DSP Overnight Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
DSP Overnight Fund Direct Growth Plan has a NAV of ₹1,476.7066 as of 15 Sep 2026 and an AUM of ₹2,853 Cr. Its 1-year, 3-year and 5-year returns are 5.28%, 6.08% and 5.72%, and it sits in the Balanced Risk category.
Our view is that this is a short-duration, cash-like fund with a steady return profile rather than a growth-heavy one. The portfolio is dominated by cash and very short-term debt instruments, so it may suit investors who want relatively stable overnight parking of money and can accept that returns will usually stay close to short-term rates.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹1,476.7066 as of 15 Sep 2026 |
| AUM | ₹2,853 Cr |
| Expense Ratio | 0.07% |
| Launch Date | 09 Jan 2019 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | No exit load |
| Fund Managers | Karan Mundhra, Shalini Vasanta, Shantanu Godambe |
The fund is managed by Karan Mundhra, Shalini Vasanta and Shantanu Godambe.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.4% | -4.81% |
| 3M | 1.26% | -3.63% |
| 1Y | 5.28% | -8.27% |
| 3Y | 6.08% | 5.59% |
| 5Y | 5.72% | 5.58% |
The recent pattern is calm and slightly positive. Over 1 month and 3 months, the fund has stayed in positive territory while the benchmark has been weaker, which suggests the portfolio has held up better in the latest stretch than the reference index.
The 1-year return is also clearly ahead of the benchmark, which was negative over the same period. That gap matters because it shows the fund has been able to preserve short-term carry when the benchmark was under pressure. For an overnight fund, that is a useful sign of resilience.
The longer view is more modest. The 3-year and 5-year returns are close to the benchmark and only slightly higher, which tells us that the fund has largely tracked the broad short-term rate environment rather than producing a wide performance gap. The time pattern is therefore steady rather than dramatic, with limited drawdown-like behaviour in the recent path and no sign of a strong long-term outperformance trend.
Overall, the fund’s recent behaviour is better than the benchmark, while the 3-year and 5-year picture is more balanced. That combination is typical of a low-duration cash parking option: short-term stability matters more than stretching for excess return.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD DSP 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 DSP Overnight? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| DSP Overnight Fund Direct Growth Plan | 5.28% | 6.08% | 5.72% |
| Bank of India Overnight Fund Direct Growth Plan | 5.51% | 6.21% | 5.83% |
| 360 ONE Overnight Fund Direct Growth Plan | 5.32% | Data not available | Data not available |
| Baroda BNP Paribas Overnight Fund Direct Growth Plan | 5.3% | 6.08% | 5.72% |
| Nippon India Overnight Fund Direct Growth Plan | 5.29% | 6.09% | 5.73% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return is slightly below the stronger peer figures shown here, though the difference is small. At the 3-year and 5-year horizons, it sits very close to Baroda BNP Paribas Overnight Fund Direct Growth Plan and Nippon India Overnight Fund Direct Growth Plan, which indicates the fund has kept pace with the broader overnight-fund pattern more than it has tried to stand apart.
The short-term comparison is a little softer than the longer-term one because the 1-year figure trails the better peer outcomes. Even so, the 3-year and 5-year numbers remain tightly clustered across the group, so the peer picture points to consistency rather than a wide spread in outcomes.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| TREPS / Reverse Repo Investments | Cash & Cash Equivalents and Net Assets | 45.31% |
| Canara Bank | Certificate of Deposit | 12.27% |
| HDFC Securities Limited | Commercial Paper | 12.27% |
| Motilal Oswal Financial Services Limited | Commercial Paper | 8.76% |
| Central Bank of India | Certificate of Deposit | 5.26% |
| Punjab National Bank | Certificate of Deposit | 4.38% |
| Bank of Baroda | Certificate of Deposit | 3.5% |
| L&T Finance Limited | Commercial Paper | 3.5% |
| 91 Days T-Bill 10092026 | Treasury Bills | 1.75% |
| 182 Days T-Bill 18092026 | Treasury Bills | 1.57% |
The largest holding, TREPS / Reverse Repo Investments, is 45.31%, which means a very large share of the portfolio is parked in overnight-style cash management exposure. That can make the fund’s behaviour more stable, but it also limits how far returns can stretch beyond short-term rates.
The decline in weights is fairly sharp after the top position. The second and third holdings are both 12.27%, and by the tenth holding the weight is down to 1.57%, so the visible book is front-loaded and quickly tapers into smaller positions. That shape may cause the larger lines to have greater influence on short-term outcomes than the smaller tail.
The top 10 holdings account for approximately 98.57% of the portfolio, and the fund discloses 11 holdings in total. That suggests a concentrated but highly cash-oriented structure, with a small number of instruments carrying most of the exposure and only a narrow tail beyond the displayed list.
To see all holdings, visit the DSP Overnight Fund Direct Growth Plan page
Source data date: as of 15 Sep 2026
Who should invest
This fund may suit investors with a low-to-moderate tolerance for volatility who want a parking place for surplus cash rather than a long-term wealth builder. The Balanced Risk label and the overnight-style portfolio both point to a conservative profile, while the return pattern suggests limited upside but relatively steady behaviour.
A shorter horizon fits it best, especially when capital preservation and liquidity matter more than chasing higher returns. The main trade-off is simple: you accept modest return potential in exchange for a portfolio that is dominated by cash, CDs, commercial paper and treasury bills, with little scope for aggressive growth.
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 15 Sep 2026
Frequently asked questions
What is the current NAV of DSP Overnight Fund Direct Growth Plan?
The current NAV is ₹1,476.7066 as of 15 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 5.28% over 1 year, 6.08% over 3 years and 5.72% over 5 years.
How has the fund performed versus the benchmark?
It has beaten the benchmark over 1 month, 3 months and 1 year, while its 3-year and 5-year returns are close to the benchmark’s longer-term figures.
How does it compare with the peer funds listed here?
Its 1-year return is slightly below Bank of India Overnight Fund Direct Growth Plan, while its 3-year and 5-year figures sit very close to Baroda BNP Paribas Overnight Fund Direct Growth Plan and Nippon India Overnight Fund Direct Growth Plan.
Is there a minimum SIP amount mentioned for this fund?
No minimum SIP amount is mentioned here.
What is the risk profile and who manages the fund?
The fund is in the Balanced Risk category and is managed by Karan Mundhra, Shalini Vasanta and Shantanu Godambe. Its portfolio is heavily tilted toward cash and very short-term instruments, which supports a conservative profile.
Bottom line
DSP Overnight Fund Direct Growth Plan shows a steadier short-term profile than its benchmark, while the 3-year and 5-year returns remain close to the broader overnight-fund pattern. In peer terms, the 1-year figure is a touch softer than the stronger comparisons, but the longer horizons stay tightly grouped. The portfolio is anchored by a large reverse-repo position, so this is best viewed as a cash-management fund with limited return ambition and a conservative structure.
Published on 16 September 2026 at 10:15 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.