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

Bandhan Multi Asset Allocation Fund Direct Growth Plan has a NAV of ₹14.776 as of 18 Sep 2026 and a scheme AUM of ₹3,744 Cr. Its 1-year, 3-year and 5-year returns are 12.47%, 0% and 0%, and the scheme sits in the High Risk bucket. Our view is that this is a multi-asset fund that has shown a reasonable 1-year outcome, but the longer return history is still too short to judge the compounding profile with confidence.

The fund’s return pattern is mixed against a flat benchmark backdrop, and the portfolio mix combines overseas equities, precious-metals ETFs, cash and large Indian financials. That blend can support diversification, but the current record is still early and investors should treat it as a higher-uncertainty hybrid allocation rather than a mature long-history track record.

Quick facts

Particular	Details
NAV	₹14.776 as of 18 Sep 2026
AUM	₹3,744 Cr
Expense Ratio	0.48%
Launch Date	31 Jan 2024
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	Nil for 10% of investment, For remaining investment: 0.50% on or before 1Y and Nil after 1Y
Fund Managers	Viraj Kulkarni, Daylynn Pinto, Kapil Kankonkar, Gautam Kaul

The fund is managed by Viraj Kulkarni, Daylynn Pinto, Kapil Kankonkar and Gautam Kaul.

Source data date: as of 18 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.01%	-3.73%
3M	0.52%	-3.14%
1Y	12.47%	-5.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Over the last month, the fund slipped, but it still held up better than the benchmark, which fell more sharply. That matters because the short-term pattern suggests the portfolio has been able to absorb some volatility even when markets were soft.

The 3-month view is stronger. The fund ended slightly positive while the benchmark remained negative, which points to a better relative path in the recent quarter. That does not make the return stream smooth, but it does show that the fund has recently behaved differently from the benchmark rather than simply mirroring it.

The 1-year result is the clearest positive in the record available here. The fund’s 12.47% return contrasts with the benchmark’s negative 5.31%, so it has created meaningful excess return over that window. At the same time, the absence of 3-year and 5-year track records means we cannot treat the recent 1-year outcome as evidence of a full market cycle outcome.

For our read-through, the main point is that recent performance looks better than the benchmark, but the history is still short and the monthly pattern has not been linear. That combination argues for looking at the fund as an active multi-asset allocation idea with a relatively fresh record rather than as a long-established compounder.

Source data date: as of 18 Sep 2026

Should you BUY or HOLD Bandhan 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 Bandhan Multi Asset Allocation? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
Bandhan Multi Asset Allocation Fund Direct Growth Plan	12.47%	Data not available	Data not available
360 ONE Multi Asset Allocation Fund Direct Growth Plan	19.91%	Data not available	Data not available
Quant Multi Asset Allocation Fund Direct Growth Plan	16.29%	22.23%	19.88%
Kotak Multi Asset Allocation Fund Direct Growth Plan	14.68%	Data not available	Data not available
Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan	12.65%	Data not available	Data not available
DSP Multi Asset Allocation Fund Direct Growth Plan	12.65%	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 1-year measure, the fund trails the strongest peer returns shown here, while staying close to the middle of the field versus several peers clustered around the low-to-mid teens. The longer-term picture is harder to compare because only one peer in this set has available 3-year and 5-year figures, and that peer has a materially stronger long-run record than this fund’s current history allows us to establish.

So the peer read is mixed: the recent result is competitive enough to remain relevant, but the limited track record keeps the longer-term comparison open. Investors who focus on recent momentum may find the fund workable, while those who want a fuller multi-year evidence base will notice that the available peer history is deeper elsewhere.

Source data date: as of 18 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Ishares V PLC – Ishares Msci Acwi Ucits ETF	Overseas Mutual Fund Units	7.28%
ICICI Prudential Gold ETF	Domestic Mutual Funds Units – Gold	6.68%
Triparty Repo TRP_010926	Cash & Cash Equivalents and Net Assets	4.68%
ICICI Prudential Silver ETF	Domestic Mutual Funds Units – Silver	4.46%
HDFC Bank Limited	Bank	4.20%
Reliance Industries Limited	Crude Oil	3.76%
ICICI Bank Limited	Bank	3.02%
Kotak Mahindra Bank Limited	Bank	2.33%
Bandhan Silver ETF	Domestic Mutual Funds Units – Silver	2.27%
Axis Bank Limited	Bank	2.25%

The largest holding is Ishares V PLC – Ishares Msci Acwi Ucits ETF at 7.28%, which is large enough to matter but not so large that one position dominates the portfolio. The drop from the first holding to the tenth is gradual rather than steep, moving from 7.28% to 2.25%, so the visible sleeve looks spread across multiple positions instead of sitting in one overwhelming bet.

The top 10 holdings account for approximately 40.93% of the portfolio, and the full disclosed holding count is 48. That suggests a reasonably diversified structure with a longer tail of positions beyond the top names. The mix of overseas equity exposure, gold and silver ETFs, cash, and large Indian banks may help balance different return drivers, although each sleeve can behave differently in stressed markets.

Because the portfolio includes both market-linked holdings and precious-metal ETFs, the fund may not move in lockstep with equity benchmarks. That can be useful for diversification, but it also means investors should expect the return pattern to look different from a plain equity fund.

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

Source data date: as of 18 Sep 2026

Who should invest

This fund fits investors who can tolerate High Risk and want a multi-asset allocation that may behave differently from a pure equity fund. The 1-year result has been positive, but the absence of longer track records means the case rests more on the current mix and recent behaviour than on a full cycle history.

It is better suited to a medium- to longer-term horizon, especially for investors who want some diversification through overseas equities, gold, silver and cash exposure. The trade-off is that the return pattern may be uneven, and the fund may lag simpler equity-led options in stronger stock-market stretches.

For investors who value diversification and can live with a newer record, the fund can be a reasonable fit. For those who want a long, consistent multi-year history before allocating capital, the limited 3-year and 5-year visibility is the key constraint.

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 applies as nil for 10% of the investment, and for the remaining investment it is 0.50% on or before 1 year, with nil after 1 year.

Source data date: as of 18 Sep 2026

Frequently asked questions

What is the current NAV of Bandhan Multi Asset Allocation Fund Direct Growth Plan?
The current NAV is ₹14.776 as of 18 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 12.47%, while the 3-year and 5-year returns are not available from the current record.

How does the fund compare with its benchmark?
It has outperformed the NIFTY 50 over 1 year and 3 months, and also held up better over 1 month. The benchmark has been negative over each of those same periods.

How does it compare with peer funds on the available return data?
Its 1-year return sits below some peers such as 360 ONE Multi Asset Allocation Fund Direct Growth Plan and Quant Multi Asset Allocation Fund Direct Growth Plan, while remaining close to peers in the low-to-mid teens.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

What is the risk profile and exit load?
The scheme is in the High Risk category. Exit load is nil for 10% of the investment, and for the remaining amount it is 0.50% on or before 1 year and nil after 1 year.

Bottom line

Bandhan Multi Asset Allocation Fund Direct Growth Plan has a better recent return profile than its benchmark, but the longer-term picture is still incomplete because the 3-year and 5-year figures are not yet available. Compared with peers, its 1-year return is respectable but not the strongest in the set shown here. The portfolio is diversified across overseas equities, precious metals, cash and large-cap Indian names, which may help balance risk, but the High Risk tag means investors still need to accept uneven performance along the way.

Published on 21 September 2026 at 11:17 AM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore 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.