Last Updated on September 20, 2025 at 5:25 pm
We analyse the performance of multi-asset mutual funds in this article. This category is only four years old introduced by SEBI in 2018 with the re-categorization of mutual funds. Therefore we shall only look at the last 1,2,3, and 4-year trailing returns of multi-asset funds.
According to SEBI, a multi-asset fund invests in at least three asset classes with a minimum allocation of at least 10% in each asset class. Typically these assets are equity, bonds and gold, although silver should also be acceptable. Foreign equity is not considered a separate asset class but can be part of the equity component.
According to AMFI, “A multi-asset fund offers exposure to a broad number of asset classes, often offering a level of diversification typically associated with institutional investing. Multi-asset funds may invest in traditional equity and fixed-income strategies, index-tracking funds, financial derivatives, and commodities like gold.”
The problem with analysing these funds lies in deciding a suitable benchmark. Each fund in this category is benchmarked to custom indices. For example:
🔥Secure your future with our Robo-advisory tool trusted by over 3,500 investors and advisors. From effortless retirement planning to funding your children’s biggest dreams, turn your financial goals into reality. 🔥
Subscribe for money management solutions via email! (Link takes you to our email sign-up form) Join 32,000+ readers in our community.
👉 New Tool Alert! NaviPlan: A Privacy-Focused Multi-asset Tracker and Goal Planner 👈
- Axis Triple Advantage Fund: 65% of Nifty 50 TRI + 20% of NIFTY Composite Debt Index + 15% of INR Price of Gold
- SBI Multi-Asset Fund: 45% CRISIL 10 Year Gilt Index + 40% Nifty 50 + 15% Price of Gold
- ICICI Multi-Asset Fund: Nifty 200 (65%) + Nifty Composite Debt Index (25%) + LBMA (Gold)AM Fixing Prices (10%)
- HDFC Multi-asset Fund: 90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold
- Motilal Oswal Multi-asset Fund:30% Nifty 50 TRI + 50 % Crisil Short Term Gilt Index + 10% Domestic Price of Gold + 10% S&P 500 Index (TRI)
Some benchmarks are “equity-oriented” (in terms of taxation), and some are not. Therfore there is a wide range of investment strategies in this category and binning them together is arguably incorrect.
At least to appreciate where each fund stands, we have put together the following benchmark: 65% of Nifty TRI + 20% of CRISIL Composite Bond Fund Index and 15% of Gold INR. We will refer to this as the Multi-asset index. Of course, the choice of weights is arbitrary.
The CRISIL Composite Bond Fund Index has the following indices(!):
- CRISIL Composite Gilt Index 45.00%
- CRISIL AAA Long Term Bond Index 17.00%
- CRISIL AAA Medium Term Bond Index 11.00%
- CRISIL AAA Short Term Bond Index 20.00%
- CRISIL AA and AA+ Long Term Bond Index 2.00%
- CRISIL AA and AA+ Medium Term Bond Index 2.00%
- CRISIL AA and AA+ Short Term Bond Index 3.00%
The evolution of the multi-asset index, with the constituent indices and the CRISIL Aggressive Hybrid index, is shown below. The data is from the 1st of 2013 (inception of direct plans). The multi-asset index is constructed with a simplistic daily rebalancing. A more detailed analysis will be presented later.
The trailing returns are tabulated below. The multi-asset index returns are marked in blue. Nifty 50 TRI returns in red, and funds with a return higher than the multi-asset index are in green.
Note: Kindly do not make any investment decisions based on these numbers. We need more time to analyse these funds.
| Fund/Index | 1 Year | 2 Years |
| Quant Multi Asset Fund(G)-Direct Plan | 9.7679 | 36.1358 |
| ICICI Pru Multi-Asset Fund(G)-Direct Plan | 7.1559 | 33.9666 |
| Tata Multi Asset Opp Fund(G)-Direct Plan | 2.9245 | 20.5368 |
| HDFC Multi-Asset Fund(G)-Direct Plan | 1.5517 | 16.1420 |
| SBI Multi Asset Allocation Fund(G)-Direct Plan | 1.3203 | 12.7931 |
| Multi-asset index | 1.60% | 15.96% |
| Motilal Oswal Multi Asset Fund(G)-Direct Plan | -0.3066 | 3.9277 |
| UTI Multi Asset Fund(G)-Direct Plan | -0.3203 | 10.5035 |
| Nippon India Multi-Asset Fund(G)-Direct Plan | -2.2808 | 14.9084 |
| NIFTY 50 – TRI | -5.0062 | 21.3530 |
| Axis Triple Advantage Fund(G)-Direct Plan | -7.5316 | 16.3259 |
| Fund/Index | 3 Years | 4 Years |
| Quant Multi Asset Fund(G)-Direct Plan | 30.8192 | 25.0927 |
| ICICI Pru Multi-Asset Fund(G)-Direct Plan | 20.5419 | 16.4070 |
| NIFTY 50 – TRI | 16.2295 | 14.5419 |
| HDFC Multi-Asset Fund(G)-Direct Plan | 15.9237 | 13.7673 |
| Axis Triple Advantage Fund(G)-Direct Plan | 13.9515 | 14.6737 |
| SBI Multi Asset Allocation Fund(G)-Direct Plan | 11.9091 | 11.3590 |
| UTI Multi Asset Fund(G)-Direct Plan | 10.3899 | 8.5037 |
| Multi-asset index | 14.58% | 13.93% |
It is too early to judge these funds as the history is too short, as we cannot run a rolling returns analysis. It would be great if SEBI mandates the disclosure of respective benchmark data so that each fund can be analysed in detail.
Join 32,000+ readers and get free money management solutions delivered to your inbox! Subscribe to get posts via email! (Link takes you to our email sign-up form)
Use our Robo-advisory Tool to create a complete financial plan! More than 3,000 investors and advisors use this! Use the discount code robo25 for 20% off. Plan your retirement (early, normal, before, and after), plus non-recurring financial goals (such as child education) and recurring financial goals (such as holidays and appliance purchases). The tool helps anyone aged 18 to 80 plan for retirement, plus six non-recurring and four recurring financial goals, with a detailed cash flow summary.
🔥Join our community of 9000+ users! 🔥Avail massive discounts on our courses + freefincal investor circle!
Track your mutual funds and stock investments with our Google Sheet!
We also publish monthly equity mutual funds, debt and hybrid mutual funds, index funds, ETF screeners, as well as momentum and low-volatility stock screeners.
You can follow our articles on Google News
We have over 1,000 videos on YouTube!
Podcast: Let's Get RICH With PATTU! Every single Indian CAN grow their wealth!
You can watch podcast episodes on the OfSpin Media Friends YouTube Channel
- Do you have a comment about the above article? Reach out to us on Twitter: @freefincal or @pattufreefincal
- Have a question? Subscribe to our newsletter using the form below.
- Hit 'reply' to any email from us! We do not offer personalised investment advice. We can write a detailed article without mentioning your name if you have a generic question.
About The Author
Dr M. Pattabiraman (PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over 14 years of experience publishing news analysis, research and financial product development.
Connect with him via Twitter(X) LinkedIn YouTube
Our flagship course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! More than 3,500 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market conditions! Watch the first lecture for free! One-time payment! No recurring fees! Lifelong access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence.
Increase your income by getting people to pay for your skills! More than 900 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner seeking more clients through online visibility, or a salaried individual looking for side or passive income, we will show you how to do it by showcasing your skills and building a community that trusts and pays you. (Watch the 1st lecture for free). One-time payment! No recurring fees! Lifelong access to videos!
Our book for kids: “Chinchu Gets a Superpower!” is now available!
Must-read book even for adults! This is something that every parent should teach their kids right from their young age. The importance of money management and decision making based on their wants and needs. Very nicely written in simple terms. - Arun.
Buy the book: Chinchu gets a superpower for your child!
How to profit from content writing: Our new ebook is for those interested in getting a side income via content writing. It is available at a 50% discount for Rs. 500 only!
We publish monthly mutual fund screeners and momentum, low-volatility stock screeners.
About freefincal & its content policy
Freefincal is a News Media organisation dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified with credible and knowledgeable sources before publication. Freefincal does not publish paid articles, promotions, PR, satire or opinions without data. All opinions will be inferences backed by verifiable, reproducible evidence/data. Contact Information: To get in touch, please use our contact form. (Sponsored posts or paid collaborations will not be entertained.)Connect with us on social media
Our publications
You Can Be Rich Too with Goal-Based Investing
Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want
Your Ultimate Guide to Travel
