Zerodha Multi Asset Passive FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Zerodha Multi Asset Passive FoF Direct Growth Plan has a NAV of ₹11.3293 as of 16 September 2026 and an AUM of ₹189 Cr. Its 1-year, 3-year and 5-year returns are 8.75%, 0% and 0%, and the scheme sits in the High Risk category. In our view, this is a fund for investors who can tolerate sharp swings and want a simple multi-asset structure rather than a steady return profile.

The current portfolio is fully allocated across four passive building blocks, which can help diversify exposure, but the recent return pattern is uneven and the longer record is still short because the fund launched on 13 August 2025. That makes it more suitable for investors who understand that the path of returns may vary meaningfully over short periods.

Quick facts

Particular	Details
NAV	₹11.3293 as of 16 Sep 2026
AUM	₹189 Cr
Expense Ratio	0.18%
Launch Date	13 Aug 2025
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	No exit load
Fund Managers	Kedarnath Mirajkar

The fund is managed by Kedarnath Mirajkar.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.32%	-4.41%
3M	-0.81%	-3.6%
1Y	8.75%	-7.76%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The fund has been under pressure in the short term, with both 1-month and 3-month returns negative. Even so, the losses have been smaller than the benchmark over those same periods, which suggests the portfolio has held up better than the index during the latest wobble.

The 1-year figure is the standout number here. At 8.75%, the fund has stayed positive while the benchmark has been negative over the same horizon, so the fund has clearly outpaced the benchmark on a one-year basis.

That said, the record is still young. Since launch, the pattern has been choppy rather than smooth, and there is not yet a 3-year or 5-year return history to judge whether the one-year edge can be sustained. For investors, that means the fund’s recent resilience is encouraging, but it should not be read as proof of long-cycle consistency.

Our reading of the return path is that the portfolio has shown some ability to absorb market weakness, but not enough history exists yet to call it a mature long-term performer.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Zerodha Multi Asset Passive FoF?

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
Zerodha Multi Asset Passive FoF Direct Growth Plan	8.75%	Data not available	Data not available
SBI Silver ETF FOF Direct Growth Plan	76.71%	Data not available	Data not available
Kotak Silver ETF FoF Direct Growth Plan	75.91%	45.12%	Data not available
Axis Silver FoF Direct Growth Plan	74.42%	45.18%	Data not available
Zerodha Silver ETF FoF Direct Growth Plan	73.46%	Data not available	Data not available
Nippon India Silver ETF FOF Direct Growth Plan	72.65%	43.94%	Data not available

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

Against the peer set shown here, the fund’s 1-year return is far below the silver-focused passive funds, which have delivered much stronger recent gains. That means the current fund is not matching the short-term momentum visible in those peers.

The longer-period picture is harder to compare cleanly because this fund does not yet have 3-year or 5-year figures. Among peers with available longer history, the silver FoF funds also show materially stronger multi-year numbers than the current fund can currently demonstrate.

So the short-term and longer-term comparisons tell different stories: the current fund has outperformed its benchmark on a 1-year basis, but it trails the peer returns shown here on recent performance. For investors, that means the fund looks more defensive relative to its benchmark than exciting relative to the peer set.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Zerodha Nifty Midcap 150 ETF	Domestic Mutual Funds Units	32.18%
Zerodha Nifty 100 ETF	Domestic Mutual Funds Units	28.62%
Zerodha Gold ETF	Domestic Mutual Funds Units – Gold	24.75%
Zerodha Nifty 8-13 YR G-Sec ETF	Domestic Mutual Funds Units	14.85%

The largest holding is Zerodha Nifty Midcap 150 ETF at 32.18%, so it is likely to have the biggest influence on the portfolio’s day-to-day movement. The next three positions are also meaningful, which means the fund does not depend on a single sleeve alone.

Weight falls from 32.18% to 14.85% by the fourth disclosed holding, but the drop is not dramatic enough to suggest a one-position strategy. Instead, the mix shows four sizable blocks that may each contribute to returns in different market conditions.

Because the disclosed holdings account for 100% of the portfolio across only four positions, the structure is concentrated in a small set of assets even though the assets themselves span equities, gold and government securities. That combination may soften pure equity dependence, but it still leaves the fund exposed to the behaviour of a few large building blocks.

Source data date: as of 16 Sep 2026

Who should invest

This fund may suit investors with a high risk tolerance who are comfortable seeing short-term declines as part of a multi-asset passive strategy. The 1-year return is positive, but the 1-month and 3-month numbers are negative, so the recent path has been uneven.

The lack of 3-year and 5-year history means it is better viewed as a newer allocation idea than a proven long-cycle compounder. Investors with a medium- to long-term horizon may find the mix of equity, gold and government securities useful if they want diversification inside a single fund structure.

The main trade-off is that the portfolio can behave differently from the benchmark and from peer silver-focused FoFs, so the fund may not capture the strongest recent market theme. In return, it offers a broader asset mix that may help reduce reliance on just one market segment.

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: No exit load.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Zerodha Multi Asset Passive FoF Direct Growth Plan?

The current NAV is ₹11.3293 as of 16 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The 1-year return is 8.75%, while the 3-year and 5-year returns are not available yet.

How has the fund performed versus the benchmark?

It has done better than the Nifty 50 over the 1-year period, where the fund is positive and the benchmark is negative. Over 1 month and 3 months, the fund also fell less than the benchmark.

How does it compare with the peer funds shown here?

Its 1-year return is much lower than the silver-focused peer funds listed here. The longer-term comparison is limited because this fund does not yet have 3-year or 5-year figures.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What stands out in the portfolio and exit load?

The portfolio is split across four disclosed holdings, led by Zerodha Nifty Midcap 150 ETF at 32.18%. The fund also has no exit load, and the current manager is Kedarnath Mirajkar.

Bottom line

Zerodha Multi Asset Passive FoF Direct Growth Plan has shown a mixed recent pattern: it has held up better than the benchmark on a 1-year basis, but the latest 1-month and 3-month figures are weaker. Against the peer set shown here, its recent return is far lower, which makes the comparison look modest even though the benchmark comparison is better. The fund sits in the High Risk category, and its four-holding structure gives it a concentrated but multi-asset profile that may appeal to investors who value diversification inside one passive wrapper.

Published on 17 September 2026 at 10:23 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.