HSBC Multi Asset Allocation Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
HSBC Multi Asset Allocation Fund Direct Growth Plan is a hybrid fund with a High Risk profile. As of 17 September 2026, its NAV is ₹14.2484 and its scheme AUM is ₹3,259 Cr. Its 1-year, 3-year and 5-year returns are 10.67%, 0% and 0% respectively, which tells us the recent track has been positive but the longer history is still too short to judge a full cycle.
Our view is that this fund may suit investors who can tolerate sharp swings and want a multi-asset allocation approach rather than a narrow single-asset strategy. The portfolio is spread across equities, banks, consumer names, financials and a meaningful gold holding, which can help diversify return drivers, but the current performance record remains limited.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹14.2484 as of 17 Sep 2026 |
| AUM | ₹3,259 Cr |
| Expense Ratio | 0.47% |
| Launch Date | 28 Feb 2024 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Hybrid |
| Exit Load | Nil upto 10% of units and 1% for remaining units on or before 1Y, Nil after 1Y |
| Fund Managers | Cheenu Gupta, Mahesh Chhabria, Mohd Asif Rizwi, Praveen Ayathan |
The fund is managed by Cheenu Gupta, Mahesh Chhabria, Mohd Asif Rizwi and Praveen Ayathan.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.41% | -3.66% |
| 3M | -0.31% | -3.71% |
| 1Y | 10.67% | -7.13% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The one-month and three-month figures point to a soft but relatively controlled recent phase. The fund was negative over both periods, yet it held up better than the benchmark, which was down more sharply in each case. That gap suggests the portfolio has been less sensitive than Nifty 50 in the near term.
The one-year return is the clearest positive data point. At 10.67%, it stands well ahead of the benchmark’s negative 7.13% over the same window, so the fund has clearly added value over the past year. Even so, the return history is still short because the scheme launched in February 2024, so we would avoid reading the one-year figure as proof of long-run consistency.
The pattern also matters. The shorter windows show mild volatility rather than a smooth straight line, while the one-year path looks stronger overall. Our reading is that the fund has recently performed with more resilience than the benchmark, but investors still do not have a full 3-year or 5-year record to test whether this edge can last through a wider market cycle.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD HSBC Multi Asset Allocation?
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 HSBC Multi Asset Allocation? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| HSBC Multi Asset Allocation Fund Direct Growth Plan | 10.67% | Data not available | Data not available |
| 360 ONE Multi Asset Allocation Fund Direct Growth Plan | 18.54% | Data not available | Data not available |
| Quant Multi Asset Allocation Fund Direct Growth Plan | 14.8% | 21.38% | 19.38% |
| Kotak Multi Asset Allocation Fund Direct Growth Plan | 14.1% | Data not available | Data not available |
| Bandhan Multi Asset Allocation Fund Direct Growth Plan | 12.25% | Data not available | Data not available |
| DSP Multi Asset Allocation Fund Direct Growth Plan | 12.2% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the available one-year figures, the fund trails the stronger peer readings from 360 ONE, Quant, Kotak, Bandhan and DSP. The longer-horizon comparison is harder to make because only Quant has usable 3-year and 5-year figures, and those are higher than this fund’s currently unavailable multi-year history. That leaves the short-term picture looking respectable, but not as strong as the leading peer figures shown here.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HSBC Mutual Fund | Domestic Mutual Funds Units – Gold | 9.12% |
| ICICI Bank Limited | Bank | 8.36% |
| HDFC Bank Limited | Bank | 4.64% |
| Lenskart Solutions Limited | Domestic Equities | 4.2% |
| The Federal Bank Limited | Bank | 3.29% |
| PB Fintech Limited | IT | 3.17% |
| Meesho Limited | Retailing | 2.83% |
| TVS Motor Company Limited | Automobile & Ancillaries | 2.6% |
| Ge Vernova T&D India Limited | Capital Goods | 2.45% |
| ITC Limited | FMCG | 2.29% |
The largest disclosed holding is HSBC Mutual Fund at 9.12%, which is meaningful but not oversized for a multi-asset portfolio. The gap from the first holding to the tenth is still material, yet the weights do not collapse abruptly; instead, they step down gradually from the high single digits into the low twos. That pattern suggests the visible book is not built around one dominant position.
The top 10 holdings together account for approximately 42.95% of the portfolio, and the fund has 58 disclosed holding rows in total. That points to a fairly extended tail beyond the leading names. In our view, the concentration is moderate: the top positions may influence day-to-day movement, but the wider spread across 58 holdings could soften the impact of any single position.
Because the portfolio includes a gold-related mutual fund unit, several banks, and a mix of consumer, financial and industrial names, returns may be driven by more than one market theme at a time. That diversification can help, though it also means the fund’s path may differ from a plain equity-only scheme.
To see all holdings, visit the HSBC Multi Asset Allocation Fund Direct Growth Plan page
Source data date: as of 17 Sep 2026
Who should invest
This fund may suit investors who can handle High Risk and are comfortable with a multi-asset style that can move unevenly in the short run. The one-year return is positive, but the shorter windows are mildly negative and the longer record is still too limited to build strong confidence in durability.
We think the most suitable horizon is at least medium term, because the portfolio’s mix and the lack of 3-year and 5-year history both argue against using it as a short parking place. Relative to the benchmark, the fund has recently held up better; relative to peer figures, the one-year return is workable but not the strongest shown here. The trade-off is clear: broader diversification and some resilience versus a still-young track record.
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 up to 10% of units and 1% for remaining units if sold on or before 1 year; no exit load after holding period.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of HSBC Multi Asset Allocation Fund Direct Growth Plan?
The current NAV is ₹14.2484 as of 17 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 10.67%, while the 3-year and 5-year returns are not available because the scheme history is still too short.
How has the fund done against Nifty 50?
It has outperformed the benchmark over 1 year, 3 months and 1 month. The 1-year return is 10.67% versus the benchmark’s -7.13%.
How does the fund compare with peer funds on available return figures?
Its 1-year return is lower than several peer figures shown here, including 360 ONE, Quant, Kotak, Bandhan and DSP. The longer-horizon comparison is limited because only Quant has usable 3-year and 5-year figures.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund, and what is the exit load?
The fund is managed by Cheenu Gupta, Mahesh Chhabria, Mohd Asif Rizwi and Praveen Ayathan. The exit load is nil up to 10% of units and 1% for remaining units if sold on or before 1 year, and there is no exit load after the holding period.
Bottom line
HSBC Multi Asset Allocation Fund Direct Growth Plan has a better recent run than its benchmark, but its shorter-term returns are mixed and its 3-year and 5-year track record is still unavailable. Against the peer figures shown here, the one-year return is workable but not the strongest. The risk profile is High Risk, and the portfolio has a moderate concentration in the disclosed leading holdings while still showing a broad spread across 58 holdings. That makes it more suitable for investors who want diversification and can live with an emerging performance record.
Published on 18 September 2026 at 12:21 PM 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.