Aditya Birla SL CRISIL IBX Gilt April 2033 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Aditya Birla SL CRISIL IBX Gilt April 2033 Index Fund Direct Growth Plan has a NAV of ₹12.2869 as of 28 Aug 2026 and an AUM of ₹27 Cr. Its 1-year, 3-year and 5-year returns are 6.1063%, 0% and 0%, and the scheme sits in the Medium Risk category. Our view is that this is a narrow, gilt-oriented index fund that suits conservative investors more than return chasers, because the portfolio is concentrated in government securities and the recent return profile is modest.

The fund’s behaviour is best understood as steady rather than high-growth. The benchmark has moved unevenly over the same recent windows, but this scheme has still produced a positive 1-year figure while the longer periods remain short because of its recent launch on 22 Dec 2023.

Quick facts

The fund is managed by Bhupesh Bameta and Sanjay Godambe.

Source data date: as of 28 Aug 2026

Performance

In the latest 1-month window, the fund stayed slightly positive while the benchmark remained negative, which tells us the scheme has been able to hold up better in a softer patch. That said, the 3-month picture is more balanced, with the fund and benchmark both positive and very close to each other.

The 1-year record is more meaningful and clearly stronger for the fund than for the benchmark. The scheme has delivered a positive return while the benchmark has been negative over the same period, so recent compounding has been better at the fund level than at the index level.

The time pattern also looks uneven rather than smooth. There are short stretches of gain and small pullbacks, which is normal for a gilt index strategy, but the longer rhythm still suggests gradual recovery rather than sharp growth. Because the fund was launched in late 2023, there is no 3-year or 5-year return history to compare yet.

Our read-through is that the fund has behaved defensively in the near term, but the return profile is still too short to judge its longer-cycle consistency. For investors tracking a government-security strategy, the more useful signal here is stability of movement rather than strong upside.

Source data date: as of 28 Aug 2026

Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the available 1-year figures, the fund trails the peer group shown here by a wide margin, because those comparison funds have much stronger recent returns. Its own 3-year and 5-year figures are not available yet, so there is no longer-horizon comparison to make against peers on those periods.

That makes the peer picture more about style than a direct performance contest. The fund’s short history and gilt exposure point to a different role from the return-heavy equity-oriented peers listed here, so the gap in recent returns does not by itself tell us the fund is weak; it mainly reflects a very different underlying portfolio profile. The short-term comparison and the limited history point in different directions, which is why the fund should be judged on its debt-style behaviour rather than on equity-style return expectations.

Source data date: as of 28 Aug 2026

Portfolio: where your money goes

The market-cap mix is entirely in the “Other” bucket at 100%, which fits a gilt fund that does not hold listed equity exposure.

The portfolio is overwhelmingly concentrated in government securities, and that makes the fund’s behaviour largely dependent on movements in sovereign bond prices and yields. The cash-and-net-asset bucket is small, so it is unlikely to dominate returns or volatility by itself.

The largest sector is materially bigger than the rest of the portfolio, which means the fund’s day-to-day movement may be driven mainly by government security pricing. Within that sector, the larger holding in Government of India (06/02/2033) could have the greater influence because it carries the higher weight.

This structure points to a fund that is built for rate-sensitive debt exposure rather than diversified asset mixing. For investors, the key point is that the portfolio is simple and focused, which may make it easier to understand but also means there is limited diversification across sectors or asset classes.

Source data date: as of 28 Aug 2026

Who should invest

This fund is most suitable for investors who are comfortable with Medium Risk and want a government-security-linked allocation rather than an equity-style growth engine. The 1-year return is positive, but the fund has no 3-year or 5-year history yet, so it is better suited to those who can accept a shorter performance record.

The benchmark comparison also suggests that recent behaviour has been steadier than the index in some shorter windows, but not meaningfully superior over every period. Investors with a moderate horizon and an interest in debt-market exposure may find the portfolio fit more relevant than chasing higher returns.

The main trade-off is clear: the portfolio is focused and relatively defensive, but that also limits upside potential compared with higher-growth funds. This makes it more appropriate for investors who value simplicity and bond-market exposure over aggressive return seeking.

Tax and exit load

Exit load: No exit load

Source data date: as of 28 Aug 2026

Frequently asked questions

What is the current NAV of this fund?
The current NAV is ₹12.2869 as of 28 Aug 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 6.11%, while the 3-year and 5-year returns are Data not available because the fund does not yet have that full history.

How has the fund done versus the benchmark?
It has done better than the benchmark over 1 year and 1 month, while the 3-month numbers are close.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

What kind of portfolio does it hold?
The portfolio is concentrated in government securities at 94.29%, with 5.71% in cash and cash equivalents and net assets.

Who manages the fund and is there an exit load?
The fund is managed by Bhupesh Bameta and Sanjay Godambe. There is no exit load.

Bottom line

This fund’s recent return profile is steadier than its benchmark in some short windows, but its long-horizon picture is still limited because it launched only in late 2023. Against the peer set shown here, its 1-year return is much lower, though those peers are mostly doing something very different. The portfolio is heavily concentrated in government securities, which keeps the fund simple and rate-sensitive. That makes it more suitable for conservative investors who want focused gilt exposure and can accept a modest return pattern.

Published on 31 August 2026 at 3:38 PM IST