Multi-asset funds take divergent paths on gold, silver allocation

Half of the top 10 schemes pare exposure, others raise their bets

- ABHISHEK KUMAR

As gold and silver prices scaled new peaks, multi-asset fund managers took divergent routes on their commodity exposure.

While half the top 10 schemes pared their allocations to gold and silver over the past year, others increased their bets to capture the rally’s momentum.

At the end of September, the largest scheme — ICICI Prudential Multi Asset Allocation Fund (MAAF) — had 10.5 per cent of its corpus invested in commodities, down from the recent peak of 12.6 per cent in November 2024, shows data from Value Research. Schemes offered by SBI, Nippon India, UTI, and WhiteOak Capital have also seen a decline. However, MAAFs of Kotak Mahindra, Aditya Birla Sun Life, DSP, and Tata have seen a rise in gold and silver exposure.