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 current NAV of ₹12.6162 as of 10 Sep 2026 and an AUM of ₹1,984 Cr. Its 1-year, 3-year and 5-year returns are 11.33%, Data not available and Data not available, and the scheme sits in the High Risk category.

Our view is that this is a multi-asset strategy that has shown a positive 1-year outcome, but the return history is still short enough that its longer-term profile is not yet established. The portfolio mix of gold ETFs, banks, debt and cash-like exposure suggests diversification across asset buckets, which may make the fund more relevant for investors who can tolerate high volatility but want a broader allocation style than a single-asset fund.

Quick facts

Particular	Details
NAV	₹12.6162 as of 10 Sep 2026
AUM	₹1,984 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 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.07%	-4.06%
3M	4.76%	1.37%
1Y	11.33%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent numbers show a mixed but workable short-term pattern. Over 1 month, the fund was negative, yet it still did better than the benchmark because the benchmark fell more sharply. Over 3 months, the fund recovered to 4.76% and stayed ahead of the benchmark’s 1.37%, which suggests the portfolio has been able to absorb market swings better than a plain equity reference point in the near term.

The 1-year figure is the clearest sign of relative strength. The fund’s 11.33% return compares with a -7.31% benchmark return, so the fund materially outperformed the benchmark over that period. That gap matters because it shows the strategy has not just protected capital in a difficult phase; it has also generated positive growth while the benchmark was under pressure.

At the same time, the return history is not long enough to make the longer-term picture look settled. The 3-year and 5-year return fields are not available, so our view is that the fund should be judged more on its current positioning and one-year resilience than on an established long-run record. The path across the 1M and 3M windows also suggests the ride has not been smooth, which is consistent with the High Risk label.

Source data date: as of 10 Sep 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	11.33%	Data not available	Data not available
360 ONE Multi Asset Allocation Fund Direct Growth Plan	21.41%	Data not available	Data not available
Quant Multi Asset Allocation Fund Direct Growth Plan	17.77%	21.6%	19.96%
Kotak Multi Asset Allocation Fund Direct Growth Plan	17.42%	Data not available	Data not available
DSP Multi Asset Allocation Fund Direct Growth Plan	15.31%	Data not available	Data not available
Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan	15.19%	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 trails all five peer funds shown here on the same period, although the gap is not uniform across the group. Quant Multi Asset Allocation Fund Direct Growth Plan is the only peer here with both 3-year and 5-year figures available, and those longer-term returns are stronger than the current fund’s disclosed history because this fund does not yet have comparable long-term numbers. So the short-term comparison is clearly weaker, while the longer-term comparison is still incomplete rather than decisively negative.

That split matters for interpretation. In the near term, the fund has not matched the faster 1-year pace seen in the peer set. But because longer-term figures are missing for this scheme, we cannot read the gap as a settled long-run underperformance. Our view is that investors should treat the current return profile as a recent-data snapshot rather than a mature track record.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
DSP Gold ETF	Domestic Mutual Funds Units – Gold	7.57%
HDFC Bank Limited	Bank	6.44%
ICICI Bank Limited	Bank	6.06%
State Bank of India	Bank	3.01%
Kotak MF Gold ETF	Domestic Mutual Funds Units – Gold	2.86%
Embassy Office Parks Reit	Finance	2.74%
Bharti Airtel Limited	Telecom	2.68%
Bajaj Finserv Money Market Fund-Direct Plan-Growth	Domestic Mutual Funds Units	2.58%
7.37% Axis Finance Limited (23/08/2028) **	Corporate Debt	2.55%
Net Receivables / (Payables)	Cash & Cash Equivalents and Net Assets	2.51%

The top 10 holdings account for approximately 39% of the portfolio.

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

The largest disclosed position is DSP Gold ETF at 7.57%, which is meaningful but not overwhelming on its own. The next three positions are all between 6.44% and 3.01%, so the portfolio does not rely on a single security to an extreme degree. That said, the gap from the first holding to the tenth is still fairly visible, which tells us the fund starts with a few larger weights and then tapers down.

Because the top 10 holdings together make up about 39% of assets and there are 61 disclosed holdings in total, the portfolio appears spread across a fairly long tail. That structure may reduce the chance that one holding dominates the outcome, while still allowing the bigger positions to matter. In our view, the mix of gold ETFs, banks, a REIT, telecom, money market exposure and corporate debt may create diversification across asset types rather than a narrow single-theme portfolio.

Source data date: as of 10 Sep 2026

Who should invest

This fund suits investors who can accept High Risk and are comfortable with a strategy that may move differently from a plain equity benchmark. The 1-year result is positive, but the shorter 1M and 3M paths show that returns can swing before settling. The main trade-off is that the portfolio’s multi-asset approach may offer diversification, yet the available return record is still short and the benchmark comparison has not been smooth in every window.

A longer horizon is more sensible than a short trading-style mindset, because the fund is still early in its track record. Investors who want a portfolio with exposure to gold, financials and debt-like instruments in one scheme may find the structure more relevant than a pure equity fund. The key is to be comfortable with higher volatility in exchange for a more varied asset mix.

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 10 Sep 2026

Frequently asked questions

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

The current NAV is ₹12.6162 as of 10 Sep 2026.

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

The 1-year return is 11.33%, while the 3-year and 5-year returns are Data not available.

How has the fund performed versus its benchmark?

It has done better than the benchmark over 1 month, 3 months and 1 year. The 1-year return is 11.33% versus -7.31% for the benchmark.

How does it compare with the peer funds shown here?

Its 1-year return of 11.33% is below the peer returns shown here, while the longer-term comparison is incomplete because this fund does not yet have disclosed 3-year or 5-year figures.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

Who manages the fund and what is its exit load?

The fund is managed by Anup Kulkarni, Sabyasachi Mukerji, Siddharth Chaudhary and Cheragh Sidhwa. The exit load is nil upto 30% of units and 1% for remaining units on or before 1 year, and nil after 1 year.

Bottom line

The fund’s recent performance is better than its benchmark, but the longer-term record is not yet established because 3-year and 5-year figures are not available. In the peer set shown here, its 1-year return is lower than the others listed, so the recent comparison is mixed. The High Risk label fits the short-term swings, while the portfolio’s spread across gold, banks, debt and cash-like assets suggests a diversified multi-asset shape. It looks more suitable for investors who can accept volatility and prefer a blended allocation approach.

Published on 11 September 2026 at 1:32 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.