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

SBI Multi Asset Allocation Fund Direct Growth Plan has a NAV of ₹74.2087 as of 17 Sep 2026 and a scheme AUM of ₹20,935 Cr. Its 1-year, 3-year and 5-year returns are 9.72%, 14.46% and 13.21%, and it carries a High Risk label.

Our view is that this is a diversified hybrid fund with a meaningful allocation to gold, silver, debt and cash alongside financial and infrastructure-linked holdings. The return pattern is steady over longer periods, while the recent 1-year figure has been softer than the 3-year pace, so it suits investors who can accept swings in pursuit of multi-asset diversification rather than a simple equity-only profile.

Quick facts

Particular	Details
NAV	₹74.2087 as of 17 Sep 2026
AUM	₹20,935 Cr
Expense Ratio	0.62%
Launch Date	15 Mar 2013
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	Nil for 10% of investment and 1% for remaining Investment on or before 12M, Nil after 12M
Fund Managers	Dinesh Balachandran, Mansi Sajeja, Vandna Soni

The fund is managed by Dinesh Balachandran, Mansi Sajeja and Vandna Soni.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.51%	-3.66%
3M	-0.16%	-3.71%
1Y	9.72%	-7.13%
3Y	14.46%	5.82%
5Y	13.21%	5.72%

The short-term numbers are uneven but still better than the benchmark. Over 1 month and 3 months, the fund was slightly negative, which tells us that recent conditions have not been smooth. Even so, the benchmark fell more sharply over the same windows, so the fund held up better than NIFTY 50 in the near term.

The 1-year return is clearly stronger than the benchmark, which is important because it shows the fund recovered better over a full year than the equity benchmark did. That said, the 1-year figure is below the fund’s 3-year and 5-year pace, so recent behaviour has been softer than the medium-term pattern.

Over 3 years and 5 years, the fund has compounded at 14.46% and 13.21%, both above the benchmark’s 5.82% and 5.72%. Our reading is that the fund has delivered a more balanced long-run experience than the benchmark, but with enough short-term movement to remind investors that it is not a low-volatility product.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD SBI 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.

Already holding SBI Multi Asset Allocation? 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
SBI Multi Asset Allocation Fund Direct Growth Plan	9.72%	14.46%	13.21%
360 ONE Multi Asset Allocation Fund Direct Growth Plan	18.54%	Data not available	Data not available
Quant Multi Asset Allocation Fund Direct Growth Plan	14.8%	21.38%	19.38%
Kotak Multi Asset Allocation Fund Direct Growth Plan	14.1%	Data not available	Data not available
Bandhan Multi Asset Allocation Fund Direct Growth Plan	12.25%	Data not available	Data not available
DSP Multi Asset Allocation Fund Direct Growth Plan	12.2%	Data not available	Data not available

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

In recent periods, the fund trails the stronger 1-year figures posted by some peers, especially Quant Multi Asset Allocation Fund Direct Growth Plan and 360 ONE Multi Asset Allocation Fund Direct Growth Plan. At the same time, its 3-year and 5-year returns remain well above the peer fund with full medium-term data available here, which shows that the longer-run record is not weak.

The comparison tells two different stories. In the short term, the fund has not matched the very best 1-year peer numbers. Over 3 years and 5 years, though, it stays competitive on a longer horizon, so the main question for an investor is whether they value steadier multi-asset compounding over chasing the highest recent one-year result.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
SBI Gold ETF	Domestic Mutual Funds Units – Gold	6.76%
TREPS	Cash & Cash Equivalents and Net Assets	5.35%
SBI Silver ETF	Domestic Mutual Funds Units – Silver	3.81%
Muthoot Finance Ltd.	Corporate Debt	3.44%
Brookfield India Real Estate Trust	Finance	2.48%
National Bank for Agriculture and Rural Development	Corporate Debt	2.36%
Cholamandalam Investment & Finance Co. Ltd.	Corporate Debt	2.16%
HDB Financial Services Ltd.	Corporate Debt	2.02%
Embassy Office Parks Reit	Finance	1.99%
GAIL (India) Ltd.	Gas Transmission	1.98%

The top 10 holdings account for approximately 32.35% of the portfolio.

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

The single largest holding, SBI Gold ETF, is 6.76%, which is meaningful but not dominating on its own. The next few positions step down gradually, and by the tenth holding the weight is down to 1.98%, so the visible book does not appear tightly packed around one idea.

That said, the top 10 still make up about a third of the portfolio, and the full disclosed list runs to 61 holdings. Our view is that this points to a portfolio with several influence points rather than a single anchor position, while the longer tail beyond the top 10 may also matter in day-to-day movement.

Because the largest weights are spread across gold, silver, cash equivalents, debt and select listed exposures, the fund may behave differently from a plain equity hybrid fund. That mixed profile could help diversification, but it can also mean returns move in response to several asset classes rather than just stock-market direction.

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who can live with a High Risk profile and are comfortable seeing returns shaped by more than one asset class. The 1-year number is decent, but the stronger 3-year and 5-year figures suggest it is better assessed over a longer horizon than over a single year.

The main trade-off is that the fund offers diversification across equity-linked, precious-metals, cash and debt exposure, but that mix can still lead to short-term swings. Investors who want a multi-asset fund for a medium-to-long holding period may find that balance useful, especially if they prefer a portfolio that is not dependent on one market driver.

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

The exit load is nil for 10% of the investment and 1% for the remaining investment if units are sold on or before 12 months, and there is no exit load after the holding period.

Source data date: as of 17 Sep 2026

Frequently asked questions

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

The current NAV is ₹74.2087 as of 17 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 9.72%, 14.46% and 13.21%.

How does the fund compare with the benchmark?

The fund has outperformed NIFTY 50 over 1 year, 3 years and 5 years. The benchmark return is -7.13% for 1 year, 5.82% for 3 years and 5.72% for 5 years.

How does it compare with peer funds on recent returns?

Its 1-year return of 9.72% is below the stronger peer 1-year figures shown here, including 18.54% for 360 ONE Multi Asset Allocation Fund Direct Growth Plan and 14.8% for Quant Multi Asset Allocation Fund Direct Growth Plan. Over 3 years and 5 years, it remains ahead of the peer with comparable longer-term data shown here.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Dinesh Balachandran, Mansi Sajeja and Vandna Soni. The exit load is nil for 10% of the investment and 1% for the remaining investment if units are sold on or before 12 months, and no exit load applies after the holding period.

Bottom line

SBI Multi Asset Allocation Fund Direct Growth Plan looks stronger on a medium-to-long horizon than in the most recent year, and it has stayed well ahead of the benchmark over 1 year, 3 years and 5 years. The peer set shows that some funds have stronger recent 1-year numbers, but the fund remains competitive over longer periods where data is available. Its High Risk profile and multi-asset mix mean it is not a simple equity substitute, yet that same mix may help diversification for investors with a longer horizon.

Published on 18 September 2026 at 3:11 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.