Groww · Multi Cap

Groww Multicap Fund

Equity Scheme - Multi Cap Fund Direct plan, growth riskometer: Very high benchmark: Nifty 500 Multicap 50:25:25 Index launched 26 Nov 2024 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹12.66

−0.42% since 18 Sep 2026, the previous NAV

1 year

18.2%

return

3 years

not enough history

5 years

not enough history

Since launch

14.3%

a year, over 1.8 years

Assets (AUM)

₹246 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.31% / 1.82%

a year, as of Aug 2026

Holdings

top ten are 28% of the fund · Aug 2026

Disclosed history

1.5 yrs

Dec 2024 – Aug 2026 · 4 of 11 checks could run

Fund managers

Anupam Tiwari · since Nov 2024Saptarshee Chatterjee · since Sep 2025Gagan Thareja · since Jan 2026Nikhil Satam · since Jul 2026

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 2.06 percentage points a year more than Direct

₹65,785 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 Anupam Tiwari for 1.8 yrs

with Saptarshee Chatterjee, Gagan Thareja, Nikhil Satam. 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.

Anupam Tiwari's other funds →

NAVTracking gap

NAV sits 0.16 percentage points from its disclosed portfolio, but the replication is noisy

11 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

Not measurable yet: needs three years of NAV and a category median.

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.

See every window →

headline and record disagree 2 checks 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 2024

22 month-ends · ₹9.94 → ₹12.66, 1.3× since Dec 2024

Deepest fall (max drawdown)

−16.5%

2 Jan 2025 → 3 Mar 2025

Worst month

−10.7%

Mar 2026

Days to recover

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 · 78 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	TREPS 01-SEP-2026 money market	—	3.90%	Aug 2026	1 mo	+3.90% points
2	TD Power Systems Limited equity	Electrical Equipment	3.46%	Aug 2026	1 mo	+3.46% points
3	Ather Energy Limited equity	Automobiles	2.90%	Nov 2025	10 mo	+1.20% points
4	Ujjivan Small Finance Bank Limited equity	Banks	2.86%	Jan 2026	8 mo	+0.85% points
5	Bharti Airtel Limited equity	Telecom - Services	2.70%	Apr 2025	1.4 yrs	+0.98% points
6	APAR INDUSTRIES LTD equity	Electrical Equipment	2.65%	Feb 2026	7 mo	−0.54% points
7	Ashok Leyland Limited equity	Agricultural, Commercial & Construction Vehicles	2.65%	Apr 2025	1.4 yrs	+1.64% points
8	OnEMI Technology Solutions Limited equity	Finance	2.43%	May 2026	4 mo	+1.01% points
9	Max Financial Services Limited equity	Insurance	2.41%	Apr 2025	1.4 yrs	+0.95% points
10	Multi Commodity Exchange of India Ltd. equity	Capital Markets	2.39%	Jan 2026	8 mo	−0.75% points
11	Mahindra & Mahindra Limited equity	Automobiles	2.36%	Dec 2024	1.8 yrs	+1.60% points
12	SAGILITY INDIA LIMITED equity	IT - Services	2.24%	Jul 2026	2 mo	+2.24% points
13	Yatharth Hospital & Trauma Care Serv Ltd equity	Healthcare Services	2.19%	Nov 2025	10 mo	+0.53% points
14	Hyundai Motor India Limited equity	Automobiles	2.10%	Jul 2026	2 mo	+2.10% points
15	TREPS / cash equivalents Net Receivable/Payable · cash equivalent	—	1.88%	Dec 2024	1.8 yrs	+0.35% points
16	Schaeffler India Ltd equity	Auto Components	1.87%	Apr 2025	1.4 yrs	−0.13% points
17	Dhoot Transmission Limited equity	Auto Components	1.83%	Aug 2026	1 mo	+1.83% points
18	Shriram Finance Limited equity	Finance	1.80%	May 2026	4 mo	+1.18% points
19	FSN E-Commerce Ventures Limited equity	Retailing	1.73%	Jul 2026	2 mo	+1.73% points
20	TENNECO CLEAN AIR INDIA LIMITED equity	Auto Components	1.64%	Aug 2026	1 mo	+1.64% points
21	L&T Finance Limited equity	Finance	1.59%	Oct 2025	11 mo	+0.33% points
22	Blue Jet Healthcare Ltd equity	Pharmaceuticals & Biotechnology	1.58%	Jun 2026	3 mo	+1.58% points
23	TUBE INVESTMENTS OF INDIA LTD equity	Auto Components	1.54%	Apr 2025	1.4 yrs	−0.23% points
24	Larsen & Toubro Limited equity	Construction	1.53%	Apr 2025	1.4 yrs	−1.52% points
25	CRAFTSMAN AUTOMATION LIMITED equity	Auto Components	1.52%	Mar 2026	6 mo	+0.34% points
26	HDFC Bank Limited equity	Banks	1.50%	Apr 2025	1.4 yrs	−0.55% points
27	Eicher Motors Limited equity	Automobiles	1.46%	Apr 2025	1.4 yrs	+0.65% points
28	Escorts Kubota Limited equity	Agricultural, Commercial & Construction Vehicles	1.42%	Aug 2026	1 mo	+1.42% points
29	Bharat Electronics Limited equity	Aerospace & Defense	1.41%	May 2026	4 mo	+0.15% points
30	BSE Ltd equity	Capital Markets	1.41%	Dec 2025	9 mo	−1.91% points
31	ICICI Bank Limited equity	Banks	1.36%	Apr 2025	1.4 yrs	−0.81% points
32	APL Apollo Tubes Limited equity	Industrial Products	1.33%	Apr 2025	1.4 yrs	+0.28% points
33	State Bank of India equity	Banks	1.30%	Sep 2025	1.0 yrs	+0.04% points
34	FINE ORGANIC INDUSTRIES LIMITED equity	Chemicals & Petrochemicals	1.30%	Dec 2024	1.8 yrs	0.00% points
35	Coforge Limited equity	IT - Software	1.29%	Jan 2026	8 mo	−0.43% points
36	Cummins India Limited equity	Industrial Products	1.25%	Apr 2025	1.4 yrs	−0.45% points
37	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	1.24%	Apr 2025	1.4 yrs	−1.38% points
38	Shyam Metalics and Energy Ltd. equity	Industrial Products	1.21%	May 2026	4 mo	+0.71% points
39	ICICI Prudential AMC Ltd equity	Capital Markets	1.17%	Jun 2026	3 mo	+1.17% points
40	SBFC Finance Limited equity	Finance	1.15%	Jan 2026	8 mo	+0.06% points
41	INDIA SHELTER FIN CORP LTD equity	Finance	1.08%	Jan 2026	8 mo	−0.04% points
42	Bajaj Finance Limited equity	Finance	1.02%	Jun 2025	1.3 yrs	−0.62% points
43	Azad Engineering Limited equity	Electrical Equipment	1.02%	Mar 2026	6 mo	−0.15% points
44	Page Industries Limited equity	Textiles & Apparels	1.02%	Aug 2026	1 mo	+1.02% points
45	GE Vernova T&D India Limited equity	Electrical Equipment	1.02%	Aug 2026	1 mo	+1.02% points
46	Indegene Limited equity	Healthcare Services	0.90%	Aug 2026	1 mo	+0.90% points
47	VENUS PIPES & TUBES LTD equity	Industrial Products	0.89%	Jan 2026	8 mo	−0.30% points
48	Data Patterns (India) Limited equity	Aerospace & Defense	0.89%	Apr 2025	1.4 yrs	−0.10% points
49	Bank of Maharashtra equity	Banks	0.87%	Jan 2026	8 mo	−1.28% points
50	Godrej Consumer Products Limited equity	Personal Products	0.85%	Jul 2026	2 mo	+0.85% points
51	Home First Finance Company India Limited equity	Finance	0.82%	Jan 2026	8 mo	−0.53% points
52	Vedanta Aluminium Metal Limited equity	Non - Ferrous Metals	0.82%	Aug 2026	1 mo	+0.82% points
53	MphasiS Limited equity	IT - Software	0.81%	May 2026	4 mo	+0.10% points
54	Prudent Corporate Advisory Services Ltd equity	Capital Markets	0.81%	Apr 2025	1.4 yrs	−0.55% points
55	Coromandel International Limited equity	Fertilizers & Agrochemicals	0.81%	Apr 2025	1.4 yrs	+0.29% points
56	LG Electronics India Limited equity	Consumer Durables	0.79%	Aug 2026	1 mo	+0.79% points
57	Dr. Reddy's Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.75%	Jul 2026	2 mo	+0.75% points
58	Tamilnad Mercantile Bank Ltd. equity	Banks	0.74%	Mar 2026	6 mo	−0.65% points
59	LEAP India Limited equity	Commercial Services & Supplies	0.71%	Aug 2026	1 mo	+0.71% points
60	Aether Industries Limited equity	Chemicals & Petrochemicals	0.65%	May 2026	4 mo	−0.28% points
61	Krishna Institute of Medical Science Ltd equity	Healthcare Services	0.61%	Apr 2025	1.4 yrs	−0.07% points
62	Anthem Biosciences Limited equity	Pharmaceuticals & Biotechnology	0.58%	Jul 2025	1.2 yrs	−0.69% points
63	Cholamandalam Invest & Finance Co Ltd equity	Finance	0.55%	Apr 2025	1.4 yrs	−0.10% points
64	Samvardhana Motherson International Ltd equity	Auto Components	0.53%	May 2026	4 mo	−0.47% points
65	TVS Motor Company Limited equity	Automobiles	0.52%	May 2026	4 mo	−0.41% points
66	RBL Bank Limited equity	Banks	0.49%	May 2026	4 mo	−0.44% points
67	Symbiotec Pharmalab Ltd equity	Pharmaceuticals & Biotechnology	0.47%	Aug 2026	1 mo	+0.47% points
68	Cholamandalam Financial Holdings Limited equity	Finance	0.46%	Apr 2025	1.4 yrs	−0.80% points
69	Titan Company Limited equity	Consumer Durables	0.44%	Jun 2026	3 mo	+0.44% points
70	Elecon Engineering Company Limited equity	Electrical Equipment	0.44%	Jul 2026	2 mo	+0.44% points
71	JK Cement Limited equity	Cement & Cement Products	0.37%	Jan 2026	8 mo	−0.14% points
72	Infosys Limited equity	IT - Software	0.36%	Jun 2026	3 mo	+0.36% points
73	Gaja Alternative AMC Limited equity	Capital Markets	0.36%	Aug 2026	1 mo	+0.36% points
74	Bajaj Auto Limited equity	Automobiles	0.29%	Feb 2026	7 mo	−0.37% points
75	Cosmo First Limited equity	Industrial Products	0.24%	Jul 2026	2 mo	+0.24% points
76	SBI Funds Management Ltd equity	Capital Markets	0.21%	Jul 2026	2 mo	+0.21% points
77	Trent Limited equity	Retailing	0.20%	Aug 2026	1 mo	+0.20% points
78	Action Construction Equipment Ltd equity	Agricultural, Commercial & Construction Vehicles	0.07%	Jul 2026	2 mo	+0.07% points

Showing 1–78 of 78 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Finance10.9% · 5.7%

Automobiles9.6% · 5.8%

Banks9.1% · 9.7%

Auto Components8.9% · 4.3%

Electrical Equipment8.6% · 3.9%

Capital Markets6.3% · 5.1%

Industrial Products4.9% · 4.2%

Agricultural, Commercial & Construction Vehicles4.1%

share of the book05%10%15%

By market cap, Aug 2026

Large cap25.2%

Mid cap29.8%

Small / micro cap39.2%

Cash & equivalents5.8%

share of the book025%50%75%100%

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

Large cap 25%
Mid cap 30%
Small / micro 39%
Cash & other 6%

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

Not measurable yet. Needs at least three years of month-end NAV and a category median; not computed for this fund yet.

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.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

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 2.06 percentage points a year more than Direct

₹65,785 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.

Why this matters: What does a Regular plan actually cost? 6 min

2.06% points a year

costliest in categorycheapest in category

5th percentile · bottom decile of 32 funds · category median 1.58% points

on ₹1,00,000 over ten years₹65,785Direct vs Regular, annualised14.8% vs 12.7%measured over1.75 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 179% of the portfolio a year

+0.07% points 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.

Why this matters: What does a monthly portfolio not tell you? 6 min

179% a year

costliest in categorycheapest in category

5th percentile · bottom decile of 28 funds · category median 94%

excess return per unit of turnover+0.07% points

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 9 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.

9 months

lowest in categoryhighest in category

5th percentile · bottom 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

6 of 10 top picks beat their peers over the next 6 months, and averaged 5.9 percentage points ahead of them

120 positions judged, one disclosure at a time · ahead by 17.8 percentage points when it won, behind by 12.5 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 17.8 percentage points in the 73 positions it won and behind by 12.5 in the 47 it lost, so the average across all 120 is +5.9 percentage points. The worst position was INE108V01019 at the Aug 2025 disclosure, 40.8 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

61%

lowest in categoryhighest in category

95th percentile · top decile of 28 funds

positions judged120beat the median stock73average across every position+5.91% points · median +4.57when ahead, by how much+17.75% points over 73 positionswhen behind, by how much−12.48% points over 47 positionsworst position−40.76% points, INE108V01019 at the Aug 2025 disclosurebest position+72.94% points, INE419M01027 at the Nov 2025 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

₹246 Cr, 9th percentile in category; 99% of growth came from inflows

smaller than 91% of the funds in its category (28 funds) · AUM Dec 2024 → Aug 2026 · Regular plan expense ratio 2.75%

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.

9th percentile by AUM

largestsmallest

91th percentile · top decile of 28 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.75% / 1.05% · category median 2.22%AUM, Dec 2024 → Aug 2026₹12 Cr → ₹246 Cr (+526% a year)of that change, from flows rather than returns99% net inflows · NAV +28% over the window

Assets under management, ₹ crore, Dec 2024 – Aug 2026

9 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.30% in Dec 2024 → 2.75% 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 Anupam Tiwari for 1.8 yrs

with Saptarshee Chatterjee, Gagan Thareja, Nikhil Satam

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.

Why this matters: Whose record is the three-year number? 5 min

1.8 yrs · Anupam Tiwari

newest teamlongest-serving

50th percentile · above median of 13 funds · category median 1.8 yrs

running it nowAnupam Tiwari (since Nov 2024), Saptarshee Chatterjee (since Sep 2025), Gagan Thareja (since Jan 2026), Nikhil Satam (since Jul 2026)share of the fund's life under the longest-serving current manager100%changes of hands in the archive3 — last Jul 2026

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
Anupam Tiwari	fund manager	Nov 2024	now	16.2% vs 6.8% p.a. (+9.43% points)	—
Saptarshee Chatterjee	fund manager	Sep 2025	now	24.5% vs 12.2% p.a. (+12.30% points)	—
Gagan Thareja	fund manager	Jan 2026	now	17.8% vs 7.1% (+10.68% points)	—
Nikhil Satam	fund manager	Jul 2026	now	7.8% vs 4.5% (+3.24% points)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. 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 record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 1.8 years, against a 5-year figure on display. Nikhil Satam joined roughly 0.2 years ago. A record earned under different people is not evidence about these ones.

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 notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. It does mean the displayed record is the house’s more than the person’s.

Tracking gap

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

NAV sits 0.16 percentage points 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

+0.16% points

expense added back ≈ 0.60% a year

Jumps since the disclosure

11noisy

18 Sep 2026 −0.27% points · 27 Aug 2026 −0.24% points · 19 Aug 2026 +0.22% points

Window

60 days

25 Jun 2026 – 18 Sep 2026

Each point is one day's gap in percentage points — a hundredth of a point is what a day's trading noise looks like.

Read it this way: a daily residual under about 0.02 percentage points — two hundredths of a point — is 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 48 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 Groww Multicap Fund - Direct - Growth	growth	₹12.66	21 Sep 2026
direct Groww Multicap Fund - Direct - IDCW	idcw	₹12.66	21 Sep 2026
regular Groww Multicap Fund - Regular - Growth	growth	₹12.26	21 Sep 2026
regular Groww Multicap Fund - Regular - IDCW	idcw	₹12.26	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹12.66
Regular growth NAV: ₹12.26
NAV divergence to date: 3.3% — same portfolio, priced differently
Regular costs more by: 2.06% points a year
On ₹1,00,000 over ten years: ₹65,785

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

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