TRUSTMF Multi Cap Fund vs Union Multicap Fund
Direct Plan, Growth option · Data as on 30-10-2026
TRUSTMF Multi Cap Fund and Union Multicap Fund are both Multi Cap funds. In the year to 30-10-2026, TRUSTMF Multi Cap Fund (Direct) returned 9.5% and Union Multicap Fund (Direct) returned 2.5%. TRUSTMF Multi Cap Fund charges 1.77% a year and Union Multicap Fund 1.39% (Direct plans). Their portfolios overlap 33.8%: they hold 29 of the same securities.
TRUSTMF Multi Cap Fund
Multi Cap
- 1 year return
- 9.5%
- Expense ratio
- 1.77%
- NAV
- ₹11.51
Which is better, TRUSTMF Multi Cap or Union Multicap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- TRUSTMF Multi Cap returned more over 1 year: 9.5% against 2.5%.
- Union Multicap costs less: 1.39% a year against 1.77% (Direct plans).
- Union Multicap fell less in its worst fall since 25-07-2025: −12.7% against −12.7%.
- Union Multicap is the larger fund: ₹1,516 Cr against ₹914 Cr.
- Their portfolios overlap 33.8%: 29 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | TRUSTMF Multi Cap Fund | Union Multicap Fund |
|---|---|---|
| Fund house | Trust Mutual Fund | Union Mutual Fund |
| Category | Multi Cap | Multi Cap |
| AUM | ₹914 Cr (30-09-2026) | ₹1,516 Cr (30-09-2026) |
| NAV | ₹11.51 (Direct) | ₹17.49 (Direct) |
| Expense ratio (Direct) | 1.77% | 1.39% |
| Expense ratio (Regular) | 3.41% | 2.55% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 21-07-2025 | 19-12-2022 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Mihir Vora, Aakash Manghani | Harshad Patwardhan, Sanjay Bembalkar |
| Exit load | 1% - If redeemed/switched out within 180 days from the date of allotment. Nil - if redeemed/switched out after 180 days from the date of allotment. | Exit load of 1%, if redeemed within 15 days |
TRUSTMF Multi Cap vs Union Multicap: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| TRUSTMF Multi Cap Fund (Direct) | −1.96% | −0.60% | +8.28% | +9.51% | -- | -- | -- |
| Union Multicap Fund (Direct) | −1.63% | −2.51% | +4.54% | +2.52% | +14.18% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | -- | -- |
Category average: the average of the 33 Multi Cap funds, same plan type.
TRUSTMF Multi Cap vs Union Multicap: Year-wise Returns
| Year | TRUSTMF Multi CapTRUSTMF Multi Cap | Union MulticapUnion Multicap | Nifty500 Multicap 50:25:25 TRI |
|---|---|---|---|
| 2026to date | +9.10% | +3.55% | −5.56% |
| 2025 | -- | +3.87% | +5.29% |
| 2024 | -- | +24.03% | +19.34% |
| 2023 | -- | +33.64% | +33.74% |
TRUSTMF Multi Cap vs Union Multicap: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 65 of them, one for each trading day from 27-07-2026 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
TRUSTMF Multi Cap Fund (Direct)
Union Multicap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Aug 2026Aug 2025
to
Aug 2026Sept 2025
to
Sept 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026Oct 2025
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TRUSTMF Multi Cap | 0.0 | 0.0 | 9.2 | 18.5 | 38.5 | 33.8 | 0.0 | 17.2% | 17.8% | 6.5% | 24.4% | 100% |
| Union Multicap | 0.0 | 10.8 | 36.9 | 38.5 | 13.8 | 0.0 | 0.0 | 10.3% | 10.6% | 0.7% | 17.5% | 100% |
| Nifty500 Multicap 50:25:25 TRI | 32.3 | 36.9 | 30.8 | 0.0 | 0.0 | 0.0 | 0.0 | 2.0% | 2.6% | −7.6% | 8.5% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty500 Multicap 50:25:25 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 25-07-2025. Past returns do not promise future returns.
TRUSTMF Multi Cap vs Union Multicap: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 25-07-2025 to 30-10-2026: 16 instalments, ₹1,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| TRUSTMF Multi CapTRUSTMF Multi Cap Fund (Direct) | ₹1,60,000 | ₹1,73,229 | ₹13,229 | 11.9% |
| Union MulticapUnion Multicap Fund (Direct) | ₹1,60,000 | ₹1,65,755 | ₹5,755 | 5.1% |
TRUSTMF Multi CapTRUSTMF Multi Cap Fund (Direct)
Union MulticapUnion Multicap Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
TRUSTMF Multi Cap vs Union Multicap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | TRUSTMF Multi Cap Fund (Direct) | Union Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.51% | +2.52% |
| Standard deviation | 15.55% | 15.16% |
| Sharpe ratio | 0.27 | -0.18 |
| Sortino ratio | 0.37 | -0.24 |
| Maximum drawdown | −12.7% (23-03-2026) | −12.7% (23-03-2026) |
| Beta | 0.97 | 0.98 |
| Alpha | +15.19% | +8.30% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | TRUSTMF Multi Cap Fund (Direct) | Union Multicap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.58% | +16.48% |
| Standard deviation | 14.37% | 13.87% |
| Sharpe ratio | 0.44 | 0.74 |
| Sortino ratio | 0.59 | 1.00 |
| Maximum drawdown | −12.7% (23-03-2026) | −19.8% (28-02-2025) |
| Beta | 0.95 | 0.96 |
| Alpha | +13.60% | +3.62% |
From daily NAVs, 25-07-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
TRUSTMF Multi Cap Fund (Direct)
Union Multicap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| TRUSTMF Multi Cap Fund (Direct) | −12.7% | 17-11-2025 | 23-03-2026 | 06-05-2026 | 44 days | −6.7% |
| Union Multicap Fund (Direct) | −12.7% | 05-01-2026 | 23-03-2026 | 07-05-2026 | 45 days | −7.0% |
| Nifty500 Multicap 50:25:25 TRI | −14.6% | 02-01-2026 | 30-03-2026 | 06-07-2026 | 3 months | −8.0% |
From daily values since 25-07-2025, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
TRUSTMF Multi Cap Fund (Direct)
Union Multicap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| TRUSTMF Multi Cap Fund (Direct) | 156% | 86% | 5.31% |
| Union Multicap Fund (Direct) | 133% | 93% | 3.89% |
From month-end values since 25-07-2025. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
TRUSTMF Multi Cap vs Union Multicap: Portfolio Overlap
From each fund's latest monthly portfolio: TRUSTMF Multi Cap Fund, September 2026; Union Multicap Fund, September 2026
Holdings in common
- Overlap
- 33.8%
- Held by both
- 29
- Only in TRUSTMF Multi Cap
- 43
- Only in Union Multicap
- 48
| Security | % of TRUSTMF Multi Cap | % of Union Multicap |
|---|---|---|
| ICICI Bank Limited | 4.02% | 4.20% |
| Dixon Technologies (India) Limited | 2.21% | 1.96% |
| Multi Commodity Exchange of India Limited | 2.67% | 1.64% |
| Radico Khaitan Limited | 1.61% | 1.70% |
| Info Edge (India) Limited | 1.41% | 1.65% |
| Sansera Engineering Limited | 1.62% | 1.40% |
| Bharti Airtel Limited | 1.62% | 1.35% |
| Shriram Finance Limited | 1.27% | 1.52% |
| Ather Energy Limited | 1.19% | 1.35% |
| Karur Vysya Bank Limited | 1.19% | 2.32% |
| Coforge Limited | 1.18% | 1.33% |
| Navin Fluorine International Limited | 1.17% | 1.54% |
| Persistent Systems Limited | 1.21% | 1.13% |
| Shadowfax Technologies Limited | 1.40% | 1.01% |
| RBL Bank Limited | 1.01% | 1.20% |
| Axis Bank Limited | 1.00% | 1.53% |
| State Bank of India | 0.96% | 1.69% |
| Honasa Consumer Limited | 1.08% | 0.95% |
| Zen Technologies Limited | 1.04% | 0.94% |
| One 97 Communications Limited | 0.91% | 2.09% |
| S.J.S. Enterprises Limited | 0.88% | 2.02% |
| GE Vernova T&D India Limited | 1.42% | 0.84% |
| TVS Motor Company Limited | 0.82% | 0.88% |
| Bharat Heavy Electricals Limited | 0.81% | 1.49% |
| Nippon Life India Asset Management Limited | 1.26% | 0.80% |
| Welspun Corp Limited | 1.65% | 0.73% |
| The Federal Bank Limited | 1.13% | 0.66% |
| Hitachi Energy India Limited | 0.94% | 0.58% |
| Azad Engineering Ltd | 0.37% | 0.65% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.8% means 33.8% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in TRUSTMF Multi Cap Fund
| Security | % of fund |
|---|---|
| Eternal Limited | 2.63% |
| Lenskart Solutions Limited | 2.55% |
| Aurobindo Pharma Limited | 2.05% |
| Titan Company Limited | 2.00% |
| Laurus Labs Limited | 1.96% |
Largest holdings only in Union Multicap Fund
| Security | % of fund |
|---|---|
| HDFC Bank Ltd. | 2.95% |
| Larsen & Toubro Ltd. | 2.41% |
| Sun Pharmaceutical Industries Ltd. | 2.07% |
| Sai Life Sciences Ltd. | 1.86% |
| Gabriel India Ltd. | 1.77% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | TRUSTMF Multi Cap | Union Multicap |
|---|---|---|
| Equity | 92.0% | 92.7% |
| Debt | 0.0% | 0.1% |
| Cash and others | 8.0% | 7.2% |
Market cap of stocks
| Market cap | TRUSTMF Multi Cap | Union Multicap |
|---|---|---|
| Large Cap | 30.3% | 31.0% |
| Mid Cap | 26.5% | 29.9% |
| Small Cap | 30.6% | 31.7% |
| Not on AMFI's list | 4.7% | 0.0% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | TRUSTMF Multi Cap | Union Multicap |
|---|---|---|
| Banks | 12.5% | 16.3% |
| Pharmaceuticals & Biotechnology | 9.7% | 8.3% |
| Auto Components | 6.1% | 8.6% |
| Retailing | 8.0% | 3.2% |
| Consumer Durables | 6.5% | 4.0% |
| Electrical Equipment | 6.1% | 4.1% |
| Industrial Products | 4.2% | 4.2% |
| IT - Software | 2.4% | 4.2% |
The six largest sectors of each fund's stocks, % of the fund.
TRUSTMF Multi Cap vs Union Multicap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | TRUSTMF Multi Cap Fund | Union Multicap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.77% | 1.39% |
| Base expense ratio (Direct) | 0.51% | 0.83% |
| Total expense ratio (Regular) | 3.41% | 2.55% |
| Base expense ratio (Regular) | 1.95% | 1.82% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare TRUSTMF Multi Cap with
TRUSTMF Multi Cap Fund vs Union Multicap Fund: Frequently Asked Questions
What is the difference between TRUSTMF Multi Cap Fund and Union Multicap Fund?
Both are Multi Cap funds, run by Trust Mutual Fund and Union Mutual Fund. Their portfolios overlap 33.8%. TRUSTMF Multi Cap Fund charges 1.77% a year and Union Multicap Fund 1.39%.
Which has given higher returns, TRUSTMF Multi Cap Fund or Union Multicap Fund?
Over 1 year: TRUSTMF Multi Cap Fund +9.51%, Union Multicap Fund +2.52%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, TRUSTMF Multi Cap Fund or Union Multicap Fund?
Union Multicap Fund charges less: 1.39% a year against 1.77%. These are the Direct plans' total expense ratios reported to AMFI.
How much do TRUSTMF Multi Cap Fund and Union Multicap Fund overlap?
33.8%. They hold 29 of the same securities, the largest shared ones being ICICIBANK, DIXON, MCX. From each fund's latest monthly portfolio.
Which is riskier, TRUSTMF Multi Cap Fund or Union Multicap Fund?
On SEBI's riskometer, TRUSTMF Multi Cap Fund is rated Very High and Union Multicap Fund Very High. Over 1 years, the standard deviation of daily returns was 15.55% and 15.16% a year.
Can I invest in both TRUSTMF Multi Cap Fund and Union Multicap Fund?
Yes. 33.8% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages TRUSTMF Multi Cap Fund and Union Multicap Fund?
TRUSTMF Multi Cap Fund: Mihir Vora, Aakash Manghani. Union Multicap Fund: Harshad Patwardhan, Sanjay Bembalkar.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.