Union · Multi Asset Allocation

Union Multi Asset Allocation Fund

Hybrid Scheme - Multi Asset Allocation Direct plan, growth riskometer: Very high launched 20 Aug 2024 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹12.39

0.00% since 18 Sep 2026, the previous NAV

1 year

10.4%

return

3 years

not enough history

5 years

not enough history

Since launch

10.8%

a year, over 2.0 years

Assets (AUM)

₹988 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.92% / 1.85%

a year, as of Jul 2026

Holdings

top ten are 42% of the fund · Aug 2026

Disclosed history

2.0 yrs

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

Fund managers

Anindya Sarkar · since Aug 2024Sanjay Bembalkar · since Aug 2024Vinod Malviya · since Oct 2024

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 1.30 percentage points a year more than Direct

₹30,012 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 Anindya Sarkar for 2.0 yrs

with Sanjay Bembalkar, Vinod Malviya. 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.

Anindya Sarkar'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 Sep 2024

25 month-ends · ₹10.17 → ₹12.39, 1.2× since Sep 2024

Deepest fall (max drawdown)

−12.4%

29 Jan 2026 → 23 Mar 2026

Worst month

−9.3%

Mar 2026

Days to recover

not yet recovered

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 · 89 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	Union Gold ETF mutual fund unit	—	11.83%	Feb 2025	1.6 yrs	−4.12% points
2	ICICI Prudential Silver ETF mutual fund unit	—	5.22%	May 2026	4 mo	+3.44% points
3	ICICI Bank Ltd. equity	Banks	4.58%	Sep 2024	2.0 yrs	+1.28% points
4	HDFC Bank Ltd. equity	Banks	4.07%	Sep 2024	2.0 yrs	+0.24% points
5	TREPS / cash equivalents TREPS · money market	—	3.47%	Sep 2024	2.0 yrs	−2.01% points
6	Reliance Industries Ltd. equity	Petroleum Products	2.54%	Sep 2024	2.0 yrs	−1.05% points
7	Axis Bank Ltd. equity	Banks	2.53%	Sep 2024	2.0 yrs	+0.62% points
8	State Bank of India equity	Banks	2.50%	Sep 2024	2.0 yrs	−0.44% points
9	National Bank for Agriculture and Rural Development** corporate bond	—	2.42%	Jun 2026	3 mo	+2.42% points
10	Power Finance Corporation Ltd.** corporate bond	—	2.40%	Sep 2024	2.0 yrs	−0.12% points
11	REC Ltd. corporate bond	—	2.40%	Aug 2026	1 mo	+2.40% points
12	Canara Bank** money market	—	2.37%	Apr 2026	5 mo	−0.08% points
13	Bharti Airtel Ltd. equity	Telecom - Services	2.17%	Sep 2024	2.0 yrs	−0.76% points
14	Larsen & Toubro Ltd. equity	Construction	2.12%	Sep 2024	2.0 yrs	−0.14% points
15	Bajaj Finance Ltd. equity	Finance	1.79%	Jun 2025	1.3 yrs	+0.16% points
16	Kotak Mahindra Bank Ltd. equity	Banks	1.46%	Jan 2026	8 mo	+0.04% points
17	Infosys Ltd. equity	IT - Software	1.42%	Sep 2024	2.0 yrs	+0.10% points
18	Maruti Suzuki India Ltd. equity	Automobiles	1.22%	Sep 2024	2.0 yrs	−0.03% points
19	Gabriel India Ltd. equity	Auto Components	1.20%	Jul 2025	1.2 yrs	+0.23% points
20	Eternal Ltd. equity	Retailing	1.15%	Sep 2024	2.0 yrs	+0.22% points
21	Engineers India Ltd. equity	Construction	1.08%	May 2026	4 mo	+0.65% points
22	Karur Vysya Bank Ltd. equity	Banks	1.06%	Sep 2024	2.0 yrs	+0.12% points
23	LG Electronics India Ltd. equity	Consumer Durables	1.02%	Jan 2026	8 mo	+0.06% points
24	Ather Energy Ltd. equity	Automobiles	0.98%	Jul 2026	2 mo	+0.98% points
25	Tata Motors Ltd. equity	Agricultural, Commercial & Construction Vehicles	0.98%	Dec 2025	9 mo	+0.15% points
26	Clean Max Enviro Energy Solutions Ltd. equity	Power	0.97%	May 2026	4 mo	+0.51% points
27	Kirloskar Oil Engines Ltd. equity	Industrial Products	0.95%	Sep 2024	2.0 yrs	+0.02% points
28	Power Finance Corporation Ltd.** corporate bond	—	0.95%	Sep 2024	2.0 yrs	−0.03% points
29	Tata Consumer Products Ltd. equity	Agricultural Food & other Products	0.93%	Apr 2025	1.4 yrs	−0.95% points
30	ZF Commercial Vehicle Control Systems India Ltd. equity	Auto Components	0.92%	Dec 2025	9 mo	−0.02% points
31	Dr. Lal Path labs Ltd. equity	Healthcare Services	0.92%	Jul 2026	2 mo	+0.92% points
32	Krishna Institute of Medical Sciences Ltd. equity	Healthcare Services	0.90%	Feb 2026	7 mo	−0.05% points
33	Inventurus Knowledge Solutions Ltd. equity	IT - Services	0.88%	Dec 2024	1.8 yrs	−0.02% points
34	Divi's Laboratories Ltd. equity	Pharmaceuticals & Biotechnology	0.88%	Jul 2026	2 mo	+0.88% points
35	Ajanta Pharma Ltd. equity	Pharmaceuticals & Biotechnology	0.79%	May 2026	4 mo	+0.22% points
36	ICICI Prudential Asset Management Company Ltd. equity	Capital Markets	0.78%	Jun 2026	3 mo	+0.78% points
37	Max Financial Services Ltd. equity	Insurance	0.74%	Sep 2024	2.0 yrs	−0.37% points
38	JSW Infrastructure Ltd. equity	Transport Infrastructure	0.73%	Apr 2026	5 mo	+0.10% points
39	Shadowfax Technologies Ltd. equity	Transport Services	0.73%	Jun 2026	3 mo	+0.73% points
40	Ultratech Cement Ltd. equity	Cement & Cement Products	0.73%	Sep 2025	1.0 yrs	−0.04% points
41	KRN Heat Exchanger and Refrigeration Ltd. equity	Industrial Products	0.70%	Aug 2026	1 mo	+0.70% points
42	GE Vernova T&D India Ltd. equity	Electrical Equipment	0.69%	Nov 2024	1.8 yrs	−0.22% points
43	CG Power and Industrial Solutions Ltd. equity	Electrical Equipment	0.68%	Oct 2024	1.9 yrs	−0.04% points
44	NTPC Ltd. equity	Power	0.66%	Sep 2024	2.0 yrs	−0.54% points
45	Shriram Finance Ltd. equity	Finance	0.65%	Jan 2025	1.7 yrs	+0.06% points
46	Glaxosmithkline Pharmaceuticals Ltd. equity	Pharmaceuticals & Biotechnology	0.64%	Aug 2026	1 mo	+0.64% points
47	Godrej Properties Ltd. equity	Realty	0.64%	Jul 2026	2 mo	+0.64% points
48	Trent Ltd. equity	Retailing	0.64%	Sep 2024	2.0 yrs	+0.20% points
49	Tata Consultancy Services Ltd. equity	IT - Software	0.64%	Sep 2024	2.0 yrs	+0.01% points
50	Aarti Industries Ltd. equity	Chemicals & Petrochemicals	0.63%	Mar 2026	6 mo	+0.02% points
51	Swiggy Ltd. equity	Retailing	0.62%	Jul 2026	2 mo	+0.62% points
52	JSW Energy Ltd. equity	Power	0.62%	Sep 2024	2.0 yrs	−0.25% points
53	Oil India Ltd. equity	Oil	0.62%	Jan 2026	8 mo	−0.02% points
54	Amber Enterprises India Ltd. equity	Consumer Durables	0.62%	Feb 2026	7 mo	−0.03% points
55	Billionbrains Garage Ventures Ltd. equity	Capital Markets	0.60%	Jul 2026	2 mo	+0.60% points
56	FSN E-Commerce Ventures Ltd. equity	Retailing	0.60%	Sep 2025	1.0 yrs	+0.27% points
57	Solar Industries India Ltd. equity	Chemicals & Petrochemicals	0.59%	Jan 2025	1.7 yrs	−0.22% points
58	Sona Blw Precision Forgings Ltd. equity	Auto Components	0.59%	Jan 2026	8 mo	−0.25% points
59	One 97 Communications Ltd. equity	Financial Technology (Fintech)	0.59%	Feb 2026	7 mo	+0.18% points
60	Shiprocket Ltd. equity	Transport Services	0.58%	Aug 2026	1 mo	+0.58% points
61	Cemindia Projects Ltd. equity	Construction	0.58%	May 2026	4 mo	0.00% points
62	Delhivery Ltd. equity	Transport Services	0.56%	Jul 2026	2 mo	+0.56% points
63	Manipal Health Enterprises Ltd equity	Healthcare Services	0.54%	Aug 2026	1 mo	+0.54% points
64	Bharat Heavy Electricals Ltd. equity	Electrical Equipment	0.54%	May 2026	4 mo	0.00% points
65	Nippon Life India Asset Management Ltd. equity	Capital Markets	0.54%	Feb 2026	7 mo	−0.34% points
66	Gokaldas Exports Ltd. equity	Textiles & Apparels	0.53%	Sep 2024	2.0 yrs	+0.03% points
67	The Phoenix Mills Ltd. equity	Realty	0.53%	Nov 2025	10 mo	+0.01% points
68	Bharat Electronics Ltd. equity	Aerospace & Defense	0.53%	Sep 2024	2.0 yrs	−0.46% points
69	Titan Company Ltd. equity	Consumer Durables	0.53%	Jul 2026	2 mo	+0.53% points
70	Ujjivan Small Finance Bank Ltd. equity	Banks	0.51%	Feb 2026	7 mo	+0.09% points
71	91 Day Treasury Bills government security	—	0.49%	Jun 2026	3 mo	+0.49% points
72	RBL Bank Ltd. equity	Banks	0.47%	Aug 2026	1 mo	+0.47% points
73	Dhoot Transmission Ltd. equity	Auto Components	0.46%	Aug 2026	1 mo	+0.46% points
74	Hindustan Unilever Ltd. equity	Diversified FMCG	0.45%	Sep 2024	2.0 yrs	−0.07% points
75	Pidilite Industries Ltd. equity	Chemicals & Petrochemicals	0.43%	Sep 2024	2.0 yrs	+0.03% points
76	Corona Remedies Ltd. equity	Pharmaceuticals & Biotechnology	0.42%	May 2026	4 mo	+0.05% points
77	LTM Ltd. equity	IT - Software	0.36%	Sep 2024	2.0 yrs	+0.02% points
78	Sun Pharmaceutical Industries Ltd. equity	Pharmaceuticals & Biotechnology	0.35%	Sep 2024	2.0 yrs	−0.28% points
79	Sai Life Sciences Ltd. equity	Pharmaceuticals & Biotechnology	0.31%	Jun 2026	3 mo	+0.31% points
80	Greenply Industries Ltd. equity	Consumer Durables	0.29%	Sep 2024	2.0 yrs	+0.03% points
81	HCL Technologies Ltd. equity	IT - Software	0.29%	Sep 2024	2.0 yrs	+0.01% points
82	91 Day Treasury Bills government security	—	0.27%	Jul 2026	2 mo	+0.27% points
83	Jindal Steel Ltd. equity	Ferrous Metals	0.25%	Sep 2024	2.0 yrs	−0.49% points
84	Oil & Natural Gas Corporation Ltd. equity	Oil	0.22%	Jan 2025	1.7 yrs	−0.05% points
85	Varun Beverages Ltd. equity	Beverages	0.16%	May 2026	4 mo	−0.07% points
86	Wockhardt Ltd. equity	Pharmaceuticals & Biotechnology	0.15%	Jun 2026	3 mo	+0.15% points
87	Persistent Systems Ltd. equity	IT - Software	0.14%	Sep 2024	2.0 yrs	+0.01% points
88	6% TVS Motor Company Ltd. NCRPS @ corporate bond	—	0.02%	Aug 2025	1.1 yrs	0.00% points
89	TREPS / cash equivalents Net Receivable / Payable · money market	—	-0.30%	Sep 2024	2.0 yrs	−0.98% points

Showing 1–89 of 89 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks17.2% · 16.8%

Construction3.8%

Pharmaceuticals & Biotechnology3.5% · 2.2%

Auto Components3.2%

Retailing3.0% · 1.6%

IT - Software2.9% · 5.1%

Petroleum Products2.5% · 3.9%

Consumer Durables2.5% · 2.6%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap37.8%

Mid cap14.9%

Small / micro cap15.8%

Cash & equivalents5.5%

Other26.0%

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 38%
Mid cap 15%
Small / micro 16%
Cash & other 6%

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 1.30 percentage points a year more than Direct

₹30,012 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

1.30% points a year

costliest in categorycheapest in category

75th percentile · top quartile of 17 funds · category median 1.60% points

on ₹1,00,000 over ten years₹30,012Direct vs Regular, annualised10.4% vs 9.1%measured over2 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 72% 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

72% a year

costliest in categorycheapest in category

24th percentile · bottom quartile of 14 funds · category median 55%

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 24 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.

24 months

lowest in categoryhighest in category

46th percentile · below median 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 0.9 percentage points ahead of them

180 positions judged, one disclosure at a time · ahead by 12.6 percentage points when it won, behind by 11.1 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 12.6 percentage points in the 91 positions it won and behind by 11.1 in the 89 it lost, so the average across all 180 is +0.9 percentage points. The worst position was INE009A01021 at the Jan 2026 disclosure, 35.5 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

95th percentile · top decile of 14 funds

positions judged180beat the median stock91average across every position+0.90% points · median +0.06when ahead, by how much+12.60% points over 91 positionswhen behind, by how much−11.06% points over 89 positionsworst position−35.46% points, INE009A01021 at the Jan 2026 disclosurebest position+53.05% points, INE062A01020 at the Aug 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

₹988 Cr, 27th percentile in category; 94% of growth came from inflows

smaller than 73% of the funds in its category (13 funds) · AUM Sep 2024 → Jul 2026 · Regular plan expense ratio 2.41%

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.

27th percentile by AUM

largestsmallest

73th percentile · above median of 13 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.41% / 1.29% · category median 2.12%AUM, Sep 2024 → Jul 2026₹199 Cr → ₹988 Cr (+139% a year)of that change, from flows rather than returns94% net inflows · NAV +22% over the window

Assets under management, ₹ crore, Sep 2024 – Jul 2026

11 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.17% in Sep 2024 → 2.41% 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 Anindya Sarkar for 2.0 yrs

with Sanjay Bembalkar, Vinod Malviya

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 nowAnindya Sarkar (since Aug 2024), Sanjay Bembalkar (since Aug 2024), Vinod Malviya (since Nov 2024)share of the fund's life under the longest-serving current manager100%changes of hands in the archive1 — last Oct 2024

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
Anindya Sarkar	fund manager	Aug 2024	now	11.4% vs 9.3% p.a. (+2.11% points)	—
Sanjay Bembalkar	fund manager	Aug 2024	now	11.4% vs 9.3% p.a. (+2.11% points)	—
Vinod Malviya	fund manager	Oct 2024	now	11.4% vs 9.3% p.a. (+2.11% points)	—
Hardick Bora	fund manager	Aug 2024	Sep 2024	—	—

* 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 2.1 years, against a 5-year figure on display. Vinod Malviya joined roughly 1.9 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 32% 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 Union Multi Asset Allocation Fund- Direct Plan - Growth Option	growth	₹12.39	21 Sep 2026
direct Union Multi Asset Allocation Fund- Direct Plan - IDCW Option	idcw	₹11.50	21 Sep 2026
regular Union Multi Asset Allocation Fund- Regular Plan - Growth Option	growth	₹12.10	21 Sep 2026
regular Union Multi Asset Allocation Fund- Regular Plan - IDCW Option	idcw	₹11.21	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹12.39
Regular growth NAV: ₹12.10
NAV divergence to date: 2.4% — same portfolio, priced differently
Regular costs more by: 1.30% points a year
On ₹1,00,000 over ten years: ₹30,012

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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