocation 
Sector Value Basic Materials 21.45% Financial Services 20.52% Industrials 18.12% Consumer Cyclical 10.39% Communication Services 7.03% Health Care 6.38% Real Estate 5.48% Technology 2.42% Consumer Defensive 2.41% Energy 1% Utility 0.86%  Asset Allocation 
Asset Class Value Cash 3.94% Equity 96.05%  Top Securities Holdings / Portfolio 
Name Holding Value Quantity  ICICI Bank Ltd (Financial Services) 
Equity, Since 31 Oct 18 | ICICIBANK4% ₹652 Cr 4,833,854 
 ↓ -1,167,654  Bharti Airtel Ltd (Communication Services) 
Equity, Since 31 Oct 18 | BHARTIARTL4% ₹586 Cr 3,119,041 
 ↑ 788,886  Sun Pharmaceuticals Industries Ltd (Healthcare) 
Equity, Since 30 Apr 17 | SUNPHARMA3% ₹466 Cr 2,922,644  HDFC Bank Ltd (Financial Services) 
Equity, Since 31 Aug 18 | HDFCBANK3% ₹459 Cr 4,823,190  Vedanta Ltd (Basic Materials) 
Equity, Since 31 Aug 25 | 5002953% ₹436 Cr 9,363,972 
 ↑ 4,075,093  UltraTech Cement Ltd (Basic Materials) 
Equity, Since 31 Aug 25 | 5325382% ₹364 Cr 298,008 
 ↑ 249,264  Axis Bank Ltd (Financial Services) 
Equity, Since 31 Dec 23 | 5322152% ₹353 Cr 3,122,359  InterGlobe Aviation Ltd (Industrials) 
Equity, Since 31 Aug 25 | INDIGO2% ₹315 Cr 562,741 
 ↑ 424,687  Hindustan Aeronautics Ltd Ordinary Shares (Industrials) 
Equity, Since 31 Aug 25 | HAL2% ₹306 Cr 645,553 
 ↑ 359,485  ABB India Ltd (Industrials) 
Equity, Since 31 Aug 25 | ABB2% ₹251 Cr 484,711 
 ↑ 344,848 6. Mahindra Badhat Yojana
Mahindra Badhat Yojana 
 Growth Launch Date   11 May 17  NAV (29 Oct 25)   ₹36.3382  ↑ 0.07   (0.20 %)  Net Assets (Cr)   ₹5,622 on 31 Aug 25  Category  Equity - Multi Cap AMC   Mahindra Asset Management Company Pvt. Ltd.  Rating  Risk  Moderately High Expense Ratio  1.96 Sharpe Ratio  -0.64 Information Ratio  0.24 Alpha Ratio  -1.14 Min Investment   1,000  Min SIP Investment   500  Exit Load   0-1 Years (1%),1 Years and above(NIL)   Growth of 10,000 investment over the years. 
Date Value 30 Sep 20 ₹10,000 30 Sep 21 ₹17,914 30 Sep 22 ₹18,053 30 Sep 23 ₹22,278 30 Sep 24 ₹32,495 30 Sep 25 ₹30,326  Returns for Mahindra Badhat Yojana
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 29 Oct 25 Duration Returns 1 Month  5.4%  3 Month  1.8%  6 Month  9.7%  1 Year  5.1%  3 Year  20.1%  5 Year  25.7%  10 Year    15 Year    Since launch  16.4%   Historical performance (Yearly) on absolute basis 
Year Returns 2024  23.4%  2023  34.2%  2022  1.6%  2021  50.8%  2020  16.6%  2019  13.8%  2018  -9.9%  2017    2016    2015     Fund Manager information for Mahindra Badhat Yojana 
Name Since Tenure Manish Lodha 21 Dec 20 4.78 Yr. Fatema Pacha 16 Oct 20 4.96 Yr. Data below for Mahindra Badhat Yojana as on 31 Aug 25 
 Equity Sector Allocation 
Sector Value Financial Services 24.55% Industrials 15.79% Health Care 15.53% Consumer Cyclical 12.71% Technology 8.73% Basic Materials 7.77% Communication Services 3.66% Energy 2.44% Utility 2.11% Real Estate 1.42%  Asset Allocation 
Asset Class Value Cash 3.9% Equity 96.1% Other 0%  Top Securities Holdings / Portfolio 
Name Holding Value Quantity  Glenmark Pharmaceuticals Ltd (Healthcare) 
Equity, Since 30 Jun 25 | 5322963% ₹193 Cr 989,000 
 ↑ 54,000  ICICI Bank Ltd (Financial Services) 
Equity, Since 30 Nov 24 | ICICIBANK3% ₹189 Cr 1,403,000  Divi's Laboratories Ltd (Healthcare) 
Equity, Since 30 Apr 23 | DIVISLAB3% ₹174 Cr 305,000  Laurus Labs Ltd (Healthcare) 
Equity, Since 31 Dec 24 | 5402223% ₹169 Cr 2,003,815  Indus Towers Ltd Ordinary Shares (Communication Services) 
Equity, Since 31 Jan 25 | 5348163% ₹154 Cr 4,490,000  UltraTech Cement Ltd (Basic Materials) 
Equity, Since 28 Feb 25 | 5325383% ₹153 Cr 125,000  Polycab India Ltd (Industrials) 
Equity, Since 31 Jul 25 | POLYCAB2% ₹141 Cr 193,000 
 ↑ 86,000  Reliance Industries Ltd (Energy) 
Equity, Since 31 Mar 24 | RELIANCE2% ₹140 Cr 1,025,000  Kaynes Technology India Ltd (Technology) 
Equity, Since 30 Nov 22 | KAYNES2% ₹139 Cr 197,000 
 ↑ 35,000  Axis Bank Ltd (Financial Services) 
Equity, Since 30 Sep 25 | 5322152% ₹119 Cr 1,050,000 
 ↑ 1,050,000 7. Aditya Birla Sun Life Manufacturing Equity Fund
Aditya Birla Sun Life Manufacturing Equity Fund 
 Growth Launch Date   31 Jan 15  NAV (29 Oct 25)   ₹33.92  ↑ 0.21   (0.62 %)  Net Assets (Cr)   ₹1,043 on 31 Aug 25  Category  Equity - Multi Cap AMC   Birla Sun Life Asset Management Co Ltd  Rating  Risk  High Expense Ratio  2.26 Sharpe Ratio  -0.59 Information Ratio  0 Alpha Ratio  0 Min Investment   1,000  Min SIP Investment   1,000  Exit Load   0-365 Days (1%),365 Days and above(NIL)   Growth of 10,000 investment over the years. 
Date Value 30 Sep 20 ₹10,000 30 Sep 21 ₹14,602 30 Sep 22 ₹13,812 30 Sep 23 ₹16,411 30 Sep 24 ₹25,097 30 Sep 25 ₹23,058  Returns for Aditya Birla Sun Life Manufacturing Equity Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 29 Oct 25 Duration Returns 1 Month  5.9%  3 Month  6.7%  6 Month  15.2%  1 Year  4.4%  3 Year  20%  5 Year  20%  10 Year    15 Year    Since launch  12%   Historical performance (Yearly) on absolute basis 
Year Returns 2024  25%  2023  32.5%  2022  -1.4%  2021  22.1%  2020  26.3%  2019  -4%  2018  -12.9%  2017  41.7%  2016  9.2%  2015     Fund Manager information for Aditya Birla Sun Life Manufacturing Equity Fund 
Name Since Tenure Harish Krishnan 3 Nov 23 1.91 Yr. Data below for Aditya Birla Sun Life Manufacturing Equity Fund as on 31 Aug 25 
 Equity Sector Allocation 
Sector Value Consumer Cyclical 30.12% Industrials 27.3% Basic Materials 21.41% Health Care 9.08% Energy 5.01% Consumer Defensive 4.61% Technology 1.26%  Asset Allocation 
Asset Class Value Cash 1.2% Equity 98.8%  Top Securities Holdings / Portfolio 
Name Holding Value Quantity  Reliance Industries Ltd (Energy) 
Equity, Since 31 Mar 19 | RELIANCE5% ₹54 Cr 392,938  Hindalco Industries Ltd (Basic Materials) 
Equity, Since 31 Mar 17 | HINDALCO5% ₹52 Cr 688,031  Maruti Suzuki India Ltd (Consumer Cyclical) 
Equity, Since 28 Feb 15 | MARUTI5% ₹52 Cr 32,584  Mahindra & Mahindra Ltd (Consumer Cyclical) 
Equity, Since 30 Nov 22 | M&M5% ₹51 Cr 150,000  Cummins India Ltd (Industrials) 
Equity, Since 28 Feb 15 | 5004804% ₹42 Cr 107,954  Tata Steel Ltd (Basic Materials) 
Equity, Since 30 Jun 16 | TATASTEEL3% ₹32 Cr 1,902,669  United Breweries Ltd (Consumer Defensive) 
Equity, Since 31 May 16 | UBL3% ₹30 Cr 167,179  Sun Pharmaceuticals Industries Ltd (Healthcare) 
Equity, Since 30 Nov 22 | SUNPHARMA3% ₹30 Cr 185,238  Vedanta Ltd (Basic Materials) 
Equity, Since 31 Jul 24 | 5002953% ₹27 Cr 588,407  Bharat Electronics Ltd (Industrials) 
Equity, Since 28 Feb 15 | BEL3% ₹27 Cr 678,274 8. Bandhan Focused Equity Fund
Bandhan Focused Equity Fund 
 Growth Launch Date   16 Mar 06  NAV (29 Oct 25)   ₹91.193  ↑ 0.91   (1.00 %)  Net Assets (Cr)   ₹1,919 on 31 Aug 25  Category  Equity - Multi Cap AMC   IDFC Asset Management Company Limited  Rating  ☆☆☆☆ Risk  Moderately High Expense Ratio  2.1 Sharpe Ratio  -0.39 Information Ratio  0.25 Alpha Ratio  2.56 Min Investment   5,000  Min SIP Investment   100  Exit Load   0-365 Days (1%),365 Days and above(NIL)   Growth of 10,000 investment over the years. 
Date Value 30 Sep 20 ₹10,000 30 Sep 21 ₹13,619 30 Sep 22 ₹13,468 30 Sep 23 ₹15,347 30 Sep 24 ₹22,651 30 Sep 25 ₹22,055  Returns for Bandhan Focused Equity Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 29 Oct 25 Duration Returns 1 Month  6.2%  3 Month  3.4%  6 Month  10.7%  1 Year  6.5%  3 Year  20%  5 Year  18.1%  10 Year    15 Year    Since launch  11.9%   Historical performance (Yearly) on absolute basis 
Year Returns 2024  30.3%  2023  31.3%  2022  -5%  2021  24.6%  2020  14.9%  2019  8.9%  2018  -12.7%  2017  54.4%  2016  1.8%  2015  -4.8%   Fund Manager information for Bandhan Focused Equity Fund 
Name Since Tenure Manish Gunwani 2 Dec 24 0.83 Yr. Kirthi Jain 2 Dec 24 0.83 Yr. Ritika Behera 7 Oct 23 1.99 Yr. Gaurav Satra 7 Jun 24 1.32 Yr. Rahul Agarwal 2 Dec 24 0.83 Yr. Data below for Bandhan Focused Equity Fund as on 31 Aug 25 
 Equity Sector Allocation 
Sector Value Financial Services 35.83% Health Care 13.79% Consumer Defensive 12.97% Technology 9.62% Real Estate 7.35% Consumer Cyclical 4.57% Industrials 3.54% Basic Materials 3.26% Energy 2.47% Communication Services 2.19% Utility 2.15%  Asset Allocation 
Asset Class Value Cash 2.27% Equity 97.73%  Top Securities Holdings / Portfolio 
Name Holding Value Quantity  Power Finance Corp Ltd (Financial Services) 
Equity, Since 31 Mar 25 | 5328109% ₹168 Cr 4,092,723 
 ↑ 30,000  State Bank of India (Financial Services) 
Equity, Since 31 Jul 25 | SBIN8% ₹151 Cr 1,725,937 
 ↓ -149,999  HDFC Bank Ltd (Financial Services) 
Equity, Since 30 Sep 19 | HDFCBANK6% ₹124 Cr 1,302,728  ICICI Bank Ltd (Financial Services) 
Equity, Since 31 Oct 18 | ICICIBANK5% ₹96 Cr 710,586  Prestige Estates Projects Ltd (Real Estate) 
Equity, Since 31 Jan 25 | PRESTIGE5% ₹91 Cr 601,910  Jubilant Pharmova Ltd (Healthcare) 
Equity, Since 31 Jul 25 | JUBLPHARMA4% ₹81 Cr 754,950 
 ↑ 157,195  Cholamandalam Financial Holdings Ltd (Financial Services) 
Equity, Since 31 May 25 | CHOLAHLDNG4% ₹78 Cr 414,347  LT Foods Ltd (Consumer Defensive) 
Equity, Since 30 Jun 25 | 5327834% ₹75 Cr 1,850,326 
 ↑ 282,464  Tilaknagar Industries Ltd (Consumer Defensive) 
Equity, Since 31 Aug 25 | TI4% ₹73 Cr 1,633,810 
 ↑ 1,493,810  Larsen & Toubro Ltd (Industrials) 
Equity, Since 31 Dec 24 | LT4% ₹70 Cr 191,166 9. Baroda Pioneer Multi Cap Fund
Baroda Pioneer Multi Cap Fund 
 Growth Launch Date   12 Sep 03  NAV (29 Oct 25)   ₹291.68  ↓ -0.08   (-0.03 %)  Net Assets (Cr)   ₹2,923 on 31 Aug 25  Category  Equity - Multi Cap AMC   Baroda Pioneer Asset Management Co. Ltd.  Rating  ☆☆☆ Risk  Moderately High Expense Ratio  2 Sharpe Ratio  -0.57 Information Ratio  0.22 Alpha Ratio  -0.17 Min Investment   5,000  Min SIP Investment   500  Exit Load   0-365 Days (1%),365 Days and above(NIL)   Growth of 10,000 investment over the years. 
Date Value 30 Sep 20 ₹10,000 30 Sep 21 ₹17,563 30 Sep 22 ₹17,256 30 Sep 23 ₹20,605 30 Sep 24 ₹30,858 30 Sep 25 ₹28,928  Returns for Baroda Pioneer Multi Cap Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 29 Oct 25 Duration Returns 1 Month  4.2%  3 Month  3.3%  6 Month  7.9%  1 Year  1.5%  3 Year  19.6%  5 Year  24%  10 Year    15 Year    Since launch  16.5%   Historical performance (Yearly) on absolute basis 
Year Returns 2024  31.7%  2023  30.8%  2022  -3%  2021  47.9%  2020  19.5%  2019  8.9%  2018  -11.9%  2017  36.8%  2016  2.3%  2015  -1.6%   Fund Manager information for Baroda Pioneer Multi Cap Fund 
Name Since Tenure Sanjay Chawla 1 Nov 15 9.92 Yr. Sandeep Jain 14 Mar 22 3.55 Yr. Data below for Baroda Pioneer Multi Cap Fund as on 31 Aug 25 
 Equity Sector Allocation 
Sector Value Financial Services 25.81% Consumer Cyclical 18.28% Industrials 12.26% Health Care 8.82% Basic Materials 8.61% Technology 8.45% Consumer Defensive 6.17% Energy 3.09% Communication Services 1.68% Real Estate 1.67% Utility 1.34%  Asset Allocation 
Asset Class Value Cash 3.8% Equity 96.18%  Top Securities Holdings / Portfolio 
Name Holding Value Quantity  HDFC Bank Ltd (Financial Services) 
Equity, Since 31 Jan 17 | HDFCBANK4% ₹121 Cr 1,269,472  ICICI Bank Ltd (Financial Services) 
Equity, Since 31 Jan 17 | ICICIBANK4% ₹113 Cr 834,815  Reliance Industries Ltd (Energy) 
Equity, Since 31 Oct 21 | RELIANCE3% ₹91 Cr 670,000 
 ↑ 30,000  Radico Khaitan Ltd (Consumer Defensive) 
Equity, Since 30 Sep 20 | RADICO3% ₹75 Cr 261,003  TVS Motor Co Ltd (Consumer Cyclical) 
Equity, Since 30 Sep 23 | 5323432% ₹69 Cr 200,000  One97 Communications Ltd (Technology) 
Equity, Since 31 May 25 | 5433962% ₹67 Cr 600,000 
 ↑ 100,000  Travel Food Services Ltd (Consumer Cyclical) 
Equity, Since 31 Jul 25 | TRAVELFOOD2% ₹60 Cr 454,564  Britannia Industries Ltd (Consumer Defensive) 
Equity, Since 30 Jun 25 | 5008252% ₹60 Cr 100,100  Karur Vysya Bank Ltd (Financial Services) 
Equity, Since 31 Jan 25 | 5900032% ₹58 Cr 2,736,000  Eternal Ltd (Consumer Cyclical) 
Equity, Since 31 May 23 | 5433202% ₹57 Cr 1,750,000 
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An ideal diversified fund should pass through the below mentioned parameters:
One of the most basic forms of benchmarking involves comparing a fund within the similar category. When evaluating a Large cap fund, you should compare its returns with other matching large cap diversified equity funds. Comparing it with mid-cap diversified equity funds will not give an accurate result as the risk and reward relation between both large cap & mid cap funds are not comparable. Diversified funds, as the same goes invest across market caps and hence one should compare them with funds with a similar mandate.
An additional Factor in evaluating a diversified fund is the timeframe. As equities are equipped to deliver returns over longer time frames (above 5 years), investments in diversified funds should be made for a long-term period. Evaluating a diversified fund over a longer time frame will help you to gauge its performance during a boom-and-bust cycle. Investors can analyze the consistency of the returns of a diversified fund by reviewing its performances during different market phases along with the category average. Having said this, establishing the correct Peer Group is important, this forms the Basis for comparison for returns, volatility and thus helps in final funds selection.
It is compulsory for every diversified fund to mention a benchmark index in its offer document. This benchmark index is an indicator to judge if the diversified fund has performed well. While evaluating the performance of a diversified fund, investors should take into account longer time cycles of 3 years, 5 years or even 10 years. Those funds that outperform their benchmark indices constantly, should be considered for investment.
Apart from the benchmark index evaluation, investors should also evaluate the historical performance of a fund. In the long term, many diversified funds tend to plunge during the market downturn and even below their benchmark indices and category average. Only a few tend to sustain their performances in all market conditions. Picking a fund that performs well in upturns and downturns well is important, else you will end up with a fund that may do well, but only to see later that all returns get wiped out in a downturn.Thus, an investor should make sure that they include the most consistent performers in their Portfolio.
 
Before investing, one must do a risk-return analysis of a diversified fund. To do so, one must look at some of the important ratios, such as:
Alpha is a measure of diversified fund’s performance on a risk-adjusted basis. It measures on how much the fund or stock has performed in the general market on a risk adjusted basis. A positive alpha of 1 means that the fund has outperformed its benchmark index by 1%, while a negative alpha of -1 would indicate that the fund has produced 1% lower returns than its market benchmark. So, basically, an investor’s strategy should be to buy securities or mutual funds with positive alpha.
Beta measures volatility of a diversified fund compared to its benchmark index. Beta is denoted in positive or negative figures. A beta of 1 signifies that the stock’s price or mutual fund NAV moves in line with the market. A beta of a greater than 1 designates that the stock is riskier than the market, and a beta of less than 1 means that the stock is less risky than the market. So, lower beta is better in a falling market. In a rising market, high-beta is better.
SD is a statistical measure representing the volatility or risk in a fund. The higher the SD, higher will be the fluctuations in the returns. Ideally, investors look for funds with a lower Standard Deviation.
Sharpe Ratio measures returns (both negative & positive) with respect to the risk taken. Here the risk is defined by the Standard Deviation. A higher Sharpe ratio means, a higher return without too much risk. Thus, while investing, investors should choose a diversified fund that shows a higher Sharpe Ratio. Again, it is advisable for an investor to evaluate the SD and SR of a diversified fund on a historical basis so as to pick the most consistent performers.
Relevant and useful .