DSP Multi Asset Omni FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

DSP Multi Asset Omni FoF Direct Growth Plan has an NAV of ₹9.9147 as of 15 Sep 2026 and a scheme AUM of ₹882 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the fund sits in the High Risk category. Our view is that this is a fund for investors who want a multi-asset allocation but can tolerate sharp short-term moves and a lack of long performance history, rather than those looking for an established return record.

The scheme’s current portfolio is dominated by fund-of-fund exposure, gilt, gold and equity-linked sleeves, with a meaningful cash and receivables position as well. That mix can help spread exposures across asset classes, but the recent return pattern is still early and uneven, so the fund looks more suitable as a patient allocation than as a core stability holding.

Quick facts

Particular	Details
NAV	₹9.9147 as of 15 Sep 2026
AUM	₹882 Cr
Expense Ratio	0.0%
Launch Date	25 Feb 2026
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 1M, Nil after 1M
Fund Managers	Anil Ghelani, Diipesh Shah, Neha Rathi

The fund is managed by Anil Ghelani, Diipesh Shah and Neha Rathi.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.12%	-4.41%
3M	-0.36%	-3.6%
1Y	0%	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term pattern is better described as a controlled slip than a deep drawdown. Over 1 month, the fund fell less than the benchmark, and over 3 months it stayed much closer to flat than the benchmark did. That tells us the portfolio has not moved in a straight line, but it has also not shown the kind of volatility that would make the recent decline look disorderly.

The 1-year figure is not yet meaningful as a mature comparison point because the scheme was launched only in February 2026. For now, the performance story is mainly about how the fund has behaved since launch: modest negative short-term numbers, with a better showing than the benchmark in both recent windows. That said, the absence of a longer history means we cannot yet read much into compounding strength.

Compared with the benchmark, the fund has been less weak in the recent periods available. The benchmark’s 1-month and 3-month outcomes were both softer than the fund’s, so the scheme has held up better in the near term. Even so, the return record is still too short to treat this as evidence of a durable edge.

For investors, the key point is that this is an early-stage track record. The available numbers suggest relative resilience over the last few months, but not enough history to infer how the strategy behaves across a full cycle.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD DSP Multi Asset Omni 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
DSP Multi Asset Omni FoF Direct Growth Plan	0%	Data not available	Data not available
Axis Gold and Silver Passive FoF Direct Growth Plan	Data not available	Data not available	Data not available
HSBC Gold ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
Bandhan Silver ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
The Wealth Company Gold ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available
Mirae Asset BSE Midcap 150 Momentum 30 ETF FOF Direct Growth Plan	Data not available	Data not available	Data not available

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

The current fund has the only visible return figure in this comparison, so the main takeaway is that its 1-year number is at least stated, while the peer set has no usable 1-year, 3-year or 5-year figures here. That makes the short-term comparison inconclusive rather than negative. The more important distinction is that the fund’s own record is still very short, so there is no longer-horizon evidence to weigh against the peer funds in this table.

Because the peers also lack usable longer-term figures, the available comparison does not separate the fund on compounding strength. The result is a narrow reading: the fund has shown a modestly better short-term profile than its benchmark, but this peer set does not yet provide enough return history to support a firmer comparative judgement.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
DSP Gilt Fund	Domestic Mutual Funds Units	21.2%
Net Receivables/Payables	Cash & Cash Equivalents and Net Assets	21%
DSP Nifty IT ETF	Domestic Mutual Funds Units	14.52%
DSP Nifty Private Bank ETF	Domestic Mutual Funds Units	12.25%
DSP Gold ETF	Domestic Mutual Funds Units – Gold	9.96%
DSP Large Cap Fund	Domestic Mutual Funds Units	8.5%
DSP Nifty Top 10 Equal Weight ETF	Domestic Mutual Funds Units	5.37%
DSP Healthcare Fund	Domestic Mutual Funds Units	4.9%
TREPS / Reverse Repo Investments	Cash & Cash Equivalents and Net Assets	1.81%

The largest disclosed holding is DSP Gilt Fund at 21.2%, which is a sizeable single sleeve for a young multi-asset FoF. That weight is closely followed by net receivables and payables at 21%, so the portfolio is not leaning on one dominant line alone at the top.

Weight then tapers into a second layer of equity and thematic exposures, with DSP Nifty IT ETF at 14.52% and DSP Nifty Private Bank ETF at 12.25%. By the time we reach DSP Healthcare Fund at 4.9%, the allocation has clearly stepped down, which suggests the top positions may have greater influence than the lower ones.

Across the nine disclosed holdings, the top positions account for 99.51% of the portfolio, so the visible book is highly concentrated within a small set of sleeves even though those sleeves span debt, equity, gold and cash-like exposures. That mix may help diversify return drivers, but it also means a few lines can shape the fund’s behaviour more than a long tail would.

Source data date: as of 15 Sep 2026

Who should invest

This fund is better aligned with investors who can accept High Risk and who are comfortable with an early-stage track record. The current pattern of modest negative recent returns, combined with the lack of a long performance history, means it suits someone evaluating a newer multi-asset allocation rather than a seasoned return engine.

The fund may fit a medium-to-long horizon because the portfolio spans debt, equity, gold and cash-like sleeves, which can behave differently across market conditions. The trade-off is that this diversification does not remove short-term uncertainty, and the current numbers do not yet show a proven longer-run compounding profile.

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

1% if units are sold on or before 1 month; no exit load after the holding period.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of DSP Multi Asset Omni FoF Direct Growth Plan?
The current NAV is ₹9.9147 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year, 3-year and 5-year returns are 0%, 0% and 0% in the record available here.

How does the fund compare with its benchmark?
In the available short-term windows, the fund has been less weak than the benchmark. Its 1-month and 3-month returns are better than the benchmark’s corresponding figures.

How does it compare with the peer funds shown here?
The peer funds shown here do not have usable 1-year, 3-year or 5-year return figures displayed, so the comparison is limited. On the numbers available, the current fund is the only one with a stated 1-year figure in this table.

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

Who manages the fund and what is the exit load?
The fund is managed by Anil Ghelani, Diipesh Shah and Neha Rathi. The exit load is 1% if units are sold on or before 1 month, and there is no exit load after the holding period.

Bottom line

This fund’s recent numbers are better read as an early, still-developing track record than as proof of a durable return pattern. It has held up better than the benchmark in the short windows available, but the longer-horizon return story is not yet established. The portfolio is diversified across gilt, gold, equity-focused ETFs and cash-like items, yet the visible holdings are concentrated in a handful of sleeves. That makes it more relevant for investors who can accept High Risk and want a multi-asset structure with a short history.

Published on 17 September 2026 at 2:51 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.