So, it depends on your risk profile and the type of goal actually For low-risk investors, the recommendations for this year include mostly large-cap funds and an index fund for moderate and high-risk investors, we are recommending multi-cap funds (asset allocation differs as per risk and duration) the reason behind recommending multi-cap over small and mid-cap separately are: a) Risk is determined more by the equity-debt asset allocation than the type of equity or debt funds you are investing in. Under high-risk selection, we have an up to 100% allocation to equity which makes it 'risky' enough. b) Multicap funds already have 20-30% exposure to mid & small-cap stocks which is good enough even for high-risk profile investors. Also, in Multicap funds, if the fund managers sense more opportunity in mid & small-cap stocks, they can easily allocate more to them as they are not restricted to any specific market cap. Hence there is no need to add separate Mid & Small-cap funds. c) Last but not least, over the last year we have observed that most investors who think they have a high-risk profile actually don't have one. They are prone to panicking at the slightest negative returns So, it's better to let the expert decide as per us cause fund managers to have more insight and resources to take such decisions