Kotak Multicap Fund

Diversified

Equity

India Super Value

Others

Aggressive growth Investor Profile

Investor Profile

1–7 yearsInvestment Horizon

HNI, UHNI, Retail Investor, Mass AffluentTarget Segments

SEBI registered equity mutual fund suitable for all investor categoriesRegulatory Fit

Kotak Multicap Fund Growth invests across all company sizes in India for flexible growth.

What This Strategy Does

Kotak Multicap Reg Gr is an equity flexi-cap fund which captures India's broad-based economic growth through a multi-cap investment approach, deploying capital across financials, industrials, and consumer sectors to achieve benchmark-aligned compounding.

CW Expert Research Notes

Consistent Outperformance

The fund has demonstrated an ability to consistently outperform its benchmark and category peers across multiple time periods, reflecting a robust investment process and skilled management team.

Differentiated Construction

The fund's portfolio construction differs from peers through its unique sector positioning and stock selection approach, resulting in a distinct multi-cap exposure profile aligned with the managers' high-conviction views.

Earnings Resilience

The fund's holdings exhibit strong earnings resilience and downside protection characteristics, potentially positioning it well to navigate market volatility while participating in upside.

Performance and Risk Analysis

Historical returns, volatility patterns, and how this fund has performed relative to its benchmark.

Fund Performance

3.7% AnnuallyAlpha

+14.9% vs +6.5% benchmarkSince Inception

+15.0% vs +6.3% benchmark3Y Annualized

+14.9% vs +6.5% benchmark5Y Annualized

Kotak Multicap Fund

Benchmark Index

Benchmark Performance Comparison

Kotak Multicap Fund

NIFTY 50

Risk Profile

Standard Deviation19.4%

Maximum Drawdown-20.5% | Oct 2024

Sharpe Ratio0.07

Beta1.00

Upside Capture112%

Detailed Risks

Market Risk

Potential economic slowdown in India could dampen consumer demand, impacting earnings.

Liquidity Risk

High mid-cap exposure could face liquidity stress during market sell-offs.

Concentration Risk

Concentrated in Indian equities, vulnerable to domestic policy or regulatory shifts.

Specific Strategy Risk

Fund's multi-cap strategy execution hinges on stock selection across market caps.

Strategy Details

A closer look at the investment thesis, portfolio construction, and current holdings.

Core Investment Theme

Delivers flexibility that matters during market transitions. By investing across capitalizations without constraints, this approach allows fund managers to rotate capital toward the best risk-reward opportunities—whether that's defensiveness in large caps during uncertainty or growth capture in smaller companies during expansions. This adaptability can smooth portfolio returns across varying market conditions.

Broader Market View

Market Outlook

Equity markets appear to be entering a mid-cycle phase, with consumption and earnings recovery gaining traction. This normalization backdrop, supported by trends like reviving capex and credit growth, offers an attractive entry point. However, risks such as margin pressures and cyclicality in sectors like consumer discretionary and industrials warrant a balanced approach.

Why This Strategy is Attractive Now

The strategy seems well-positioned to capitalize on the current environment through its diversified exposure across consumer, financial, and technology sectors. The portfolio's holdings in market leaders combined with a flexible, risk-adjusted approach appears aligned with the mid-cycle dynamics. With around 70 holdings, the strategy offers a blend of growth and defensive qualities.

Investment Style & Process

Investment Style

The portfolio exhibits characteristics of a Quality Growth approach, emphasizing companies with durable competitive advantages, consistent earnings growth, and reasonable valuations across large and mid-cap market segments.

Why it Makes Sense

In the current environment of moderating economic growth and elevated uncertainty, a Quality Growth strategy focused on companies with pricing power, recurring revenue streams, and strong balance sheets can provide downside protection while participating in secular growth opportunities.

High-Level Investment Process

Sourcing: The strategy appears to source investment ideas through a combination of quantitative screening for quality metrics like high returns on capital, stable cash flows, and attractive growth runways, complemented by fundamental bottom-up research. Selection: The selection process suggests a preference for companies with sustainable competitive advantages, proven management execution, and reasonable valuations relative to growth prospects and quality characteristics. Construction: Portfolio construction is consistent with a multi-capitalization core approach, maintaining exposure across sectors with an emphasis on diversification and risk management through position sizing based on conviction levels.

Portfolio Holdings Overview

SectoralAllocation

Financial Services29.13%

Utilities5.48%

Technology6.97%

Energy & Infra1.75%

Capital Goods22.51%

Consumers22.7%

Services11.46%

Geographic Allocation

Domestic100%

Top Stock Holdings

CompanySectorAllocation

Maruti Suzuki India LtdConsumers4.44%

Hero MotoCorp LtdConsumers3.61%

IndusInd Bank LtdFinancial Services3.55%

Radico Khaitan LtdConsumers3.12%

Indus Towers Ltd Ordinary SharesServices3.07%

NTPC LtdUtilities3.05%

State Bank of IndiaFinancial Services2.99%

Shriram Finance LtdFinancial Services2.95%

Power Finance Corp LtdFinancial Services2.89%

ITC LtdConsumers2.65%

Fund House Management

The asset management company’s track record, AUM scale, and fund manager credentials.

Fund Manager Track Record

Abhishek Bisen

Mr. Abhishek Bisen has experience of 22 years. Manages 425 funds at Kotak Mahindra Asset Management Co Ltd with an AUM of approximately ₹78,491 Cr Holds a M.B.A. degree.

47 years

Combined Team Experience

₹ 1,21,832 Cr

Assets Under Management

Devender Singhal

Co-Portfolio Manager

Mr. Devender Singhal has experience of 24 years. Manages 56 funds at Kotak Mahindra Asset Management Co Ltd with an AUM of approximately ₹43,341 Cr Holds a B.A.(Hons. degree.

CW Expert Take

Kotak brings banking-grade risk assessment to fund management. Their strength is in identifying mispriced opportunities while maintaining portfolio quality. The equity teams focus on sustainable business models, while their debt strategies emphasize credit selection and liquidity management—reflecting the parent group's risk culture.

Firm Overview

Total AUM₹5,80,249.31 Cr

Investment Philosophy & Approach

Disciplined Approach

Kotak AMC follows a disciplined, team-based investment approach underpinned by robust processes.

Risk Management

The firm emphasizes rigorous risk management with a focus on portfolio stability.

Long-Term Mindset

Kotak AMC maintains a long-term capital allocation mindset aligned with investor interests.

Operational & Regulatory Details

What it costs to invest, transaction mechanics, and regulatory disclosures you should know.

Costs and Fees

Total Expense Ratio (TER)1.6%

Exit Load1

Regulatory & Tax Information

INF174KA1HS9

ISIN

DailyDealing Frequency

Nifty 500 Multicap 50:25:25 TR INRBenchmark

LTCG | >1Year 12.5%% on gain above 1.25 Lakh

STCG | <1Year 20%%

Tax Implications (India)