The four at the top
A multi-asset allocation fund must hold at least three asset classes, with at least 10% in each. Of the 15 such funds with a three-year record, four lead on three-year return:
- Quant Multi Asset Allocation
- Nippon India Multi Asset Allocation
- DSP Multi Asset Allocation
- Kotak Multi Asset Allocation
The ranking is close at the bottom: WhiteOak Capital's fund sits fifth, a fifth of a point behind Kotak. What follows compares the four, Direct plan, Growth option, on NAVs to Thursday 8 October 2026. Quant's NAV for 9 October was out and the other three's were not, so all four are measured to the same day. Portfolios are from the 30 September 2026 disclosures.
Size, cost and exit rules
| Quant | Nippon India | DSP | Kotak | |
|---|---|---|---|---|
| Average AUM, Jul–Sep 2026 | ₹6,467 crore | ₹17,454 crore | ₹10,742 crore | ₹15,048 crore |
| Growth since Jan–Mar 2026 | 35.1% | 38.5% | 36.5% | 24.3% |
| Direct expense ratio | 1.13% | 0.47% | 0.62% | 0.63% |
| Exit load | 1% within 15 days | 1% on units above 10% sold within 12 months | 1% on units above 10% sold within a month | 1% on more than 30% withdrawn within a year |
AUM is AMFI's quarterly average across all plans. All four have grown fast this year. Quant costs more than twice as much as Nippon India: on ₹1 lakh, ₹1,130 a year against ₹470.
Returns and risk
| To 8 Oct 2026 | 1 year | 3 years, a year | 5 years, a year | Volatility, 3 years | Worst fall, 3 years | Sharpe |
|---|---|---|---|---|---|---|
| Quant | 11.37% | 21.54% | 18.32% | 11.49% | −12.49% | 1.31 |
| Nippon India | 5.69% | 18.08% | 14.36% | 10.06% | −10.78% | 1.15 |
| DSP | 6.22% | 17.28% | 8.89% | −9.71% | 1.21 | |
| Kotak | 7.24% | 16.67% | 12.27% | −13.79% | 0.83 | |
| Category median | 4.67% | 14.36% | 9.73% | −10.78% |
Returns over a year are annualised. The Sharpe ratio is the three-year return above 6.5% divided by volatility. Category medians use each fund's latest NAV, 8 or 9 October: 31 funds over one year, 15 over three.
Over the past year the Nifty 50 price index fell 11.24%, so all four finished 17 to 23 points ahead of it. None matched gold, up 12.10% in rupees on the international spot price, or silver, up 32.35%.
Quant leads on return and Sharpe. DSP took the least risk, with the lowest volatility and the shallowest fall, and its Sharpe ratio is second. Kotak had the deepest fall and the lowest Sharpe of the four.
What they hold
| 30 Sep 2026 | Indian equity | Foreign equity | Debt | Gold | Silver | REITs and InvITs | Cash and other |
|---|---|---|---|---|---|---|---|
| Quant | 53.25% | 10.44% | 8.50% | 2.19% | 25.63% | ||
| Nippon India | 57.50% | 4.52% | 18.65% | 7.94% | 2.70% | 3.01% | 5.68% |
| DSP | 55.64% | 11.89% | 13.65% | 11.65% | 2.24% | 4.93% | |
| Kotak | 70.48% | 11.11% | 7.25% | 7.90% | 0.03% | 4.30% |
Indian equity is the market exposure, net of futures. Quant held 67.52% in shares and had sold futures against 14.27% of them, among them ICICI Bank and HDFC Bank. Its cash line is 10.08% in TREPS and 15.54% in net current assets. DSP's figure includes 8.53% in Nifty futures and 5.94% in two Nifty ETFs. Futures count as exposure, which is why Kotak's row, with 1.51% in gold futures, adds to a little over 100%.
The mixes follow each fund's own benchmark. Kotak's is 65% Nifty 500, 25% short-term debt, 5% gold and 5% silver, and Kotak is the most equity-heavy of the four. DSP's is the most spread out: 40% Nifty 500, 20% world shares (MSCI World), 20% Indian bonds, 15% gold and 5% a commodity index. Nippon India's carries 20% MSCI World too, though it held only 4.52% abroad in September. Quant's benchmark gives 20% to commodities, and its stated range lets equity, debt and metals each run anywhere from 10% to 80%.
2026 in three legs
| 31 Dec to 30 Mar | 30 Mar to 3 Aug | 3 Aug to 8 Oct | 2026 so far | |
|---|---|---|---|---|
| Quant | −3.51% | +11.84% | −3.98% | +3.63% |
| Nippon India | −4.87% | +10.94% | −3.99% | +1.33% |
| DSP | −2.14% | +8.09% | −4.93% | +0.56% |
| Kotak | −6.20% | +9.62% | −3.64% | −0.92% |
| Nifty 50 | −14.54% | +10.94% | −10.26% | −14.92% |
| Gold, ₹ | +10.48% | −10.29% | +4.52% | +3.58% |
| Silver, ₹ | +5.87% | −17.46% | +3.88% | −9.23% |
In the first fall, when gold rose, DSP lost least and Kotak, with the most equity, lost most. In the rally, when the metals fell, the order flipped: DSP gained least. In the second fall the four were within 1.3 points of each other, each losing less than half what the Nifty 50 did. Gold prices are from our gold and silver price page.
Who runs them
At Quant, the summary document names seven managers, the longest-serving Sanjeev Sharma, since October 2019. Nippon India names five, with Kinjal Desai and Vikram Dhawan there since the fund's launch in August 2020. DSP's fund has been run since its launch in September 2023 by Aparna Karnik and Ravi Gehani, joined by Shantanu Godambe in August 2024. Kotak's four managers, led by Devender Singhal, have all been there since its launch in September 2023.
Every pairing
- Quant vs Nippon India
- Quant vs DSP
- Quant vs Kotak
- Nippon India vs DSP
- Nippon India vs Kotak
- DSP vs Kotak
What this does not tell you
Three years flatters metals. Gold in rupees rose 164% over these three years. A stretch where gold falls and Indian shares rise would reorder this table.
Two of the four are barely three years old. DSP's and Kotak's records begin in late September and early October 2023.
Tax depends on the mix. Kotak's stated equity range, 65% to 80%, keeps it on the equity side of the 65% line. The other three can sit below it, which changes how gains are taxed; how hybrid funds are taxed sets out the rules.
None of this is a recommendation. The multi-asset allocation fund page lists the whole category, our look at gold and silver in multi-asset funds ranks them by metal, and the asset allocation calculator shows how a mix of your own would look.
Frequently asked questions
Which multi-asset allocation fund has the best 3-year return?
Among the 15 multi-asset funds with a three-year record, Quant Multi Asset Allocation leads: 21.54% a year in the Direct Growth plan to 8 October 2026. Nippon India returned 18.08%, DSP 17.28% and Kotak 16.67%, against a category median of 14.36%.
How much gold and silver do these multi-asset funds hold?
In their 30 September 2026 portfolios, DSP held 11.65% in gold and no silver, Quant 8.50% gold and 2.19% silver, Nippon India 7.94% and 2.70%, and Kotak 7.25% gold and 7.90% silver, the most silver of the four.
Which of these multi-asset funds is cheapest?
Nippon India, at a direct-plan expense ratio of 0.47% a year as filed in October 2026. DSP charges 0.62%, Kotak 0.63% and Quant 1.13%.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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