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How have multi-asset allocation funds performed in 1 year amid the gold bull run?
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4 min read | Updated on October 08, 2025, 17:52 IST
SUMMARY
In the case of multi-asset allocation funds, gold and silver have performed well over the past year. However, these gains have been offset by poor equity returns during the same period.
Here's how multi-asset allocation funds have performed in 1 year. | Image source: Shutterstock
Multi-asset allocation funds invest in a variety of assets, including equities, debt, gold, and silver. Their allocation towards gold differs from fund to fund, ranging anywhere between 5% to 30%.
The one-year returns of most multi-asset allocation funds are not as impressive as one might expect amid the gold bull run during this period. This article looks at how these funds have performed over the past year.
How have multi-asset allocation funds performed?
AMFI data shows direct plans of 13 out of 24 multi-asset allocation funds that have been in existence for more than a year delivered less than 10% annualised returns in the past year. Returns from regular plans of multi-asset allocation funds are even lower.
The direct plan of the best-performing scheme has delivered 16.2% return in a year, while the remaining 10 funds have delivered returns ranging from 10% to 14.92%.
The following table shows 1-year returns of direct and regular plans of 24 schemes that have been in existence for more than a year till October 6, 2025, according to data on the website of the Association of Mutual Funds in India (AMFI):
| Scheme name | Return 1 Year (%) Regular | Return 1 Year (%) Direct | Return 1 Year (%) Benchmark | Daily AUM (Cr.) |
|---|---|---|---|---|
| Aditya Birla Sun Life Multi Asset Allocation Fund | 8.97 | 10.35 | 4789.99 | |
| Axis Multi Asset Allocation Fund | 7.88 | 8.99 | 8.7 | 1637.78 |
| Bajaj Finserv Multi Asset Allocation Fund | 5.23 | 6.84 | 7.88 | 1239.82 |
| Bandhan Multi Asset Allocation Fund | 9.48 | 11.14 | 14.59 | 2304.57 |
| Bank of India Multi Asset Allocation Fund | 5.61 | 6.76 | 9.53 | 347.57 |
| Baroda BNP Paribas Multi Asset Fund | 4.87 | 6.09 | 8.4 | 1227.6 |
| DSP Multi Asset Allocation Fund | 13.43 | 14.92 | 4543.28 | |
| Edelweiss Multi Asset Allocation Fund | 7.56 | 7.9 | 9.09 | 2361.68 |
| HDFC Multi-Asset Fund | 7.81 | 9.01 | 4998.25 | |
| HSBC Multi Asset Allocation Fund | 8.31 | 9.79 | 9.06 | 2345.33 |
| ICICI Prudential Multi-Asset Fund | 9.47 | 10.28 | 69197.3 | |
| Kotak Multi Asset Allocation Fund | 9.82 | 11.28 | 6.63 | |
| Mahindra Manulife Multi Asset Allocation Fund | 11.94 | 13.79 | 10.71 | 716.77 |
| Mirae Asset Multi Asset Allocation Fund | 10.02 | 11.75 | 6.74 | 2412.43 |
| Nippon India Multi Asset Allocation Fund | 12.23 | 13.57 | 7979.31 | |
| Quant Multi Asset Allocation Fund | 6.62 | 7.97 | 3866.17 | |
| Quantum Multi Asset Allocation Fund | 7.99 | 9.62 | 11.88 | 41.12 |
| SBI Multi Asset Allocation Fund | 8.99 | 9.95 | 10.36 | 10708.57 |
| Shriram Multi Asset Allocation Fund | -0.8 | 1.03 | 7.78 | 136.07 |
| Sundaram Multi Asset Allocation Fund | 10.7 | 12.31 | 13.07 | 2857.81 |
| Tata Multi Asset Allocation Fund | 6.78 | 8.29 | 6.32 | 4347.8 |
| UTI Multi Asset Allocation Fund | 3.45 | 4.71 | 5.73 | 6214.85 |
| Union Multi Asset Allocation Fund | 12.48 | 13.85 | 797.27 | |
| WhiteOak Capital Multi Asset Allocation Fund | 14.86 | 16.28 | 13.23 | 4055.04 |
Source: AMFI; data till October 6, 2025.
Why are returns not impressive?
The performance of a mutual fund scheme depends on how its underlying assets perform.
In the case of multi-asset allocation funds, gold and silver have performed well over the past year. However, these gains have been offset by poor equity returns during the same period. The fund managers' strategy and execution may also have influenced the overall performance of funds.
Data from the NSE Indices website shows that the Nifty 500 TRI has delivered a negative return in the one-year period ending October 6. In contrast, gold and silver prices have jumped over 50% in the same timeframe.
Although multi-asset allocation funds invest in gold and silver, their allocation to these precious metals is relatively limited.
Most of these funds have over 50% exposure to equities, while the remaining assets are spread across debt and commodities (gold and silver). Typically, equity allocation holds the largest share, followed by debt and then gold and silver.
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