Multicap mutual funds offer investors the flexibility of diversification across large-cap, mid-cap, and small-cap stocks. Unlike pure large-cap or mid/small-cap funds, multicap funds give a balanced exposure to stability, growth, and high-return potential. To keep this article practical and data-backed (just like our earlier high-performing posts), we’ve shortlisted the 5 Best Multicap Mutual Funds to invest in 2025 using 3-year and 5-year rolling returns over a 10-year window.
Earlier we wrote about the Best Midcap Mutual Funds to Invest in 2025 (Based on Rolling Returns) which turned out to be very popular. Now let’s move to multicap funds.
What Are Rolling Returns in Mutual Funds?
Rolling returns are calculated over overlapping periods (e.g., every possible 3-year or 5-year window) in the chosen timeframe. They eliminate the bias of a single start/end date and show consistency across market cycles.
We focus on median rolling returns as they better reflect the typical investor experience than extremes. Funds that consistently deliver strong median returns with low downside are ideal for long-term investors.
How We Filtered These Multicap Funds
- Considered Direct – Growth plans only.
- Used a 10-year history (4-Oct-2015 to 3-Oct-2025).
- Evaluated both 3-year and 5-year rolling returns.
- Preferred funds with higher average & median rolling returns.
- Favoured funds with low negative rolling periods and higher share of >20% rolling outcomes.
- Shortlisted 5 funds that balance returns + consistency + risk control.
We followed a similar approach when filtering midcap and balanced mutual funds earlier.
Top 5 Multicap Mutual Funds (with Average Rolling Returns)
| Fund Name | 3Y Avg Returns | 5Y Avg Returns | Highlight |
|---|---|---|---|
| Quant Multi Cap Fund | 22.47% | 25.13% | 89.62% of 5Y windows delivered >20% – extremely strong consistency |
| Nippon India Multi Cap Fund | 17.96% | 18.15% | More than 35% of 5Y windows gave >20% returns |
| Invesco India Multi Cap Fund | 16.00% | 17.36% | Stable performer with 30% of 5Y windows delivering >20% |
| ICICI Prudential Multi Cap Fund | 16.24% | 16.91% | Balanced performer with low volatility and 29% >20% 5Y outcomes |
| Baroda BNP Paribas Multi Cap Fund | 15.29% | 16.74% | Moderate returns but consistent long-term stability |
Data as of 27-Sep-25 and rolling returns period 28-Sep-2015 to 27-Sep-2025
Deep Dive into 5 Best Multicap Funds (Rolling + Annualised + Why + Who + Risks)
#1 – Quant Multi Cap Fund
Investment Objective: Generate long-term wealth by dynamically allocating across market caps.
Rolling Returns
- 3-Year Median: 21.35%
- 5-Year Median: 24.33%
Annualised Returns (Point-to-Point)
- 3-Year: 14.6%
- 5-Year: 24.2%
- 10-Year: 18.5%
Why to Invest?
- Highest rolling returns in category.
- Exceptional long-term compounding: 90%+ of 5Y windows >20%.
- Dynamic strategy adapts quickly to market trends.
Who Can Invest?
- Aggressive investors seeking superior long-term wealth creation.
- SIP investors aiming for high-growth allocation.
Risk Factors
- Very high volatility in short-term cycles.
- Previous governance concerns related to front-running highlight higher perceived risk.
- Requires high risk tolerance.
Explore about Best Flexicap Mutual Funds to invest in 2025 based on rolling returns.
#2 – Nippon India Multi Cap Fund
Investment Objective: Capital appreciation by investing across large, mid, and small-cap companies.
Rolling Returns
- 3-Year Median: 17.06%
- 5-Year Median: 16.10%
Annualised Returns (Point-to-Point)
- 3-Year: 23.9%
- 5-Year: 31.1%
- 10-Year: 16.1%
Why to Invest?
- Strong diversification across all market caps.
- Over 43% of 3Y and 35% of 5Y windows gave >20% returns.
- Long track record of performance.
Who Can Invest?
- Investors preferring diversified equity exposure.
- Suitable for SIPs with 5–7 year horizon.
Risk Factors
- Higher exposure to small caps can increase volatility.
- May underperform in defensive large-cap rallies.
This fund is part of Best Mutual Funds Recommended by Grok AI for 2025.
#3 – Invesco India Multi Cap Fund
Investment Objective: Generate capital appreciation through well-diversified equity allocation.
Rolling Returns
- 3-Year Median: 17.79%
- 5-Year Median: 16.67%
Annualised Returns (Point-to-Point)
- 3-Year: 19.9%
- 5-Year: 23.1%
- 10-Year: 15.4%
Why to Invest?
- Stable, balanced risk-return profile.
- Consistency with 41% of 3Y and 30% of 5Y windows above 20%.
Who Can Invest?
- Conservative investors looking for multicap diversification.
- First-time equity investors aiming for long-term wealth.
Risk Factors
- Less aggressive than peers in bull markets.
- May trail high-beta multicap funds like Quant.
#4 – ICICI Prudential Multi Cap Fund
Investment Objective: To generate long-term wealth through active allocation across market caps.
Rolling Returns
- 3-Year Median: 16.86%
- 5-Year Median: 15.05%
Annualised Returns (Point-to-Point)
- 3-Year: 21.8%
- 5-Year: 25.3%
- 10-Year: 15.7%
Why to Invest?
- Balanced fund with stable long-term profile.
- 29% of 5Y rolling windows delivered >20%.
- Suitable as a core portfolio holding.
Who Can Invest?
- Investors preferring a mix of growth and stability.
- Suitable for moderate risk profiles.
Risk Factors
- May underperform more aggressive funds.
- Not the top performer in bull runs.
Do you know that this fund is 20 Equity Mutual Funds That Delivered Positive Returns Every Year in the Last 10 Years (2015 to 2024).
#5 – Baroda BNP Paribas Multi Cap Fund
Investment Objective: Long-term capital appreciation by investing in a diversified multicap portfolio.
Rolling Returns
- 3-Year Median: 17.42%
- 5-Year Median: 14.82%
Annualised Returns (Point-to-Point)
- 3-Year: 20.7%
- 5-Year: 24.8%
- 10-Year: 15.1%
Why to Invest?
- Steady long-term performance.
- Over 31% of 5Y rolling windows gave >20% returns.
- Consistent stability in market downturns.
Who Can Invest?
- Investors seeking steady, consistent wealth creation.
- Suitable for SIPs with medium risk tolerance.
Risk Factors
- Returns are moderate compared to peers.
- Less aggressive in bull phases.
Performance of These Mutual Funds – 3 Yrs to 10 Yrs
| Fund Name | 3-Year Annualised Returns | 5-Year Annualised Returns | 10-Year Annualised Returns |
|---|---|---|---|
| Quant Multi Cap Fund | 14.6% | 24.2% | 18.5% |
| Nippon India Multi Cap Fund | 23.8% | 31.1% | 16.1% |
| Invesco India Multi Cap Fund | 19.9% | 23.1% | 15.4% |
| ICICI Prudential Multi Cap Fund | 21.8% | 25.3% | 15.7% |
| Baroda BNP Paribas Multi Cap Fund | 20.7% | 24.8% | 15.1% |
Conclusion
These 5 multicap mutual funds show strong consistency based on rolling returns over 10 years. While Quant Multi Cap Fund leads with aggressive, high-growth potential, funds like Invesco, ICICI, and Baroda BNP Paribas offer stability for moderate investors. Align fund choice with your risk profile and investment horizon (5–10 years minimum). SIPs are the best way to benefit from market cycles.
