Best Multi Asset Allocation Funds in India in October 2026

Blacklitt Research27 October 20268 min read

Best multi asset funds. Top multi asset funds, direct plans, refreshed every month

What are multi asset allocation funds?

A multi asset allocation fund is a mutual fund that invests in at least three asset classes, with at least 10% of its assets in each of them. The mix usually includes equity, debt and gold, though a fund can choose other asset classes, such as silver.

The fund manager decides how much to hold in each and can change the mix over time. Because the assets do not always move together, a fall in one can be cushioned by another, but this is not guaranteed and all of them can fall at once.

Total funds: 14
Category fund size: ₹2.29 lakh crore
Average 1-year return: 7.17%
Average 3-year return: 14.51%

Direct plans, as of 30 September 2026

Top multi asset allocation funds to invest in India in October 2026

These are 10 multi asset allocation funds for this month, shown in no particular order. Their ranks are available only in the Blacklitt app: tap a fund to see its rank.

Fund	1Y return	3Y return	Expense ratio	Fund size
Quant Multi Asset Allocation FundRank: App exclusive	14.29%	21.65%	0.56%	₹6,528 Cr
Tata Multi Asset Allocation FundRank: App exclusive	3.72%	12.21%	0.44%	₹5,242 Cr
DSP Multi Asset Allocation FundRank: App exclusive	9.92%	17.65%	0.37%	₹10,990 Cr
UTI Multi Asset Allocation FundRank: App exclusive	3.16%	14.23%	0.48%	₹7,063 Cr
WhiteOak Capital Multi Asset Allocation FundRank: App exclusive	10.00%	16.68%	0.39%	₹8,778 Cr
Edelweiss Multi Asset Allocation FundRank: App exclusive	6.69%	7.51%	0.42%	₹2,954 Cr
Nippon India Multi Asset Allocation FundRank: App exclusive	9.11%	18.32%	0.30%	₹17,984 Cr
Axis Multi Asset Allocation FundRank: App exclusive	7.04%	13.22%	0.65%	₹2,611 Cr
SBI Multi Asset Allocation FundRank: App exclusive	8.26%	14.37%	0.49%	₹20,935 Cr
ICICI Prudential Multi Asset Allocation FundRank: App exclusive	1.77%	13.39%	0.55%	₹87,833 Cr

Direct plan, growth option. Returns as of 30 September 2026; the 3-year return is annualised. Fund size is the latest reported month-end.

Multi asset allocation funds returns calculator

See what an investment in one of these funds would have grown to. Choose a fund, a monthly SIP or a one-time lumpsum, an amount and a period.

Fund

Monthly SIPLumpsum

Invested and worth, year by year

Invested
Worth

Total investment: ₹6,00,000
Profit: ₹3,50,841
Current value: ₹9,50,841

This fund has generated an XIRR of 18.45% over the past 5 years.

See this fund in the app

Year-by-year numbers

Year	Invested	Worth
1	₹1,20,000	₹1,30,722
2	₹2,40,000	₹2,79,731
3	₹3,60,000	₹5,68,588
4	₹4,80,000	₹7,23,081
5	₹6,00,000	₹9,50,841

Based on the fund's past NAVs up to 30 September 2026, direct plan, growth option. SIP instalments are assumed on the same date each month. Exit load, taxes and other charges are not included. This shows what happened in the past and is not a forecast.

Details of the funds on this list

Let's take a closer look at these funds.

Quant Multi Asset Allocation Fund

Fund Performance: The Quant Multi Asset Allocation Fund has given 21.65% annualised returns in the past three years and 19.07% in the last five years. In the past year it has returned 14.29%.
Minimum Investment Amount: The minimum amount required to invest in Quant Multi Asset Allocation Fund via lump sum is ₹5,000 and via SIP is ₹1,000.
Expense Ratio and Fund Size: The direct plan of Quant Multi Asset Allocation Fund charges an expense ratio of 0.56% a year, and the fund's size is ₹6,528 Cr.

Tata Multi Asset Allocation Fund

Fund Performance: The Tata Multi Asset Allocation Fund has given 12.21% annualised returns in the past three years and 11.76% in the last five years. In the past year it has returned 3.72%.
Minimum Investment Amount: The minimum amount required to invest in Tata Multi Asset Allocation Fund via lump sum is ₹5,000 and via SIP is ₹100.
Expense Ratio and Fund Size: The direct plan of Tata Multi Asset Allocation Fund charges an expense ratio of 0.44% a year, and the fund's size is ₹5,242 Cr.

DSP Multi Asset Allocation Fund

Fund Performance: The DSP Multi Asset Allocation Fund has given 17.65% annualised returns in the past three years. In the past year it has returned 9.92%.
Minimum Investment Amount: The minimum amount required to invest in DSP Multi Asset Allocation Fund via lump sum is ₹100 and via SIP is ₹100.
Expense Ratio and Fund Size: The direct plan of DSP Multi Asset Allocation Fund charges an expense ratio of 0.37% a year, and the fund's size is ₹10,990 Cr.

UTI Multi Asset Allocation Fund

Fund Performance: The UTI Multi Asset Allocation Fund has given 14.23% annualised returns in the past three years and 12.65% in the last five years. In the past year it has returned 3.16%.
Minimum Investment Amount: The minimum amount required to invest in UTI Multi Asset Allocation Fund via lump sum is ₹5,000 and via SIP is ₹500.
Expense Ratio and Fund Size: The direct plan of UTI Multi Asset Allocation Fund charges an expense ratio of 0.48% a year, and the fund's size is ₹7,063 Cr.

WhiteOak Capital Multi Asset Allocation Fund

Fund Performance: The WhiteOak Capital Multi Asset Allocation Fund has given 16.68% annualised returns in the past three years. In the past year it has returned 10.00%.
Minimum Investment Amount: The minimum amount required to invest in WhiteOak Capital Multi Asset Allocation Fund via lump sum is ₹500 and via SIP is ₹100.
Expense Ratio and Fund Size: The direct plan of WhiteOak Capital Multi Asset Allocation Fund charges an expense ratio of 0.39% a year, and the fund's size is ₹8,778 Cr.

Edelweiss Multi Asset Allocation Fund

Fund Performance: The Edelweiss Multi Asset Allocation Fund has given 7.51% annualised returns in the past three years. In the past year it has returned 6.69%.
Minimum Investment Amount: The minimum amount required to invest in Edelweiss Multi Asset Allocation Fund via lump sum is ₹100 and via SIP is ₹100.
Expense Ratio and Fund Size: The direct plan of Edelweiss Multi Asset Allocation Fund charges an expense ratio of 0.42% a year, and the fund's size is ₹2,954 Cr.

Nippon India Multi Asset Allocation Fund

Fund Performance: The Nippon India Multi Asset Allocation Fund has given 18.32% annualised returns in the past three years and 15.01% in the last five years. In the past year it has returned 9.11%.
Minimum Investment Amount: The minimum amount required to invest in Nippon India Multi Asset Allocation Fund via lump sum is ₹5,000 and via SIP is ₹100.
Expense Ratio and Fund Size: The direct plan of Nippon India Multi Asset Allocation Fund charges an expense ratio of 0.30% a year, and the fund's size is ₹17,984 Cr.

Axis Multi Asset Allocation Fund

Fund Performance: The Axis Multi Asset Allocation Fund has given 13.22% annualised returns in the past three years and 8.69% in the last five years. In the past year it has returned 7.04%.
Minimum Investment Amount: The minimum amount required to invest in Axis Multi Asset Allocation Fund via lump sum is ₹100 and via SIP is ₹100.
Expense Ratio and Fund Size: The direct plan of Axis Multi Asset Allocation Fund charges an expense ratio of 0.65% a year, and the fund's size is ₹2,611 Cr.

SBI Multi Asset Allocation Fund

Fund Performance: The SBI Multi Asset Allocation Fund has given 14.37% annualised returns in the past three years and 13.00% in the last five years. In the past year it has returned 8.26%.
Minimum Investment Amount: The minimum amount required to invest in SBI Multi Asset Allocation Fund via lump sum is ₹5,000 and via SIP is ₹500.
Expense Ratio and Fund Size: The direct plan of SBI Multi Asset Allocation Fund charges an expense ratio of 0.49% a year, and the fund's size is ₹20,935 Cr.

ICICI Prudential Multi Asset Allocation Fund

Fund Performance: The ICICI Prudential Multi Asset Allocation Fund has given 13.39% annualised returns in the past three years and 14.74% in the last five years. In the past year it has returned 1.77%.
Minimum Investment Amount: The minimum amount required to invest in ICICI Prudential Multi Asset Allocation Fund via lump sum is ₹500 and via SIP is ₹100.
Expense Ratio and Fund Size: The direct plan of ICICI Prudential Multi Asset Allocation Fund charges an expense ratio of 0.55% a year, and the fund's size is ₹87,833 Cr.

How do multi asset allocation funds work?

A mutual fund pools money from many investors and a fund manager invests it. In a multi asset fund, the manager spreads the money across shares, bonds and other assets such as gold, so the fund's value follows how all of them perform.

You buy units of the fund at its net asset value (NAV), the price of one unit, which is worked out at the end of each trading day. When the shares in the portfolio rise, the NAV rises, and when they fall, the NAV falls.

Returns come from changes in the prices of the assets the fund holds and from the interest and dividends they pay. The manager adjusts the mix as conditions change, so the fund does not stay in one proportion for long.

Every fund has an expense ratio, a yearly fee charged as a percentage of its assets. A direct plan has a lower expense ratio than the regular plan of the same fund, because it does not pay a distributor. Many funds also charge an exit load if you sell within a set period, often a year, so check the scheme document before you invest.

Who should invest in multi asset allocation funds?

Whether a multi asset fund fits you depends on how its benefits and its risks sit with your goals, your time horizon and your comfort with falls.

Benefits of multi asset allocation funds

Diversification across equity, debt and gold (or other assets) in one fund.
The manager adjusts the mix, so you do not have to rebalance between asset classes yourself.
It can be smoother than a pure equity fund, though it can still fall.
A professional fund manager picks and monitors the holdings, and you can start with a small amount through a SIP or a lumpsum.

Risks of multi asset allocation funds

It can lag a pure equity fund when shares rally strongly, because part of the money sits in other assets.
Gold and other commodity prices can swing, and bond prices can fall when interest rates rise.
The mix differs from fund to fund, so two multi asset funds can behave very differently. Check each fund's allocation.
How a fund is taxed depends on how much it holds in Indian equity, which differs between funds.
Returns are not guaranteed, and a fund that did well in the past may not do so again.

In short, a multi asset fund spreads your money across assets in return for giving up some of the upside of a pure equity fund. That suits investors who want one diversified fund and a smoother ride, and who accept that it can still lose money.

Who multi asset allocation funds may suit

Investors with a time horizon of five years or more, because the time gives each asset a chance to recover from falls.
Investors who want a single diversified fund instead of separate equity, debt and gold funds.
Investors who would like some protection against equity falls and accept that it is not guaranteed.

Who should be careful

Investors who need the money within a few years, because a fall close to the time they need it may not have time to recover.
Investors who want the full growth of the equity market. A fund that holds other assets will not capture all of it.
Investors who want to decide the mix between equity, debt and gold themselves. Separate funds give that control.

Taxation on multi asset allocation funds

How a multi asset fund is taxed depends on how much it holds in Indian listed equity. A fund that keeps at least 65% of its assets there is taxed as an equity fund, and its gains are taxed like this:

Short-term capital gains (STCG): if you sell within 12 months, the gain is taxed at 20%.
Long-term capital gains (LTCG): if you sell after more than 12 months, gains up to ₹1.25 lakh in a financial year are tax-free. Gains above that are taxed at 12.5%.

Many multi asset funds hold less equity than that, and are then taxed under different rules. Depending on the fund, gains can be taxed at your income tax slab rate, or at 12.5% without indexation after a longer holding period. Check the fund's factsheet for its equity share and ask a tax adviser how your gains will be taxed.

The ₹1.25 lakh limit applies to all your equity fund and share sales in the year together, not to each fund. Each SIP instalment has its own purchase date, so when you sell, the older instalments are treated as sold first.

Tax rules can change, so check the current rules or ask a tax adviser before you sell.

Frequently asked questions

Are multi asset funds a good investment?

Multi asset funds can suit investors who want one diversified fund across equity, debt and gold and can stay invested for five years or more. They can still lose money, so whether one is right for you depends on your goals, your horizon and how you would react to a fall.

Which asset classes does a multi asset fund invest in?

SEBI requires at least three asset classes with at least 10% of the fund's assets in each. Most funds use equity, debt and gold, and some add silver or other commodities. The split differs from fund to fund, so check each fund's factsheet.

Are multi asset funds risky?

They can be less volatile than a pure equity fund because the assets do not always move together, but they are not risk free. Shares, bonds and gold can all fall in the same period, and the mix of a fund can change.

How long should I stay invested in a multi asset fund?

Multi asset funds are generally considered for a horizon of five years or more. A longer period gives each asset more time to recover from falls.

Is a SIP or a lumpsum better for multi asset funds?

A SIP spreads your purchases across many months, so you do not put everything in at one price. This can smooth out the effect of a volatile market. A lumpsum invests everything at once. Neither is always better, and the returns calculator above lets you compare how each would have turned out for a fund in the past.

How is a multi asset fund different from an equity fund?

An equity fund keeps most of its money in shares. A multi asset fund must spread its money across at least three asset classes, so a smaller share is in equity. That can mean smaller falls when shares fall, and smaller gains when shares rise.

How are multi asset funds taxed?

It depends on the fund's share of Indian equity. A fund with at least 65% in domestic listed equity is taxed as an equity fund: 20% on gains from units sold within 12 months, and 12.5% on gains above ₹1.25 lakh in a financial year from units sold after 12 months. Other funds are taxed under different rules, so check the fund's factsheet.

Which is the best multi asset fund?

There is no single best fund for everyone. The list above shows 10 multi asset funds in no particular order. To see their ranks, open the Blacklitt app.

Disclaimer

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

The funds on this page are shown for information and education, with figures as of 30 September 2026. Past performance does not indicate future returns. This is not personalised investment advice or a recommendation to buy or sell any fund, so check that a fund suits your own goals, time horizon and risk appetite, or speak to an adviser, before you invest.

Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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