Bandhan Multi-Asset Passive FOF- Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Bandhan Multi-Asset Passive FOF- Direct Growth Plan has a NAV of ₹45.2474 as of 10 Sep 2026 and a scheme AUM of ₹20 Cr. Its 1-year, 3-year and 5-year returns are 4.12%, 9.72% and 8.29% respectively, and the scheme sits in the High Risk category. Our view is that it fits investors who can accept sharp swings in the short term in exchange for a diversified, multi-asset structure and a steadier longer-run outcome than the latest one-year period suggests.

The fund has not moved in a straight line, but its 3-year and 5-year numbers are firmer than the 1-year outcome. That combination makes it more suitable for investors with a longer horizon who can tolerate periods of weaker relative momentum.

Quick facts

Particular	Details
NAV	₹45.2474 as of 10 Sep 2026
AUM	₹20 Cr
Expense Ratio	0.41%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	Nil upto 10% of investment and 1% for remaining investment on or before 365D, Nil after 365D
Fund Managers	Karthik Kumar

The fund is managed by Karthik Kumar.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.06%	-4.06%
3M	2.77%	1.37%
1Y	4.12%	-7.31%
3Y	9.72%	6.07%
5Y	8.29%	5.91%

Recent behaviour has been mixed, but not weak across every timeframe. Over 1 month the fund was still negative, though it fell less than the benchmark, and the 3-month period turned positive with a clear edge over the index. That tells us the fund has recovered from short bursts of pressure better than the benchmark in the near term.

The 1-year figure is more important for the current picture. At 4.12%, the fund is positive while the benchmark is negative, which supports the idea that its asset mix has been more resilient over the last year. This is helpful for multi-asset investors, because it suggests the scheme has not simply depended on equity beta to deliver returns.

The longer record is steadier. The 3-year return of 9.72% and the 5-year return of 8.29% both stay ahead of the benchmark’s 6.07% and 5.91%. That gap is not dramatic, but it does show that the fund has compounded better than the index over medium and long horizons. For us, the main takeaway is that the fund’s recent path has improved without fully changing the longer-term story of moderate but consistent compounding.

Its time pattern also suggests some volatility along the way rather than a smooth climb. For an investor, that means the scheme may suit a patient allocation more than a short trading-style holding, especially if the goal is to combine different asset exposures in one structure.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Bandhan Multi-Asset Passive FOF-?

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
Bandhan Multi-Asset Passive FOF- Direct Growth Plan	4.12%	9.72%	8.29%
Edelweiss Emerging Markets Opp Eq. Offshore Fund Direct Growth Plan	55.7%	29.52%	11.97%
HSBC Global Emerging Markets Fund Direct Growth Plan	52.99%	29.63%	12.76%
Kotak Global Emerging Market Overseas Equity Active FOF Direct Growth Plan	46%	27.35%	12.66%
HSBC Asia Pacific (Ex Japan) DYF Direct Growth Plan	39.66%	28.4%	15.47%
HSBC Brazil Fund Direct Growth Plan	36.09%	16.75%	9.97%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On the return snapshot, the fund trails the peer set on 1-year performance by a wide margin, while the listed peers have much stronger short-term gains. That means its current-year momentum is clearly more subdued than the overseas equity-oriented funds in this comparison.

The longer view is more balanced. The fund’s 3-year return of 9.72% is far below the peer group’s 3-year figures, but its 5-year return of 8.29% is still respectable for a diversified multi-asset structure. In our view, the short-term and long-term peer stories are different: it has not matched the recent growth of those peers, yet it has still delivered positive compounding over a longer stretch.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Bandhan CRISIL Ibx 9:1 SDL PS Gilt Apr 32 DR GR	Domestic Mutual Funds Units	12.11%
Bandhan Nifty 500 Momentum 50 Index Fund DR GR	Domestic Mutual Funds Units	11.82%
Bandhan Gold ETF	Domestic Mutual Funds Units – Gold	11.33%
Bandhan Silver ETF	Domestic Mutual Funds Units – Silver	11.22%
Bandhan Nifty 500 Value 50 Index Fund DR GR	Domestic Mutual Funds Units	8.87%
Bandhan Nifty Smallcap 250 Index Fund DR PL GRW	Domestic Mutual Funds Units	8.82%
Bandhan Nifty Next 50 Ind Fund Direct PL Growth	Domestic Mutual Funds Units	6.1%
Bandhan Nifty 200 Quality 30 Index Fund – DR GR	Domestic Mutual Funds Units	6.08%
ICICI Prudential Gold ETF	Domestic Mutual Funds Units – Gold	5.99%
Bandhan Nifty Midcap 150 Index Fund-Direct PL-GRTH	Domestic Mutual Funds Units	5.93%

The largest holding is 12.11%, so no single position dominates the portfolio outright. The tenth holding is still 5.93%, which means the weight drops by a little over six percentage points from the top position to the end of the displayed list.

That spread suggests a fairly even layering across several building blocks rather than extreme concentration in one instrument. Because the top 10 holdings together account for approximately 88.27% of the portfolio and the scheme discloses 12 holdings in total, the visible portfolio appears concentrated in a relatively small set of core exposures, even though those exposures themselves are diversified across equity styles, index funds and precious-metals funds.

This structure may make returns depend on how several underlying passive sleeves perform together. It could also mean the fund’s profile changes when equity, debt-like, and commodity-linked components move differently, which fits the broader multi-asset idea behind the scheme.

To see all holdings, visit the Bandhan Multi-Asset Passive FOF- Direct Growth Plan page

Source data date: as of 10 Sep 2026

Who should invest

This fund is better suited to investors who can live with High Risk exposure and still hold through periods when short-term numbers lag. The 3-year and 5-year returns are stronger than the 1-year figure, so a medium-to-long horizon is more appropriate than a short holding period.

The main trade-off is that the scheme has lagged the benchmark and listed peers on recent 1-year momentum, even though it has stayed ahead of the benchmark over 3 years and 5 years. That makes it more relevant for investors looking for diversified multi-asset participation and steadier longer-term compounding than for those chasing the strongest near-term gains.

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 up to 10% of investment and 1% for the remaining investment on or before 365 days; no exit load after the holding period.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of Bandhan Multi-Asset Passive FOF- Direct Growth Plan?
The current NAV is ₹45.2474 as of 10 Sep 2026.

What are the 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 4.12%, its 3-year return is 9.72%, and its 5-year return is 8.29%.

How has it performed against the benchmark?
It has beaten the NIFTY 50 over 1 year, 3 years and 5 years. The benchmark’s returns for those periods are -7.31%, 6.07% and 5.91%.

How does it compare with the peer funds listed here?
Its 1-year return is well below the peer funds listed here, while its 3-year and 5-year figures are also lower than the stronger peers. It still shows positive medium-term and long-term compounding.

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

Who manages the fund and what is the exit load?
Karthik Kumar manages the fund. The exit load is nil up to 10% of investment and 1% for the remaining investment on or before 365 days, with no exit load after the holding period.

Bottom line

Bandhan Multi-Asset Passive FOF- Direct Growth Plan has a weaker 1-year showing than its longer-term record, but the 3-year and 5-year numbers still point to positive compounding and a better outcome than the benchmark over those periods. Against the listed peers, it looks subdued on recent performance, yet its multi-asset mix and High Risk label make it a different kind of holding from the more momentum-driven peers. The portfolio is spread across several passive sleeves, with no single dominant position, which supports its diversification story.

Published on 11 September 2026 at 10:04 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.