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

Nippon India Multi Asset Allocation Fund Direct Growth Plan had a NAV of ₹26.7397 as of 15 Sep 2026 and an AUM of ₹17,983 Cr. Its 1-year, 3-year and 5-year returns are 10.99%, 18.24% and 15.19%, and the fund sits in the High Risk category. Our view is that this is a multi-asset strategy for investors who are comfortable with noticeable swings and want a fund whose longer-run record has been stronger than its very recent behaviour.

It has combined exposure to gold, overseas equities, banks and cash-like instruments, which can make the return path less dependent on a single market segment. The recent one-month softness does not change the broader picture, but it does show that the ride can remain uneven even when the medium-term numbers are solid.

Quick facts

Particular	Details
NAV	₹26.7397 as of 15 Sep 2026
AUM	₹17,983 Cr
Expense Ratio	0.28%
Launch Date	28 Aug 2020
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	Nil upto 10% of units and 1% for remaining units on or before 12M, Nil after 12M
Fund Managers	Vinay Sharma, Vikram Dhawan, Sushil Budhia

The fund is managed by Vinay Sharma, Vikram Dhawan and Sushil Budhia.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.77%	-4.81%
3M	0.73%	-3.63%
1Y	10.99%	-8.27%
3Y	18.24%	5.59%
5Y	15.19%	5.58%

The fund’s short-term path has been choppy, but it has still held up better than the benchmark over the latest one-month and three-month windows. The one-month decline suggests some near-term pressure, yet the three-month return stayed positive while the benchmark remained negative. That tells us the fund has absorbed recent volatility better than the benchmark, even if it has not avoided it.

The longer view is more constructive. Over 1 year, 3 years and 5 years, the fund’s returns are well above the benchmark’s figures, which points to stronger compounding over full market cycles. The 3-year return is especially notable because it is higher than the 5-year figure, showing that the mid-term stretch has been the stronger part of the record.

The time pattern also suggests that the fund can move through uneven phases before recovering. That matters for investors who may otherwise focus only on the headline trailing numbers. In our view, the fund’s return profile fits a multi-asset design: it is not trying to be smooth every month, but the broader trend has been more resilient than the benchmark over the measured periods.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Nippon 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
Nippon India Multi Asset Allocation Fund Direct Growth Plan	10.99%	18.24%	15.19%
360 ONE Multi Asset Allocation Fund Direct Growth Plan	18.8%	Data not available	Data not available
Quant Multi Asset Allocation Fund Direct Growth Plan	15.24%	21.31%	19.42%
Kotak Multi Asset Allocation Fund Direct Growth Plan	14.1%	Data not available	Data not available
Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan	12.39%	Data not available	Data not available
Bandhan Multi Asset Allocation Fund Direct Growth Plan	12.25%	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 1-year view, the fund trails the stronger peer numbers from 360 ONE, Quant and Kotak, though it remains ahead of the lower peer figures shown here. The picture changes on longer horizons: where data is available, its 3-year return stands behind Quant but ahead of the benchmark and sits above the short history shown by peers without longer records. That mix tells us the fund has been solid, but not the strongest recent mover in the peer set.

For an investor, the key point is that the peer comparison does not tell one single story. The shorter-term numbers place the fund in the middle of the group, while the longer-term figures show it can still deliver meaningful compounding versus the benchmark. That makes the fund more interesting for investors who value consistency across cycles rather than only the most recent year’s pace.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Nippon India ETF Gold Bees	Domestic Mutual Funds Units – Gold	8.34%
Ishares Msci World ETF	Overseas Mutual Fund Units	4.56%
ICICI Bank Limited	Bank	3.8%
Triparty Repo	Cash & Cash Equivalents and Net Assets	3.57%
HDFC Bank Limited	Bank	2.98%
Nippon India Silver ETF	Domestic Mutual Funds Units – Silver	2.89%
Axis Bank Limited	Bank	2.22%
State Bank of India	Bank	1.88%
Eternal Limited	Retailing	1.69%
91 Days Tbill	Treasury Bills	1.66%

The top 10 holdings account for approximately 33.59% of the portfolio.

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

The largest position is Nippon India ETF Gold Bees at 8.34%, which is meaningful but not dominant on its own. That level suggests the fund may allow its biggest theme to influence returns without making the overall portfolio fully dependent on one asset.

Weight then steps down fairly steadily across the next holdings, from overseas equity exposure to bank stocks, cash-like assets and silver. By the tenth holding, the weight has eased to 1.66%, so the spread from the largest to the tenth is noticeable. That pattern usually points to a portfolio with several active sleeves rather than one oversized concentration.

At the same time, the top 10 holdings together make up 33.59% of the portfolio, while the disclosed list contains 53 holdings. That suggests the fund may be using a long tail of smaller positions beyond the leading names, which can spread influence across more holdings even though the largest few still matter most.

Source data date: as of 15 Sep 2026

Who should invest

This fund may suit investors who can tolerate High Risk and are comfortable with a portfolio that can move unevenly in the short run. The 1-year return has been positive, but the 1-month figure was weak, so the path has not been smooth.

Our view is that the better fit is a medium- to long-term investor who can wait through volatility and is looking for a strategy that has outpaced the benchmark over 3-year and 5-year horizons. The trade-off is clear: the multi-asset structure may help the fund stay more resilient than a single-market approach, but it can still experience sharp short-term swings.

Because the portfolio includes gold, overseas equity, banks and treasury exposure, it may appeal to investors who want some diversification inside one scheme rather than a pure equity-only pattern. That does not remove risk, but it can change where the returns come from across cycles.

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 applies as nil on up to 10% of units and 1% on the remaining units if sold within 12 months. There is no exit load after 12 months.

Source data date: as of 15 Sep 2026

Frequently asked questions

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

The NAV is ₹26.7397 as of 15 Sep 2026.

How has the fund performed over 1 year, 3 years and 5 years?

Its returns are 10.99% over 1 year, 18.24% over 3 years and 15.19% over 5 years.

How does it compare with the benchmark?

It has outperformed the NIFTY 50 across 1-year, 3-year and 5-year periods, and it has also held up better in the latest 1-month and 3-month windows.

How does it compare with peer funds on available return data?

Its 1-year return is below the strongest peer figures shown here, while its 3-year and 5-year numbers are competitive where longer history is available. The short-term and long-term comparisons do not tell the same story, which is why the fund looks more balanced than standout.

Is there a minimum SIP amount?

No minimum SIP amount is stated in the available fund details, so we do not list one here.

Who manages the fund and what is the exit load?

The fund is managed by Vinay Sharma, Vikram Dhawan and Sushil Budhia. The exit load is nil on up to 10% of units and 1% for the remaining units if sold within 12 months, and there is no exit load after 12 months.

Bottom line

This fund’s recent return pattern has been uneven, but the longer-run picture is stronger than the benchmark across the measured horizons. Compared with peers, the available return data shows a mixed position: the fund is not the fastest recent mover, yet it still holds up well where longer history is available. The High Risk tag fits the way the numbers behave. Its portfolio also leans on gold, overseas equity and banks, so investors are getting a diversified multi-asset mix rather than a single-theme bet. That makes it a better match for patient investors who can accept volatility in exchange for broader diversification.

Published on 16 September 2026 at 4:15 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.