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

Bajaj Finserv Multi Asset Allocation Fund Direct Growth Plan has a NAV of ₹12.8974 as of 28 August 2026 and an AUM of ₹1,943 Cr. Its 1-year, 3-year and 5-year returns are 17.2118%, Data not available and Data not available, and the scheme sits in the High Risk category. Our view is that it has delivered a respectable 1-year outcome, but the short operating history means investors should judge it mainly through its current portfolio mix and how it behaves versus the benchmark.

The fund may appeal to investors who want a multi-asset approach with meaningful equity, gold and cash exposure, rather than a single-asset style. The return pattern so far is more useful as a near-term check than a long record, so the fit is better for investors who can tolerate marked variation in outcomes.

Quick facts

Particulars	Details
NAV	₹12.8974
AUM	₹1,943 Cr
Expense Ratio	0.48%
Launch Date	03 Jun 2024
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	Nil upto 30% of units and 1% for remaining units on or before 1Y, Nil after 1Y
Fund Managers	Anup Kulkarni, Sabyasachi Mukerji, Siddharth Chaudhary, Cheragh Sidhwa

The fund is managed by Anup Kulkarni, Sabyasachi Mukerji, Siddharth Chaudhary and Cheragh Sidhwa.

Source data date: as of 28 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	1.81%	-0.85%
3M	4.99%	3.39%
1Y	17.21%	-2.29%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Short-term performance has been constructive. Over 1 month and 3 months, the fund stayed ahead of the benchmark, which suggests it has recently captured more upside than the Nifty 50 in a choppy stretch. The 1-year return is also clearly positive, while the benchmark is negative over the same period.

That said, the fund is still young, so the long record is not yet available. We therefore read the recent numbers as evidence of a firm start rather than proof of consistency across market cycles. The one-year path also shows enough movement to remind investors that gains have not been linear.

The comparison with the benchmark is important because it shows the fund has not merely tracked market direction; it has outpaced it over the measured windows. Even so, the absence of 3-year and 5-year figures means the fund has not yet established a longer compounding history. For investors, that makes the current pattern encouraging but incomplete.

Source data date: as of 28 Aug 2026

Should you BUY or HOLD Bajaj Finserv 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Bajaj Finserv Multi Asset Allocation Fund Direct Growth Plan	17.2118%	Data not available	Data not available
360 ONE Multi Asset Allocation Fund Direct Growth Plan	26.7411%	Data not available	Data not available
Kotak Multi Asset Allocation Fund Direct Growth Plan	22.5917%	Data not available	Data not available
Quant Multi Asset Allocation Fund Direct Growth Plan	21.981%	23.4286%	20.9214%
DSP Multi Asset Allocation Fund Direct Growth Plan	21.0113%	Data not available	Data not available
Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan	19.7188%	Data not available	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 below the stronger peer figures listed here, though it still sits in positive territory. Among peers with 3-year and 5-year figures available, Quant Multi Asset Allocation Fund Direct Growth Plan shows a longer performance record that this fund cannot yet match, while the current fund’s own shorter record remains limited to recent outcomes.

So the peer picture sends two different signals: near-term returns are acceptable, but the longer-term comparison is not yet possible for this scheme. For investors, that means the fund should be judged more on how consistently it can translate its multi-asset mix into future results than on any long history that does not yet exist.

Source data date: as of 28 Aug 2026

Portfolio: where your money goes

Market-cap bucket	Allocation
Large cap	42.09%
Mid cap	8.81%
Small cap	13.2%
Other cap	33.99%

Sector	Weight	Key holdings
BANK	17.42%	HDFC BANK LIMITED (7.46%), ICICI BANK LIMITED (3.9%)
DOMESTIC MUTUAL FUNDS UNITS – GOLD	10.97%	DSP GOLD ETF (6.79%), KOTAK MF GOLD ETF (2.58%)
DOMESTIC MUTUAL FUNDS UNITS	7.92%	BAJAJ FINSERV BANKING AND PSU FUND DR PL GR (2.63%), BAJAJ FINSERV MONEY MARKET FUND-DIRECT PLAN-GROWTH (2.27%)
FINANCE	7.26%	EMBASSY OFFICE PARKS REIT (1.6%), MINDSPACE BUSINESS PARKS REIT (0.82%)
CASH & CASH EQUIVALENTS AND NET ASSETS	6.03%	NET RECEIVABLES / (PAYABLES) (3.41%), CLEARING CORPORATION OF INDIA LTD (2.62%)

The market-cap mix is fairly spread out, with large caps forming the biggest block at 42.09% and a meaningful 33.99% sitting in other cap exposure. Small caps at 13.2% and mid caps at 8.81% add some growth sensitivity, but the portfolio is not concentrated only in smaller companies.

The BANK sector is the largest at 17.42%, and it is clearly larger than the next listed sector, gold-related mutual fund units at 10.97%. That gap is material, so bank moves may have a greater effect on the fund than the other named sectors. Gold also matters here because it is the second-largest sector and can change the fund’s behaviour when equity markets are uneven.

Cash and cash equivalents, domestic mutual fund units and finance together point to a multi-asset structure rather than a pure equity book. That mix may help smooth some swings, although the small-cap and gold allocations mean the portfolio can still behave differently from a plain large-cap equity fund.

Source data date: as of 28 Aug 2026

Who should invest

This fund suits investors who are comfortable with High Risk and who can stay patient through uneven returns. The recent 1-year gain is encouraging, but the shorter track record and the negative benchmark reading over the same 1-year window show that outcomes can move around materially.

It may fit an investor with a medium- to longer-term horizon who wants a multi-asset structure that includes equity, gold and cash-like exposure. The main trade-off is that the portfolio is built for flexibility and return capture, not for stability or predictable short-term outcomes.

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 30% of units and 1% for remaining units on or before 1Y, Nil after 1Y.

Source data date: as of 28 Aug 2026

Frequently asked questions

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

The current NAV is ₹12.8974 as of 28 August 2026.

How has this fund performed over 1 year, 3 years and 5 years?

Its 1-year return is 17.2118%, while the 3-year and 5-year returns are Data not available. The fund has not yet built a long enough history for those longer periods.

How does the fund compare with the Nifty 50 benchmark?

It has outperformed the Nifty 50 over 1 month, 3 months and 1 year. The benchmark returns for those periods are -0.85%, 3.39% and -2.29% respectively.

How does it compare with other multi-asset allocation funds on 1-year returns?

Its 1-year return is lower than several peers listed here, including 360 ONE Multi Asset Allocation Fund Direct Growth Plan, Kotak Multi Asset Allocation Fund Direct Growth Plan and Quant Multi Asset Allocation Fund Direct Growth Plan. It is still positive, but the peer set shows stronger recent outcomes elsewhere.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

What risk level and portfolio mix does this fund have?

The fund is in the High Risk category. Its portfolio is spread across large cap, small cap, gold-related mutual fund units, domestic mutual fund units and cash-equivalent holdings, which makes it a multi-asset structure rather than a single-style equity fund.

Bottom line

Bajaj Finserv Multi Asset Allocation Fund Direct Growth Plan has started with a positive 1-year record and has stayed ahead of the benchmark over the shorter measured periods. The longer record is not yet available, so the fund still needs time before investors can judge consistency across different market phases. Its High Risk profile, gold exposure and sizeable equity allocation make it more dynamic than a conservative hybrid choice. For investors who want a multi-asset allocation fund and can handle uneven paths, it is a relevant name to watch.

Published on 31 August 2026 at 5:04 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.