Tata · Multi Asset Allocation

Tata Multi Asset Allocation Fund

Hybrid Scheme - Multi Asset Allocation Direct plan, growth launched 14 Feb 2020 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 18 Sep 2026

₹28.12

+0.69% since 17 Sep 2026, the previous NAV

1 year

6.8%

return

3 years

13.5%

a year

5 years

12.6%

a year

Since launch

19.2%

a year, over 6.5 years

Assets (AUM)

₹5,206 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.44% / 1.57%

a year, as of Jul 2026

Holdings

112

top ten are 38% of the fund · Aug 2026

Disclosed history

6.4 yrs

Mar 2020 – Aug 2026 · 5 of 11 checks could run

Fund managers

Murthy Nagarajan · since at least May 2025Rahul Singh · since at least May 2025Sailesh Jain · since at least May 2025Tapan Patel · since at least May 2025Amit Somani · since Jun 2026

All managers →

As the Jul 2026 factsheet printed it: standard deviation 9.5% · portfolio turnover 0.19×. Exit load and minimum investment are not yet extracted from the scheme documents.

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 1.90% a year more than Direct

₹85,430 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Run by Murthy Nagarajan for at least 1.3 yrs

with Rahul Singh, Sailesh Jain, Tapan Patel, Amit Somani · the factsheet archive starts May 2025, so this is a floor. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Murthy Nagarajan's other funds →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

See the daily gap →

P4Consistency

Beat its category in 19% of three-year stretches, and averaged −0.9 points a year across all of them

43 rolling windows since 2020 · ahead by 1.2 points a year when it won, behind by 1.3 when it lost. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

headline and record disagree One check found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 18 Sep 2026

Month-end NAV, indexed to 100 at Mar 2020

79 month-ends · ₹9.01 → ₹28.12, 3.1× since Mar 2020

Deepest fall (max drawdown)

−10.3%

29 Jan 2026 → 23 Mar 2026

Worst month

−7.7%

Mar 2026

Days to recover

133

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 112 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	I) REPO money market	—	8.65%	Aug 2026	1 mo	+8.65%
2	TATA GOLD EXCHANGE TRADED FUND equity	CAPITAL MARKETS	6.02%	Jan 2026	8 mo	+1.93%
3	GOLD (1 KG-1000 GMS) COMMODITY^ derivative	—	4.26%	Jul 2026	2 mo	+7.30%
4	RELIANCE INDUSTRIES LTD equity	Petroleum Products	3.70%	Mar 2020	6.5 yrs	+4.44%
5	HDFC BANK LTD equity	Banks	3.42%	Mar 2020	6.5 yrs	+4.28%
6	ICICI BANK LTD equity	Banks	3.30%	Mar 2020	6.5 yrs	+3.78%
7	BHARTI AIRTEL LTD equity	Telecom - Services	2.56%	Mar 2020	6.5 yrs	+2.56%
8	TATA SILVER EXCHANGE TRADED FUND equity	CAPITAL MARKETS	2.29%	May 2026	4 mo	+1.40%
9	AXIS BANK LTD equity	Banks	1.75%	Oct 2020	5.9 yrs	+2.77%
10	STATE BANK OF INDIA equity	Banks	1.63%	Mar 2020	6.5 yrs	+0.01%
11	DR. AGARWALS HEALTH CARE LTD equity	Healthcare Services	1.56%	Jan 2025	1.7 yrs	+0.54%
12	FEDERAL BANK LTD equity	Banks	1.51%	Aug 2022	4.1 yrs	-0.09%
13	KOTAK MAHINDRA BANK LTD equity	Banks	1.49%	Jan 2026	8 mo	+0.10%
14	NIVA BUPA HEALTH INSURANCE COMPANY LTD equity	Insurance	1.42%	Nov 2024	1.8 yrs	-0.04%
15	VEDANTA ALUMINIUM METAL LTD equity	Non - Ferrous Metals	1.38%	Jun 2026	3 mo	+1.38%
16	LARSEN & TOUBRO LTD equity	Construction	1.33%	Mar 2020	6.5 yrs	-0.04%
17	PB FINTECH LTD equity	Financial Technology (Fintech)	1.33%	Jan 2025	1.7 yrs	+0.10%
18	MAX FINANCIAL SERVICES LTD equity	Insurance	1.18%	Sep 2025	1.0 yrs	+0.41%
19	ACME SOLAR HOLDINGS LTD equity	Power	1.14%	Jun 2026	3 mo	+1.14%
20	TATA MOTORS PASSENGER VEHICLES LTD equity	Automobiles	1.13%	Dec 2025	9 mo	-0.34%
21	ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD equity	Transport Infrastructure	1.12%	Jan 2021	5.7 yrs	-0.18%
22	SILVER (30 KG) COMMODITY equity	Precious Metals	1.11%	Mar 2026	6 mo	-4.98%
23	RBL BANK LTD equity	Banks	1.10%	Sep 2021	5.0 yrs	+0.08%
24	CUMMINS INDIA LTD equity	Industrial Products	1.07%	Nov 2020	5.8 yrs	-0.19%
25	ETERNAL LTD equity	Retailing	1.04%	Mar 2026	6 mo	+0.22%
26	JINDAL STEEL LTD equity	Ferrous Metals	1.04%	Oct 2025	11 mo	-0.03%
27	TATA STEEL LTD equity	Ferrous Metals	1.02%	Dec 2025	9 mo	-0.16%
28	DR. LAL PATH LABS LTD equity	Healthcare Services	0.99%	May 2024	2.3 yrs	+0.15%
29	CUBE HIGHWAYS TRUST - INVIT invit	—	0.99%	Jul 2026	2 mo	+0.99%
30	MAHINDRA & MAHINDRA LTD equity	Automobiles	0.98%	May 2020	6.3 yrs	+0.04%
31	GOI - 7.10% (08/04/2034) government security	—	0.97%	Aug 2024	2.1 yrs	-0.01%
32	GOI - 6.94% (11/05/2036) government security	—	0.95%	May 2026	4 mo	-0.27%
33	** MUTHOOT FINANCE LTD - 04/09/2029 - FRB corporate bond	—	0.95%	Jul 2026	2 mo	+0.95%
34	** - FEDBANK FINANCIAL SERVICES LTD - CP - 29/01/2027 money market	—	0.92%	Jun 2026	3 mo	+0.92%
35	** - PILANI INVESTMENT & INDUSTRIES CORPORATION LTD - CP - 12/03/2027 money market	—	0.92%	Jul 2026	2 mo	+0.92%
36	ADANI ENERGY SOLUTIONS LTD equity	Power	0.89%	Aug 2024	2.1 yrs	-0.09%
37	L&T FINANCE LTD equity	Finance	0.89%	Jan 2026	8 mo	+0.21%
38	ULTRATECH CEMENT LTD equity	Cement & Cement Products	0.88%	Mar 2020	6.5 yrs	-0.02%
39	HERO MOTOCORP LTD equity	Automobiles	0.87%	Aug 2024	2.1 yrs	-0.03%
40	NTPC LTD equity	Power	0.84%	Jul 2021	5.2 yrs	-0.17%
41	INFOSYS LTD equity	IT - Software	0.79%	Mar 2020	6.5 yrs	-0.04%
42	MARICO LTD equity	Agricultural Food & other Products	0.78%	Jan 2026	8 mo	-0.02%
43	APOLLO HOSPITALS ENTERPRISE LTD equity	Healthcare Services	0.76%	Mar 2020	6.5 yrs	+0.03%
44	TATA CAPITAL LTD equity	Finance	0.75%	Oct 2025	11 mo	+0.11%
45	SUN PHARMACEUTICAL INDUSTRIES LTD equity	Pharmaceuticals & Biotechnology	0.75%	Apr 2020	6.4 yrs	+0.20%
46	AFCONS INFRASTRUCTURE LTD equity	Construction	0.72%	Jan 2025	1.7 yrs	+0.01%
47	BANK OF BARODA equity	Banks	0.72%	Jun 2021	5.3 yrs	-0.11%
48	BAJAJ FINANCE LTD equity	Finance	0.71%	Jun 2025	1.3 yrs	+0.08%
49	STAR HEALTH AND ALLIED INSURANCE COMPANY LTD equity	Insurance	0.70%	Jul 2026	2 mo	+0.70%
50	TATA CONSULTANCY SERVICES LTD equity	IT - Software	0.70%	Apr 2020	6.4 yrs	+0.15%
51	WOCKHARDT LTD equity	Pharmaceuticals & Biotechnology	0.70%	Jan 2025	1.7 yrs	-0.07%
52	GODREJ PROPERTIES LTD equity	Realty	0.69%	Jan 2025	1.7 yrs	+0.07%
53	LE TRAVENUES TECHNOLOGY LTD equity	Leisure Services	0.69%	Jun 2024	2.3 yrs	-0.04%
54	OIL INDIA LTD equity	Oil	0.69%	Jun 2026	3 mo	+0.69%
55	ADANI POWER LTD equity	Power	0.68%	Feb 2026	7 mo	-0.30%
56	PINE LABS LTD equity	Financial Technology (Fintech)	0.66%	Nov 2025	10 mo	+0.07%
57	INDUS TOWERS LTD equity	Telecom - Services	0.62%	Oct 2024	1.9 yrs	-0.23%
58	TECH MAHINDRA LTD equity	IT - Software	0.61%	Oct 2020	5.9 yrs	+0.04%
59	THE RAMCO CEMENTS LTD equity	Cement & Cement Products	0.61%	May 2023	3.3 yrs	+0.13%
60	HEALTHCARE GLOBAL ENTERPRISES LTD equity	Healthcare Services	0.60%	Jul 2026	2 mo	+0.60%
61	THERMAX LTD equity	Electrical Equipment	0.60%	Feb 2026	7 mo	-0.19%
62	TEGA INDUSTRIES LTD equity	Industrial Manufacturing	0.58%	Dec 2021	4.8 yrs	-0.08%
63	PRESTIGE ESTATES PROJECTS LTD equity	Realty	0.58%	Jan 2026	8 mo	+0.08%
64	BHARAT PETROLEUM CORPORATION LTD equity	Petroleum Products	0.57%	Jan 2025	1.7 yrs	+0.03%
65	BAJAJ FINSERV LTD equity	Finance	0.57%	Apr 2025	1.4 yrs	+0.06%
66	GOI - 6.79% (07/10/2034) government security	—	0.57%	Oct 2024	1.9 yrs	-0.01%
67	PHYSICSWALLAH LTD equity	Other Consumer Services	0.56%	Nov 2025	10 mo	-0.07%
68	PARADEEP PHOSPHATES LTD equity	Fertilizers & Agrochemicals	0.55%	May 2022	4.3 yrs	+0.10%
69	GRAPHITE INDIA LTD equity	Industrial Products	0.55%	Jan 2026	8 mo	+0.05%
70	SIEMENS LTD equity	Electrical Equipment	0.53%	Jul 2026	2 mo	+0.53%
71	ICICI LOMBARD GENERAL INSURANCE CO. LTD equity	Insurance	0.52%	Mar 2020	6.5 yrs	-0.09%
72	AMBUJA CEMENTS LTD equity	Cement & Cement Products	0.51%	Apr 2022	4.4 yrs	-0.07%
73	** 05.00 % GMR AIRPORTS LTD - 13/02/2027 corporate bond	—	0.50%	Aug 2025	1.1 yrs	-0.21%
74	** 08.20 % ADANI POWER LTD - 25/01/2029 corporate bond	—	0.47%	Jan 2026	8 mo	-0.01%
75	** 08.45 % ADANI AIRPORT HOLDINGS LTD . - 12/02/2029 corporate bond	—	0.47%	Aug 2026	1 mo	+0.47%
76	** 07.45 % REC LTD - 29/04/2034 corporate bond	—	0.47%	Aug 2024	2.1 yrs	-0.01%
77	GRAVITA INDIA LTD equity	Minerals & Mining	0.46%	May 2025	1.3 yrs	+0.03%
78	GOI - 6.48% (06/10/2035) government security	—	0.46%	Apr 2026	5 mo	-0.01%
79	HDFC LIFE INSURANCE CO. LTD equity	Insurance	0.44%	Aug 2024	2.1 yrs	-0.06%
80	KEC INTERNATIONAL LTD equity	Construction	0.42%	Dec 2020	5.8 yrs	-0.09%
81	GOI - 7.26% (06/02/2033) government security	—	0.39%	Aug 2023	3.1 yrs	-0.01%
82	GOI - 7.18% (14/08/2033) government security	—	0.39%	Feb 2024	2.6 yrs	0.00%
83	WEWORK INDIA MANAGEMENT LTD equity	Commercial Services & Supplies	0.36%	Oct 2025	11 mo	+0.03%
84	** 08.83 % LIQUID GOLD SERIES 18 - 20/11/2027 corporate bond	—	0.33%	Feb 2026	7 mo	-0.06%
85	HINDUSTAN UNILEVER LTD equity	Diversified FMCG	0.30%	Jul 2023	3.2 yrs	-0.04%
86	FIVE-STAR BUSINESS FINANCE LTD equity	Finance	0.30%	Dec 2023	2.8 yrs	+0.05%
87	OIL & NATURAL GAS CO. equity	Oil	0.27%	Jul 2026	2 mo	+0.27%
88	GOI - 6.33% (05/05/2035) government security	—	0.27%	Jul 2025	1.2 yrs	-0.01%
89	GOI - 7.02% (18/06/2031) government security	—	0.26%	Aug 2024	2.1 yrs	0.00%
90	GE VERNOVA T&D INDIA LTD equity	Electrical Equipment	0.18%	Jul 2026	2 mo	+0.18%
91	SGS MAHARASHTRA 6.77% (30/04/2037) government security	—	0.18%	Apr 2025	1.4 yrs	0.00%
92	INDUSIND BANK LTD equity	Banks	0.17%	Feb 2023	3.6 yrs	+0.33%
93	SGS TAMILNADU 7.44% (05/06/2034) government security	—	0.17%	Jun 2024	2.3 yrs	0.00%
94	H.G. INFRA ENGINEERING LTD equity	Construction	0.15%	Aug 2024	2.1 yrs	-0.03%
95	MARUTI SUZUKI INDIA LTD equity	Automobiles	0.14%	Feb 2026	7 mo	0.00%
96	GOI - 7.18% (24/07/2037) government security	—	0.11%	Jul 2023	3.2 yrs	0.00%
97	SGS WEST BENGAL 7.48% (14/02/2043) government security	—	0.07%	Feb 2024	2.6 yrs	-0.01%
98	SGS UTTAR PRADESH 7.46% (22/03/2039) government security	—	0.06%	Mar 2024	2.5 yrs	0.00%
99	PI INDUSTRIES LTD equity	Fertilizers & Agrochemicals	0.03%	Jun 2020	6.3 yrs	-0.34%
100	SGS MAHARASHTRA 7.48% (07/02/2035) government security	—	0.03%	Feb 2024	2.6 yrs	0.00%
101	SGS MAHARASHTRA 7.63% (31/01/2036) government security	—	0.03%	Jan 2024	2.7 yrs	0.00%
102	SGS MAHARASHTRA 7.63% (31/01/2035) government security	—	0.02%	Jan 2024	2.7 yrs	0.00%
103	GOI - 5.77% (03/08/2030) government security	—	0.01%	Oct 2020	5.9 yrs	-0.01%
104	BHARTI AIRTEL LTD^ derivative	—	0.00%	Mar 2020	6.5 yrs	0.00%
105	KOTAK MAHINDRA BANK LTD^ derivative	—	-0.01%	Jan 2026	8 mo	-1.40%
106	PI INDUSTRIES LTD^ derivative	—	-0.03%	Jun 2020	6.3 yrs	-0.40%
107	INDUSIND BANK LTD^ derivative	—	-0.17%	Feb 2023	3.6 yrs	-0.01%
108	HINDUSTAN UNILEVER LTD^ derivative	—	-0.31%	Jul 2023	3.2 yrs	-0.65%
109	ICICI BANK LTD^ derivative	—	-0.49%	Mar 2020	6.5 yrs	-0.01%
110	ETERNAL LTD^ derivative	—	-1.03%	Mar 2026	6 mo	-1.85%
111	SILVER (30 KG) COMMODITY^ derivative	—	-1.29%	Nov 2025	10 mo	+4.92%
112	NET CURRENT LIABILITIES invit	—	-4.70%	Jun 2026	3 mo	-4.70%

Showing 1–112 of 112 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks15.1% · 17.1%

CAPITAL MARKETS8.3%

Petroleum Products4.3% · 4.7%

Insurance4.3% · 2.8%

Healthcare Services3.9% · 3.7%

Power3.5% · 2.4%

Finance3.2% · 2.3%

Telecom - Services3.2% · 4.3%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap38.3%

Mid cap12.8%

Small / micro cap14.8%

Cash & equivalents10.5%

Not classified9.4%

Other5.3%

share of the book025%50%75%100%

"Not classified" is what no cap tier could be inferred for — newly listed names, or lines without an ISIN.

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 38%
Mid cap 13%
Small / micro 15%
Cash & other 10%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date

Beat its category in 19% of three-year stretches, and averaged −0.9 points a year across all of them

43 rolling windows since 2020 · ahead by 1.2 points a year when it won, behind by 1.3 when it lost

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. Ahead by 1.2 points a year in the 8 windows it won and behind by 1.3 in the 35 it lost, so the average across all 43 is −0.9 points. The worst window ended Jan 2026, 2.7 points behind.

No category distribution for this measure yet.

windows measured43windows won8average across every window−0.86 pts a year · median −1.19when ahead, by how much+1.17 pts a year over 8 windowswhen behind, by how much−1.33 pts a year over 35 windowsworst window−2.65 pts a year, ended Jan 2026best window+1.35 pts a year, ended Jun 2023non-overlapping windows in that span2 — the rolling count overlaps, this does not

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 1.90% a year more than Direct

₹85,430 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

1.90 pp a year

costliest in categorycheapest in category

5th percentile · bottom decile of 17 funds · category median 1.60 pp

on ₹1,00,000 over ten years₹85,430Direct vs Regular, annualised19.1% vs 17.2%measured over6.5 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 42% of the portfolio a year

−0.07 pts of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

42% a year

costliest in categorycheapest in category

86th percentile · top quartile of 14 funds · category median 55%

excess return per unit of turnover−0.07 pts

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 75 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

75 months

lowest in categoryhighest in category

95th percentile · top decile of 14 funds · category median 26 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

5 of 10 top picks beat their peers over the next 6 months, and averaged 0.3 points behind them

704 positions judged, one disclosure at a time · ahead by 11.5 points when it won, behind by 11.3 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 11.5 points in the 336 positions it won and behind by 11.3 in the 368 it lost, so the average across all 704 is −0.3 points. The worst position was INE205A01025 at the Jan 2026 disclosure, 66.4 points behind.

48%

lowest in categoryhighest in category

56th percentile · above median of 14 funds

positions judged704beat the median stock336average across every position−0.34 pts · median −0.49when ahead, by how much+11.51 pts over 336 positionswhen behind, by how much−11.27 pts over 368 positionsworst position−66.36 pts, INE205A01025 at the Jan 2026 disclosurebest position+76.04 pts, INE002A01018 at the Mar 2020 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹5,206 Cr, 65th percentile in category; 76% of growth came from inflows

smaller than 35% of the funds in its category (13 funds) · AUM Sep 2023 → Jul 2026 · Regular plan expense ratio 1.95%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

65th percentile by AUM

largestsmallest

35th percentile · below median of 13 funds

median holding weight, trendfallingexpense ratio, Regular / Direct1.95% / 0.65% · category median 2.12%AUM, Sep 2023 → Jul 2026₹1,772 Cr → ₹5,206 Cr (+46% a year)of that change, from flows rather than returns76% net inflows · NAV +47% over the window

Assets under management, ₹ crore, Mar 2020 – Jul 2026

34 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.54% in Mar 2020 → 1.95% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this headline and record disagree

Run by Murthy Nagarajan for at least 1.3 yrs

with Rahul Singh, Sailesh Jain, Tapan Patel, Amit Somani · the factsheet archive starts May 2025, so this is a floor

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

No category distribution for this measure yet.

running it nowMurthy Nagarajan (since at least May 2025), Rahul Singh (since at least May 2025), Sailesh Jain (since at least May 2025), Tapan Patel (since at least May 2025), Amit Somani (since Jun 2026)share of the fund's life under the current teamnot knowable — the archive starts May 2025, so the tenure is a floorchanges of hands in the archive1 — last Jun 2026

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Murthy Nagarajan	fund manager	by May 2025†	now	12.0% vs 14.4% p.a. (−2.38 pp)	—
Rahul Singh	fund manager	by May 2025†	now	12.0% vs 14.4% p.a. (−2.38 pp)	—
Sailesh Jain	fund manager	by May 2025†	now	12.0% vs 14.4% p.a. (−2.38 pp)	—
Tapan Patel	fund manager	by May 2025†	now	12.0% vs 14.4% p.a. (−2.38 pp)	—
Amit Somani	fund manager	Jun 2026*	now	1.6% vs 1.0% (+0.59 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. † already named on the first factsheet we hold: the stint is at least this long, and its start is not known. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year figure covers most of the fund's entire life. This scheme is about 6.6 years old and a 5-year return is being displayed for it. That is effectively a since-inception number — it measures the period the fund happened to be launched into, and separates nothing from the manager's contribution.

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notEvery fund is young once, and a short record is not a bad one. This says the number cannot bear the weight usually placed on it, not that the fund is worse than a peer.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

No signal. About 25% of this fund is outside listed Indian equity — a foreign or derivative sleeve, or debt — and there are no daily prices to replicate it with. A wrong signal would be worse than none.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Tata Multi Asset Allocation Fund-Direct Plan-Growth	growth	₹28.12	18 Sep 2026
direct Tata Multi Asset Allocation Fund-Direct Plan-Dividend Payout	idcw	₹28.12	18 Sep 2026
direct Tata Multi Asset Allocation Fund-Direct Plan-Dividend Reinvestment	idcw	₹28.12	18 Sep 2026
regular Tata Multi Asset Allocation Fund-Regular Plan-Growth	growth	₹25.27	18 Sep 2026
regular Tata Multi Asset Allocation Fund-Regular Plan-Dividend Reinvestment	idcw	₹25.27	18 Sep 2026
regular Tata Multi Asset Allocation Fund-Regular Plan-Dividend Payout	idcw	₹25.27	18 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹28.12
Regular growth NAV: ₹25.27
NAV divergence to date: 11.3% — same portfolio, priced differently
Regular costs more by: 1.90% a year
On ₹1,00,000 over ten years: ₹85,430

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

Compare with

same category, by size

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