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

Kotak Multi Asset Allocation Fund Direct Growth Plan had a NAV of ₹16.558 as of 18 Sep 2026 and manages ₹15,282 Cr in assets. Its 1-year, 3-year and 5-year returns are 14.68%, Data not available and Data not available, and the scheme is tagged High Risk. Our view is that it may suit investors who can tolerate sharp swings and want a multi-asset allocation approach, but the short operating history means the longer picture is still limited.

Recent returns have been better than the benchmark’s one-year and shorter-window performance, but the fund’s own track record is still too short to assess full cycle consistency. The portfolio also includes meaningful exposure to gold, silver, cash and select equities, which may make it less dependent on any one market segment.

Quick facts

Particular	Details
NAV	₹16.558 as of 18 Sep 2026
AUM	₹15,282 Cr
Expense Ratio	0.45%
Launch Date	22 Sep 2023
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	Nil upto 30% of investment and 1% for remaining investment on or before 1Y, Nil after 1Y
Fund Managers	Devender Singhal, Abhishek Bisen, Hiten Shah, Jeetu Valechha Sonar

The fund is managed by Devender Singhal, Abhishek Bisen, Hiten Shah and Jeetu Valechha Sonar.

Source data date: as of 18 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.05%	-3.73%
3M	0.35%	-3.14%
1Y	14.68%	-5.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The near-term pattern has been uneven, but the fund has still held up better than the benchmark over the periods that are available. The 1-month return was negative, yet it was less weak than the benchmark, and the 3-month period moved into positive territory while the benchmark stayed negative. That tells us the fund recovered better over the latest quarter than the broad market proxy used here.

The one-year figure is the clearest comparison point because the fund has been live for only a short time. At 14.68%, it stands well ahead of the benchmark’s negative one-year return. Even so, we would treat that number as a limited snapshot rather than proof of long-term consistency, because the scheme has not yet built a full 3-year or 5-year track record.

The time pattern also shows that returns have not risen in a straight line. There were softer patches inside the recent window, which is common for a hybrid fund that holds both equity-linked assets and defensive allocations. For investors, that means the fund has shown some resilience versus the benchmark, but the path has still been choppy.

Source data date: as of 18 Sep 2026

Should you BUY or HOLD Kotak 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
Kotak Multi Asset Allocation Fund Direct Growth Plan	14.68%	Data not available	Data not available
360 ONE Multi Asset Allocation Fund Direct Growth Plan	19.91%	Data not available	Data not available
Quant Multi Asset Allocation Fund Direct Growth Plan	16.29%	22.23%	19.88%
Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan	12.65%	Data not available	Data not available
DSP Multi Asset Allocation Fund Direct Growth Plan	12.65%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the available one-year numbers, the fund trails 360 ONE Multi Asset Allocation Fund Direct Growth Plan and Quant Multi Asset Allocation Fund Direct Growth Plan, while staying ahead of Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan and DSP Multi Asset Allocation Fund Direct Growth Plan. That makes the recent picture mixed rather than dominant.

The longer-view comparison is less complete because only one peer in this set has 3-year and 5-year figures available, and that peer has materially stronger long-term returns than Kotak’s data window allows us to assess. So the current fund’s short-term profile looks acceptable, but the available peer data suggests that its longer-term case is still unproven relative to the better-established schemes in the group.

Source data date: as of 18 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Kotak Mutual Fund – Kotak Silver ETF	Domestic Mutual Funds Units – Silver	9.15%
Triparty Repo	Cash & Cash Equivalents and Net Assets	5.13%
Kotak Mutual Fund – Kotak Gold ETF	Domestic Mutual Funds Units – Gold	4.99%
State Bank of India.	Bank	3.60%
Maruti Suzuki India Limited	Automobile & Ancillaries	2.70%
Eternal Limited	Retailing	2.55%
NTPC Ltd	Power	2.54%
ITC Ltd.	FMCG	2.47%
Oracle Financial Services Software Ltd	IT	2.35%
Hero Motocorp Ltd.	Automobile & Ancillaries	2.32%

The largest holding is Kotak Mutual Fund – Kotak Silver ETF at 9.15%, which is sizeable but not overwhelming on its own. The weight then steps down gradually into cash, gold and individual equities, with no single equity position dominating the top of the book.

From the first holding to the tenth, the weights fall from 9.15% to 2.32%, so the display set is fairly spread out. The top ten holdings together account for approximately 37.8% of the portfolio, which suggests that a meaningful share of assets is still spread across the remaining disclosed holdings and other positions beyond the top ten. With 57 holdings disclosed in total, the portfolio may be diversified enough to avoid heavy dependence on just a few names, even though the precious-metal sleeves are clearly visible.

That structure means the fund is likely to have influence from both defensive and market-linked positions. The silver and gold ETF allocations may cushion equity risk at times, while the equity names and cash position could still keep returns sensitive to changes in market sentiment and asset allocation calls.

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

Source data date: as of 18 Sep 2026

Who should invest

This fund fits investors who can handle High Risk and want a hybrid allocation that mixes precious metals, cash and equities. The short-term record has been better than the benchmark, but the lack of a full 3-year or 5-year track record means the longer-term case is still developing.

It may appeal to investors with a medium-to-long horizon who are comfortable with uneven returns along the way. The trade-off is that the portfolio can participate in market upside while also carrying volatility from equity and commodity-linked exposures, so the experience may be less steady than a plain debt-oriented fund.

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 30% of investment and 1% for remaining investment on or before 1Y, Nil after 1Y.

Source data date: as of 18 Sep 2026

Frequently asked questions

What is the current NAV of Kotak Multi Asset Allocation Fund Direct Growth Plan?
The current NAV is ₹16.558 as of 18 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 14.68%, while the 3-year and 5-year returns are Data not available. The scheme does not yet have a full longer-term track record in the visible figures.

How does it compare with the benchmark?
It has outpaced the Nifty 50 benchmark on the available 1-month, 3-month and 1-year periods. The benchmark was negative across those same windows, while the fund stayed ahead.

How does it compare with peer funds on the available 1-year figures?
It trails 360 ONE Multi Asset Allocation Fund Direct Growth Plan and Quant Multi Asset Allocation Fund Direct Growth Plan on 1-year return, but it is ahead of Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan and DSP Multi Asset Allocation Fund Direct Growth Plan in the same window.

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

Who manages the fund and what kind of risk profile does it have?
The fund is managed by Devender Singhal, Abhishek Bisen, Hiten Shah and Jeetu Valechha Sonar, and it is classified as High Risk. Its top holdings are led by Kotak Mutual Fund – Kotak Silver ETF, followed by cash, gold and several individual equity positions.

Its recent performance has been stronger than the benchmark, but the longer-term picture remains incomplete because the fund is still young. The portfolio has visible precious-metal exposure alongside equities and cash, so the fit is better for investors who can tolerate uneven returns and want a hybrid structure rather than a single-asset fund.

Published on 21 September 2026 at 11:55 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.