Multi Asset Allocation Mutual Funds in India
Updated June 2026 · 42 active funds · data from AMFI NAVs · benchmark: NIFTY 50 Hybrid Composite Debt 65:35 Index (derived)
Multi Asset Allocation funds are SEBI-defined hybrids that must invest in at least three asset classes, with a minimum of 10% allocated to each. In practice this usually means Indian equity, debt and a commodity such as gold or silver, and sometimes overseas equity or REITs. The point of the third (and fourth) asset is diversification: gold and equity, for example, often move differently, so blending them can smooth the overall ride. The asset mix and how actively it is shifted vary widely from fund to fund — some run a fairly steady equity-debt-gold split, others tilt more tactically — so two Multi Asset funds can behave quite differently. Risk and return depend heavily on the actual equity weight, which also determines tax treatment. Investors use these as a diversified core that handles asset-class spreading for them, reducing reliance on any single market. FindMF benchmarks this category against the NIFTY 50 Hybrid Composite Debt 65:35 Index and computes returns, volatility, Sharpe and benchmark-relative metrics from AMFI daily NAVs using its disclosed methodology, so you can compare funds despite their differing recipes.
Who it suits: Investors who want one fund to diversify across equity, debt and commodities like gold, instead of buying each separately.
100% of the 24 funds here with a computed alpha beat their benchmark over the measured window (positive alpha). Past performance is not indicative; this is analysis, not advice.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | quant Multi Asset Allocation Fund quant | +17.25% | +24.52% | +20.85% | 1.18 | -15.9% | 0.61% | ₹4.8K Cr |
| 2 | Nippon India Multi Asset Allocation Fund Nippon India | +12.54% | +19.96% | +16.06% | 1.06 | -10.8% | 1.07% | ₹12.6K Cr |
| 3 | SBI MULTI ASSET ALLOCATION FUND SBI | +10.75% | +17.08% | +13.68% | 0.99 | -8.6% | 0.76% | ₹15.2K Cr |
| 4 | Aditya Birla Sun Life Multi Asset Allocation Fund Aditya Birla Sun Life | +10.97% | +16.76% | - | 1.10 | -12.8% | 0.56% | ₹6.1K Cr |
| 5 | ICICI Prudential Multi - Asset Fund ICICI Prudential | +3.83% | +16.56% | +17.15% | 1.28 | -9.5% | 0.80% | ₹80.6K Cr |
| 6 | UTI Multi Asset Allocation Fund UTI | +3.85% | +16.56% | +13.83% | 0.80 | -11.4% | 0.62% | ₹6.8K Cr |
| 7 | WhiteOak Capital Multi Asset Allocation Fund WhiteOak Capital | +11.07% | +16.39% | - | 1.74 | -6.1% | 0.42% | ₹6.3K Cr |
| 8 | Baroda BNP Paribas Multi Asset Fund Baroda BNP Paribas | +5.75% | +16.04% | - | 0.86 | -11.9% | 0.88% | ₹1.4K Cr |
| 9 | Tata Multi Asset Allocation Fund Tata | +6.37% | +14.78% | +13.43% | 0.85 | -10.3% | 0.66% | ₹4.9K Cr |
| 10 | Axis Multi Asset Allocation Fund Axis | +8.28% | +13.71% | +10.43% | 0.48 | -17.4% | 0.93% | ₹2.1K Cr |
| 11 | HDFC Multi - Asset Fund HDFC | +2.66% | +12.70% | +11.77% | 0.79 | -8.9% | 0.82% | ₹5.7K Cr |
| 12 | Kotak Multi Asset Allocation Fund Kotak Mahindra | +18.07% | - | - | 1.11 | -13.8% | 0.50% | ₹12.1K Cr |
| 13 | DSP Multi Asset Allocation Fund DSP | +16.37% | - | - | 1.54 | -9.7% | 0.38% | ₹7.9K Cr |
| 14 | HSBC Multi Asset Allocation Fund HSBC | +15.75% | - | - | 0.66 | -18.7% | 1.14% | ₹2.7K Cr |
| 15 | Bandhan Multi Asset Allocation Fund Bandhan | +13.74% | - | - | 0.98 | -10.0% | 0.64% | ₹3.0K Cr |
| 16 | Invesco India Multi Asset Allocation Fund Invesco | +13.52% | - | - | 1.09 | -11.0% | 0.44% | ₹871 Cr |
| 17 | Mahindra Manulife Multi Asset Allocation Fund Mahindra Manulife | +12.46% | - | - | 0.87 | -9.5% | 1.33% | ₹1.0K Cr |
| 18 | Union Multi Asset Allocation Fund Union | +10.55% | - | - | 0.35 | -12.4% | 1.30% | ₹910 Cr |
| 19 | Mirae Asset Multi Asset Allocation Fund Mirae Asset | +9.30% | - | - | 0.82 | -9.1% | 0.51% | ₹3.1K Cr |
| 20 | Bank of India Multi Asset Allocation Fund Bank of India | +8.66% | - | - | 0.46 | -9.4% | 0.90% | ₹348 Cr |
Ranked by trailing return (3Y where available, else 1Y) on funds with at least one year of history. Returns, Sharpe, drawdown and TER are computed independently from AMFI NAVs - see methodology. No paid placement.
Frequently asked questions
How are Multi Asset Allocation funds taxed?
Taxation follows the fund's actual equity allocation. If it holds 65% or more in Indian equity, it is taxed as an equity fund: 20% short-term (under 12 months) and 12.5% long-term (12 months or more) on gains above Rs 1.25 lakh per year. If equity is under 35%, units bought on or after 1 April 2023 are taxed entirely at your slab rate regardless of holding period. Funds in between can have their own treatment, so check the specific scheme — the gold or international sleeve also affects the effective equity count.
What is a reasonable expense ratio, and how should I compare these funds?
Because portfolios differ so much, compare on structure as well as cost. Look at the equity-debt-commodity split, the direct-plan expense ratio (often roughly 0.5%-1.2% for the direct plan), and risk-adjusted return. FindMF lets you sort active Multi Asset funds by TER, volatility and Sharpe from AMFI NAVs, but always read each fund's asset mix since the benchmark is only an approximation of these multi-asset strategies.
Why does the benchmark not perfectly fit a multi-asset fund?
SEBI assigns the NIFTY 50 Hybrid Composite Debt 65:35 Index as the category default, but it contains no commodity component, while these funds usually hold gold or silver. So alpha and beta versus this benchmark should be read as indicative, not exact. FindMF discloses the benchmark used and computes metrics over at least 24 overlapping months from AMFI NAVs.
How much gold or silver do these funds hold?
It varies by fund and over time; SEBI only requires at least 10% in each of three asset classes. Some funds keep commodities near that floor, others hold more for diversification. Always check the latest portfolio rather than assuming a fixed split, since the commodity weight affects both behaviour and tax classification.