return to news
  1. Upstox
    /
  2. News
    /
  3. Personal Finance News
    /
  4. Mutual Funds
    /
  5. One fund's SIP grew to ₹14.5 lakh, another's to ₹12.3 lakh: How the big 4 multi-asset funds compare

Personal Finance News

One fund's SIP grew to ₹14.5 lakh, another's to ₹12.3 lakh: How the big 4 multi-asset funds compare

rajeev kumar
By Rajeev Kumar

7 min read | Updated on August 17, 2026, 16:33 IST

Google
SelectUpstoxas yourPreferred news source
Copy link
Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

The AUM growth across all four funds tells its own story. Between March 2022 and March 2026, the combined AUM of the four funds rose from roughly ₹15,000 crore in early 2022 to over ₹1.38 lakh crore by July 2026, a ninefold increase in four years.

multi asset allocation funds comparison

Nippon's AUM has grown from ₹1,181 crore in March 2022 to ₹13,139 crore in March 2026.

On the back of the gold bull run of 2025, the multi-asset allocation funds have become one of the most sought-after categories, attracting investors who want diversification across equity, debt and commodities within a single product. In July 2026, the multi-asset allocation fund category recorded a net inflow of ₹3752 crore, bigger than thematic/sectoral equity funds as well as multi-cap and large & midcap funds.
Open FREE Demat Account within minutes!
Join now

ICICI Prudential Multi-Asset Fund, Nippon India Multi Asset Allocation Fund, SBI Multi Asset Allocation Fund and Kotak Multi Asset Allocation Fund are the four largest multi-asset schemes by assets under management (AUM). Together, they manage over ₹1.38 lakh crore as of July 31, 2026, according to data from ACE MF. But a closer look at their report cards reveals a divergence in returns, portfolio construction and risk profiles.

This article explains how these big four schemes compare, based on ACE MF data. Please note this exercise is intended solely for educational and informational purposes. It should not be construed as a recommendation to invest in any of the schemes mentioned.

ICICI Prudential Multi-Asset Fund, managed by Sankaran Naren, is the category giant by a wide margin, with an AUM of ₹86,785 crore as of July 31, 2026, according to ACE MF. The NAV of its direct plan stood at ₹911.03 as of August 14. Since launch on January 1, 2023, the direct plan of the fund has delivered strong long-term returns: 17.38% annualised over five years and 16.17% over three years, against its benchmark (NIFTY 200 - TRI) returns of 11.41% and 12.36% respectively.

Over the past year, the scheme returned 9.97%, more than double its benchmark's 4.32 per cent.

The scheme AUM has grown nearly sixfold, from ₹13,115 crore in March 2022 to ₹77,658 crore in March 2026, according to ACE MF. A ₹5,000 monthly SIP in the fund over 10 years would have grown to ₹14.5 lakh against a total investment of ₹6 lakh. Over five years, the same SIP would have yielded ₹4.39 lakh. The fund's Sharpe ratio stands at 0.05, with a beta of 0.65 and standard deviation of 0.62, the lowest volatility among the four, according to ACE MF.

Nippon India Multi Asset Allocation Fund, managed by Vinay Sharma, has an AUM of ₹16,926 crore. Launched in August 2020, the scheme's NAV stood at ₹27.49 as of August 14.

The fund's return since inception is 18.47%, the highest among the four schemes, and it has outperformed its benchmark (BSE 500 - TRI) across all time frames. Over one year, the fund returned 18.30% against the benchmark's 5.81%; over three years, 20.35% against 7.28, ACE MF data shows.

Nippon's AUM has grown from ₹1,181 crore in March 2022 to ₹13,139 crore in March 2026. A five-year SIP of ₹5,000 per month would have grown to ₹4.7 lakh, the highest among the four schemes over that period, according to ACE MF data.

However, the fund has the highest beta, 3.85, and a standard deviation of 0.70, suggesting greater sensitivity to market movements.

SBI Multi Asset Allocation Fund, managed by Dinesh Balachandran, has an AUM of ₹20,240 crore. Its NAV stood at ₹75.43 as of August 14, ACE MF data shows. The direct plan of the scheme has returned 15.11% over one year, 16.37% over three years and 14.41% over five years, all above its benchmark (BSE 500 - TRI) returns of 5.42%, 7.31% and 6.24% respectively. Its return of 12.50% since launch on March 15, 2023 is the lowest among the four, and its category rank since inception stands at 28 out of 38 schemes, according to ACE MF.

SBI Multi Asset Allocation Fund's AUM has grown from ₹ 551 crore in March 2022 to ₹16,150 crore in March 2026, a nearly 29-fold increase. A 10-year SIP of ₹5,000 per month would have grown to ₹12,34,420, according to ACE MF data.

Kotak Multi Asset Allocation Fund, the youngest of the four, was launched in September 2023 and is managed by Devender Singhal. With an AUM of ₹14,770 crore, it is the smallest among the four but has posted a since-inception return of 19.66%, according to ACE MF. Over one year, the fund returned 23.76%. Its standard deviation of 0.96 is the highest among the four, indicating the greatest volatility in daily returns, as per ACE MF data.

The following tables, compiled from ACE MF summarise the key metrics:

Table 1: Returns comparison (as on August 14, 2026)
Fund1-Year Return (%)3-Year Return (%)5-Year Return (%)Since Inception (%)
ICICI Pru Multi-Asset9.9716.1717.3816.25
Nippon India Multi Asset18.3020.3516.4618.47
SBI Multi Asset15.1116.3714.4112.50
Kotak Multi Asset23.76NANA19.66
Source: ACE MF
Table 2: SIP performance (₹5,000/month)
Fund1-Year SIP (Rs)3-Year SIP (Rs)5-Year SIP (Rs)10-Year SIP (Rs)
ICICI Pru Multi-Asset61,9702,13,4914,38,99714,53,442
Nippon India Multi-Asset64,4982,31,6634,71,041NA
SBI Multi-Asset62,9822,19,4034,37,41412,34,420
Kotak Multi-Asset64,410NANANA
Source: ACE MF
Table 3: Risk and portfolio metrics
FundAUM (Rs cr)SharpeBetaStd DevP/E RatioStocksSectors
ICICI Pru Multi-Asset86,7850.050.650.6229.5612234
Nippon India Multi-Asset16,9260.093.850.7037.139232
SBI Multi-Asset Multi-Asset20,2400.081.670.5633.546826
Kotak Multi-Asset14,7700.080.780.9630.316827
Source: ACE MF

Portfolio construction varies significantly

ICICI Pru's multi-asset fund holds 122 stocks across 34 sectors, the most diversified, with a P/E ratio of 29.56 and an average market cap of ₹446,408 crore, according to ACE MF. Nippon holds 92 stocks across 32 sectors with a P/E of 37.13, the highest among the four. SBI and Kotak each hold 68 stocks, with P/E ratios of 33.54 and 30.31, respectively. ICICI's top holding is HDFC Bank at 5.97%, while Nippon's largest is ICICI Bank at 3.98%, ACE MF data shows.

The AUM growth across all four funds tells its own story. Between March 2022 and March 2026, ICICI Pru's assets grew from ₹13,115 crore to ₹77,658 crore, SBI Multi-Asset Fund's from ₹551 crore to ₹16,150 crore, and Nippon's from ₹1,181 crore to ₹13,139 crore, ACE MF data shows. Kotak's assets grew from ₹7,643 crore in March 2025 to ₹12,073 crore in March 2026. The combined AUM of the four funds rose from roughly ₹15,000 crore in early 2022 to over ₹1.38 lakh crore by July 2026, a ninefold increase in four years, according to ACE MF.

Disclaimer: The information contained in this article is for informational purposes only and does not represent investment advice from Upstox. Investment decisions should be made based on independent research or consultation with a registered financial advisor. Past performance is not indicative of future results.

About The Author

rajeev kumar
Rajeev Kumar is a Deputy Editor at Upstox, and covers personal finance stories. In over 11 years as a journalist, he has written over 2,000 articles on topics like income tax, mutual funds, credit cards, insurance, investing, savings, and pension. He has previously worked with organisations like 1% Club, The Financial Express, Zee Business and Hindustan Times.

Next Story