HSBC Multi Asset Active FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HSBC Multi Asset Active FOF Direct Growth Plan currently has a NAV of ₹44.8905 as of 09 Sep 2026 and an AUM of ₹114 Cr. Its 1-year, 3-year and 5-year returns are 15.45%, 15.43% and 12.38%, and it sits in the High Risk category.

Our view is that this is a fund for investors who can tolerate sharper swings in pursuit of multi-asset diversification through an underlying fund-of-funds structure. The return pattern is stronger over 1Y and 3Y than the benchmark, while the 5Y number still shows steady compounding, though not in a straight line.

Quick facts

Particular	Details
NAV	₹44.8905 as of 09 Sep 2026
AUM	₹114 Cr
Expense Ratio	0.09%
Launch Date	30 Apr 2014
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	1% on or before 1Y, Nil after 1Y
Fund Managers	Gautam Bhupal, Cheenu Gupta

The fund is managed by Gautam Bhupal and Cheenu Gupta.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.31%	-4.06%
3M	6.30%	1.37%
1Y	15.45%	-7.31%
3Y	15.43%	6.07%
5Y	12.38%	5.91%

The last month was slightly negative for the fund, but it held up materially better than the benchmark over the same stretch. That matters because the benchmark was also weak, so the fund’s smaller dip shows some downside resilience in a choppy phase rather than a clean directional move.

The 3-month reading is more constructive. The fund outpaced the benchmark by a wide margin over that period, which suggests a stronger recent recovery than the market index and confirms that short-term momentum has been firmer than the benchmark’s.

Over 1 year, the gap is much wider: the fund posted a positive return while the benchmark was negative. That is the clearest sign of relative strength in the table, even though the category still carries High Risk characteristics. The 3-year and 5-year figures also stay ahead of the benchmark, which tells us the longer compounding pattern has been better than the index even if it has not been linear.

At the same time, the 5-year path has not been smooth. The pattern of ups and downs in the trailing periods tells us that investors needed patience through weaker phases before the stronger compounding showed through. This makes the fund more suitable for investors who care about multi-year outcomes and can live with uneven shorter-term movements.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD HSBC Multi Asset Active 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.

Already holding HSBC Multi Asset Active FOF? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
Bank of India Aggressive Hybrid Fund Direct Growth Plan	15.71%	17.16%	14.99%
HSBC Multi Asset Active FOF Direct Growth Plan	15.45%	15.43%	12.38%
Quant Aggressive Hybrid Fund Direct Growth Plan	10.68%	12.75%	13.04%
Navi Aggressive Hybrid Fund Direct Growth Plan	9.83%	11.99%	11.51%
HSBC Aggressive Hybrid Active FOF Direct Growth Plan	9.12%	12.58%	11.02%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On 1-year returns, this fund is close to the strongest figure in the table, but it is still slightly behind Bank of India Aggressive Hybrid Fund Direct Growth Plan. Over 3 years, the gap becomes more visible versus that fund, while the HSBC scheme remains ahead of the other listed peers on the same horizon.

On 5-year returns, the picture is mixed: the fund stays ahead of Navi Aggressive Hybrid Fund Direct Growth Plan and HSBC Aggressive Hybrid Active FOF Direct Growth Plan, but it trails Bank of India Aggressive Hybrid Fund Direct Growth Plan and Quant Aggressive Hybrid Fund Direct Growth Plan. That means the shorter-term comparison looks tighter, while the longer-term table shows a wider spread in outcomes across the group.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HSBC Large & Mid Cap Fund – Direct Growth	Domestic Mutual Funds Units	13.69%
HSBC Flexi Cap Fund – Direct Growth	Domestic Mutual Funds Units	13.58%
HSBC Multi Cap Fund – Direct Growth	Domestic Mutual Funds Units	13.57%
HSBC Focused Fund – Direct Growth	Domestic Mutual Funds Units	13.53%
HSBC Value Fund – Direct Growth	Domestic Mutual Funds Units	13.45%
HSBC Medium to Long Duration Fund – Direct Growth	Domestic Mutual Funds Units	7.38%
HSBC Corporate Bond Fund – Direct Growth	Domestic Mutual Funds Units	6.15%
TREPS	Cash & Cash Equivalents and Net Assets	4.98%
Nippon India Mutualfund	Domestic Mutual Funds Units – Silver	4.62%
Nippon India Mutualfund	Domestic Mutual Funds Units – Gold	4.55%

The largest holding is HSBC Large & Mid Cap Fund – Direct Growth at 13.69%, and the next four positions are tightly grouped between 13.45% and 13.58%. That kind of cluster suggests the portfolio is not built around a single dominant bet, even though the top holdings still matter a lot in day-to-day movement.

Weight then drops more clearly after the first five positions. The sixth and seventh holdings are smaller at 7.38% and 6.15%, and the cash and precious-metals exposures are lower still. This step-down may reduce reliance on any one underlying sleeve, while still keeping meaningful exposure to equity-oriented and debt-oriented building blocks.

The top 10 holdings account for approximately 95.5% of the portfolio, across 12 disclosed holding rows. That indicates a fairly concentrated disclosed structure rather than a long, thin tail of small positions. In our view, the current mix may cause the fund’s behaviour to be influenced mainly by a handful of underlying allocations rather than by many minor holdings.

To see all holdings, visit the HSBC Multi Asset Active FOF Direct Growth Plan page

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who can accept High Risk exposure and stay invested long enough for the underlying allocation mix to work through weaker phases. The 1-year and 3-year numbers show stronger recent momentum than the benchmark, while the 5-year record still points to compounding that has been uneven rather than smooth.

That makes it more relevant for a medium- to long-term horizon than for someone who wants a steady, low-volatility path. The trade-off is clear: you get a more diversified, fund-of-funds style structure and better-than-benchmark trailing returns, but you also need to tolerate periods when the path can look choppy.

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% on or before 1Y, Nil after 1Y.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of HSBC Multi Asset Active FOF Direct Growth Plan?
The current NAV is ₹44.8905 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 15.45%, 15.43% and 12.38%.

How does it compare with the Nifty 50 benchmark?
It has outpaced the Nifty 50 across 1M, 3M, 1Y, 3Y and 5Y. The biggest gap is at 1Y, where the fund is positive and the benchmark is negative.

How does it compare with peer funds on available return data?
It is close to the stronger 1-year peer figures, but Bank of India Aggressive Hybrid Fund Direct Growth Plan is slightly ahead on 1Y, 3Y and 5Y. It still stays ahead of some other listed peers on the longer horizons.

Is there a minimum SIP amount?
Yes, the minimum SIP amount is ₹1000.

Who manages the fund and what is the exit load?
The fund is managed by Gautam Bhupal and Cheenu Gupta. The exit load is 1% on or before 1 year and nil after 1 year.

Bottom line

HSBC Multi Asset Active FOF Direct Growth Plan has a stronger recent and medium-term showing than the benchmark, and the longer trail still supports positive compounding despite some uneven movement. Against the peer set, its return profile is solid but not the strongest across every horizon. The High Risk label, the fund-of-funds structure and the heavy concentration in a small group of underlying allocations mean the fund may appeal more to patient investors who want diversified exposure and can accept periods of volatility.

Published on 11 September 2026 at 1:42 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.