HSBC · Multi Asset Allocation

HSBC Multi Asset Allocation Fund

Hybrid Schemes - Multi Asset Allocation Fund Direct plan, growth launched 8 Feb 2024 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹14.43

+0.02% since 18 Sep 2026, the previous NAV

1 year

11.5%

return

3 years

not enough history

5 years

not enough history

Since launch

15.3%

a year, over 2.6 years

Assets (AUM)

₹3,260 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.46% / 1.56%

a year, as of Aug 2026

Holdings

top ten are 43% of the fund · Aug 2026

Disclosed history

2.6 yrs

Feb 2024 – Aug 2026 · 4 of 11 checks could run

Fund managers

Cheenu Gupta · since Feb 2024 · equity portionDipan Parikh · since Feb 2024 · commoditiesMahesh Chhabria · since Feb 2024 · debt portionMohd. Asif Rizwi · since Jan 2025 · debt portionMayank Chaturvedi · since Sep 2025 · overseas investmentsPraveen Ayathan · since Mar 2026

All managers →

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 1.53 percentage points a year more than Direct

₹51,019 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 Cheenu Gupta for 2.5 yrs

with Dipan Parikh, Mahesh Chhabria, Mohd. Asif Rizwi, Mayank Chaturvedi, Praveen Ayathan. 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.

Cheenu Gupta'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

Not measurable yet: needs three years of NAV and a category median.

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.

See every window →

headline and record disagree 2 checks 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 21 Sep 2026

Month-end NAV, indexed to 100 at Mar 2024

31 month-ends · ₹10.16 → ₹14.43, 1.4× since Mar 2024

Deepest fall (max drawdown)

−18.7%

17 Dec 2024 → 28 Feb 2025

Worst month

−9.0%

Jan 2025

Days to recover

194

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 · 90 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	HSBC Mutual Fund mutual fund unit	—	9.12%	Mar 2026	6 mo	+1.56% points
2	ICICI Bank Limited equity	Banks	8.36%	Feb 2024	2.6 yrs	+1.71% points
3	HDFC Bank Limited equity	Banks	4.64%	Feb 2025	1.6 yrs	+4.63% points
4	Lenskart Solutions Limited equity	Retailing	4.20%	Nov 2025	10 mo	+1.19% points
5	The Federal Bank Limited equity	Banks	3.29%	Jan 2026	8 mo	+1.22% points
6	PB Fintech Limited equity	Financial Technology (Fintech)	3.17%	Oct 2024	1.9 yrs	+0.02% points
7	Meesho Limited equity	Retailing	2.83%	Jun 2026	3 mo	+2.83% points
8	TVS Motor Company Limited equity	Automobiles	2.60%	Jun 2026	3 mo	+2.60% points
9	GE Vernova T&D India Limited equity	Electrical Equipment	2.45%	Feb 2024	2.6 yrs	−1.04% points
10	ITC Limited equity	Diversified FMCG	2.28%	Apr 2025	1.4 yrs	+2.08% points
11	Lupin Limited equity	Pharmaceuticals & Biotechnology	2.12%	Feb 2024	2.6 yrs	−0.28% points
12	JSW Steel Limited equity	Ferrous Metals	2.02%	Mar 2026	6 mo	+0.77% points
13	ICICI Prudential AMC Ltd equity	Capital Markets	1.98%	Dec 2025	9 mo	−0.53% points
14	Piramal Finance Ltd equity	Finance	1.97%	Apr 2026	5 mo	+0.16% points
15	FSN E-Commerce Ventures Limited equity	Retailing	1.81%	Aug 2025	1.1 yrs	−0.22% points
16	HDFC Asset Management Company Limited equity	Capital Markets	1.71%	Oct 2024	1.9 yrs	+1.70% points
17	HDFC MUTUAL FUND mutual fund unit	—	1.69%	Mar 2024	2.5 yrs	−0.17% points
18	APAR INDUSTRIES LTD equity	Electrical Equipment	1.65%	Aug 2026	1 mo	+1.65% points
19	Polycab India Limited equity	Industrial Products	1.64%	Dec 2025	9 mo	+1.11% points
20	Aditya Infotech Limited equity	Industrial Manufacturing	1.62%	Feb 2026	7 mo	−0.60% points
21	Bajaj Housing Finance Ltd^ derivative	—	1.58%	Jun 2026	3 mo	+1.58% points
22	TREPS / cash equivalents Treps · money market	—	1.57%	Feb 2024	2.6 yrs	−3.09% points
23	NABARD** corporate bond	—	1.54%	Jul 2026	2 mo	+1.54% points
24	Bajaj Finance Limited** corporate bond	—	1.54%	Jul 2026	2 mo	+1.54% points
25	Ather Energy Limited equity	Automobiles	1.50%	Apr 2026	5 mo	+0.58% points
26	TITAGARH RAIL SYSTEMS LIMITED equity	Industrial Manufacturing	1.48%	Apr 2026	5 mo	−0.16% points
27	Gland Pharma Limited equity	Pharmaceuticals & Biotechnology	1.29%	Jun 2026	3 mo	+1.29% points
28	CG Power And Industrial Solutions Ltd equity	Electrical Equipment	1.19%	Feb 2024	2.6 yrs	+1.13% points
29	City Union Bank Limited equity	Banks	1.16%	Jan 2026	8 mo	+0.10% points
30	Mankind Pharma Limited equity	Pharmaceuticals & Biotechnology	1.14%	Jan 2026	8 mo	−0.08% points
31	Hitachi Energy India Limited equity	Electrical Equipment	1.08%	Feb 2026	7 mo	−0.49% points
32	Sedemac Mechatronics Ltd. equity	Auto Components	1.08%	Mar 2026	6 mo	+0.26% points
33	Billionbrains Garage Ventures Ltd. equity	Capital Markets	1.05%	Nov 2025	10 mo	−1.51% points
34	6.48% GOI 06Oct2035 government security	—	0.99%	Dec 2025	9 mo	−0.07% points
35	Nippon Life India Asset Management Ltd equity	Capital Markets	0.98%	Feb 2024	2.6 yrs	+0.45% points
36	Tech Mahindra Limited equity	IT - Software	0.97%	Aug 2026	1 mo	+0.97% points
37	Mahindra & Mahindra Financial Serv Ltd. equity	Finance	0.93%	Jul 2026	2 mo	+0.93% points
38	ABB India Limited equity	Electrical Equipment	0.93%	May 2026	4 mo	−0.03% points
39	Indian Bank equity	Banks	0.92%	Apr 2026	5 mo	−0.02% points
40	InterGlobe Aviation Limited equity	Transport Services	0.82%	Jul 2026	2 mo	+0.82% points
41	One 97 Communications Limited equity	Financial Technology (Fintech)	0.82%	Aug 2026	1 mo	+0.82% points
42	SIDBI** corporate bond	—	0.82%	Aug 2026	1 mo	+0.82% points
43	REC Limited** corporate bond	—	0.80%	Mar 2026	6 mo	−0.05% points
44	Mahindra & Mahindra Limited equity	Automobiles	0.79%	Sep 2024	2.0 yrs	−0.17% points
45	6.94% GOI 11-May-2036 government security	—	0.78%	Jul 2026	2 mo	+0.78% points
46	UltraTech Cement Limited** corporate bond	—	0.77%	Jul 2026	2 mo	+0.77% points
47	REC Limited^ derivative	—	0.76%	Aug 2026	1 mo	+0.76% points
48	6.01% GOI 21Jul2030 government security	—	0.76%	Mar 2026	6 mo	−0.08% points
49	6.68% GOI 07Jul2040 government security	—	0.75%	Jul 2026	2 mo	+0.75% points
50	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	0.68%	Feb 2025	1.6 yrs	0.00% points
51	TENNECO CLEAN AIR INDIA LIMITED equity	Auto Components	0.62%	Nov 2025	10 mo	−0.13% points
52	Liquid Gold Series 24** corporate bond	—	0.62%	Aug 2026	1 mo	+0.62% points
53	Thermax Limited equity	Electrical Equipment	0.60%	Apr 2026	5 mo	−0.24% points
54	ICICI Bank Limited** money market	—	0.60%	Feb 2026	7 mo	−0.04% points
55	Tata Consumer Products Limited equity	Agricultural Food & other Products	0.58%	Mar 2026	6 mo	−2.40% points
56	India Universal Trust AL2** corporate bond	—	0.56%	Nov 2024	1.8 yrs	−0.06% points
57	KFIN Technologies Limited equity	Capital Markets	0.53%	Aug 2026	1 mo	+0.53% points
58	Reliance Industries Limited** corporate bond	—	0.51%	Jul 2026	2 mo	+0.51% points
59	NTPC Limited equity	Power	0.36%	Feb 2024	2.6 yrs	−0.11% points
60	PNB Housing Finance Limited equity	Finance	0.36%	Jan 2026	8 mo	+0.01% points
61	Hindalco Industries Limited equity	Non - Ferrous Metals	0.36%	Mar 2026	6 mo	−3.52% points
62	Indian Railway Finance Corporation Ltd** corporate bond	—	0.32%	Jun 2026	3 mo	+0.32% points
63	Bharti Airtel Limited equity	Telecom - Services	0.27%	Feb 2024	2.6 yrs	−0.03% points
64	Siemens Limited equity	Electrical Equipment	0.25%	Jun 2024	2.3 yrs	−2.13% points
65	Divi''s Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.17%	May 2025	1.3 yrs	+0.04% points
66	7.18% GOI - 14-Aug-2033 government security	—	0.16%	Feb 2024	2.6 yrs	−0.01% points
67	6.9% GOI 15-Apr-2065 government security	—	0.14%	Apr 2026	5 mo	−0.01% points
68	PERSISTENT SYSTEMS LTD equity	IT - Software	0.13%	Mar 2024	2.5 yrs	−0.01% points
69	State Bank of India equity	Banks	0.06%	Sep 2025	1.0 yrs	0.00% points
70	Britannia Industries Limited equity	Food Products	0.06%	Sep 2025	1.0 yrs	0.00% points
71	Multi Commodity Exchange of India Ltd. equity	Capital Markets	0.05%	Jan 2026	8 mo	0.00% points
72	SAFARI INDUSTRIES (INDIA) LIMITED equity	Consumer Durables	0.04%	Apr 2024	2.4 yrs	−0.01% points
73	Axis Bank Limited equity	Banks	0.04%	Feb 2025	1.6 yrs	+0.02% points
74	Dixon Technologies (India) Limited equity	Consumer Durables	0.04%	Mar 2024	2.5 yrs	+0.01% points
75	Max Healthcare Institute Limited equity	Healthcare Services	0.03%	Jan 2025	1.7 yrs	0.00% points
76	Oil & Natural Gas Corporation Limited equity	Oil	0.03%	Mar 2026	6 mo	−1.63% points
77	Larsen & Toubro Limited equity	Construction	0.03%	Feb 2024	2.6 yrs	−0.01% points
78	The Tata Power Company Limited equity	Power	0.02%	Mar 2026	6 mo	−0.57% points
79	UltraTech Cement Limited equity	Cement & Cement Products	0.02%	Mar 2025	1.5 yrs	0.00% points
80	Bharat Heavy Electricals Limited equity	Electrical Equipment	0.02%	Apr 2026	5 mo	−3.04% points
81	Godrej Consumer Products Limited equity	Personal Products	0.02%	Apr 2025	1.4 yrs	0.00% points
82	BSE Ltd equity	Capital Markets	0.02%	Feb 2024	2.6 yrs	−1.80% points
83	Shriram Finance Limited equity	Finance	0.02%	Apr 2025	1.4 yrs	+0.01% points
84	Reliance Industries Limited equity	Petroleum Products	0.01%	Nov 2025	10 mo	−0.38% points
85	Bharat Electronics Limited equity	Aerospace & Defense	0.01%	Feb 2024	2.6 yrs	−3.62% points
86	Power Grid Corporation of India Limited equity	Power	0.01%	Apr 2026	5 mo	−2.12% points
87	Infosys Limited equity	IT - Software	0.00%	Jan 2025	1.7 yrs	−0.01% points
88	Cholamandalam Invest & Finance Co Ltd equity	Finance	0.00%	Jun 2025	1.3 yrs	0.00% points
89	BLUE STAR LTD equity	Consumer Durables	0.00%	Feb 2024	2.6 yrs	0.00% points
90	Net Current Assets (including cash & bank balances) cash equivalent	—	-0.29%	Feb 2024	2.6 yrs	+0.06% points

Showing 1–90 of 90 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks18.5% · 7.8%

Retailing8.8% · 8.7%

Electrical Equipment8.2% · 7.6%

Capital Markets6.3% · 3.9%

Pharmaceuticals & Biotechnology5.4% · 3.7%

Automobiles4.9%

Financial Technology (Fintech)4.0%

Finance3.3% · 4.7%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap30.1%

Mid cap37.0%

Small / micro cap6.8%

Cash & equivalents1.9%

Other24.2%

share of the book025%50%75%100%

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

Large cap 30%
Mid cap 37%
Small / micro 7%
Cash & other 2%

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

Not measurable yet. Needs at least three years of month-end NAV and a category median; not computed for this fund yet.

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.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

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 1.53 percentage points a year more than Direct

₹51,019 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.

Why this matters: What does a Regular plan actually cost? 6 min

1.53% points a year

costliest in categorycheapest in category

47th percentile · below median of 13 funds · category median 1.50% points

on ₹1,00,000 over ten years₹51,019Direct vs Regular, annualised15.1% vs 13.5%measured over2.5 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 161% of the portfolio a year

+0.01% points 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.

Why this matters: What does a monthly portfolio not tell you? 6 min

161% a year

costliest in categorycheapest in category

5th percentile · bottom decile of 12 funds · category median 52%

excess return per unit of turnover+0.01% points

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 18 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.

18 months

lowest in categoryhighest in category

43th percentile · below median of 13 funds · category median 21 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 5.8 percentage points ahead of them

250 positions judged, one disclosure at a time · ahead by 23.6 percentage points when it won, behind by 12.6 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 23.6 percentage points in the 127 positions it won and behind by 12.6 in the 123 it lost, so the average across all 250 is +5.8 percentage points. The worst position was INE763I01026 at the May 2025 disclosure, 49.7 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

51%

lowest in categoryhighest in category

73th percentile · above median of 11 funds

positions judged250beat the median stock127average across every position+5.82% points · median +1.58when ahead, by how much+23.62% points over 127 positionswhen behind, by how much−12.57% points over 123 positionsworst position−49.68% points, INE763I01026 at the May 2025 disclosurebest position+91.48% points, INE200A01026 at the Mar 2025 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

₹3,260 Cr, 50th percentile in category

smaller than 50% of the funds in its category (13 funds) · AUM Feb 2024 → Aug 2026 · Regular plan expense ratio 2.33%

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.

50th percentile by AUM

largestsmallest

50th percentile · above median of 13 funds

median holding weight, trendrisingexpense ratio, Regular / Direct2.33% / 1.03% · category median 2.05%AUM, Feb 2024 → Aug 2026₹1,334 Cr → ₹3,260 Cr (+43% a year)

Assets under management, ₹ crore, Feb 2024 – Aug 2026

30 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.02% in Mar 2024 → 2.33% 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 Cheenu Gupta for 2.5 yrs

with Dipan Parikh, Mahesh Chhabria, Mohd. Asif Rizwi, Mayank Chaturvedi, Praveen Ayathan

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.

Why this matters: Whose record is the three-year number? 5 min

No category distribution for this measure yet.

running it nowCheenu Gupta (since Feb 2024), Dipan Parikh (since Feb 2024), Mahesh Chhabria (since Feb 2024), Mohd. Asif Rizwi (since Feb 2025), Mayank Chaturvedi (since Oct 2025), Praveen Ayathan (since Mar 2026)share of the fund's life under the longest-serving current manager100%changes of hands in the archive4 — last Mar 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
Cheenu Gupta	equity portion	Feb 2024*	now	15.4% vs 13.5% p.a. (+1.96% points)	—
Dipan Parikh	commodities	Feb 2024*	now	15.4% vs 13.5% p.a. (+1.96% points)	—
Mahesh Chhabria	debt portion	Feb 2024*	now	15.4% vs 13.5% p.a. (+1.96% points)	—
Mohd. Asif Rizwi	debt portion	Jan 2025*	now	9.5% vs 13.0% p.a. (−3.46% points)	—
Mayank Chaturvedi	overseas investments	Sep 2025	now	15.7% vs 12.2% (+3.57% points)	—
Praveen Ayathan	fund manager	Mar 2026	now	0.6% vs −0.2% (+0.78% points)	—
Sonal Gupta	overseas investments	Feb 2024*	Aug 2025	14.3% vs 13.6% p.a. (+0.69% points)	—
Kapil Punjabi	debt portion	Apr 2024*	Dec 2024	21.0% vs 10.7% (+10.32% points)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. 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 record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 2.6 years, against a 5-year figure on display. Praveen Ayathan joined roughly 0.5 years ago. A record earned under different people is not evidence about these ones.

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 notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. It does mean the displayed record is the house’s more than the person’s.

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 26% 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 HSBC Multi Asset Allocation Fund - Direct - Growth	growth	₹14.43	21 Sep 2026
direct HSBC Multi Asset Allocation Fund - Direct - IDCW	idcw	₹14.07	21 Sep 2026
regular HSBC Multi Asset Allocation Fund - Regular - Growth	growth	₹13.94	21 Sep 2026
regular HSBC Multi Asset Allocation Fund - Regular - IDCW	idcw	₹12.72	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹14.43
Regular growth NAV: ₹13.94
NAV divergence to date: 3.5% — same portfolio, priced differently
Regular costs more by: 1.53% points a year
On ₹1,00,000 over ten years: ₹51,019

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

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same category, by size

ICICI Prudential Multi Asset Allocation Fund DSP Multi Asset Allocation Fund WhiteOak Capital Multi Asset Allocation Fund UTI Multi Asset Allocation Fund pick any fund…