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

Union Multi Asset Allocation Fund Direct Growth Plan has a NAV of ₹12.39 as of 18 Sep 2026 and an AUM of ₹1,020 Cr. Its 1-year, 3-year and 5-year returns are 10.43%, Data not available and Data not available, and the fund sits in the High Risk category. In our view, it is best read as a multi-asset option that has held up better over 1 year than its benchmark, but it still needs a longer record before its pattern can be judged with high confidence.

The scheme combines equity, gold, silver and debt exposure, so the return path can differ from a single-asset fund. That mix may help explain why the recent 1-year figure looks steadier than the benchmark, even though the fund’s short history means the longer-term picture is still limited.

Quick facts

Particular	Details
NAV	₹12.39 as of 18 Sep 2026
AUM	₹1,020 Cr
Expense Ratio	0.97%
Launch Date	10 Sep 2024
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Sanjay Bembalkar, Vinod Malviya, Anindya Sarkar

The fund is managed by Sanjay Bembalkar, Vinod Malviya and Anindya Sarkar.

Source data date: as of 18 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.36%	-3.73%
3M	-0.16%	-3.14%
1Y	10.43%	-5.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Over the latest month, the fund slipped, but the decline was smaller than the benchmark’s fall. The same pattern appears over 3 months, where the fund stayed much closer to flat while the benchmark remained weaker. That tells us the recent return profile has been comparatively resilient, even if it is not perfectly smooth.

The 1-year figure is the clearest strength in the record available today. The fund is comfortably positive over that horizon while the benchmark is negative, which suggests the multi-asset mix has mattered during a choppier market phase. For a fund that launched in September 2024, that is an encouraging start, but it is still too early to treat the recent 1-year outcome as a full-cycle result.

The short-term pattern also looks uneven. A small pullback in the latest month follows a steadier 3-month showing, so the path has not been linear. In our view, that matters for investors because a multi-asset strategy can damp some market swings, but it can still move around meaningfully when risk sentiment changes.

The longer record is not yet available, so there is no 3-year or 5-year compounding history to lean on. That makes the fund more suitable for readers who care about recent behaviour, asset mix and portfolio construction than for those who want a long track record to judge repeatability.

Source data date: as of 18 Sep 2026

Should you BUY or HOLD Union 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
Union Multi Asset Allocation Fund Direct Growth Plan	10.43%	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%
Kotak Multi Asset Allocation Fund Direct Growth Plan	14.68%	Data not available	Data not available
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 1-year figures, this fund trails several peers, with 360 ONE Multi Asset Allocation Fund Direct Growth Plan and Quant Multi Asset Allocation Fund Direct Growth Plan posting higher numbers. That said, the gap is less important than the fact that the fund is still young and has limited longer-horizon history.

Where the peer set becomes more informative is in the one available longer record: Quant Multi Asset Allocation Fund Direct Growth Plan has 3-year and 5-year data that are materially stronger than this fund’s absent history. So the short-term comparison looks weaker, while the longer-term comparison cannot yet be made on equal footing for the current scheme. In our view, that makes the recent return gap worth noting, but not overreading.

Source data date: as of 18 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Union Gold ETF	Domestic Mutual Funds Units – Gold	11.83%
ICICI Prudential Silver ETF	Domestic Mutual Funds Units – Silver	5.22%
ICICI Bank Ltd.	Bank	4.58%
HDFC Bank Ltd.	Bank	4.07%
TREPS	Cash & Cash Equivalents and Net Assets	3.47%
Power Finance Corporation Ltd.**	Corporate Debt	3.35%
Reliance Industries Ltd.	Crude Oil	2.54%
Axis Bank Ltd.	Bank	2.53%
State Bank of India	Bank	2.5%
National Bank for Agriculture and Rural Development**	Corporate Debt	2.42%

The top 10 holdings account for approximately 42.51% of the portfolio.

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

The largest holding, Union Gold ETF, stands at 11.83%, which is meaningfully higher than the next position and gives gold a visible role in the portfolio. After that, the weights step down fairly quickly: the second holding is 5.22%, and the tenth is 2.42%. That pattern suggests the biggest positions may influence returns more than the smaller ones, even though the fund is not dominated by a single holding.

The disclosed top 10 sum to 42.51% across 70 holding rows, so the portfolio looks spread across a fairly long tail rather than concentrated only in a handful of names. At the same time, the mix of gold, silver, banks, cash and debt may support diversification, which could help the scheme behave differently from a plain equity fund. We think that balance is important for understanding why the fund’s return pattern may move away from the benchmark at times.

Source data date: as of 18 Sep 2026

Who should invest

This fund is better suited to investors who can tolerate High Risk and are comfortable with a return path that may differ from a simple equity benchmark. The 1-year result is better than the benchmark, but the shorter record and the lack of 3-year or 5-year history mean the evidence is still developing.

We think the main fit is for investors with a medium-to-long horizon who want exposure across equity, gold, silver and debt within one scheme. The trade-off is clear: the diversification may help soften some market stress, but the fund can still go through weak months, and there is not yet enough long-term history to judge consistency across full 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: 1% on or before 15D, Nil after 15D.

No exit load applies after the holding period.

Source data date: as of 18 Sep 2026

Frequently asked questions

What is the current NAV of Union Multi Asset Allocation Fund Direct Growth Plan?
Its NAV is ₹12.39 as of 18 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 10.43%. The 3-year and 5-year returns are Data not available.

How has the fund done versus Nifty 50?
It has done better over 1 year, with 10.43% versus the benchmark’s -5.31%. It has also held up better over 1 month and 3 months.

How does it compare with peer funds on 1-year returns?
Several peers have higher 1-year returns, including 360 ONE Multi Asset Allocation Fund Direct Growth Plan at 19.91% and Quant Multi Asset Allocation Fund Direct Growth Plan at 16.29%.

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 Sanjay Bembalkar, Vinod Malviya and Anindya Sarkar. The exit load is 1% on or before 15D, and nil after 15D.

Bottom line

Union Multi Asset Allocation Fund Direct Growth Plan has started with a better 1-year outcome than its benchmark, but the short record means its longer-term profile is still unproven. Compared with available peers, its recent return trail is weaker than several alternatives, while the only peer with longer-horizon data also shows stronger history. The portfolio leans on gold, silver, banks, cash and debt in a way that may diversify risk, but the scheme still carries a High Risk label and can move unevenly from month to month.

Published on 21 September 2026 at 11:03 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.