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

PGIM India Multi Asset Allocation Fund Direct Growth Plan had a NAV of ₹10.51 as of 16 Sep 2026, with scheme AUM of ₹306 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the fund sits in the High Risk category.

Our view is that this is a relatively new multi-asset offering with a small asset base and a portfolio that mixes cash, government securities, gold-linked fund units and select equities. That mix can support diversification, but the return history is still limited, so the case for the fund rests more on its structure than on an established long-term record.

Quick facts

Particular	Details
NAV	₹10.51 as of 16 Sep 2026
AUM	₹306 Cr
Expense Ratio	0.0%
Launch Date	28 Nov 2025
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	0.50% on or before 90D, Nil after 90D
Fund Managers	Utsav Mehta, Anandha Padmanabhan Anjeneyan, Sharma Vivek, Puneet Pal

The fund is managed by Utsav Mehta, Anandha Padmanabhan Anjeneyan, Sharma Vivek and Puneet Pal.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.78%	-4.41%
3M	0.19%	-3.6%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is mixed but not weak in context. Over 1 month, the fund fell 2.78% while the benchmark fell more sharply, so the fund held up better in a soft period. Over 3 months, the fund stayed slightly positive at 0.19% while the benchmark was down 3.6%, which points to better short-run resilience than the benchmark.

The daily path also looks uneven, with periods of small gains and dips rather than a straight trend. That kind of movement fits a multi-asset allocation style, where return drivers can change from one stretch to another. For investors, the key point is that the short-run picture is more constructive than the benchmark, even though the longer record is still not established here.

Because the fund was launched on 28 Nov 2025, there is no meaningful 3-year or 5-year performance history to assess yet. That means we cannot lean on a long compounding record, and the current assessment has to depend on the available short-run behaviour and the portfolio mix.

Against the benchmark, the fund has been ahead in the available periods. That does not guarantee durability, but it does suggest that the structure has so far handled recent market moves more steadily than the equity benchmark it is measured against.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD PGIM 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
PGIM India Multi Asset Allocation Fund Direct Growth Plan	Data not available	Data not available	Data not available
Platinum Hybrid Long-Short Fund Direct Growth Plan	Data not available	Data not available	Data not available
Titanium Hybrid Long-Short Fund Direct Growth Plan	Data not available	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On available return data, the current fund does not have a live 1-year, 3-year or 5-year figure to compare against its peers, so the peer table is driven by missing history rather than by a wide spread in published outcomes. That makes the short-run comparison useful mainly as a reminder that this scheme is still too young for a longer return debate.

The shorter benchmark-style periods in the performance section are the only meaningful proof points at the moment, and they are better than the benchmark. Against peers, however, the visible return record is incomplete for everyone listed here, so the comparison does not separate the schemes in a practical way.

For now, the more useful takeaway is that the fund’s peer set also reflects early-stage histories. That means investors are mainly comparing structure, portfolio mix and stated risk, not a mature track record.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Net Receivables / (Payables)	Cash & Cash Equivalents and Net Assets	11.08%
6.01% Government of India	Government Securities	6.42%
HDFC Mutual Fund	Domestic Mutual Funds Units – Gold	4.1%
SBI Mutual Fund	Domestic Mutual Funds Units – Gold	4.09%
ICICI Prudential Mutual Fund	Domestic Mutual Funds Units – Gold	4.08%
HDFC Bank Ltd.	Bank	3.39%
Clearing Corporation of India Ltd.	Cash & Cash Equivalents and Net Assets	3.19%
ICICI Prudential Mutual Fund	Domestic Mutual Funds Units – Silver	2.82%
Nippon India Mutual Fund	Domestic Mutual Funds Units – Silver	2.78%
ICICI Bank Ltd.	Bank	2.34%

The largest disclosed holding is Net Receivables / (Payables) at 11.08%, which is a notable slice on its own. After that, the weights step down fairly quickly into the 6% range and then cluster around 4% to 2%, so no single operating company dominates the top of the book.

The drop from the first holding to the tenth holding is moderate rather than dramatic, and that tells us the displayed positions are spread across several asset buckets. Gold fund units, cash-like items, government securities and bank holdings all appear in the top slice, which can make the portfolio less dependent on one return driver.

At the same time, the top 10 disclosed holdings add up to 44.29% of the portfolio, and 52 holdings are disclosed in total. That suggests a meaningful amount of diversification beyond the visible leaders, although the first few positions could still have greater influence than the rest of the tail.

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

Source data date: as of 16 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk and want a multi-asset structure rather than a plain equity-only approach. The available record is short, so the main horizon for consideration is longer term, not a quick tactical trade.

The recent numbers are better than the benchmark in the available periods, but there is no established 3-year or 5-year history yet. Investors therefore need to accept limited performance visibility in exchange for a portfolio that blends cash, government securities, gold-linked fund units and equities.

That trade-off may suit someone who wants diversification across asset buckets and can tolerate early-stage uncertainty. It is less suitable for anyone who needs a long, proven return pattern before making a commitment.

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: 0.50% on or before 90D, Nil after 90D.

Source data date: as of 16 Sep 2026

Frequently asked questions

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

The current NAV is ₹10.51 as of 16 Sep 2026.

What are the fund’s returns over 1 month and 3 months?

The fund returned -2.78% over 1 month and 0.19% over 3 months. The short-run picture has been better than the benchmark in both periods.

Does the fund have a 1-year, 3-year or 5-year performance record?

No meaningful 1-year, 3-year or 5-year return history is available yet because the scheme launched on 28 Nov 2025.

How does the fund compare with the benchmark?

In the available short periods, the fund has held up better than the benchmark. The benchmark was down 4.41% over 1 month and 3.6% over 3 months, while the fund was down 2.78% and up 0.19%.

What is the minimum SIP amount?

The minimum SIP amount is ₹1,000.

What is the exit load and who manages the fund?

The exit load is 0.50% on or before 90 days and nil after 90 days. The fund is managed by Utsav Mehta, Anandha Padmanabhan Anjeneyan, Sharma Vivek and Puneet Pal.

Bottom line

This fund’s short-run behaviour is better than the benchmark, but it does not yet have a long performance history to anchor a deeper judgement. The portfolio is diversified across cash-like items, government securities, gold-linked fund units and equities, which may reduce reliance on a single asset bucket. That makes it more relevant for investors who can accept High Risk and early-stage uncertainty in exchange for a multi-asset structure. It is less compelling for anyone who wants a long, proven track record before taking exposure.

Published on 17 September 2026 at 12:55 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.