SBI Ultra Short to Short Term Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
SBI Ultra Short to Short Term Fund Direct Growth Plan has a NAV of ₹3910.9583 as of 09 Sep 2026 and a scheme AUM of ₹11,621 Cr. Its 1-year, 3-year and 5-year returns are 6.22%, 7.28% and 6.52% respectively, and the fund sits in the Medium Risk bucket. Our view is that it suits conservative debt investors who want steady accrual-style participation rather than aggressive return chasing.
The fund has stayed close to its benchmark over time, but the benchmark itself has been weak over longer periods, especially over 1 year. That makes the fund’s own consistency more relevant than a simple headline comparison, and its portfolio mix points to a short-duration debt approach with a meaningful cash and treasury-bill cushion.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹3,910.9583 as of 09 Sep 2026 |
| AUM | ₹11,621 Cr |
| Expense Ratio | 0.43% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹500 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Debt |
| Exit Load | No exit load after holding period |
| Fund Managers | Sudhir Agarwal |
The fund is managed by Sudhir Agarwal.
Source data date: as of 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.50% | -4.69% |
| 3M | 1.80% | 0.93% |
| 1Y | 6.22% | -7.16% |
| 3Y | 7.28% | 6.00% |
| 5Y | 6.52% | 5.87% |
The recent picture is better than the benchmark. Over 1 month, the fund stayed positive while the benchmark was negative, and over 3 months the fund also held a clearer edge. That matters because short-duration debt funds are often judged first on capital stability and month-to-month consistency rather than just on a long-horizon score.
The 1-year return shows the stronger comparison point: the fund finished comfortably positive while the benchmark was negative. That suggests the strategy has helped it avoid the weaker moves seen in the benchmark during the last year. The return path also looks relatively controlled, with gains building in a measured way rather than through sharp jumps.
Over 3 years and 5 years, the fund remains slightly ahead of the benchmark, but the gap is not large. That tells us the fund has not relied on one exceptional year; instead, it has compounded in a fairly steady manner. For a debt scheme, that kind of behaviour is often more useful than trying to maximize headline upside.
At the same time, the fund’s own longer-run returns remain in a moderate band, so the case for it is consistency rather than outperformance by a wide margin. Our view is that it looks more suited to investors who value smoother debt-fund behaviour and do not want to depend on equity-like return swings.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD SBI Ultra Short to Short 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 SBI Ultra Short to Short Term? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| SBI Ultra Short to Short Term Fund Direct Growth Plan | 6.22% | 7.28% | 6.52% |
| Franklin India Ultra Short to Short Term Fund Direct Growth Plan | 6.69% | Data not available | Data not available |
| Nippon India Ultra Short to Short Term Fund Direct Growth Plan | 6.66% | 7.52% | 6.75% |
| Nippon India Ultra Short to Short Term Fund(B)-Direct Plan | 6.66% | 7.52% | 6.75% |
| Mahindra Manulife Ultra Short to Short Term Fund Direct Growth Plan | 6.65% | 7.54% | 6.68% |
| Mirae Asset Ultra Short to Short Term Fund Direct Growth Plan | 6.63% | 7.52% | 6.62% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund’s 1-year return is below the stronger peer readings in the table, especially Franklin India Ultra Short to Short Term Fund Direct Growth Plan and the Nippon India and Mahindra Manulife options. On the longer view, the pattern is similar: the available 3-year and 5-year peer figures sit modestly above this fund’s numbers. The one exception is Franklin India, where only the 1-year figure is available, so it is not useful for a longer-horizon comparison. Overall, the peer set suggests this fund is steady rather than standout on return generation.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| TREPS | Cash & Cash Equivalents and Net Assets | 7.69% |
| Bharti Telecom Ltd. | Corporate Debt | 7.28% |
| 182 Day T-Bill 10.09.26 | Treasury Bills | 6.02% |
| HDFC Bank Ltd. | Certificate of Deposit | 5.41% |
| Indian Bank | Certificate of Deposit | 4.60% |
| Muthoot Finance Ltd. | Corporate Debt | 4.52% |
| Radhakrishna Securitisation Trust (Obligor – Digital Fibre Infrastructure Trust) | PTC & Securitized Debt | 4.38% |
| Canara Bank | Certificate of Deposit | 4.18% |
| Kotak Mahindra Bank Ltd. | Certificate of Deposit | 4.16% |
| ICICI Bank Ltd. | Certificate of Deposit | 4.15% |
The top 10 holdings account for approximately 52.39% of the portfolio.
To see all holdings, visit the SBI Ultra Short to Short Term Fund Direct Growth Plan page
The largest disclosed holding is TREPS at 7.69%, which is meaningful but not extreme for a short-duration debt fund. The next few positions stay close to the 4% to 7% range, so the fall-off from first to tenth holding is gradual rather than abrupt. That pattern may help keep the portfolio from depending too heavily on a single security.
Because the top 10 positions make up 52.39% of the portfolio, almost half the scheme remains in other disclosed holdings beyond the table. That suggests the fund is not a one-or-two-position story, even though the top tier is still important. With 35 disclosed holdings in total, the portfolio looks spread across a reasonably broad tail.
Our view is that the mix could support a relatively balanced debt profile: cash equivalents, treasury bills, CDs, corporate debt and securitised exposure all appear in the top list. The composition may also mean that no single market move is likely to dominate the fund’s behaviour over time.
Source data date: as of 09 Sep 2026
Who should invest
This fund is better suited to investors who are comfortable with Medium Risk and want a debt option with a fairly steady return pattern. The 1-year, 3-year and 5-year numbers show consistency, and the benchmark comparison suggests the fund has held up better than the benchmark in weaker stretches.
We think the more suitable horizon is medium term rather than very short parking of cash, because the return profile is smoother when viewed across 3 years and 5 years than over just a few months. The main trade-off is that the fund may not deliver standout upside, but it may offer a more controlled debt-fund experience with a portfolio built around short-duration instruments and high-quality money-market style exposures.
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 after holding period.
Source data date: as of 09 Sep 2026
Frequently asked questions
What is the current NAV of SBI Ultra Short to Short Term Fund Direct Growth Plan?
The current NAV is ₹3910.9583 as of 09 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 6.22%, the 3-year return is 7.28% and the 5-year return is 6.52%.
How does the fund compare with its benchmark?
It has outpaced the benchmark across the listed periods. The gap is widest over 1 year, while the 3-year and 5-year gaps are narrower.
How does it compare with peer funds on recent returns?
Its 1-year return is below several peer readings in the comparison table, while the longer-horizon peer figures also sit modestly above it where available. That points to a steady, but not the strongest, return profile among the listed peers.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
Sudhir Agarwal manages the fund. The exit load shown is no exit load after the holding period.
Bottom line
SBI Ultra Short to Short Term Fund Direct Growth Plan looks like a measured debt scheme rather than a high-activity return play. Its shorter-term numbers are stable, its longer-term returns stay close to the benchmark, and its peer comparison suggests a steady profile rather than a standout one. The portfolio is spread across cash equivalents, treasury bills, CDs, corporate debt and securitised exposure, which may help keep single-position dependence in check. That combination makes it relevant for conservative investors seeking controlled debt exposure with a medium-term lens.
Published on 10 September 2026 at 1:43 PM 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.