Contents
All multi asset allocation funds compared
Largest fund first. Returns are for the direct plan, compound annual, to 13 October 2026. The base expense ratio is what the fund house charges; the total adds brokerage, exchange charges and taxes on the fund's own trades. Returns are after all of it.
| Fund | Base expense ratio, direct | Total expense ratio, direct | Total expense ratio, regular | 1 year | 3 years | 5 years | Average assets |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Multi Asset Allocation FundICICI Prudential Mutual Fund | 0.57% | 0.85% | 1.43% | -0.74% | 13.07% | 13.94% | ₹86,744 cr |
| SBI Multi Asset Allocation FundSBI Mutual Fund | 0.48% | 0.66% | 1.39% | 5.16% | 14.14% | 12.52% | ₹20,580 cr |
| Nippon India Multi Asset Allocation FundNippon India Mutual Fund | 0.30% | 0.48% | 1.44% | 6.05% | 18.08% | 14.32% | ₹17,454 cr |
| Kotak Multi Asset Allocation FundKotak Mahindra Mutual Fund | 0.44% | 0.63% | 1.76% | 6.35% | 16.95% | – | ₹15,048 cr |
| DSP Multi Asset Allocation FundDSP Mutual Fund | 0.37% | 0.62% | 1.58% | 6.52% | 17.34% | – | ₹10,742 cr |
| WhiteOak Capital Multi Asset Allocation FundWhiteOak Capital Mutual Fund | 0.38% | 0.65% | 1.67% | 7.93% | 16.36% | – | ₹8,527 cr |
| Aditya Birla Sun Life Multi Asset Allocation FundAditya Birla Sun Life Mutual Fund | 0.51% | 0.67% | 1.78% | 5.92% | 15.19% | – | ₹7,410 cr |
| UTI Multi Asset Allocation FundUTI Mutual Fund | 0.64% | 0.89% | 1.81% | 0.33% | 14.19% | 12.45% | ₹6,968 cr |
| Quant Multi Asset Allocation Fundquant Mutual Fund | 0.55% | 1.13% | 2.28% | 10.19% | 21.57% | 18.04% | ₹6,467 cr |
| HDFC Multi Asset Allocation FundHDFC Mutual Fund | 0.73% | 1.01% | 2.02% | -0.65% | 11.14% | 10.14% | ₹5,968 cr |
| Tata Multi Asset Allocation FundTata Mutual Fund | 0.45% | 0.65% | 1.95% | 0.60% | 11.84% | 11.14% | ₹5,219 cr |
| Bandhan Multi Asset Allocation FundBandhan Mutual Fund | 0.43% | 0.83% | 2.16% | 7.52% | – | – | ₹3,670 cr |
| Mirae Asset Multi Asset Allocation FundMirae Asset Mutual Fund | 0.35% | 0.64% | 2.14% | 6.03% | – | – | ₹3,622 cr |
| Sundaram Multi Asset Allocation FundSundaram Mutual Fund | 0.43% | 0.78% | 2.10% | -0.71% | – | – | ₹3,338 cr |
| HSBC Multi Asset Allocation FundHSBC Mutual Fund | 0.47% | 0.97% | 2.27% | 5.22% | – | – | ₹3,161 cr |
| Edelweiss Multi Asset Allocation FundEdelweiss Mutual Fund | 0.42% | 0.79% | 1.12% | 6.10% | 7.53% | – | ₹2,931 cr |
| Franklin India Multi Asset Allocation FundFranklin Templeton Mutual Fund | 0.40% | 0.54% | 1.95% | 2.20% | – | – | ₹2,884 cr |
| Axis Multi Asset Allocation FundAxis Mutual Fund | 0.65% | 1.20% | 2.28% | 3.46% | 12.95% | 7.99% | ₹2,553 cr |
| Bajaj Finserv Multi Asset Allocation FundBajaj Finserv Mutual Fund | 0.45% | 0.74% | 2.20% | 2.32% | – | – | ₹1,950 cr |
| Baroda BNP Paribas Multi Asset FundBaroda BNP Paribas Mutual Fund | 0.75% | 0.92% | 2.06% | 1.94% | 13.24% | – | ₹1,464 cr |
| Canara Robeco Multi Asset Allocation FundCanara Robeco Mutual Fund | 0.58% | 0.92% | 2.33% | 4.02% | – | – | ₹1,378 cr |
| Mahindra Manulife Multi Asset Allocation FundMahindra Manulife Mutual Fund | 0.40% | 0.57% | 1.88% | 5.43% | – | – | ₹1,210 cr |
| Invesco India Multi Asset Allocation FundInvesco Mutual Fund | 0.42% | 0.54% | 1.68% | 6.09% | – | – | ₹1,202 cr |
| Union Multi Asset Allocation FundUnion Mutual Fund | 0.90% | 1.30% | 2.41% | 4.20% | – | – | ₹1,004 cr |
| LIC MF Multi Asset Allocation FundLIC Mutual Fund | 0.59% | 1.07% | 2.38% | 0.78% | – | – | ₹987 cr |
| 360 ONE Multi Asset Allocation Fund360 ONE Mutual Fund | 0.37% | 0.58% | 2.15% | 9.82% | – | – | ₹500 cr |
| Samco Multi Asset Allocation FundSamco Mutual Fund | 0.64% | 2.30% | 3.78% | 1.75% | – | – | ₹397 cr |
| Groww Multi Asset Allocation FundGroww Mutual Fund | 0.55% | 1.01% | 2.66% | -0.68% | – | – | ₹387 cr |
| Bank of India Multi Asset Allocation FundBank of India Mutual Fund | 0.70% | 1.03% | 2.18% | 8.13% | – | – | ₹372 cr |
| PGIM India Multi Asset Allocation FundPGIM India Mutual Fund | 0.54% | 0.85% | 2.56% | – | – | – | ₹305 cr |
| The Wealth Company Multi Asset Allocation FundThe Wealth Company Mutual Fund | 0.35% | 1.23% | 2.84% | – | – | – | ₹202 cr |
| Shriram Multi Asset Allocation FundShriram Mutual Fund | 0.46% | 0.62% | 2.48% | 2.07% | 10.33% | – | ₹144 cr |
| JM Multi Asset Allocation FundJM Financial Mutual Fund | 0.40% | 1.05% | 2.73% | – | – | – | ₹134 cr |
| AlphaGrep Multi Asset Allocation FundAlphaGrep Mutual Fund | 0.31% | 1.38% | 3.19% | – | – | – | ₹59 cr |
| Quantum Multi Asset Allocation FundQuantum Mutual Fund | 0.35% | 0.45% | 2.03% | -2.13% | – | – | ₹58 cr |
| Capitalmind Multi Asset Allocation FundCapitalmind Mutual Fund | 0.42% | 0.89% | 2.37% | – | – | – | ₹39 cr |
| ITI Multi Asset Allocation FundITI Mutual Fund | 0.35% | 1.93% | 3.62% | – | – | – | ₹37 cr |
Expense ratios as disclosed on 13 October 2026; brokerage, transaction costs and levies in the total are averages since 1 April, annualised, as AMFI publishes them. Returns: Direct-Growth plan NAVs to 13 October 2026. Average assets: July–September 2026, all plans. All from AMFI. A dash means the fund is too young for the period. The order is by size; it is not a ranking or a recommendation.
What is a multi asset allocation fund?
A multi asset allocation fund is a hybrid mutual fund that SEBI requires to invest in at least three asset classes, with at least 10% of its assets in each. In practice the three are usually Indian shares, debt, and gold or silver. Funds cannot buy physical gold; they hold gold and silver through exchange traded funds, or through exchange-traded commodity derivatives, which are capped at 30% of the fund. Foreign shares do not count as a separate asset class.
Above those minimums, each fund house sets its own ranges in the scheme information document. ICICI Prudential’s fund states a range of 65% to 80% in equity; Nippon India’s states 50% to 80%, including overseas shares. Both sit in the same category, but they are taxed differently.
Why multi asset funds differ so much
- Share of equity: the biggest driver of how much the fund rises and falls.
- Gold and silver: they often move differently from shares, which is the point of holding them, but their own prices swing too, silver especially.
- Debt: steadies the fund and earns interest; its share and quality vary by fund.
- Hedged shares: some funds hold part of their equity as arbitrage positions, shares bought with an equal futures sale. These count as equity for tax but barely move with the market.
The fund’s monthly factsheet shows its actual mix. The returns in the table reflect each fund’s mix over the period as much as the manager’s choices, so a fund that held more gold during a gold rally will look better than one that did not.
How multi asset allocation funds are taxed
Tax depends on what the fund holds, so it differs from fund to fund. Under the Income-tax Act, 2025, which applies from 1 April 2026, there are three cases. Only listed shares of Indian companies count toward the 65% equity test (section 198); gold and silver ETFs, REITs, InvITs and foreign shares do not.
- At least 65% in listed shares of Indian companies, on average over the year (hedged shares count): an equity-oriented fund. Gains on units held 12 months or less are taxed at 20%; held longer, long-term gains above ₹1.25 lakh a year (counted with your other equity gains) are taxed at 12.5%.
- More than 65% in debt and money market instruments: gains on units bought on or after 1 April 2023 are taxed at your slab rate however long you hold them (section 76).
- Anything in between, for example 40% shares, 35% debt and 25% gold: gains on units held more than 24 months are long-term and taxed at 12.5% without indexation (section 197); held 24 months or less, they are taxed at your slab rate.
The scheme information document says how each fund is treated. For example, ICICI Prudential’s scheme document classifies its fund as equity-oriented, while Nippon India’s taxes its fund under the rules for funds that are not equity-oriented, long-term after 24 months. The treatment can change if a fund’s mix changes. Surcharge, where it applies, and 4% cess come on top. For resident investors there is no TDS on capital gains when you redeem; dividend (IDCW) payouts above ₹10,000 in a year have 10% tax deducted. Tax rules change; check your own case with a tax adviser.
When a multi asset fund makes sense
- One fund instead of three: shares, debt and gold in a single holding, rebalanced by the fund. When the fund moves money between assets, you pay no tax on it; you would if you sold one fund to buy another yourself.
- A moderate-risk core holding: for someone who wants more growth than a debt fund but smaller falls than an equity fund.
- Check what you already hold: if you own equity funds and a gold fund, a multi asset fund adds to both rather than diversifying. Link your funds to see your overall mix.
Risks to know
- Equity falls: the equity share can fall sharply in a market decline.
- Commodity prices: gold and silver can fall for long stretches.
- Debt: credit risk and interest-rate risk on the bonds the fund holds.
- The mix can change: within the ranges in the scheme document, the fund can shift between assets, and with it its risk and tax treatment.
How to choose a multi asset allocation fund
- Direct plan: the same portfolio for a lower expense ratio. See direct vs regular plans.
- The mix and its ranges: read the asset allocation table in the scheme document and the latest factsheet. Pick the mix you want before you compare returns.
- Tax treatment: decide whether you want equity-oriented tax; it rules some funds in or out.
- Base expense ratio: compare what fund houses charge; the total also depends on trading. How the expense ratio works.
- Track record: many funds in the category are new. Give more weight to funds with three or more years of returns.
Questions people ask
A hybrid mutual fund that SEBI requires to invest in at least three asset classes, with at least 10% of its assets in each. Most hold Indian shares, debt, and gold or silver; each fund sets its own ranges above the minimums.
Over the year to 13 October 2026, the direct plans of 31 multi asset allocation funds returned between -2.13% and 10.19%, with a median of 4.20%. Returns depend mostly on each fund's mix of shares, debt, gold and silver, so they vary widely.
It depends on the fund. With at least 65% in listed Indian shares it is taxed as an equity fund: 20% within 12 months, 12.5% on long-term gains above ₹1.25 lakh. With more than 65% in debt, gains are taxed at your slab rate. In between, gains after 24 months are taxed at 12.5% and earlier ones at your slab rate. The scheme document states which applies.
A balanced advantage fund moves between shares and debt, usually by a valuation model, and is mostly taxed as an equity fund. A multi asset fund also holds gold or silver, at least 10% in each of three asset classes, and its tax depends on its mix.
Yes. Over the year to 13 October 2026, 5 of the 31 funds with a year's record had a negative return. Holding several assets usually makes falls smaller than in an equity fund, but it does not prevent them.
Related
This page is educational research based on AMFI data. It is not a recommendation to invest in any scheme, or personalised investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not guarantee future returns. Registration granted by SEBI, enlistment with IAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.