ICICI and Quant maintain 65% equity exposure for taxation purposes. So they do not dynamically allocate amongst asset classes based on market conditions. White Oak and DSP considered more 'true-to-label' MAAFs, offering greater flexibility to allocate across equity, debt, and commodities.
Before picking a multi-asset fund based on past returns, look under the hood. Many MAAFs that topped the charts in a rising market did so because they were structurally equity-heavy โ not because the fund manager made a brilliant tactical call. A high 3-year return number can hide the fact that the fund behaves almost like an equity fund with a "multi-asset" label for tax purposes
Look at how the fund did during corrections, not just rallies. A fund that fell nearly as much as a pure equity fund during a market slump probably isn't giving you real diversification, regardless of its name. Funds with genuine debt and gold/commodity allocations tend to cushion better in such phases โ that's the actual point of a multi-asset fund