To comply with the new definition, existing multicap schemed would have had to undergo large-scale churn. “Renaming the fund as Kotak Flexicap Fund, gives an additional flexibility for us to choose between various market capitalisation buckets,” said Harsha Upadhyaya, President & CIO – Equity, Kotak MF Mahindra Asset Management Company, who also manages the fund. The fund house said the scheme “will continue to follow the top-down sectoral approach supplemented by bottom-up stock picks. The fund will also continue to take concentrated sector allocation diversified at a stock level.” Kotak MF has also filed the offer document with Sebi to launch a new multicap scheme.