DSP Multi Asset Allocation Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
DSP Multi Asset Allocation Fund Direct Growth Plan has an NAV of ₹16.4989 as of 16 Sep 2026 and a scheme AUM of ₹10,989 Cr. Its 1-year, 3-year and 5-year returns are 12.2%, 0% and 0%, and the fund sits in the High Risk category. Our view is that the fund has shown a steadier one-year profile than its benchmark, but the short track record and mixed near-term swings mean it suits investors who can accept meaningful fluctuation in a multi-asset allocation approach.
That combination of recent gain, no meaningful multi-year track record in the figures available here, and a portfolio that blends cash, gold, equity, debt and derivatives makes the fund more relevant for investors looking for diversification rather than a simple equity-led return story.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹16.4989 as of 16 Sep 2026 |
| AUM | ₹10,989 Cr |
| Expense Ratio | 0.25% |
| Launch Date | 27 Sep 2023 |
| Min SIP | ₹100 |
| 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 12M, Nil after 12M |
| Fund Managers | Aparna Karnik, Shantanu Godambe, Ravi Gehani |
The fund is managed by Aparna Karnik, Shantanu Godambe and Ravi Gehani.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.97% | -3.66% |
| 3M | -1.13% | -3.71% |
| 1Y | 12.2% | -7.13% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The recent pattern is uneven, but the fund has still held up better than the benchmark over 1 month, 3 months and 1 year. That matters because the benchmark has been weak over the same windows, while the fund has still kept the 1-year figure in positive territory.
The short-term series suggests a phase of mild weakness followed by recovery and then another softer stretch. That is not unusual for a multi-asset fund that carries both market exposure and defensive elements, but it does mean the ride is not smooth. The one-year path was stronger than the benchmark’s path, so the fund has added value versus the comparison index over that horizon.
There is no 3-year or 5-year return figure available in the current record, so we cannot describe a mature long-term compounding trend from the trailing returns alone. For now, the evidence is mainly about how the fund has behaved through the latest year, and that evidence points to resilience rather than consistency.
Our read is that the fund is still establishing its longer record, so investors should place more weight on the structure of the portfolio and on how they feel about short-term volatility than on a long-term return history that is not yet visible here.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD DSP 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 DSP Multi Asset Allocation? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| 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 latest one-year numbers, the fund trails the stronger peer figures in this set, especially the 360 ONE and Quant schemes, while staying close to Bandhan. That leaves the short-term story mixed rather than weak. Where the comparison becomes more limited is the longer horizon, because only one peer in the set has usable 3-year and 5-year figures, and those are clearly stronger than the current fund’s unavailable multi-year record.
So the peer picture points in two directions at once: the fund is competitive in the one-year frame versus some peers, but it does not yet show a visible multi-year track record in the figures available for review. That makes the current comparison useful for momentum, but less informative for judging persistent compounding.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| TREPS / Reverse Repo Investments | Cash & Cash Equivalents and Net Assets | 16.25% |
| DSP Gold ETF | Domestic Mutual Funds Units – Gold | 11.66% |
| Nifty Sep26 | Derivatives-Futures | 8.96% |
| DSP Nifty 50 Equal Wieght ETF | Domestic Mutual Funds Units | 5.63% |
| 6.90% GOI 15042065 | Government Securities | 4.04% |
| HDFC Bank Limited | Bank | 3.49% |
| Axis Bank Limited | Bank | 3.11% |
| ICICI Bank Limited | Bank | 3.02% |
| Bharti Airtel Limited | Telecom | 1.85% |
| Reliance Industries Limited | Crude Oil | 1.58% |
The largest holding, TREPS / Reverse Repo Investments, is 16.25%, which is a meaningful cash-like anchor at the top of the portfolio. That may help dampen day-to-day swings, but it also means a notable slice of the portfolio is parked in very defensive instruments rather than in direct market risk assets.
The weight then drops to 11.66% in DSP Gold ETF and 8.96% in Nifty Sep26 before stepping down into the 5% and 4% range. By the tenth holding, the weight is down to 1.58%, so the visible top slice is spread across several positions rather than dominated by one or two names. The top 10 holdings account for approximately 59.59% of the portfolio, and the total disclosed holding count is 56, so the fund likely has a fairly long tail beyond the largest names.
That pattern suggests the portfolio is not narrowly concentrated in a single bet, but it still gives greater influence to the first few positions because the largest allocations are materially bigger than the lower ones. In our view, the mix of cash, gold, derivatives, government securities and large banks may create diversification benefits, while also keeping the portfolio sensitive to changes in several market segments at once.
To see all holdings, visit the DSP Multi Asset Allocation Fund Direct Growth Plan page
Source data date: as of 16 Sep 2026
Who should invest
This fund fits investors who can handle High Risk and are comfortable with a multi-asset structure that may move differently from a plain equity fund. The one-year return is positive, but the lack of visible multi-year figures means the decision should lean more on risk tolerance and portfolio role than on a long record of compounding.
It is better suited to a medium- to longer-term horizon, where the mix of cash, gold, debt and equity exposure may have time to work through different market phases. The main trade-off is clear: diversification may reduce reliance on one asset class, but it also means returns can look uneven over shorter windows and may not track the benchmark closely.
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 10% of units and 1% for remaining units on or before 12M, Nil after 12M.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of DSP Multi Asset Allocation Fund Direct Growth Plan?
The current NAV is ₹16.4989 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 12.2%, while the 3-year and 5-year returns are Data not available.
How has the fund done versus the benchmark?
It has done better than the Nifty 50 over 1 month, 3 months and 1 year. The 1-year fund return of 12.2% compares with -7.13% for the benchmark.
How does it compare with peer funds on 1-year returns?
Its 1-year return of 12.2% is below 360 ONE Multi Asset Allocation Fund Direct Growth Plan at 18.54%, Quant Multi Asset Allocation Fund Direct Growth Plan at 14.8% and Kotak Multi Asset Allocation Fund Direct Growth Plan at 14.1%, while staying close to Bandhan Multi Asset Allocation Fund Direct Growth Plan at 12.25%.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund, and what stands out in the portfolio?
The fund is managed by Aparna Karnik, Shantanu Godambe and Ravi Gehani. Its portfolio is notable for a sizeable allocation to TREPS / Reverse Repo Investments, along with gold, derivatives, government securities and large banks.
Bottom line
DSP Multi Asset Allocation Fund Direct Growth Plan has a short but informative track record: the latest one-year figure is positive and better than the benchmark, but the medium-term return record is not yet visible in the figures available here. Against peers, it is competitive on the one-year measure, though several comparable funds have stronger recent numbers. The portfolio’s mix of cash-like assets, gold, debt and equity exposures suits investors who want diversification and can accept High Risk along with uneven shorter-term movement.
Published on 18 September 2026 at 9:36 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.