Multi-Asset Fund Comparison: ICICI Prudential vs. SBI vs. Nippon India

Multi-asset mutual funds are designed to offer investors a balanced investment approach. Instead of putting all money into just stocks or just bonds, these funds distribute capital across various asset classes such as Equity (stocks), Debt (bonds), Commodities (like Gold/Silver), and sometimes Real Estate Investment Trusts (REITs).

The primary goal is to balance the growth potential of stocks with the stability of other assets. This helps reduce losses when the stock market falls while still capturing gains when the market rises.

In this blog, we compare three popular schemes in this category: ICICI Prudential Multi-Asset Fund, SBI Multi-Asset Allocation Fund, and Nippon India Multi-Asset Allocation Fund.

At a Glance: The Comparison Table

The following table compares the key metrics of these three funds based on data as of January 31, 2026.

Fund Analysis

1. ICICI Prudential Multi-Asset Fund

• Overview: This is the oldest and largest fund in this comparison, with an AUM of over ₹80,000 crore. It is managed by the fund manager Sankaran Naren.
• Performance: The fund has delivered consistent returns over the long term (16.84% since inception).
• Risk Profile: It has a Beta of 0.75. In simple terms, this means the fund is less volatile than the market. If the market moves by 1%, this fund historically moves by roughly 0.49%. This indicates a relatively defensive approach.
• Portfolio: It has a strong focus towards large banks and automobiles.

2. SBI Multi Asset Allocation Fund

• Overview: Launched in 2005, this fund is actively managed to balance income and capital appreciation.
• Performance: It has shown strong short-term performance with a 24.28% return in the last year.
• Risk Profile: It has a Beta of 0.71. This indicates that the fund's volatility is very close to that of the market index. It is more sensitive to market movements compared to the ICICI Prudential scheme.
• Portfolio: The portfolio includes Public Sector Undertakings (PSUs) like PNB and GAIL alongside private giants.

3. Nippon India Multi Asset Allocation Fund

• Overview: This is the youngest fund among the three, launched in August 2020.
• Performance: Despite being new, it has delivered the highest returns in the 1-year (26.70%) and 3-year (22.32%) categories among the three.
• Portfolio: It diversifies across equities, debt, and ETFs for Gold and Silver. Its top holdings are similar to its peers, focusing on large-cap stocks like Reliance Industries and HDFC Bank.

Key Observations

• Equity Focus: All three funds primarily invest in equities to drive growth, while using other assets to manage risk.
• Common Holdings: Large-cap stocks, Reliance Industries, appear in the top holdings of all three schemes. This suggests a consensus among fund managers on the stability of these companies.
• Beating the Benchmark: All three funds have outperformed their respective benchmarks over the 1, 3, and 5-year periods.
• Risk vs. Return: SBI appears to focus on lower volatility (lower Beta), while ICICI Prudential and Nippon India have captured higher recent returns, potentially with different risk strategies.

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