Bandhan AMC Limited · Multi Cap

BANDHAN MULTI CAP FUND

Equity Scheme - Multi Cap Fund Direct plan, growth benchmark: NIFTY 500 Multicap 50:25:25 TRI launched 12 Nov 2021 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹18.61

+0.31% since 18 Sep 2026, the previous NAV

1 year

1.4%

return

3 years

13.0%

a year

5 years

not enough history

Since launch

13.8%

a year, over 4.7 years

Assets (AUM)

₹3,064 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.49% / 1.67%

a year, as of Jul 2026

Holdings

115

top ten are 31% of the fund · Aug 2026

Disclosed history

3.4 yrs

Mar 2023 – Aug 2026 · 5 of 11 checks could run

Fund managers

Daylynn Pinto · since at least Feb 2023Harshal Joshi · since at least Feb 2023

All managers →

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 1.68% a year more than Direct

₹50,099 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Run by Daylynn Pinto for at least 3.5 yrs

with Harshal Joshi · the factsheet archive starts Feb 2023, so this is a floor. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Daylynn Pinto's other funds →

NAVTracking gap

NAV sits 8.8 bp from its disclosed portfolio, but the replication is noisy

6 jumps since the last disclosure. We re-price the last disclosed portfolio every day and compare it with the NAV the fund published; a gap that opens and stays is a trade not yet disclosed.

See the daily gap →

P4Consistency

Beat its category in 14% of three-year stretches, and averaged −0.9 points a year across all of them

22 rolling windows since 2021 · ahead by 0.3 points a year when it won, behind by 1.1 when it lost. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

headline and record disagree One check found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Dec 2021

58 month-ends · ₹10.11 → ₹18.61, 1.8× since Dec 2021

Deepest fall (max drawdown)

−18.3%

26 Sep 2024 → 3 Mar 2025

Worst month

−11.2%

Mar 2026

Days to recover

518

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 115 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	HDFC Bank Limited equity	Banks	5.88%	Mar 2023	3.5 yrs	+0.91%
2	Kotak Mahindra Bank Limited equity	Banks	3.96%	Jan 2026	8 mo	+0.41%
3	Reliance Industries Limited equity	Petroleum Products	3.95%	Mar 2023	3.5 yrs	+0.35%
4	Triparty Repo TRP_010926 money market	—	3.79%	Aug 2026	1 mo	+3.79%
5	ICICI Bank Limited equity	Banks	3.31%	Mar 2023	3.5 yrs	+0.73%
6	Tata Consultancy Services Limited equity	IT - Software	2.73%	Mar 2023	3.5 yrs	+0.80%
7	Axis Bank Limited equity	Banks	2.11%	Mar 2023	3.5 yrs	+0.13%
8	Infosys Limited equity	IT - Software	2.03%	Mar 2023	3.5 yrs	+0.04%
9	Maruti Suzuki India Limited equity	Automobiles	1.85%	Mar 2023	3.5 yrs	+0.05%
10	Mahindra & Mahindra Financial Services Limited equity	Finance	1.82%	Mar 2023	3.5 yrs	+0.21%
11	ICICI Lombard General Insurance Company Limited equity	Insurance	1.53%	Mar 2023	3.5 yrs	0.00%
12	V-Mart Retail Limited equity	Retailing	1.52%	Mar 2023	3.5 yrs	+0.26%
13	Larsen & Toubro Limited equity	Construction	1.51%	Mar 2023	3.5 yrs	-0.31%
14	Poonawalla Fincorp Limited equity	Finance	1.51%	Mar 2024	2.5 yrs	+0.10%
15	Sterlite Technologies Limited equity	Telecom - Equipment & Accessories	1.48%	Apr 2024	2.4 yrs	-1.46%
16	Bharti Airtel Limited equity	Telecom - Services	1.47%	Mar 2023	3.5 yrs	-0.10%
17	ITC Limited equity	Diversified FMCG	1.41%	Mar 2023	3.5 yrs	+0.43%
18	IDFC First Bank Limited equity	Banks	1.40%	Apr 2025	1.4 yrs	+0.01%
19	HDFC Life Insurance Company Limited equity	Insurance	1.24%	Mar 2023	3.5 yrs	+0.22%
20	GlaxoSmithKline Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	1.19%	Nov 2023	2.8 yrs	+0.32%
21	Avenue Supermarts Limited equity	Retailing	1.14%	Sep 2023	3.0 yrs	-0.04%
22	Dr. Reddy's Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.13%	Oct 2024	1.9 yrs	-0.21%
23	Aurobindo Pharma Limited equity	Pharmaceuticals & Biotechnology	1.12%	Jul 2023	3.2 yrs	+0.14%
24	Oil India Limited equity	Oil	1.10%	Nov 2023	2.8 yrs	-0.04%
25	Eternal Limited equity	Retailing	1.07%	Aug 2025	1.1 yrs	+0.21%
26	AWL Agri Business Limited equity	Agricultural Food & other Products	1.06%	Jul 2025	1.2 yrs	+0.14%
27	Honeywell Automation India Limited equity	Industrial Manufacturing	1.04%	Jun 2024	2.3 yrs	-0.06%
28	Graphite India Limited equity	Industrial Products	1.03%	Aug 2025	1.1 yrs	-0.09%
29	Bajaj Finserv Limited equity	Finance	0.99%	May 2026	4 mo	+0.07%
30	Hindustan Unilever Limited equity	Diversified FMCG	0.96%	Jul 2026	2 mo	+0.96%
31	MRF Limited equity	Auto Components	0.96%	Oct 2024	1.9 yrs	+0.03%
32	Life Insurance Corporation Of India equity	Insurance	0.95%	Aug 2026	1 mo	+0.95%
33	Dabur India Limited equity	Personal Products	0.93%	Jul 2025	1.2 yrs	+0.47%
34	Jindal Steel Limited equity	Ferrous Metals	0.89%	Mar 2023	3.5 yrs	-0.06%
35	Hero MotoCorp Limited equity	Automobiles	0.89%	Mar 2024	2.5 yrs	+0.05%
36	NHPC Limited equity	Power	0.87%	Jan 2026	8 mo	+0.06%
37	Emami Limited equity	Personal Products	0.86%	Jan 2025	1.7 yrs	+0.04%
38	Greenply Industries Limited equity	Consumer Durables	0.85%	Mar 2023	3.5 yrs	+0.09%
39	Mas Financial Services Limited equity	Finance	0.84%	Jun 2024	2.3 yrs	-0.06%
40	Bayer Cropscience Limited equity	Fertilizers & Agrochemicals	0.84%	Aug 2024	2.1 yrs	-0.16%
41	TeamLease Services Limited equity	Commercial Services & Supplies	0.84%	Jun 2023	3.3 yrs	+0.30%
42	Mahindra Lifespace Developers Limited equity	Realty	0.83%	Mar 2023	3.5 yrs	+0.03%
43	Swiggy Limited equity	Retailing	0.83%	Jun 2025	1.3 yrs	+0.39%
44	United Spirits Limited equity	Beverages	0.82%	Aug 2025	1.1 yrs	-0.27%
45	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	0.81%	Mar 2023	3.5 yrs	+0.35%
46	Glenmark Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.81%	Sep 2025	1.0 yrs	+0.03%
47	Petronet LNG Limited equity	Gas	0.81%	Mar 2026	6 mo	+0.16%
48	Styrenix Performance Materials Limited equity	Chemicals & Petrochemicals	0.78%	Jun 2024	2.3 yrs	-0.16%
49	The Ramco Cements Limited equity	Cement & Cement Products	0.77%	Mar 2023	3.5 yrs	+0.10%
50	Finolex Industries Limited equity	Industrial Products	0.77%	Jan 2025	1.7 yrs	-0.19%
51	Max Financial Services Limited equity	Insurance	0.77%	Sep 2023	3.0 yrs	-0.09%
52	RHI Magnesita India Limited equity	Industrial Products	0.76%	Apr 2024	2.4 yrs	-0.08%
53	Natco Pharma Limited equity	Pharmaceuticals & Biotechnology	0.75%	Apr 2026	5 mo	+0.40%
54	Info Edge (India) Limited equity	Retailing	0.75%	Jan 2026	8 mo	-0.10%
55	NTPC Limited equity	Power	0.75%	Mar 2024	2.5 yrs	-0.18%
56	United Breweries Limited equity	Beverages	0.74%	Mar 2023	3.5 yrs	+0.06%
57	Exide Industries Limited equity	Auto Components	0.72%	Feb 2026	7 mo	-0.01%
58	Engineers India Limited equity	Construction	0.70%	Apr 2026	5 mo	+0.08%
59	State Bank of India equity	Banks	0.69%	Jul 2025	1.2 yrs	+0.03%
60	Pfizer Limited equity	Pharmaceuticals & Biotechnology	0.69%	Mar 2024	2.5 yrs	+0.03%
61	ICICI Prudential Life Insurance Company Limited equity	Insurance	0.67%	Apr 2026	5 mo	+0.15%
62	Titan Company Limited equity	Consumer Durables	0.66%	Jun 2024	2.3 yrs	-0.60%
63	Crompton Greaves Consumer Electricals Limited equity	Consumer Durables	0.65%	Nov 2025	10 mo	+0.17%
64	Havells India Limited equity	Consumer Durables	0.65%	Oct 2025	11 mo	+0.25%
65	Jubilant Foodworks Limited equity	Leisure Services	0.65%	Mar 2026	6 mo	+0.21%
66	Shree Cement Limited equity	Cement & Cement Products	0.64%	Jan 2026	8 mo	+0.03%
67	RBL Bank Limited equity	Banks	0.62%	May 2025	1.3 yrs	-0.68%
68	PB Fintech Limited equity	Financial Technology (Fintech)	0.61%	Jan 2026	8 mo	-0.26%
69	Aptus Value Housing Finance India Limited equity	Finance	0.58%	Sep 2025	1.0 yrs	-0.09%
70	JSW Infrastructure Ltd equity	Transport Infrastructure	0.55%	Apr 2026	5 mo	+0.08%
71	3M India Limited equity	Diversified	0.54%	Oct 2024	1.9 yrs	-0.02%
72	Whirlpool of India Limited equity	Consumer Durables	0.52%	Dec 2025	9 mo	+0.45%
73	Dalmia Bharat Limited equity	Cement & Cement Products	0.51%	Jul 2026	2 mo	+0.51%
74	Automotive Axles Limited equity	Auto Components	0.48%	Dec 2025	9 mo	-0.02%
75	Rallis India Limited equity	Fertilizers & Agrochemicals	0.47%	Apr 2026	5 mo	+0.16%
76	Cipla Limited equity	Pharmaceuticals & Biotechnology	0.46%	Feb 2026	7 mo	-0.02%
77	Oil & Natural Gas Corporation Limited equity	Oil	0.45%	Jul 2026	2 mo	+0.45%
78	Pine Labs Limited equity	Financial Technology (Fintech)	0.43%	Jun 2026	3 mo	+0.43%
79	Trent Limited equity	Retailing	0.42%	Dec 2025	9 mo	-0.16%
80	One 97 Communications Limited equity	Financial Technology (Fintech)	0.42%	Mar 2026	6 mo	-0.35%
81	KEC International Limited equity	Construction	0.41%	Feb 2024	2.6 yrs	-0.10%
82	Cera Sanitaryware Limited equity	Consumer Durables	0.37%	Dec 2025	9 mo	-0.01%
83	Coromandel International Limited equity	Fertilizers & Agrochemicals	0.37%	May 2026	4 mo	+0.01%
84	Cholamandalam Financial Holdings Limited equity	Finance	0.36%	Jun 2026	3 mo	+0.36%
85	Syngene International Limited equity	Healthcare Services	0.36%	Feb 2026	7 mo	+0.10%
86	Mahanagar Gas Limited equity	Gas	0.35%	Jun 2026	3 mo	+0.35%
87	UTI Asset Management Company Limited equity	Capital Markets	0.35%	Jul 2026	2 mo	+0.35%
88	Britannia Industries Limited equity	Food Products	0.34%	Oct 2025	11 mo	-0.37%
89	DLF Limited equity	Realty	0.34%	May 2026	4 mo	+0.14%
90	Orchid Pharma Limited equity	Pharmaceuticals & Biotechnology	0.32%	Jan 2026	8 mo	-0.09%
91	Dhanuka Agritech Limited equity	Fertilizers & Agrochemicals	0.31%	Jul 2025	1.2 yrs	-0.08%
92	Zensar Technologies Limited equity	IT - Software	0.29%	Aug 2026	1 mo	+0.29%
93	Container Corporation of India Limited equity	Transport Services	0.29%	Aug 2026	1 mo	+0.29%
94	NTPC Green Energy Limited equity	Power	0.29%	May 2026	4 mo	-0.06%
95	Bharat Heavy Electricals Limited equity	Electrical Equipment	0.29%	Jan 2026	8 mo	-0.28%
96	Vedanta Aluminium Metal Limited equity	Non - Ferrous Metals	0.28%	Apr 2026	5 mo	+0.11%
97	Samvardhana Motherson International Limited equity	Auto Components	0.28%	Mar 2025	1.5 yrs	-0.72%
98	Tube Investments of India Limited equity	Auto Components	0.27%	Jan 2026	8 mo	-0.27%
99	Sobha Limited equity	Realty	0.27%	Feb 2024	2.6 yrs	-0.22%
100	JK Lakshmi Cement Limited equity	Cement & Cement Products	0.26%	Jul 2026	2 mo	+0.26%
101	Dr. Lal Path Labs Limited equity	Healthcare Services	0.25%	Dec 2025	9 mo	-0.30%
102	Indraprastha Gas Limited equity	Gas	0.24%	Jun 2026	3 mo	+0.24%
103	Varun Beverages Limited equity	Beverages	0.23%	Jun 2025	1.3 yrs	-0.09%
104	Aditya Birla Fashion and Retail Limited equity	Retailing	0.22%	Jun 2026	3 mo	+0.22%
105	Bata India Limited equity	Consumer Durables	0.22%	Jun 2026	3 mo	+0.22%
106	Ajanta Pharma Limited equity	Pharmaceuticals & Biotechnology	0.20%	Dec 2025	9 mo	-0.01%
107	Shriram Finance Limited equity	Finance	0.18%	Dec 2025	9 mo	-0.14%
108	Bajaj Housing Finance Limited equity	Finance	0.17%	May 2026	4 mo	-0.02%
109	Net Current Assets cash equivalent	—	0.17%	Mar 2023	3.5 yrs	+0.36%
110	Nestle India Limited equity	Food Products	0.12%	Aug 2024	2.1 yrs	-1.10%
111	TREPS / cash equivalents Net Receivables/Payables · cash equivalent	—	0.10%	Apr 2025	1.4 yrs	+0.36%
112	TREPS / cash equivalents Cash Margin - Derivatives · cash equivalent	—	0.07%	Apr 2025	1.4 yrs	0.00%
113	TREPS / cash equivalents Cash Margin - CCIL · cash equivalent	—	0.02%	Mar 2023	3.5 yrs	0.00%
114	Brigade Enterprises Limited equity	Realty	—	Jul 2026	2 mo	—
115	TREPS / cash equivalents Cash / Bank Balance · cash equivalent	—	—	Feb 2026	7 mo	—

Showing 1–115 of 115 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks18.0% · 17.1%

Pharmaceuticals & Biotechnology7.5% · 6.0%

Finance6.5% · 6.3%

Retailing5.9% · 4.6%

Insurance5.2% · 4.6%

IT - Software5.1% · 5.4%

Petroleum Products4.0% · 5.0%

Consumer Durables3.9% · 3.5%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap45.2%

Mid cap29.4%

Small / micro cap21.1%

Cash & equivalents4.2%

Not classified0.4%

share of the book025%50%75%100%

"Not classified" is what no cap tier could be inferred for — newly listed names, or lines without an ISIN.

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 45%
Mid cap 29%
Small / micro 21%
Cash & other 4%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date

Beat its category in 14% of three-year stretches, and averaged −0.9 points a year across all of them

22 rolling windows since 2021 · ahead by 0.3 points a year when it won, behind by 1.1 when it lost

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. Ahead by 0.3 points a year in the 3 windows it won and behind by 1.1 in the 19 it lost, so the average across all 22 is −0.9 points. The worst window ended Sep 2026, 2.4 points behind.

14%

lowest in categoryhighest in category

31th percentile · below median of 22 funds · category median 49%

windows measured22windows won3average across every window−0.94 pts a year · median −0.83when ahead, by how much+0.28 pts a year over 3 windowswhen behind, by how much−1.13 pts a year over 19 windowsworst window−2.36 pts a year, ended Sep 2026best window+0.35 pts a year, ended Feb 2025non-overlapping windows in that span1 — the rolling count overlaps, this does not

Thin record. Only 22 rolling windows — under six years of NAV. The share is shown because it was measured; it is a start, not a record, and does not qualify for the home shelf until 36 windows exist.

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 1.68% a year more than Direct

₹50,099 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

1.68 pp a year

costliest in categorycheapest in category

27th percentile · below median of 32 funds · category median 1.58 pp

on ₹1,00,000 over ten years₹50,099Direct vs Regular, annualised13.7% vs 12.0%measured over4.75 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 80% of the portfolio a year

−0.06 pts of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

80% a year

costliest in categorycheapest in category

83th percentile · top quartile of 28 funds · category median 94%

excess return per unit of turnover−0.06 pts

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 42 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

42 months

lowest in categoryhighest in category

95th percentile · top decile of 28 funds · category median 23 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

4 of 10 top picks beat their peers over the next 6 months, and averaged 1.0 points behind them

348 positions judged, one disclosure at a time · ahead by 14.8 points when it won, behind by 13.2 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 14.8 points in the 152 positions it won and behind by 13.2 in the 196 it lost, so the average across all 348 is −1.0 points. The worst position was INE786A01032 at the Mar 2023 disclosure, 41.2 points behind.

44%

lowest in categoryhighest in category

5th percentile · bottom decile of 28 funds

positions judged348beat the median stock152average across every position−0.98 pts · median −2.44when ahead, by how much+14.82 pts over 152 positionswhen behind, by how much−13.24 pts over 196 positionsworst position−41.17 pts, INE786A01032 at the Mar 2023 disclosurebest position+341.24 pts, INE089C01029 at the Feb 2026 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹3,064 Cr, 38th percentile in category; 54% of growth came from inflows

smaller than 63% of the funds in its category (28 funds) · AUM Jul 2023 → Jul 2026 · Regular plan expense ratio 2.25%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

38th percentile by AUM

largestsmallest

63th percentile · above median of 28 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.25% / 0.93% · category median 2.22%AUM, Jul 2023 → Jul 2026₹1,460 Cr → ₹3,064 Cr (+28% a year)of that change, from flows rather than returns54% net inflows · NAV +50% over the window

Assets under management, ₹ crore, Dec 2021 – Jul 2026

46 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.13% in Mar 2023 → 2.25% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this headline and record disagree

Run by Daylynn Pinto for at least 3.5 yrs

with Harshal Joshi · the factsheet archive starts Feb 2023, so this is a floor

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

No category distribution for this measure yet.

running it nowDaylynn Pinto (since at least Feb 2023), Harshal Joshi (since at least Feb 2023)share of the fund's life under the current teamnot knowable — the archive starts Feb 2023, so the tenure is a floorchanges of hands in the archive2 — last Sep 2023

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Daylynn Pinto	fund manager	by Feb 2023†	now	17.4% vs 19.3% p.a. (−1.90 pp)	0% of 6
Harshal Joshi	fund manager	by Feb 2023†	now	17.4% vs 19.3% p.a. (−1.90 pp)	0% of 6
Nishita Shah	fund manager	Jul 2023*	Aug 2023	5.5% vs 7.0% (−1.49 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. † already named on the first factsheet we hold: the stint is at least this long, and its start is not known. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year figure covers most of the fund's entire life. This scheme is about 4.9 years old and a 5-year return is being displayed for it. That is effectively a since-inception number — it measures the period the fund happened to be launched into, and separates nothing from the manager's contribution.

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notEvery fund is young once, and a short record is not a bad one. This says the number cannot bear the weight usually placed on it, not that the fund is worse than a peer.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

NAV sits 8.8 bp from its disclosed portfolio, but the replication is noisy

What this means. Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

Latest gap beyond expense accrual

−8.8 bp

expense accrual ≈ 0.238 bp a day

Jumps since the disclosure

6noisy

17 Jul 2026 +15 bp · 25 Jun 2026 −9.1 bp · 29 Jul 2026 +8.4 bp

Window

60 days

25 Jun 2026 – 18 Sep 2026

Read it this way: daily residuals within ±2 bp are trading noise and the expense ratio accruing. A jump that stays is a portfolio change the fund has not disclosed yet — the size bounds how material. A gap that opens then closes is usually a dividend going ex-date.

Marked noisy: the replication jumped on 33 days in the window. Read the gap as coverage, not as a signal.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct BANDHAN MULTI CAP FUND - GROWTH - DIRECT PLAN	growth	₹18.61	21 Sep 2026
direct BANDHAN MULTI CAP FUND - IDCW - DIRECT PLAN	idcw	₹16.40	21 Sep 2026
regular BANDHAN MULTI CAP FUND - GROWTH - REGULAR PLAN	growth	₹17.30	21 Sep 2026
regular BANDHAN MULTI CAP FUND - IDCW - REGULAR PLAN	idcw	₹15.09	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹18.61
Regular growth NAV: ₹17.30
NAV divergence to date: 7.6% — same portfolio, priced differently
Regular costs more by: 1.68% a year
On ₹1,00,000 over ten years: ₹50,099

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

Compare with

same category, by size

Nippon India Multi Cap Fund Kotak Multi Cap Fund SBI MultiCap Fund HDFC Multi Cap Fund pick any fund…