What are the top performing Multi Asset Allocation funds?

Based on 1-year returns, the top performing Multi Asset Allocation funds are Quant Multi Asset Allocation Fund Direct-Growth with 8.54% return, 360 ONE Multi Asset Allocation Fund Direct-Growth with 6.98% return, and Bandhan Multi Asset Allocation Fund Direct-Growth with 6.23% return. The category average 1-year return is 0.72%.

Which Multi Asset Allocation funds have given the best returns over 3 years?

Over a 3-year period, the best performing Multi Asset Allocation funds are Quant Multi Asset Allocation Fund Direct-Growth with a 21.04% CAGR, 360 ONE Multi Asset Allocation Fund Direct-Growth with 17.52% CAGR, and Bandhan Multi Asset Allocation Fund Direct-Growth with 16.88% CAGR. The category average 3-year return stands at 13.39% CAGR.

Which Multi Asset Allocation funds have given the best returns over 5 years?

Over a 5-year period, the top Multi Asset Allocation funds are Quant Multi Asset Allocation Fund Direct-Growth with a 17.91% CAGR, 360 ONE Multi Asset Allocation Fund Direct-Growth with 13.87% CAGR, and Bandhan Multi Asset Allocation Fund Direct-Growth with 13.82% CAGR. The category average 5-year return is 11.63% CAGR.

What are the largest Multi Asset Allocation mutual funds by assets?

The largest Multi Asset Allocation funds by Assets Under Management (AUM) are ICICI Prudential Multi Asset Allocation Fund Direct-Growth with ₹ 84,108.40 crore, SBI Multi Asset Allocation Fund Direct-Growth with ₹ 21,044.20 crore, and Nippon India Multi Asset Allocation Fund Direct-Growth with ₹ 18,044.30 crore. Together, there are 58 Multi Asset Allocation funds available in India.

What is the minimum amount to invest in Multi Asset Allocation funds?

You can start investing in Multi Asset Allocation funds with a minimum SIP of ₹99 per month or a minimum lumpsum of ₹100. The minimum investment varies across fund houses — some funds allow even lower entry points.

How are Multi Asset Allocation fund returns taxed?

Gains from Multi Asset Allocation funds held for less than 12 months are taxed at 20% (Short-Term Capital Gains). Gains on units held for 12 months or more are taxed at 12.5% (Long-Term Capital Gains), with ₹1.25 lakh per year being exempt per financial year. Dividends (IDCW) are taxed at your applicable income tax slab rate.

Which Multi Asset Allocation funds have the lowest expense ratio?

Among Multi Asset Allocation funds, Bandhan Multi-Asset Passive FoF Direct-Growth has the lowest expense ratio at 0.07% (Direct Plan), followed by Motilal Oswal Asset Allocation Passive FoF - Conservative Direct-Growth at 0.07%. Lower expense ratios directly improve your net returns over the long term.

How many Multi Asset Allocation mutual funds are available in India?

There are currently 58 Multi Asset Allocation mutual funds available in India across different fund houses. You can compare all 58 funds on Sharpely based on returns, risk, AUM, and expense ratio to find the one that suits your investment goals.

mutual funds category

Multi Asset Allocation

Best Multi Asset Allocation Funds 2026

Multi-asset allocation funds invest in at least three different categories (generally equity, debt, and commodity). According to the SEBI, these funds must invest a minimum of 10% in each asset class.

Total Schemes

No. of schemes

Total AUM

₹ 2.44Lakh Cr

As on latest

Category Return (5Y)

11.63 %

CAGR

Benchmark Data

This category currently has no benchmark assigned.

Category Returns (%)

Period	1M	6M	1Y	3Y CAGR	5Y CAGR	10Y CAGR	YTD
Multi Asset Allocation	-4.25 %	-2.79 %	0.72 %	13.39 %	11.63 %	11.77 %	-1.91 %
Benchmark Not Available No benchmark assigned	-	-	-	-	-	-	-

Top Multi Asset Allocation Funds (by AUM)

Fund Name	AUM (₹ Cr)	1Y Return	3Y CAGR	5Y CAGR	Expense Ratio
ICICI Prudential Multi Asset Allocation Fund Direct-GrowthNAV: ₹852.62	84,108.40 Cr	-2.88%	12.71%	13.69%	0.85%
SBI Multi Asset Allocation Fund Direct-GrowthNAV: ₹71.83	21,044.20 Cr	3.36%	13.51%	12.41%	0.66%
Nippon India Multi Asset Allocation Fund Direct-GrowthNAV: ₹25.74	18,044.30 Cr	3.22%	17.52%	13.82%	0.48%
Kotak Multi Asset Allocation Fund Direct-GrowthNAV: ₹15.57	15,235.80 Cr	4.29%	15.97%	-	0.63%
DSP Multi Asset Allocation Fund Direct-GrowthNAV: ₹15.98	10,819.80 Cr	4.88%	16.88%	-	0.62%
WhiteOak Capital Multi Asset Allocation Fund Direct-GrowthNAV: ₹16.27	9,717.16 Cr	5.71%	15.87%	-	0.65%
Aditya Birla Sun Life Multi Asset Allocation Fund Direct-GrowthNAV: ₹16.92	7,477.72 Cr	2.90%	14.48%	-	0.67%
UTI Multi Asset Allocation Fund Direct-GrowthNAV: ₹83.96	6,634.45 Cr	-3.54%	13.13%	12.12%	0.89%
Quant Multi Asset Allocation Fund Direct-GrowthNAV: ₹176.14	6,608.27 Cr	8.54%	21.04%	17.91%	1.13%
HDFC Multi-Asset Active FoF Direct-GrowthNAV: ₹19.94	5,956.23 Cr	-0.97%	11.87%	11.65%	0.14%
HDFC Multi Asset Allocation Fund Direct-GrowthNAV: ₹81.40	5,781.82 Cr	-2.86%	10.71%	9.99%	1.01%
Tata Multi Asset Allocation Fund Direct-GrowthNAV: ₹26.62	4,999.63 Cr	-2.32%	11.56%	10.90%	0.65%
Bandhan Multi Asset Allocation Fund Direct-GrowthNAV: ₹14.18	3,684.26 Cr	6.23%	-	-	0.83%
Mirae Asset Multi Asset Allocation Fund Direct-GrowthNAV: ₹13.56	3,607.46 Cr	3.18%	-	-	0.64%
Sundaram Multi Asset Allocation Fund Direct-GrowthNAV: ₹12.90	3,204.67 Cr	-4.75%	-	-	0.78%

About Multi Asset Allocation Funds

What is it?

Objective

The objective of the multi-asset allocation funds is to generate decent returns by investing in multiple asset classes. They aim to reduce risks by diversifying the portfolio.

Suitability and opinion

These funds are suitable for investors who want to create a diversified investment portfolio for long-term wealth creation. As these funds can change allocations in different asset classes as per market conditions, they can be a good option for someone who is willing to generate higher returns and is comfortable with high risk. As the fund manager can change allocations, his or her skill has a huge impact on fund returns. But, we believe that retail investors can avoid this category altogether and choose from hybrid fund options like aggressive, balanced, and conservative hybrid funds.

Multi Asset Allocation vs Other Categories

5Y CAGR Return Comparison

11.63%

8.95%

8.18%

Multi Asset Allocation

Aggressive Hybrid

Dynamic Asset Allocation

Key Insights

Multi Asset Allocation delivered 11.63% CAGR over the last 5 years.

It ranks #1 out of 7 categories based on 5Y performance.

Above the category average return of 8.22%.

0 categories outperform it, while 6 categories have lower returns.

Top performer: Multi Asset Allocation (11.63%).

Lowest performer: Arbitrage (6.61%).

Let's have a closer look

Now let us jump and check about these top 15 mutual fund schemes.

ICICI Prudential Multi Asset Allocation Fund Direct-Growth

Fund Performance: ICICI Prudential Multi Asset Allocation Fund Direct-Growth has given 12.71% annualized returns in the past three years and 13.69% in the last 5 years. The ICICI Prudential Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of ICICI Prudential Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in ICICI Prudential Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 500.00 and via SIP is ₹ 100.00.

Min Investment Amt

₹ 500.00

AUM

₹ 84,108.40Cr

1Y Returns

-2.88%

Expense Ratio

0.85%

SBI Multi Asset Allocation Fund Direct-Growth

Fund Performance: SBI Multi Asset Allocation Fund Direct-Growth has given 13.51% annualized returns in the past three years and 12.41% in the last 5 years. The SBI Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of SBI Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in SBI Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 5,000.00 and via SIP is ₹ 500.00.

Min Investment Amt

₹ 5,000.00

AUM

₹ 21,044.20Cr

1Y Returns

3.36%

Expense Ratio

0.66%

Nippon India Multi Asset Allocation Fund Direct-Growth

Fund Performance: Nippon India Multi Asset Allocation Fund Direct-Growth has given 17.52% annualized returns in the past three years and 13.82% in the last 5 years. The Nippon India Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of Nippon India Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in Nippon India Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 5,000.00 and via SIP is ₹ 100.00.

Min Investment Amt

₹ 5,000.00

AUM

₹ 18,044.30Cr

1Y Returns

3.22%

Expense Ratio

0.48%

Kotak Multi Asset Allocation Fund Direct-Growth

Fund Performance: Kotak Multi Asset Allocation Fund has given 15.97% annualized returns in the past three years. The Kotak Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of Kotak Mahindra Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in Kotak Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 100.00 and via SIP is ₹ 100.00.

Min Investment Amt

₹ 100.00

AUM

₹ 15,235.80Cr

1Y Returns

4.29%

Expense Ratio

0.63%

DSP Multi Asset Allocation Fund Direct-Growth

Fund Performance: DSP Multi Asset Allocation Fund Direct-Growth has given 16.88% annualized returns in the past three years. The DSP Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of DSP Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in DSP Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 100.00 and via SIP is ₹ 100.00.

Min Investment Amt

₹ 100.00

AUM

₹ 10,819.80Cr

1Y Returns

4.88%

Expense Ratio

0.62%

WhiteOak Capital Multi Asset Allocation Fund Direct-Growth

Fund Performance: WhiteOak Capital Multi Asset Allocation Fund Direct-Growth has given 15.87% annualized returns in the past three years. The WhiteOak Capital Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of WhiteOak Capital Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in WhiteOak Capital Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 500.00 and via SIP is ₹ 100.00.

Min Investment Amt

₹ 500.00

AUM

₹ 9,717.16Cr

1Y Returns

5.71%

Expense Ratio

0.65%

Aditya Birla Sun Life Multi Asset Allocation Fund Direct-Growth

Fund Performance: Aditya Birla Sun Life Multi Asset Allocation Fund Direct-Growth has given 14.48% annualized returns in the past three years. The Aditya Birla Sun Life Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of Aditya Birla Sun Life Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in Aditya Birla Sun Life Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 500.00 and via SIP is ₹ 100.00.

Min Investment Amt

₹ 500.00

AUM

₹ 7,477.72Cr

1Y Returns

2.90%

Expense Ratio

0.67%

UTI Multi Asset Allocation Fund Direct-Growth

Fund Performance: UTI Multi Asset Allocation Fund Direct-Growth has given 13.13% annualized returns in the past three years and 12.12% in the last 5 years. The UTI Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of UTI Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in UTI Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 5,000.00 and via SIP is ₹ 500.00.

Min Investment Amt

₹ 5,000.00

AUM

₹ 6,634.45Cr

1Y Returns

-3.54%

Expense Ratio

0.89%

Quant Multi Asset Allocation Fund Direct-Growth

Fund Performance: Quant Multi Asset Allocation Fund Direct-Growth has given 21.04% annualized returns in the past three years and 17.91% in the last 5 years. The Quant Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of Quant Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in Quant Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 5,000.00 and via SIP is ₹ 1,000.00.

Min Investment Amt

₹ 5,000.00

AUM

₹ 6,608.27Cr

1Y Returns

8.54%

Expense Ratio

1.13%

HDFC Multi-Asset Active FoF Direct-Growth

Fund Performance: HDFC Multi-Asset Active FoF Direct-Growth has given 11.87% annualized returns in the past three years and 11.65% in the last 5 years. The HDFC Multi-Asset Active FoF Direct-Growth comes under the Hybrid category of HDFC Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in HDFC Multi-Asset Active FoF Direct-Growth via lump sum is ₹ 100.00 and via SIP is ₹ 100.00.

Min Investment Amt

₹ 100.00

AUM

₹ 5,956.23Cr

1Y Returns

-0.97%

Expense Ratio

0.14%

HDFC Multi Asset Allocation Fund Direct-Growth

Fund Performance: HDFC Multi Asset Allocation Fund Direct-Growth has given 10.71% annualized returns in the past three years and 9.99% in the last 5 years. The HDFC Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of HDFC Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in HDFC Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 100.00 and via SIP is ₹ 100.00.

Min Investment Amt

₹ 100.00

AUM

₹ 5,781.82Cr

1Y Returns

-2.86%

Expense Ratio

1.01%

Tata Multi Asset Allocation Fund Direct-Growth

Fund Performance: Tata Multi Asset Allocation Fund Direct-Growth has given 11.56% annualized returns in the past three years and 10.90% in the last 5 years. The Tata Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of Tata Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in Tata Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 5,000.00 and via SIP is ₹ 100.00.

Min Investment Amt

₹ 5,000.00

AUM

₹ 4,999.63Cr

1Y Returns

-2.32%

Expense Ratio

0.65%

Bandhan Multi Asset Allocation Fund Direct-Growth

Fund Performance: The Bandhan Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of Bandhan Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in Bandhan Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 1,000.00 and via SIP is ₹ 100.00.

Min Investment Amt

₹ 1,000.00

AUM

₹ 3,684.26Cr

1Y Returns

6.23%

Expense Ratio

0.83%

Mirae Asset Multi Asset Allocation Fund Direct-Growth

Fund Performance: The Mirae Asset Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of Mirae Asset Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in Mirae Asset Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 5,000.00 and via SIP is ₹ 99.00.

Min Investment Amt

₹ 5,000.00

AUM

₹ 3,607.46Cr

1Y Returns

3.18%

Expense Ratio

0.64%

Sundaram Multi Asset Allocation Fund Direct-Growth

Fund Performance: The Sundaram Multi Asset Allocation Fund Direct-Growth comes under the Hybrid category of Sundaram Mutual Fund.

Minimum Investment Amount: The minimum amount required to invest in Sundaram Multi Asset Allocation Fund Direct-Growth via lump sum is ₹ 100.00 and via SIP is ₹ 100.00.

Min Investment Amt

₹ 100.00

AUM

₹ 3,204.67Cr

1Y Returns

-4.75%

Expense Ratio

0.78%

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Frequently asked questions

Based on average 5-year rolling returns, the best Multi Asset Allocation funds for SIP are Quant Multi Asset Allocation Fund Direct-Growth with 5-year average rolling return of 18.11%, ICICI Prudential Multi Asset Allocation Fund Direct-Growth with 16.53%, and Kotak Multi Asset Omni FoF Direct-Growth with 16.17%. You can start a SIP in Multi Asset Allocation funds with as little as ₹99 per month.