Gold ran. Global ran.
Multi asset looked brilliant.
The last few years were unusual. Indian equity went nowhere. US tech had a historic run. Gold woke up after a decade. Multi asset funds rode all three, and the returns were real1.
If those returns brought you here, that's fine. But we'd like you to stay for a different reason, because the next few years may not be kind to any single asset.
This fund is not for those chasing high returns.
If you noticed this fund because of any of the following reasons, your expectations need a reset before you invest.
We hope the above helps set your expectation of what multi asset funds can and cannot do, and why their recent performance may not be the right reason to invest in them.
Lower risk than any single asset.
Returns that hold up over time.
Below we compare each asset class against a multi asset strategy over a 5-year holding period, the minimum horizon we'd recommend. What you'll notice is not that multi asset gives the highest return. It's that, historically, it has given the relatively consistent one, with significantly less volatility.
| Asset / Strategy | Worst 5-yr CAGR | Avg 5-yr CAGR | Volatility (Std Dev) |
|---|---|---|---|
| Indian Equity | −1.4% | 12.8% | 20.6% |
| Global Equity | −1.8% | 13.3% | 16.0% |
| Gold | −3% | 11.3% | 18.2% |
| Debt | +4.9% | 6.3% | 1.0% |
| Multi Asset# | +5.3% | 12.4% | 11.8% |
Source: DSP Internal, 5-year rolling CAGR from daily data, May 2006–May 2026. Equity: NSE 500 TRI (INR), Global: MSCI World Net TRI (INR), Debt: CRISIL 1 Year T-Bill Index, Gold: XAUINR BGN (INR). Volatility = annualised standard deviation of daily returns #Multi Asset allocation: 50% Indian Equity, 20% Global Equity, 15% Gold, 15% Debt, Portfolio rebalanced annually.
Returns close to equity over the long run. Volatility nearly half. That's the trade this strategy makes on your behalf.
The strategy above has been running as a live fund since September 2023. Here's where it stands today.
One fund across Indian equity, global equity, debt, gold, silver, REITs. Asset allocation, automated for you. Reduces the need to rebalance manually. The simplest complete portfolio.
Built-in global diversification
This fund holds the mandate of investing in global equities too, you get a meaningful allocation without the need to track global markets.
Better tax efficiency
This fund rebalances allocations internally, so there is no tax event when shifts are made. Further, in the hands of investors gains are taxed as long term after holding the units for > 24 months.
(For SEBI prescribed performance details, click here)
A note on the returns above. For most hybrid funds, we recommend looking at average and worst-case returns across rolling 5-year periods, not just a single snapshot. That tells you what a typical investor actually experienced, not just what the best-case looked like.
This fund was launched in September 2023. With roughly 3 years of history, there is not yet enough data for a meaningful rolling-period analysis. The since-inception figures shown are the longest available period, and we are using them as a proxy for now, not as a performance claim. As the fund ages, we will replace these with rolling return data.
In the meantime, the underlying strategy has a longer track record. The returns table earlier on this page shows how a similar multi-asset approach has historically behaved across market cycles. That context matters more than the fund's short-term numbers.
Talk to your MFD
or advisor.
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Most landing pages are designed to make you transact faster. This one is not.
The truth is: the biggest threat to your wealth is rarely the market. It is a decision made in panic, or in overconfidence, without the full picture. We have seen it happen in every cycle. So we try to build things that help prevent it.
Everyone already knows what they should do. The hard part is doing it when markets make that feel impossible. That gap, between knowing and doing, is where most wealth is lost. It is also where we think we can be useful.
We don't know what happens next. Nobody does. But investors who truly understand what they're in for tend to behave better when things get hard. This page exists for that reason. To set better expectations.
If you invest from here, invest with your eyes open. Not because we said so. Because you read this, and you were ready.
DSP Multi Asset Allocation Fund
An open ended scheme investing in equity/equity related securities, debt/ money market instruments, commodity ETFs, exchange traded commodity derivatives and overseas securities.
Product Suitability
This product is suitable for investors who are seeking*:
- Long term capital growth
- Investment in a multi asset allocation fund with investments across equity and equity related securities, debt and money market instruments, commodity ETFs, exchange traded commodity derivatives, overseas securities and other permitted instruments
*Investors should consult their financial advisers if in doubt about whether the Scheme is suitable for them.
Riskometer
Scheme
Benchmark^
^Benchmark: 40% NIFTY500 TRI + 20% NIFTY Composite Debt Index+ 15% Domestic price of Gold + 5% iCOMDEX Composite Index + 20% MSCI World Index
1 Source: DSP Internal. Data as on January 2022 to December 2024
2 Source: DSP Internal. Data as on January 2012 to December 2018
Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. There is no assurance of any returns/capital protection/capital guarantee to the investors in this scheme of DSP Mutual Fund. These figures pertain to performance of the index and do not in any manner indicate the returns/performance of this scheme. The investment approach/framework/strategy mentioned herein are currently followed by the scheme and the same may change in future depending on market conditions and other factors. Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of the schemes of the DSP Mutual Fund. It is not possible to invest directly in an index. Expense ratio is subject to change in future depending on various factors. For scheme specific risk factors, asset allocation details, load structure, investment objective and more details, please read the Scheme Information Document and Key Information Memorandum of the scheme available at the Investor Service Centers of the AMC and also available on www.dspim.com. The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. The [prospectus or similar offering document] contains a more detailed description of the limited relationship MSCI has with [Licensee/DSP Asset Managers Private Limited] and any relevant financial products. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI. MSCI’s website (www. msci.com) contains more detailed information about the MSCI indexes. DSP Mutual Fund - SEBI Registration No.: MF/036/97/7.