HDFC Medium to Long Term Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 4, 2026
- Posted by: Harsh Piplani
- Category: Mutual Funds
HDFC Medium to Long Term Fund Direct Growth Plan has a NAV of ₹67.4018 as of 03 Sep 2026 and a scheme AUM of ₹830 Cr. Its 1-year, 3-year and 5-year returns are 5.09%, 6.83% and 5.84%, and the risk category is Medium Risk. Our view is that this is a steady debt fund for conservative investors who want moderated volatility, but the recent return pattern is mixed and the benchmark has been uneven over the same periods.
The fund looks more suited to investors who can stay invested through shorter swings and are comfortable with a portfolio anchored in government securities and high-quality debt. It has delivered a calmer long-term profile than a pure short-term momentum story, so the main appeal is consistency rather than strong upside.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹67.4018 as of 03 Sep 2026 |
| AUM | ₹830 Cr |
| Expense Ratio | 0.8% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹100 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Debt |
| Exit Load | No exit load |
| Fund Managers | Anupam Joshi |
The fund is managed by Anupam Joshi.
Source data date: as of 03 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.2% | -3.01% |
| 3M | 2.53% | 1.95% |
| 1Y | 5.09% | -4.4% |
| 3Y | 6.83% | 5.74% |
| 5Y | 5.84% | 6.27% |
The near-term pattern is uneven, but not disruptive. Over one month, the fund was slightly negative while the benchmark fell more sharply, which tells us it held up better in a weak patch. Over three months, the fund moved ahead of the benchmark, suggesting a modest recovery phase that was kinder to the portfolio than the index.
The stronger point is the 1-year figure. The fund’s 5.09% return came while the benchmark was negative at -4.4%, so the scheme clearly behaved differently from the index over that horizon. That gap matters because it shows the fund has not been tracking benchmark swings in a simple one-for-one way.
Over 3 years, the fund’s 6.83% return is ahead of the benchmark’s 5.74%, which supports the view that the medium-term compounding profile has been better than the index baseline. Over 5 years, however, the benchmark at 6.27% edges ahead of the fund’s 5.84%, so the longer window is more balanced. Taken together, the fund has been steadier than the benchmark in the recent period, but its longer run still looks moderate rather than exceptional.
Source data date: as of 03 Sep 2026
Should you BUY or HOLD HDFC Medium to Long Term?
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 HDFC Medium to Long Term? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| HDFC Medium to Long Term Fund Direct Growth Plan | 5.09% | 6.83% | 5.84% |
| Franklin India Medium to Long Term Fund Direct Growth Plan | 5.95% | Data not available | Data not available |
| Kotak Medium to Long Term Fund Direct Growth Plan | 5.8% | 7.22% | 6.22% |
| ICICI Pru Medium to Long Term Fund Direct Growth Plan | 5.62% | 7.3% | 6.4% |
| LIC MF Medium to Long Term Fund Direct Growth Plan | 5.6% | 7.36% | 6.28% |
| SBI Medium to Long Term Fund Direct Growth Plan | 5.56% | 6.99% | 6.25% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the one-year measure, the fund trails Franklin India Medium to Long Term Fund Direct Growth Plan and Kotak Medium to Long Term Fund Direct Growth Plan, but it stays close to the rest of the peer group. Its 3-year return is below Kotak, ICICI Pru, LIC MF and SBI, which suggests the medium-term pace has been respectable without matching the stronger peer numbers.
The 5-year picture is similar: the fund’s 5.84% is below the available peer figures for Kotak, ICICI Pru, LIC MF and SBI. That makes the long-term comparison a little softer than the short-term one, even though the fund’s recent behaviour against the benchmark has been better than the 1-year index number would suggest.
Source data date: as of 03 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 7.24% GOI Mat 180855 | Government Securities | 17.39% |
| TREPS – Tri-Party Repo | Cash & Cash Equivalents and Net Assets | 9.77% |
| 6.66% Small Industries Development Bank^ | Corporate Debt | 5.9% |
| 6.9% GOI Mat 150465 | Government Securities | 5.47% |
| 7.23% GOI Mat 150439^ | Government Securities | 4.89% |
| 8.2301% HDB Financial Services Ltd.^ | Corporate Debt | 4.23% |
| 7.5% Indian Railways Finance Corp. Ltd.^ | Corporate Debt | 4.22% |
| 8.15% SMFG India Credit Company Ltd^ | Corporate Debt | 4.2% |
| 6.64% GOI Mat 071231 | Government Securities | 3.1% |
| 8.3% NTPC Limited^ | Corporate Debt | 3.08% |
The largest holding is 7.24% GOI Mat 180855 at 17.39%, so a single sovereign security carries meaningful weight. After that, the allocation steps down to 9.77% in TREPS and then clusters in the 3% to 6% range across corporate debt and other government securities.
The fall from the first holding to the tenth is fairly sharp, which tells us the portfolio is led by one dominant position but is not a one-line story. The top 10 holdings together account for approximately 62.25% of the portfolio, and there are 30 disclosed holdings in total, so the scheme still has a longer tail beyond the visible list.
That mix suggests a portfolio that may be influenced most by a few large debt positions, while the remaining holdings could help broaden the spread across issuers and maturities. The visible list is tilted toward government securities and investment-grade corporate debt, which supports a more defensive structure than an equity-heavy allocation would imply.
To see all holdings, visit the HDFC Medium to Long Term Fund Direct Growth Plan page
Source data date: as of 03 Sep 2026
Who should invest
This fund fits investors who are comfortable with Medium Risk and want a debt-oriented option with moderate return swings rather than a sharp growth profile. Its 1-year result is better than the benchmark, while the 3-year number stays ahead of the index and the 5-year number is slightly behind, so the return pattern is mixed rather than one-directional.
The fund is better suited to an investment horizon long enough to smooth out shorter volatility and to accept that peer comparisons on longer periods are not the strongest in the group. The main trade-off is that it may offer a steadier ride than a benchmark-linked allocation, but the long-term return profile still looks measured, so expectations should stay realistic.
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 03 Sep 2026
Frequently asked questions
What is the current NAV of HDFC Medium to Long Term Fund Direct Growth Plan?
The current NAV is ₹67.4018 as of 03 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 5.09% for 1 year, 6.83% for 3 years and 5.84% for 5 years.
How has the fund compared with the benchmark?
It has beaten the benchmark over 1 year and 3 years, while the benchmark is ahead over 5 years. That points to a mixed but not weak long-term comparison.
How does it compare with peer funds on available return data?
Its one-year return is below Franklin India Medium to Long Term Fund Direct Growth Plan and Kotak Medium to Long Term Fund Direct Growth Plan, and its 3-year and 5-year returns are also below the stronger peer figures available.
What is the minimum SIP amount?
The minimum SIP amount is not listed here, so we do not state one.
What is the risk profile and exit load of this fund?
The fund is in the Medium Risk category and has no exit load. Its portfolio is led by government securities and corporate debt, which supports a debt-oriented structure.
Bottom line
HDFC Medium to Long Term Fund Direct Growth Plan has shown a mixed pattern: it has outpaced the benchmark over 1 year and 3 years, but its 5-year return trails the benchmark slightly. Against peers, the available return numbers are decent but not the strongest, especially on the longer windows. The portfolio is anchored by a large government-security holding and a meaningful cash-like repo position, which points to a measured debt profile. It may suit conservative investors who want a moderate-risk allocation and can live with restrained long-term return expectations.
Published on 4 September 2026 at 10:39 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.
