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

Bank of India Multi Asset Allocation Fund Direct Growth Plan currently has a NAV of ₹13.0025 as of 17 September 2026 and an AUM of ₹379 Cr. Its 1-year, 3-year and 5-year returns are 10.7%, 0% and 0% respectively, and the scheme sits in the High Risk category. Our view is that this is a fund for investors who can tolerate sharp swings and want multi-asset exposure rather than a simple equity-only profile.

The recent return trend is better than its benchmark in shorter periods, but the longer track record is still too short to build a strong compounding history because the scheme launched only in February 2024. The portfolio is spread across debt, gold ETFs, banking stocks and government securities, which can help balance one asset class against another, though the High Risk label means volatility remains a key feature.

Quick facts

Particular	Details
NAV	₹13.0025 as of 17 Sep 2026
AUM	₹379 Cr
Expense Ratio	0.86%
Launch Date	28 Feb 2024
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	Nil upto 10% of units and 1% for remaining units on or before 1Y, Nil after 1Y
Fund Managers	Mithraem Bharucha, Nilesh Jethani

The fund is managed by Mithraem Bharucha and Nilesh Jethani.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.41%	-3.66%
3M	0.78%	-3.71%
1Y	10.7%	-7.13%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term pattern has been uneven, but the fund has still held up better than the benchmark over 1 month, 3 months and 1 year. That matters because the benchmark has been weak across the same periods, while the fund has stayed in positive territory over 3 months and 1 year. The 1-month dip suggests that the path has not been linear, so investors should expect a fund that can move around even when it is ahead of the index.

The longer-term picture is still limited by the fund’s short history. Since the scheme was launched in February 2024, there is no meaningful 3-year or 5-year performance record yet, so the current assessment has to lean on the recent return path and the portfolio mix. On that basis, the fund has shown resilience versus the benchmark, but not a deep compounding history that would justify treating the recent run as established long-term behaviour.

The time pattern also suggests that gains have been built with periodic pullbacks rather than a smooth climb. For an investor, that usually means the scheme can participate in favourable market conditions while still reacting to short-term stress. We would therefore read the current return profile as encouraging, but not yet proven over a full market cycle.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Bank of India 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
Bank of India Multi Asset Allocation Fund Direct Growth Plan	10.7%	Data not available	Data not available
360 ONE Multi Asset Allocation Fund Direct Growth Plan	18.54%	Data not available	Data not available
Quant Multi Asset Allocation Fund Direct Growth Plan	14.8%	21.38%	19.38%
Kotak Multi Asset Allocation Fund Direct Growth Plan	14.1%	Data not available	Data not available
Bandhan Multi Asset Allocation Fund Direct Growth Plan	12.25%	Data not available	Data not available
DSP Multi Asset Allocation Fund Direct Growth Plan	12.2%	Data not available	Data not available

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

Against the peer set, the fund’s 1-year return is lower than all the comparables listed here, although it still stays in positive territory. The gap is widest versus 360 ONE Multi Asset Allocation Fund Direct Growth Plan, while Quant Multi Asset Allocation Fund Direct Growth Plan is the closest among the peers with longer records. That suggests the fund has room to improve relative to peer returns on a one-year view.

The 3-year and 5-year comparison is less direct because most peers do not yet have usable figures in those periods, while Quant Multi Asset Allocation Fund Direct Growth Plan does. On that available longer-window data, the current fund trails Quant, but the scheme’s own history is too short to make a fair like-for-like long-term comparison. In other words, the short-term peer story is clear, but the longer-term peer story is incomplete.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
7.44% Indian Railway Finance Corporation Limited (28/02/2034) **	Corporate Debt	6.53%
ICICI Prudential Gold ETF	Domestic Mutual Funds Units – Gold	5.92%
8.05% Muthoot Finance Limited (25/11/2027) **	Corporate Debt	5.24%
8.1167% Bajaj Finance Limited (10/05/2027) **	Corporate Debt	4.75%
7.73% Tata Capital Housing Finance Limited (14/01/2030) **	Corporate Debt	4.19%
DSP Gold ETF	Domestic Mutual Funds Units – Gold	3.55%
Nippon India ETF Gold Bees	Domestic Mutual Funds Units – Gold	3.44%
State Bank of India	Bank	3.36%
ICICI Bank Limited	Bank	3.19%
6.48% Government of India (06/10/2035)	Government Securities	3.12%

The largest holding, 7.44% Indian Railway Finance Corporation Limited (28/02/2034) **, carries a weight of 6.53%, so no single position dominates the portfolio on its own. The drop from the first holding to the tenth is fairly gradual rather than abrupt, moving from 6.53% to 3.12%, which suggests the fund may be spreading risk across several medium-sized positions instead of concentrating everything in one or two names.

The top ten holdings together account for 43.29% of the portfolio, and the fund has 58 disclosed holdings in total. That combination points to a reasonably broad spread, but not an evenly distributed book, because a meaningful share still sits in the largest ten positions. The presence of corporate debt, gold ETFs, bank stocks and government securities also indicates a mixed asset structure that may help reduce dependence on any one market segment.

For investors, the key point is that the portfolio is diversified across different instruments, yet the biggest holdings remain large enough to matter. That means performance may be influenced by a relatively small group of positions, while the wider tail of holdings can still contribute to balance over time.

To see all holdings, visit the Bank of India Multi Asset Allocation Fund Direct Growth Plan page

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk and who can stay invested long enough to absorb short-term swings. The current return pattern is positive over 1 year but still uneven in the shorter windows, so a patient horizon matters more than a quick-entry, quick-exit approach.

Its benchmark comparison is supportive, but the scheme is still too new to build a full long-term record, and that is the main trade-off. Investors may find the mix of debt, gold and equities appealing if they want diversification inside one hybrid fund, but they must accept that the journey can still be volatile and that the long-term evidence is limited.

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 10% of units and 1% for remaining units on or before 1Y, Nil after 1Y.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of Bank of India Multi Asset Allocation Fund Direct Growth Plan?

The current NAV is ₹13.0025 as of 17 September 2026.

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

Its 1-year return is 10.7%, while the 3-year and 5-year returns are Data not available because the scheme history is still short.

How has it performed against the benchmark?

It has stayed ahead of the benchmark over 1 month, 3 months and 1 year. The benchmark figures are weaker over the same periods, which makes the fund’s recent path look comparatively steadier.

How does it compare with peer funds on available return data?

The fund’s 1-year return is below the peer funds listed here, while the longer-window comparison is only partly available because most peers do not have usable 3-year or 5-year figures in this set.

What is the minimum SIP amount?

The minimum SIP amount is ₹1000.

Who manages the fund and what is the exit load?

The fund is managed by Mithraem Bharucha and Nilesh Jethani. The exit load is Nil upto 10% of units and 1% for remaining units on or before 1Y, and Nil after 1Y.

Bottom line

The fund’s recent performance is better than its benchmark, but the short history means the longer-term picture is still developing. Peer comparison is less flattering on a 1-year view, although the available longer-window peer data is limited. The High Risk label matters, and the portfolio’s mix of debt, gold and bank exposure shows diversification rather than narrow concentration. For investors who want a hybrid allocation fund and can accept uneven returns along the way, it is worth tracking, but the evidence base is still young.

Published on 18 September 2026 at 12:18 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.