Multi asset funds (MAF) schemes typically have a diversified portfolio in order to protect capital from market volatility – equity, debt, and gold with a minimum allocation of atleast 10% each. MAFs have not delivered high returns despite staggering rise in gold prices since most schemes have allocated less than 30% of their corpus in gold. Fund managers advise that investors should not look upon MAFs as an alternative to gold investment. MAFs are meant to generate absolute returns over a longer period. If investors are looking at long term returns from gold, they should consider investing in gold funds.