New Delhi, Aug. 18 -- Only four multi-asset allocation funds have delivered SIP returns of more than 15% over the past three years, with Quant Multi Asset Allocation Fund topping the category at 18.51%. According to AMFI, these schemes invest across at least three asset classes, with a minimum allocation of 10% to each. The assets can include equity, debt, gold, silver and other permitted investments.

The idea is to diversify across asset classes that can perform differently through market cycles. However, diversification does not mean similar returns across schemes. An analysis of multi-asset allocation funds with at least a three-year track record shows a wide variation in SIP returns. Only four funds delivered more than 15% over three...