Aditya Birla SL Overnight Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 2, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Aditya Birla SL Overnight Fund Direct Growth Plan is an overnight-oriented liquid scheme with a current NAV of ₹1,492.00 as of 20 Sep 2026 and scheme AUM of ₹10,464 Cr. Its 1-year, 3-year and 5-year returns are 5.26%, 6.07% and 5.72%, and it sits in the Low Risk category.
Our view is that this is a conservative parking option rather than a return-chasing choice. The portfolio is dominated by cash and very short-dated money-market instruments, which supports stability, while the return trend has stayed close to short-duration debt-style compounding.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹1,491.999 as of 20 Sep 2026 |
| AUM | ₹10,464 Cr |
| Expense Ratio | 0.08% |
| Launch Date | 01 Nov 2018 |
| Risk Category | Low Risk |
| Benchmark | Nifty 50 |
| Fund Category | Liquid |
| Exit Load | No exit load |
| Fund Managers | Kaustubh Gupta |
The fund is managed by Kaustubh Gupta.
Source data date: as of 20 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.40% | -3.73% |
| 3M | 1.26% | -3.14% |
| 1Y | 5.26% | -5.31% |
| 3Y | 6.07% | 6.30% |
| 5Y | 5.72% | 5.79% |
The one-month and three-month numbers show a steady, almost flat pattern for the fund, while the benchmark has been much weaker over the same windows. That is consistent with a cash-heavy overnight structure, where the aim is to preserve value and generate a small, steady accrual rather than swing with broader market moves.
Over one year, the fund has produced a positive return while the benchmark has been negative, which tells us the scheme has behaved very differently from Nifty 50 in a choppy period. That contrast is useful for investors who want short-duration liquidity management rather than equity-like exposure.
The three-year and five-year figures remain close to the benchmark, with the fund slightly behind on both horizons. That gap is not large, and it suggests the scheme has broadly tracked the kind of low-volatility compounding expected from overnight assets rather than trying to outperform through credit or duration risk. The pattern is more about consistency than upside.
Looking at the longer trend, the return path stays orderly and does not show the kind of sharp drawdowns that usually come from higher-risk debt or equity allocations. For investors, that makes the fund more relevant as a cash-management tool than as a core growth engine.
Source data date: as of 20 Sep 2026
Should you BUY or HOLD Aditya Birla SL Overnight?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Aditya Birla SL Overnight? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Aditya Birla SL Overnight Fund Direct Growth Plan | 5.26% | 6.07% | 5.72% |
| Bank of India Overnight Fund Direct Growth Plan | 5.50% | 6.20% | 5.84% |
| 360 ONE Overnight Fund Direct Growth Plan | 5.31% | Data not available | Data not available |
| Baroda BNP Paribas Overnight Fund Direct Growth Plan | 5.29% | 6.07% | 5.72% |
| Nippon India Overnight Fund Direct Growth Plan | 5.28% | 6.08% | 5.74% |
| JioBlackRock Overnight Fund Direct Growth Plan | 5.28% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund’s 1-year return is slightly below the strongest peer figure shown here, and its three- and five-year returns also sit just under the better available peer numbers. The spread is narrow, which tells us the fund is operating in the same low-volatility return band as the comparable overnight schemes rather than standing apart on upside.
The short-term comparison is not the same story as the longer-term one. In the recent period, the fund has kept pace reasonably well, but over three and five years a few peers have been marginally ahead on the same style of return profile. That makes the comparison more about small differences in accrual efficiency than about a clear change in investment character.
Source data date: as of 20 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Reverse Repo | Cash & Cash Equivalents and Net Assets | 74.49% |
| TREPS | Cash & Cash Equivalents and Net Assets | 21.64% |
| 182 Day T-Bill 10.09.26 | Treasury Bills | 1.91% |
| 182 Day T-Bill 18.09.26 | Treasury Bills | 1.91% |
The largest holding, Reverse Repo, accounts for 74.49% of the portfolio, so it is likely to have the greatest influence on day-to-day stability. The next position, TREPS, is also substantial at 21.64%, which means most of the portfolio is concentrated in very short-term cash-management instruments rather than in spread-out credit bets.
The drop from the largest holding to the Treasury Bill positions is steep, with each T-bill at 1.91%. That tells us the portfolio is not built around a long tail of similar-sized positions; it is built around a core liquidity block and a couple of small sovereign-style paper holdings.
Because the table lists all four disclosed holdings and they together account for 99.95% of the portfolio, the fund appears highly concentrated in its disclosed structure. That concentration may help keep behaviour steady, but it also means the portfolio profile is much simpler than a diversified multi-security debt book.
Source data date: as of 20 Sep 2026
Who should invest
This fund suits investors with a low risk tolerance who want a very short parking option rather than a return-maximising product. The 1-year, 3-year and 5-year pattern shows steady compounding that stays close to the benchmark style, with the main trade-off being modest return potential in exchange for stability and liquidity-oriented behaviour.
It is better aligned with short holding periods or cash that may be needed soon, because the portfolio is dominated by reverse repo, TREPS and Treasury Bills. Investors who want higher upside, or who are comparing it with return-seeking debt or equity funds, may find the payoff too limited.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: No exit load.
Source data date: as of 20 Sep 2026
Frequently asked questions
What is the current NAV of Aditya Birla SL Overnight Fund Direct Growth Plan?
The current NAV is ₹1,492.00 as of 20 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 5.26%, 6.07% and 5.72%.
How does it compare with Nifty 50?
It has been steadier than Nifty 50 over the recent periods, and it beat the benchmark over 1M, 3M and 1Y. Over 3Y and 5Y, the figures are close, with the benchmark slightly ahead.
How does it compare with peer overnight funds?
Its recent return is in the same narrow band as the comparable overnight funds shown here, but a few peers are slightly ahead on 1Y, 3Y and 5Y where those figures are available.
Is there a minimum SIP amount?
No minimum SIP amount is stated here.
What are the risk level, exit load and fund manager details?
The fund is in the Low Risk category, has no exit load, and is managed by Kaustubh Gupta.
Bottom line
Aditya Birla SL Overnight Fund Direct Growth Plan has shown stable, low-volatility behaviour that suits cash-style parking rather than aggressive return seeking. Its recent performance is steady, and the longer-term numbers remain close to the benchmark and to other overnight funds, with only small differences either way. The portfolio is heavily concentrated in reverse repo and TREPS, which supports liquidity and predictability. For investors who value steadiness, short duration and a low-risk profile, this fund fits that use case well.
Published on 21 September 2026 at 11:03 AM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.