Axis Multi Asset Allocation Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Axis Multi Asset Allocation Fund Direct Growth Plan is at ₹53.4322 as of 04 Sep 2026, with an AUM of ₹2,478 Cr. Its 1-year, 3-year and 5-year returns are 12.84%, 14.54% and 9.73%, and it sits in the High Risk category. Our view is that it has shown reasonable long-term compounding with a steadier recent patch than its benchmark, while its mixed-asset portfolio can help spread exposure across equity, gold, silver and cash-like holdings.

The trade-off is clear: the fund has participated in market upside, but the High Risk profile means investors need comfort with uneven short-term moves. It looks more suited to a longer horizon and to investors who want multi-asset diversification rather than a plain equity-style path.

Quick facts

The fund is managed by Ashish Naik, Devang Shah, Hardik Shah and Aditya Pagaria.

Source data date: as of 04 Sep 2026

Performance

Recent behaviour has been stronger than the benchmark. Over 1 month, the fund stayed marginally positive while the benchmark slipped, and over 3 months it gained more than twice the benchmark’s return. That short-run resilience matters because it shows the fund did not simply rely on a rising equity market to produce its latest numbers.

The 1-year return is also clearly ahead of the benchmark, which is important because the benchmark posted a negative 1-year figure. That gap tells us the fund’s multi-asset construction has recently done a better job of buffering weakness than a pure equity barometer would have done. Even so, the path has not been perfectly smooth, and the time pattern shows periods of giveback before recovery.

Looking further out, the 3-year return remains comfortably positive at 14.54%, which supports the case that the fund has compounded well through a mixed market backdrop. The 5-year return at 9.73% is lower than the 3-year pace, suggesting the longer stretch has been more modest than the more recent cycle. Against the benchmark, the fund is ahead across every displayed period, but the gap is not equally wide over the longer term.

Overall, our reading is that the fund has combined defensive qualities with positive compounding, rather than delivering a straight-line climb. That makes the recent stretch more encouraging than the benchmark, while the multi-year picture still points to a fund that can move through softer phases before recovering.

Source data date: as of 04 Sep 2026

Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On 1-year numbers, the fund trails the strongest peer figures in this group and sits below several peers that have delivered higher recent gains. That tells us its latest stretch has been more measured than the fastest movers among multi-asset peers.

The longer-term comparison is more mixed. The fund’s 3-year return is below Quant Multi Asset Allocation Fund Direct Growth Plan, but its 5-year return is also below that same peer’s longer run. For the remaining peers, longer-horizon figures are not available, so the available comparison mainly shows that the fund has not matched the most compelling longer-term data in this set.

Short-term and longer-term views therefore tell slightly different stories. The recent pace is respectable, but the peers with full multi-year data have shown stronger compounding over the periods that are available.

Source data date: as of 04 Sep 2026

Portfolio: where your money goes

The top 10 holdings account for approximately 41.08% of the portfolio.

To see all holdings, visit the Axis Multi Asset Allocation Fund Direct Growth Plan page

The largest holding, Axis Gold ETF, carries a weight of 12.74%, so it is likely to have greater influence on the fund than any other single position shown here. After that, the weights step down quickly: the next two bank holdings are below 7% and 5%, and the tenth holding is just 2.08%. That drop suggests the visible core is not dominated by one position alone, even though the top holding is meaningfully larger than the rest.

Because the top 10 together account for 41.08% of the portfolio and the full portfolio lists 71 holdings, the fund appears to spread the remaining exposure across a fairly long tail. That structure may help soften dependence on any one holding, while still leaving a few larger positions with noticeable influence.

In practical terms, this is a diversified but still fairly opinionated mix. The presence of gold and silver ETFs alongside large financials, infrastructure, telecom and energy names points to a multi-asset design that may behave differently from a simple equity-only portfolio.

Source data date: as of 04 Sep 2026

Who should invest

This fund suits investors who can tolerate High Risk and who are comfortable with a return path that can move around even when the longer-run picture stays positive. The 1-year, 3-year and 5-year figures show solid compounding, but not in a straight line, so a medium-to-long horizon is more appropriate than a short holding period.

It may appeal to investors looking for diversified exposure across assets rather than a pure equity scheme. The main trade-off is that diversification does not eliminate volatility, and the benchmark comparison shows the fund’s recent and longer-run outcomes need to be judged against a moving market backdrop, not a fixed deposit style return pattern.

Tax and exit load

Exit load: Nil on or before 12M for 10% of investment and 1% for remaining investments; nil after 12M.

Source data date: as of 04 Sep 2026

Frequently asked questions

What is the current NAV of Axis Multi Asset Allocation Fund Direct Growth Plan?

The current NAV is ₹53.4322 as of 04 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The 1-year return is 12.84%, the 3-year return is 14.54% and the 5-year return is 9.73%.

How does the fund compare with NIFTY 50?

It has outpaced NIFTY 50 across the displayed 1-month, 3-month, 1-year, 3-year and 5-year periods. The gap is especially clear over 1 year, where the fund is positive and the benchmark is negative.

How does it compare with the listed peer funds on recent returns?

Its 1-year return is below several of the listed peers, while one peer with full multi-year figures has also shown stronger 3-year and 5-year results. The recent return picture is decent, but not the strongest in this group.

Is there a minimum SIP for this fund?

The minimum SIP is ₹100.

What are the key risk and portfolio features?

The fund is marked High Risk and its portfolio mixes gold, silver, banks, infrastructure, telecom, automobile and cash-like holdings. The largest holding is Axis Gold ETF at 12.74%, and the top 10 holdings together account for 41.08% of the portfolio.

Bottom line

Axis Multi Asset Allocation Fund Direct Growth Plan has delivered a steadier recent patch than its benchmark, while its longer-term record still shows positive compounding without a smooth path. The available peer comparison suggests the fund has been respectable, though some peers have shown stronger recent or longer-horizon returns. With a High Risk profile and a portfolio anchored by gold, banks and other diversified exposures, it may suit investors who want multi-asset participation and can stay invested through uneven stretches.

Published on 5 September 2026 at 2:53 PM IST