HDFC Multi-Asset Active FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
HDFC Multi-Asset Active FOF Direct Growth Plan currently has a NAV of ₹20.542 as of 16 Sep 2026 and an AUM of ₹6,200 Cr. Its 1-year, 3-year and 5-year returns are 5.03%, 12.66% and 12.68%, and the scheme carries a High Risk profile. Our view is that this is a multi-asset fund with a steadier long-term return profile than its recent shorter-term patch, but the return pattern and portfolio mix still make it better suited to investors who can handle meaningful fluctuations.
With a low expense ratio of 0.07% and a diversified FOF structure, the fund can appeal to investors looking for a single allocation that blends equity, debt and gold exposures through underlying schemes. The trade-off is that the recent one-year outcome has been modest versus its longer history, so patience and a multi-year horizon matter more than short-term expectations.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹20.542 as of 16 Sep 2026 |
| AUM | ₹6,200 Cr |
| Expense Ratio | 0.07% |
| Launch Date | 05 May 2021 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | Nil upto 15% of units and 1% for remaining units on or before 1Y, Nil after 1Y |
| Fund Managers | Srinivasan Ramamurthy, Anil Bamboli, Bhagyesh Kagalkar |
The fund is managed by Srinivasan Ramamurthy, Anil Bamboli and Bhagyesh Kagalkar.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.39% | -4.41% |
| 3M | 0.61% | -3.6% |
| 1Y | 5.03% | -7.76% |
| 3Y | 12.66% | 5.74% |
| 5Y | 12.68% | 5.67% |
Near term, the fund has been uneven but not weak in absolute terms. The 1-month return stayed negative, while the 3-month figure turned mildly positive, which tells us the fund has had some recent recovery rather than a smooth run. That pattern is consistent with a multi-asset structure that can move around from one period to the next, especially when its underlying sleeves do not move in step.
Over 1 year, the fund delivered 5.03% while the benchmark fell 7.76%. That gap matters because it shows the fund held up materially better than the index over the same stretch. The monthly path also suggests that the latest year was not linear; there were phases of softness and rebound, which is typical when the portfolio mixes equity, debt and gold-oriented allocations.
The longer record is more constructive. The 3-year and 5-year returns are both above 12%, while the benchmark is in the mid-single digits over the same horizons. That means the fund has not only protected better in the recent year, it has also compounded at a noticeably faster pace over multiple years. Our reading is that the return profile looks more compelling on a patient holding period than on a one-year lens.
At the same time, the recent 1-year result is much lower than the 3-year and 5-year numbers, so investors should not assume a straight-line pace from the longer track record. The fund appears capable of producing better multi-year outcomes than the benchmark, but the short-term path can still be choppy.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD HDFC Multi-Asset Active FOF?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding HDFC Multi-Asset Active FOF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| HDFC Multi-Asset Active FOF Direct Growth Plan | 5.03% | 12.66% | 12.68% |
| SBI Silver ETF FOF Direct Growth Plan | 76.71% | Data not available | Data not available |
| Kotak Silver ETF FoF Direct Growth Plan | 75.91% | 45.12% | Data not available |
| Axis Silver FoF Direct Growth Plan | 74.42% | 45.18% | Data not available |
| Zerodha Silver ETF FoF Direct Growth Plan | 73.46% | Data not available | Data not available |
| Nippon India Silver ETF FOF Direct Growth Plan | 72.65% | 43.94% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund’s 1-year return is far below the five peer funds listed here, which all show very strong recent silver-linked performance. That comparison is less helpful for judging the fund’s core style because these peers are concentrated in a very different return driver, but it still shows the current fund has not matched the headline one-year gains available elsewhere in the peer set.
The longer-term picture is more balanced. Where 3-year and 5-year figures are available, this fund’s 12.66% and 12.68% are below the 43% to 45% range shown by the silver-oriented peers with available medium-term data. Even so, the current fund’s numbers are steadier across time, while several peers have missing 5-year histories or limited longer-term track records. That makes the short-term and longer-term comparisons tell different stories.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Large Cap Fund – Direct Plan – Growth Option | Domestic Mutual Funds Units | 18.82% |
| HDFC Flexi Cap Fund – Direct Plan- Growth Option | Domestic Mutual Funds Units | 17.63% |
| HDFC Gold Exchange Traded Fund | Domestic Mutual Funds Units – Gold | 12.04% |
| HDFC Short Term Fund – Growth Option – Direct Plan | Domestic Mutual Funds Units | 8.68% |
| HDFC Corporate Bond Fund – Growth Option – Direct Plan | Domestic Mutual Funds Units | 7.59% |
| HDFC Small Cap Fund – Direct Plan- Growth Option | Domestic Mutual Funds Units | 5.95% |
| HDFC Medium Term Fund – Growth Option – Direct Plan | Domestic Mutual Funds Units | 3.91% |
| HDFC Banking & Financial Services Fund – Direct Plan – Growth Option | Domestic Mutual Funds Units | 3.67% |
| HDFC Large & Mid Cap Fund – Direct Plan- Growth Option | Domestic Mutual Funds Units | 3.11% |
| HDFC Technology Fund – Direct Plan – Growth Option | Domestic Mutual Funds Units | 3.09% |
The top 10 holdings account for approximately 84.49% of the portfolio.
To see all holdings, visit the HDFC Multi-Asset Active FOF Direct Growth Plan page
The largest holding is HDFC Large Cap Fund – Direct Plan – Growth Option at 18.82%, which is large enough to matter but not so dominant that it defines the entire portfolio on its own. The tenth holding is still 3.09%, so the drop from first to tenth is meaningful, yet the spread does not collapse after the top position.
The mix suggests that a few positions may carry more influence than the rest, especially because the top 10 together account for 84.49% of the disclosed holdings and there are 19 holdings in total. That points to a portfolio that is fairly concentrated in its visible core, even though it still extends beyond the first page of holdings.
We also note that the portfolio is spread across equity-oriented funds, debt-oriented funds and gold exposure through underlying schemes. That structure may help balance return sources, but it also means the fund’s outcome could depend on how those sleeves move relative to each other over time.
Source data date: as of 16 Sep 2026
Who should invest
This fund fits investors who are comfortable with High Risk and can stay invested for several years. The 3-year and 5-year returns are stronger than the benchmark, but the latest 1-year result is far more modest, so the fund is better suited to people who can tolerate uneven stretches.
It may appeal to investors who want a multi-asset structure rather than a pure equity fund, especially because the holdings include equity funds, debt funds and gold. The main trade-off is that this diversification can smooth some swings over time, but it can also leave the fund lagging very strong single-asset phases, as the peer comparison highlights.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: Nil upto 15% of units and 1% for remaining units on or before 1Y, Nil after 1Y.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of HDFC Multi-Asset Active FOF Direct Growth Plan?
Its NAV is ₹20.542 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 5.03% over 1 year, 12.66% over 3 years and 12.68% over 5 years.
How has the fund performed versus the benchmark?
It has outperformed the benchmark across 1-year, 3-year and 5-year periods. The benchmark return figures are -7.76%, 5.74% and 5.67% for those same horizons.
How does it compare with the peer funds listed here?
Its 1-year return is much lower than the five peer funds shown, which are heavily driven by silver-linked allocations. Over 3 years, its available return is also below the peer figures that are available, but the comparison is not identical because several peers have missing longer-term data.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
What is the fund’s risk profile and who manages it?
It is tagged as High Risk. The fund is managed by Srinivasan Ramamurthy, Anil Bamboli and Bhagyesh Kagalkar.
Bottom line
HDFC Multi-Asset Active FOF Direct Growth Plan has a much better long-term return profile than its latest 1-year result suggests, and it has also held up better than the benchmark over the periods shown. The portfolio is built around a fairly concentrated core of underlying funds, with equity, debt and gold sleeves all playing a role. That mix can support diversification, but it also means the fund may not move in a straight line. It is best viewed as a multi-year holding for investors comfortable with High Risk and some variability in returns.
Published on 17 September 2026 at 10:01 AM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.