JM Multi Asset Allocation Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
JM Multi Asset Allocation Fund Direct Growth Plan has a NAV of ₹10.1784 as of 16 Sep 2026 and a scheme AUM of ₹159 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0% respectively, and the scheme is tagged as High Risk. Our view is that this is a new multi-asset strategy with a high-risk profile, so the early numbers matter less than how the portfolio builds a long-term record from here.
Because the fund launched only on 15 Jul 2026, the current return history is still very short. That means investors should read the present NAV move, benchmark behaviour and portfolio mix together rather than over-weighting the return line alone.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹10.1784 as of 16 Sep 2026 |
| AUM | ₹159 Cr |
| Expense Ratio | 0.0% |
| Launch Date | 15 Jul 2026 |
| Min SIP | ₹1,000 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 60D, Nil after 60D |
| Fund Managers | Asit Bhandarkar, Deepak Gupta., Killol Pandya, Satish Ramanathan |
The fund is managed by Asit Bhandarkar, Deepak Gupta., Killol Pandya and Satish Ramanathan.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.46% | -4.41% |
| 3M | Data not available | Data not available |
| 1Y | 0% | Data not available |
| 3Y | 0% | Data not available |
| 5Y | 0% | Data not available |
The short window matters most here because the fund has been live only since mid-July 2026. In the one month that is available, the fund fell less than the Nifty 50 benchmark, which points to somewhat better cushioning in a weak patch.
At the same time, the longer-horizon figures do not yet give us a meaningful compounding track record. The 1-year, 3-year and 5-year fields all read as 0% because the scheme has not been around long enough to build those histories, so they should not be read as actual trailing returns.
That leaves us with a fund that is still in its early phase. The recent pattern suggests it has not been a straight-line mover, but the available history is too short to judge how it behaves through a full market cycle.
Against the benchmark, the fund has done better over the most recent month, but the absence of longer-term history keeps the comparison narrow. For now, the main signal is that the scheme is new and still forming a return profile rather than showing a mature one.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD JM 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 JM Multi Asset Allocation? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| JM Multi Asset Allocation Fund Direct Growth Plan | 0% | 0% | 0% |
| ITI Multi Asset Allocation Fund Direct Growth Plan | Data not available | Data not available | Data not available |
| JM Multi Asset Allocation Fund Direct Growth Plan | Data not available | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The peer table shows very limited usable history for this category slice, so the comparison is more about data availability than a clear return spread. On the figures available, the current fund does not yet show a measurable trailing 1-year result, while the only short-horizon evidence we do have is the 1-month figure, where it held up better than the benchmark.
Because the peers also lack usable 1-year, 3-year and 5-year figures here, we cannot build a meaningful long-run peer comparison yet. That means the near-term contrast looks slightly better than the benchmark, but the broader peer story is still unsettled and should be treated as an early read rather than a finished outcome.
Source data date: as of 16 Sep 2026
Want to know more? Log in to Univest for more mutual fund insights.
Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Tata Mutual Fund- Gold ETF | Domestic Mutual Funds Units – Gold | 7.52% |
| DSP Mutual Fund- Gold ETF | Domestic Mutual Funds Units – Gold | 4.78% |
| Manipal Health Enterprises Limited | Domestic Equities | 4.06% |
| Ccil | Cash & Cash Equivalents and Net Assets | 3.37% |
| 6.94% GOI 11-May-2036 | Government Securities | 3.14% |
| 8.75% Piramal Finance Ltd 29-Oct-2027 | Corporate Debt | 3.14% |
| 6.68% GOI 27-Jan-2033 | Government Securities | 3.13% |
| 6.36% GOI 16-Feb-2031 | Government Securities | 3.11% |
| 182 Days Treasury Bill 14-Jan-2027 | Treasury Bills | 3.08% |
| 6.85% NABARD 19-Jan-2029** | Corporate Debt | 3.08% |
The largest holding is Tata Mutual Fund- Gold ETF at 7.52%, which is sizable but not overwhelming on its own. The next few positions are much closer together, with several holdings clustered around the 3% to 5% range, so the portfolio does not rely on one single line item to dominate the visible book.
The drop from the first holding to the tenth is relatively modest rather than steep. That suggests the disclosed core is spread across gold ETFs, equities, government securities, corporate debt and treasury bills, which may help reduce dependence on any one asset type even though the mix still looks active and multi-layered.
The top 10 holdings account for approximately 38.41% of the portfolio, and there are 51 disclosed holdings in total. That combination points to a visible core plus a longer tail, so the fund may have meaningful exposure to several small positions beyond the top names while still keeping the biggest allocations at manageable sizes.
To see all holdings, visit the JM Multi Asset Allocation Fund Direct Growth Plan page
Source data date: as of 16 Sep 2026
Who should invest
This fund fits investors who are comfortable with High Risk and who can stay invested long enough for a young multi-asset strategy to show a fuller pattern. The current history is too short to treat the 1-year, 3-year and 5-year figures as established performance, so a patient horizon matters more than short-term expectations.
The main trade-off is between diversification across gold, equity and fixed-income lines on one side, and the uncertainty that comes with a newly launched scheme on the other. Investors who want a fund that is still building a record, and who can tolerate early volatility, may find the setup more relevant than someone looking for a mature trailing-history profile.
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: 1% on or before 60D, Nil after 60D.
No exit load applies after the holding period.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of JM Multi Asset Allocation Fund Direct Growth Plan?
Its NAV is ₹10.1784 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
They are 0%, 0% and 0% respectively, but the fund launched only on 15 Jul 2026, so the longer figures do not reflect a full performance history.
How has the fund done versus Nifty 50 recently?
Over 1 month, the fund return is -2.46% while the benchmark return is -4.41%. That means the fund has held up better in the latest month.
What minimum SIP amount is required?
The minimum SIP amount is ₹1,000.
Who manages the fund?
The fund is managed by Asit Bhandarkar, Deepak Gupta., Killol Pandya and Satish Ramanathan.
What is the exit load and risk profile?
The scheme is tagged High Risk. The exit load is 1% on or before 60 days and nil after 60 days.
Bottom line
This is a newly launched High Risk multi-asset fund, so the most useful read is its structure rather than a long performance record. Recent behaviour has been a little better than the benchmark over 1 month, but the 1-year, 3-year and 5-year figures are not yet meaningful in practice. The portfolio leans on a mix of gold ETFs, equities and debt-style exposures, and the top 10 holdings account for 38.41% of disclosed holdings, which suggests a visible core alongside a longer tail. It suits investors who can accept early-stage uncertainty and wait for the strategy to build a fuller history.
Published on 17 September 2026 at 5:18 PM IST
Explore mutual funds with Univest
Review mutual fund data, compare performance and explore fund insights on Univest.
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.