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

HDFC Multi Asset Allocation Fund Direct Growth Plan has a NAV of ₹85.087 as of 03 Sep 2026 and a scheme AUM of ₹5,979 Cr. Its 1-year, 3-year and 5-year returns are 5.7%, 12.66% and 11.31%, and the fund sits in the High Risk category.

Our view is that this is a diversified hybrid fund for investors who want multi-asset exposure rather than a pure equity-only profile. The longer record is steadier than the weak 1-year stretch, but the fund still carries meaningful risk and has not moved in lockstep with the benchmark.

Quick facts

Particular	Details
NAV	₹85.087 as of 03 Sep 2026
AUM	₹5,979 Cr
Expense Ratio	0.77%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	Nil upto 15% of units, For remaining units 1% or or before 12M, Nil after 12M
Fund Managers	Srinivasan Ramamurthy, Anil Bamboli, Arun Agarwal, Nandita Menezes

The fund is managed by Srinivasan Ramamurthy, Anil Bamboli, Arun Agarwal and Nandita Menezes.

Source data date: as of 03 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.3%	-3.01%
3M	3.16%	1.95%
1Y	5.7%	-4.4%
3Y	12.66%	5.74%
5Y	11.31%	6.27%

The one-month figure was mildly negative, but it still held up better than the benchmark, which was weaker over the same stretch. Over three months, the fund turned positive and stayed ahead of the benchmark, which suggests that recent volatility has not fully damaged the short-term trend.

The 1-year result is the softest of the longer windows, yet it remains above the benchmark by a clear margin because the index was negative over the same period. That tells us the fund has been better than the benchmark in a difficult market year, even though absolute returns were not especially strong.

The 3-year and 5-year figures show a more stable compounding pattern. Both are ahead of the benchmark by a comfortable gap, and the longer run looks materially better than the latest 1-year stretch. Our view is that the fund has preserved its longer-term edge, but the recent path is choppier than the trailing multi-year picture.

Source data date: as of 03 Sep 2026

Should you BUY or HOLD HDFC 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
HDFC Multi Asset Allocation Fund Direct Growth Plan	5.7%	12.66%	11.31%
360 ONE Multi Asset Allocation Fund Direct Growth Plan	22.93%	Data not available	Data not available
Kotak Multi Asset Allocation Fund Direct Growth Plan	18.09%	Data not available	Data not available
Quant Multi Asset Allocation Fund Direct Growth Plan	17.99%	22.19%	20.05%
DSP Multi Asset Allocation Fund Direct Growth Plan	17.92%	Data not available	Data not available
Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan	17.05%	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 return, this fund trails the stronger peer numbers, which are all well above its 5.7% figure. The gap is not small, so the recent stretch looks noticeably weaker than several comparable schemes in the same style.

The longer record is more balanced. Its 3-year and 5-year returns are respectable, but Quant Multi Asset Allocation Fund Direct Growth Plan is ahead on both of those available time frames, so the comparison favours that peer on longer-term compounding. The peer set therefore tells two different stories: the recent year is soft, while the fund’s multi-year record remains decent rather than poor.

Source data date: as of 03 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Gold Exchange Traded Fund	Domestic Mutual Funds Units – Gold	10.89%
Reliance Industries Ltd.	Crude Oil	5.18%
ICICI Bank Ltd.	Bank	4.98%
HDFC Bank Ltd.£	Bank	4.38%
TREPS – Tri-Party Repo	Cash & Cash Equivalents and Net Assets	3.69%
Bharti Airtel Ltd.	Telecom	3.29%
Axis Bank Ltd.	Bank	2.47%
Kotak Mahindra Bank Limited	Bank	2.35%
NTPC Limited	Power	1.95%
Maruti Suzuki India Limited	Automobile & Ancillaries	1.88%

The top 10 holdings account for approximately 41.06% of the portfolio.

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

The largest holding is HDFC Gold Exchange Traded Fund at 10.89%, which is a meaningful position on its own and may have greater influence than the smaller individual holdings below it. The weight then steps down fairly quickly: the tenth holding is 1.88%, so the list moves from a double-digit anchor to a much smaller tail within the top 10.

That shape suggests the portfolio is not dominated by a single line item, but the first few positions still matter more than the rest. Because the top 10 together make up 41.06% of the portfolio and the full disclosed list runs to 56 holdings, the fund appears to balance a visible core with a longer spread of smaller positions. In our view, that can soften concentration in one holding while still leaving the portfolio influenced by its larger names.

Source data date: as of 03 Sep 2026

Who should invest

This fund is better suited to investors who are comfortable with High Risk and can stay invested for a longer horizon. The 3-year and 5-year returns are stronger than the 1-year figure, which points to a fund that has worked better across a fuller cycle than in the most recent stretch.

The benchmark comparison also matters. The fund has stayed ahead of Nifty 50 across 1-year, 3-year and 5-year windows, but the recent year has been softer than several peer funds with available 1-year data. The main trade-off is that investors get multi-asset diversification and a more balanced portfolio structure, but they must accept uneven short-term outcomes.

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 15% of units. For the remaining units, 1% applies on or before 12 months, and there is no exit load after 12 months.

Source data date: as of 03 Sep 2026

Frequently asked questions

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

The NAV is ₹85.087 as of 03 Sep 2026.

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

The fund’s returns are 5.7% for 1 year, 12.66% for 3 years and 11.31% for 5 years.

How does it compare with the benchmark?

It has outpaced Nifty 50 across 1-year, 3-year and 5-year periods. The margin is widest over 3 years and 5 years.

How does it compare with peer funds on recent returns?

Its 1-year return is below the stronger peer figures shown, while its longer-term returns are more competitive. Quant Multi Asset Allocation Fund Direct Growth Plan has higher available 3-year and 5-year returns.

Is there a minimum SIP amount?

Yes. The minimum SIP amount is ₹100.

What risk profile and portfolio style does the fund have?

The fund is in the High Risk category. Its top holding is HDFC Gold Exchange Traded Fund at 10.89%, and the top 10 holdings together account for 41.06% of the portfolio.

Bottom line

HDFC Multi Asset Allocation Fund Direct Growth Plan has a longer-term record that is clearly better than its latest 1-year stretch, and it has stayed ahead of Nifty 50 over the periods shown. The peer picture is less uniform: recent 1-year returns are weaker than several comparable funds, while the 3-year and 5-year figures remain reasonable. With a High Risk tag and a portfolio led by gold, banks and large-cap names, this looks more suitable for investors who want diversified hybrid exposure and can tolerate uneven shorter-term performance.

Published on 4 September 2026 at 10:22 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.