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

Franklin India Multi Asset Allocation Fund Direct Growth Plan has a NAV of ₹10.9946 as of 16 Sep 2026 and an AUM of ₹2,912 Cr. Its 1-year, 3-year and 5-year returns are 7.51%, Data not available and Data not available, and it sits in the High Risk category.

Our view is that the fund looks better suited to investors who can tolerate sharp swings and want a multi-asset allocation approach rather than a steady, low-volatility path. The portfolio has meaningful exposure to gold and silver along with financials and other equities, so the return pattern and holdings both point to a diversified but still risk-heavy mix.

Quick facts

Particular	Details
NAV	₹10.9946 as of 16 Sep 2026
AUM	₹2,912 Cr
Expense Ratio	0.21%
Launch Date	31 Jul 2025
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	Nil upto 10% of units and 0.50% for remaining units or or before 1Y, Nil after 1Y
Fund Managers	R. Janakiraman, Rajasa Kakulavarapu, Rohan Maru, Pallab Roy

The fund is managed by R. Janakiraman, Rajasa Kakulavarapu, Rohan Maru and Pallab Roy.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.57%	-4.41%
3M	-1.07%	-3.60%
1Y	7.51%	-7.76%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The fund has been weaker over the last month, but the decline is still milder than the benchmark’s fall. Over three months, the pattern is similar: the fund is slightly negative, yet it has held up better than the benchmark, which points to some defensive cushion in the recent period.

The stronger part of the story is the 1-year return, where the fund has stayed positive while the benchmark is negative. That gap matters because it shows the fund did better than Nifty 50 through a more varied market path, not just on a single rebound day. For investors, that is a useful signal that the structure has so far helped reduce downside versus the benchmark.

At the same time, the short-term pressure tells us the path has not been smooth. The recent drift lower suggests this is not a fund that moves in a straight line, and the underlying mix can still react to market swings. Because the fund is only recently launched, there is no 3-year or 5-year return history to judge the longer compounding pattern yet.

That limited history means the 1-year comparison carries most of the weight for now. On that basis, the fund has outpaced the benchmark, but the recent 1M and 3M softness shows investors should expect volatility rather than stable month-to-month gains.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Franklin 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
Franklin India Multi Asset Allocation Fund Direct Growth Plan	7.51%	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. On 1-year numbers, the fund trails the stronger peer returns available here, including 360 ONE, Quant, Kotak, Bandhan and DSP. The more limited comparison on 3-year and 5-year figures also leaves it behind Quant, which has a much stronger multi-year record among the peers with longer histories available.

The key difference is that the fund has still beaten its benchmark over 1 year, while several peers show higher absolute returns over the same horizon. That means the peer view is mixed: the fund is not the strongest on return, but its result versus Nifty 50 remains constructive. With no 3-year or 5-year record yet, the peer comparison currently says more about short-term positioning than about a long compounding track record.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Nippon India ETF Gold Bees	Domestic Mutual Funds Units – Gold	14.02%
State Bank of India	Bank	3.49%
HDFC Bank Ltd ^ ~~	Bank	3.41%
Nippon India Silver ETF	Domestic Mutual Funds Units – Silver	3.29%
ICICI Bank Ltd ! ~~	Bank	3.03%
Reliance Industries Ltd $$ ~~	Crude Oil	2.85%
Axis Bank Ltd ! ^	Bank	2.67%
Eternal Ltd	Retailing	2.31%
Larsen & Toubro Ltd	Infrastructure	2.29%
Mahindra & Mahindra Ltd	Automobile & Ancillaries	2.09%

The largest holding, Nippon India ETF Gold Bees, stands at 14.02%, which is a meaningful single-position weight for a multi-asset fund. The drop from that first holding to the tenth holding at 2.09% is steep, so the disclosed slice is clearly led by one dominant position and then a much lighter spread across the rest.

The top 10 holdings together account for approximately 39.45% of the portfolio, and the fund discloses 55 holdings in total. That combination suggests the portfolio may be reasonably diversified across a wider tail, but the visible top end still has enough size to influence returns, especially when gold, silver and large banks move differently.

Because the fund also shows exposure to both precious-metals ETFs and operating businesses such as banks, infrastructure, retailing and automobile names, the mix may behave differently from a plain equity fund. The weighted balance can help, but it can also make near-term results uneven when one sleeve is weak and another is stronger.

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

Source data date: as of 16 Sep 2026

Who should invest

This fund is better suited to investors who can handle High Risk volatility and are comfortable with a short-term uneven ride. The 1-year result is positive, but the 1M and 3M numbers show that the path can still swing lower even after a decent 12-month outcome.

It fits best as a medium- to longer-horizon allocation where the investor wants multi-asset exposure rather than a pure equity stance. The main trade-off is that the diversified structure may help versus the benchmark, but it can still produce sharp short-term moves and there is no long multi-year return history yet to lean on.

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 0.50% for remaining units on or before 1 year; nil after 1 year.

Source data date: as of 16 Sep 2026

Frequently asked questions

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

The current NAV is ₹10.9946 as of 16 Sep 2026.

How has Franklin India Multi Asset Allocation Fund Direct Growth Plan performed over 1 year?

The 1-year return is 7.51%. That is positive, while the benchmark return over the same period is -7.76%.

Does this fund have 3-year and 5-year returns?

Data not available for both 3-year and 5-year returns because the fund has not yet built those longer histories.

How does the fund compare with the benchmark?

It has done better than Nifty 50 over 1 year and also held up better in the 1M and 3M periods. The recent negative short-term returns still show that volatility remains part of the pattern.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

Who manages the fund and what is the risk level?

The fund is managed by R. Janakiraman, Rajasa Kakulavarapu, Rohan Maru and Pallab Roy. The scheme is tagged as High Risk, and its portfolio includes gold, silver and equity holdings.

Bottom line

Franklin India Multi Asset Allocation Fund Direct Growth Plan has a positive 1-year record, but the recent 1M and 3M numbers show that the path is not smooth. Against the benchmark, the fund has been stronger over the available period, while the peer set shows that some comparable funds have delivered higher 1-year returns. The portfolio’s gold and silver exposure, alongside banks and other equities, points to a diversified structure that may suit investors who can accept volatility and want multi-asset exposure with a medium- to longer-term lens.

Published on 17 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.