Fundalysisby DARKHORSESTOCKS

Scheme

DSP Multi Asset Allocation Fund

Holds 75 companies worth ₹5,675 Cr in Sept 2026.

  • Fund house

    DSPThe fund house that runs this scheme.

  • AUM

    ₹10,820 CrDSP Multi Asset Allocation Fund's AUM at the end of 30 Sept 2026, as AMFI reports it. Down 1.5% on Aug 2026, ₹10,990 Cr.

  • Largest holding

    HDFC BankHDFC Bank is 3.5% of this scheme's NAV.

  • Fund manager

    Aparna KarnikRuns it since 27 Sept 2023, as the fund house dates it. With Shantanu Godambe (fund manager), Ravi Gehani (commodities).

Overview(6 Oct 2026)

Fund managers3

  1. Aparna KarnikFund manager, equity · Sept 2023 · 20y · B.Com
  2. Shantanu GodambeFund manager, debt · Aug 2024 · 17y · CFA B.Com
  3. Ravi GehaniCommodities · Sept 2023 · 9y
  1. Prateek NigudkarSept 2023 – Aug 2024

Key facts

Benchmark
40% NIFTY500 TRI + 20% NIFTY Composite Debt Index+ 15% Domestic price of Gold + 5% iCOMDEX Composite Index + 20% MSCI World Index
Risk
Very High
Expense
Regular 1.58% · Direct 0.62%
Exit load
10% within 1 month
Started
27 Sept 2023
Minimum
₹100

Source.Its Scheme Summary Document as of 6 Oct 2026 at AMFI.

What changed(86 changes)

Oct 2026

2 changes
  1. Benchmark
    6 Oct40% NIFTY500 TRI + 20% NIFTY Composite Debt Index+ 15% Domestic price of Gold + 5% iCOMDEX Composite Index + 20% MSCI World Index. → 40% NIFTY500 TRI + 20% NIFTY Composite Debt Index+ 15% Domestic price of Gold + 5% iCOMDEX Composite Index + 20% MSCI World Index
  2. Expense ratio
    1 OctRegular 1.59% → 1.58%Direct 0.63% → 0.62%

Sept 2026

1 change
  1. Exit load
    4 Sept10% within 12 months → 10% within 1 month

Aug 2026

1 change
  1. Expense ratio
    31 AugRegular 1.6% → 1.59%Direct 0.64% → 0.63%

Source.Its filings at NSE, since Aug 2024.

Fund managers over time(Sept 2023 – now)

  1. Aparna Karnik
  2. Shantanu Godambe
  3. Ravi Gehani
  4. Prateek Nigudkar
MainCoSlice202420252026
Fig. 1.Who ran it when: each manager from the date the fund house gives, or the first document listing them where it gives none, to when they left. A slice is part of it: overseas, gold and silver, or arbitrage.

Costs(Aug 2024 – Oct 2026)

Every change to the expense ratio, newest first.
81 changesRegularDirectΔ pt
1 Oct 20261.58%0.62%0.01
31 Aug 20261.59%0.63%0.01
28 Jul 20261.60%0.64%0
23 Jul 20261.58%0.64%0.01
17 Jul 20261.57%0.63%0.09
1 Jul 20261.59%0.54%0.09
18 Jun 20261.68%0.63%0.01
17 Jun 20261.69%0.64%0.29
16 Jun 20261.40%0.35%0.32
15 Jun 20261.73%0.67%0.08
12 Jun 20261.64%0.59%0.21
10 Jun 20261.43%0.38%0.32
4 Jun 20261.76%0.70%0.25
28 May 20261.53%0.45%0.18
26 May 20261.71%0.63%0.06
25 May 20261.77%0.69%0.20
20 May 20261.56%0.49%0.16
19 May 20261.41%0.33%0.42
18 May 20261.83%0.75%0.08
17 May 20261.91%0.83%0.50
13 May 20261.41%0.33%0.01
6 May 20261.42%0.34%0.12
5 May 20261.54%0.46%0.02
3 May 20261.52%0.44%0.05
29 Apr 20261.58%0.49%0.02
28 Apr 20261.59%0.51%0.01
27 Apr 20261.60%0.52%0.03
26 Apr 20261.63%0.55%0.01
23 Apr 20261.62%0.54%1.11
20 Apr 20262.72%1.65%0.14
19 Apr 20262.60%1.51%0.67
15 Apr 20261.92%0.84%0.48
14 Apr 20261.44%0.36%0.02
13 Apr 20261.42%0.34%0.35
9 Apr 20261.77%0.69%0.11
6 Apr 20261.67%0.58%0.23
19 Mar 20261.43%0.35%0.01
4 Mar 20261.42%0.34%0.06
1 Feb 20261.43%0.28%0.04
27 Jan 20261.42%0.24%0.01
15 Jan 20261.43%0.25%0.01
4 Jan 20261.44%0.26%0.01
31 Dec 20251.45%0.27%0.02
23 Dec 20251.46%0.25%0.01
14 Dec 20251.47%0.26%0.01
1 Dec 20251.48%0.27%0.04
25 Nov 20251.49%0.23%0.01
12 Nov 20251.50%0.24%0.01
15 Oct 20251.51%0.25%0.01
7 Oct 20251.52%0.26%0.01
24 Sept 20251.53%0.27%0.01
8 Sept 20251.54%0.28%0.01
20 Aug 20251.55%0.27%0
19 Aug 20251.56%0.27%0.01
9 Jul 20251.56%0.28%0.01
4 Jul 20251.56%0.27%0.01
9 Jun 20251.57%0.28%0.01
15 May 20251.58%0.29%0.01
29 Apr 20251.59%0.30%0.02
17 Apr 20251.60%0.28%0.05
4 Apr 20251.60%0.33%0.06
3 Apr 20251.59%0.27%0.03
2 Apr 20251.58%0.30%0.03
20 Mar 20251.60%0.33%0.01
7 Mar 20251.61%0.34%0
6 Mar 20251.62%0.34%0.01
3 Mar 20251.62%0.35%0.02
6 Feb 20251.62%0.33%0.01
29 Jan 20251.63%0.34%0.01
28 Jan 20251.64%0.35%0.03
30 Dec 20241.64%0.32%0.05
5 Dec 20241.64%0.27%0.01
2 Dec 20241.65%0.28%0.02
22 Nov 20241.65%0.26%0.01
16 Oct 20241.66%0.27%0.01
3 Oct 20241.67%0.28%0.01
26 Sept 20241.68%0.29%0.02
19 Sept 20241.68%0.27%0.01
4 Sept 20241.69%0.28%0.01
22 Aug 20241.68%0.27%0.01
21 Aug 20241.69%0.28%–
Direct plan, 1 Oct 2026
0.62%
Regular plan 1.58% · Exit load 10% within 1 month
Fig. 1.Total expense ratio a year, each plan's, as its Scheme Summary Documents state it, filing by filing at NSE. A change holds until the next.

Objective and risk(6 Oct 2026)

Objective

The investment objective of the Scheme is to seek to generate long term capital appreciation by investing in multi asset classes including equity and equity related securities, debt and money market instruments, commodity ETFs, exchange traded commodity derivatives and overseas securities. There is no assurance that the investment objective of the Scheme will be achieved.

Risk, type and benchmark

Riskometer
Very High
At launch
Very High
Type
An open ended scheme investing in Equity, Debt and Commodities
Benchmark
40% NIFTY500 TRI + 20% NIFTY Composite Debt Index+ 15% Domestic price of Gold + 5% iCOMDEX Composite Index + 20% MSCI World Index

Asset allocation it may hold% of NAV

  1. A. Equity & Equity related instruments including derivatives
    Allowed35–80%Holds50.2%
  2. B. Debt and money market instruments
    Allowed10–50%Holds47.5%
  3. C. Gold ETFs & other Gold related instruments (including ETCDs) as permitted by SEBI from time to time
    Allowed10–50%
  4. D. Other Commodity ETFs, Exchange Traded Commodity Derivatives (ETCDs) & any other mode of investment in commodities as permitted by SEBI from time to time
    Allowed0–20%
  5. E. InvITs & Units of Mutual Funds
    Allowed0–10%

Holds in Sept 2026.50.2% equity · 47.5% debt and cash · 2.2% REITs and InvITs

How to invest(6 Oct 2026)

Buying

To start
₹100, then re. 1/-
To add
₹100, then re. 1/-
Systematic
SIP Daily, Weekly, Monthly, Quarterly, Half-Yearly and Yearly SWP Weekly, Monthly, Quarterly, Half-Yearly and Yearly STP Daily, Weekly, Monthly, Quarterly, Half-Yearly and Yearly *Weekly Monday to Friday
Dates
Any date
Minimum
₹100, then in multiples of ₹1
Instalments
SIP - 12, SWP & STP - 6

Selling and switching

To redeem
₹0.01 or 0.001 units
Switch minimum
₹100 or 0.001 units
Switch multiples
₹0.01 or 0.001 units

Scheme details(6 Oct 2026)

What it is

Category
Multi Asset Allocation
Offer
7 Sept 2023 to 21 Sept 2023
Started
27 Sept 2023
Reopened
29 Sept 2023
Plans
Regular Plan & Direct Plan Growth (Option A) Income Distribution cum Capital Withdrawal (‘IDCW’) (Option B) Payout Income Distribution cum Capital Withdrawal (‘IDCW’) Reinvest Income Distribution cum Capital Withdrawal (‘IDCW’) Default Option - Growth Option in case Growth Option or Income Distribution cum Capital Withdrawal (IDCW) Option is not indicated. - Payout sub-option in case Payout of IDCW Option or Reinvestment of IDCW Option is not indicated.
Face value
₹10
Listed
No

How it is run

Swing pricing
No
Side-pocketing
Yes
Custodian
HSBC and Axis Bank Limited
Auditor
S.R. Batliboi & Co LLP
Registrar
Computer Age Management Services Limited (CAMS)
SEBI code
DSPM/O/H/MAA/23/06/0065