Multi-Asset Fund Allocation in July 2026: Equity, Debt, Gold, REITs and Cash

Multi-asset allocation funds invest across more than one type of asset. A portfolio may combine Indian equities, debt securities, gold, silver, international investments, real estate investment trusts, infrastructure investment trusts and short-term money-market instruments.

Although these schemes sit within the same broad category, their portfolios can look very different. Some maintain a strong equity orientation, while others use larger allocations to debt, precious metals, derivatives or cash-equivalent instruments.

AMC-wise portfolio data as of July 31, 2026 offers a point-in-time comparison of selected multi-asset allocation schemes. The percentages in this article relate only to the portfolios included in the underlying comparison. They do not show how an AMC’s entire assets under management are invested.

The data should also not be interpreted as a performance table or a ranking of fund houses.

Equity Exposure Was High Across Several Portfolios

HSBC had the highest equity exposure in the comparison at 73.31%. Tata Mutual Fund followed closely at 73.16%, while Baroda BNP Paribas reported 71.48%. Kotak and Groww had equity allocations of 71.10% and 70.28%, respectively.

The difference between the five highest allocations was relatively small. This suggests that all five portfolios had a substantial dependence on the performance of equity markets at the disclosure date.

A higher equity allocation can support long-term growth, but it can also increase short-term volatility. Investors should look beyond the headline percentage and examine the underlying companies, sector concentration, market-cap mix and valuation of the portfolio.

Two funds with similar equity percentages can still carry very different risks.

Debt Allocation Showed a Wider Difference

Edelweiss recorded debt exposure of 53.05%, considerably higher than the other portfolios in the comparison. SBI followed at 33.57%, 360 ONE at 32.07%, Bank of India at 31.45% and Quantum at 29.93%.

Debt can be used to generate income, manage liquidity or reduce overall portfolio volatility. However, the risk depends on the securities held. Government bonds, corporate bonds and money-market instruments do not carry identical interest-rate, maturity or credit risks.

Edelweiss also had the highest hedge-futures exposure at 23.28%. Bandhan reported 15.39%, followed by Samco at 11.57%, PGIM India at 11.27% and DSP at 9.38%.

A futures position may be used to hedge part of a fund’s equity exposure. Therefore, investors should not view gross equity and futures percentages independently. The scheme’s net exposure can provide a more useful indication of its actual market sensitivity.

Gold and Silver Played Different Roles

Among the schemes compared, 360 ONE had the largest Gold ETF allocation at 22.33%. Sundaram followed at 19.50%, while Quantum, Baroda BNP Paribas and Groww reported 14.33%, 13.91% and 13.70%, respectively.

Silver ETF exposure was generally smaller. Kotak led at 7.20%, followed closely by PGIM India at 7.03%. Bandhan had 6.46%, Capitalmind 4.23% and SBI 3.65%.

Gold is often included for diversification because its return pattern can differ from that of equities and conventional debt. Silver has both investment and industrial demand, which can cause it to behave differently from gold.

Neither metal is consistently defensive. Precious-metal prices can be affected by global interest rates, currency movements, industrial demand, investor sentiment and geopolitical developments. They can experience prolonged periods of weak or volatile returns.

REIT and InvIT Allocations Remained Selective

WhiteOak Capital, identified as WOC in the source dataset, had the highest REIT exposure at 8.27%. It was followed by 360 ONE at 5.37%, Mahindra Manulife at 5.03%, Bajaj Finserv at 4.30% and UTI at 4.21%.

WhiteOak Capital also led the InvIT category with an allocation of 9.03%. Invesco India followed at 5.12%. Aditya Birla Sun Life, Nippon India and DSP had lower allocations in the comparison.

REITs allow investors to participate in portfolios of income-generating real estate. InvITs provide exposure to infrastructure assets such as roads, power transmission networks and other eligible projects.

These instruments can generate distributions, but their market prices and cash flows are not guaranteed. Interest rates, occupancy, leverage, regulation and the performance of underlying assets can influence returns.

International Allocation Was Concentrated

Invesco India had the highest Global ETF exposure at 11.45%. Bandhan followed at 7.24%, Nippon India at 4.72% and DSP at 2.85%. Direct global-equity holdings were less widely represented in the comparison.

International investments can provide access to overseas companies, currencies and industries that may have limited representation in India. They also introduce foreign-market risk, currency movements, geopolitical uncertainty and possible regulatory or investment-limit restrictions.

Investors should determine whether overseas exposure genuinely diversifies the portfolio or simply adds another layer of complexity.

Liquidity Positions Require Context

Samco reported the highest TREPS and repo exposure at 23.10%. DSP followed at 15.93%, Quant at 11.37%, Canara Robeco at 9.84% and WhiteOak Capital at 8.82%.

PGIM India had the highest net receivables and cash exposure at 11.39%, followed by Quant at 10.78%. Groww, Tata and 360 ONE were also among the portfolios with relatively notable cash positions.

A higher short-term allocation does not automatically mean that a fund manager expects markets to decline. Cash and money-market exposure may result from recent investor inflows, upcoming redemptions, derivative margins, portfolio rebalancing or temporary investment decisions.

Because monthly disclosures capture only one date, comparing several consecutive months can provide more insight than relying on a single snapshot.

What Should Investors Conclude?

The July 2026 comparison demonstrates that the term “multi-asset” covers a wide range of portfolio structures. Funds within the same category can have materially different exposure to equity, debt, precious metals, derivatives, overseas investments and listed real assets.

Investors should compare the current portfolio with the scheme’s stated asset-allocation range and examine whether the strategy has remained consistent. Expense ratio, portfolio concentration, downside behaviour, tax treatment and investment horizon also deserve attention.

The highest allocation to a particular asset class does not identify the best fund. It only describes how that portfolio was positioned on the disclosure date.

Methodology note: Figures are based on a comparison compiled from AMC-wise monthly portfolio disclosures dated July 31, 2026. Portfolio classifications may differ among data providers. Readers should verify scheme-level holdings through the relevant AMC and the AMFI portfolio disclosure portal before drawing conclusions.

Disclaimer: This article is for educational and informational purposes only. It is not investment advice or a recommendation of any scheme, AMC or asset class. Mutual fund investments are subject to market risks. Read all scheme-related documents carefully and consult an appropriately qualified financial professional when required.