Mirae Asset Ultra Short-Term Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mirae Asset Ultra Short-Term Fund Direct Growth Plan had a NAV of ₹1430.5927 as of 15 Sep 2026 and an AUM of ₹2,065 Cr. Its 1-year, 3-year and 5-year returns are 6.71%, 7.41% and 6.67%, and the risk category is Balanced Risk.
Our view is that the fund suits investors who want a debt scheme with steady compounding rather than sharp return swings. The portfolio is built around short-duration debt and cash-like holdings, so the return pattern has been more stable than equity-style funds, even though the benchmark has been uneven.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹1,430.5927 as of 15 Sep 2026 |
| AUM | ₹2,065 Cr |
| Expense Ratio | 0.17% |
| Launch Date | 07 Oct 2020 |
| Min SIP | ₹99 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Debt |
| Exit Load | No exit load |
| Fund Managers | Basant Bafna |
The fund is managed by Basant Bafna.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.44% | -4.81% |
| 3M | 1.73% | -3.63% |
| 1Y | 6.71% | -8.27% |
| 3Y | 7.41% | 5.59% |
| 5Y | 6.67% | 5.58% |
The near-term pattern is stronger than the benchmark. Over 1 month, 3 months and 1 year, the fund stayed positive while the benchmark was negative in each of those windows, which suggests a more defensive profile through a weaker market backdrop.
The longer horizon is also constructive. The fund’s 3-year and 5-year returns are both above the benchmark, so the scheme has not relied only on a short burst of outperformance; it has also compounded better over time.
The spread between the fund and the benchmark is especially visible in the latest periods, but the gap is less dramatic on the longer horizon. That tells us the fund has been more resilient recently while still maintaining an edge over the benchmark across the full review window.
For investors, the key point is that the return pattern has been consistent rather than erratic. The fund has not produced equity-like jumps, but it has held up better than the benchmark in down periods and continued to compound at a moderate pace in the longer view.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Mirae Asset Ultra 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 Mirae Asset Ultra Short-Term? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mirae Asset Ultra Short-Term Fund Direct Growth Plan | 6.71% | 7.41% | 6.67% |
| Nippon India Ultra Short Term Fund Direct Growth Plan | 7.02% | 7.58% | 6.97% |
| Axis Ultra Short Term Fund Direct Growth Plan | 6.83% | 7.44% | 6.76% |
| Invesco India Ultra Short Term Fund Direct Growth Plan | 6.8% | 7.34% | 6.6% |
| DSP Ultra Short Term Fund Direct Growth Plan | 6.75% | 7.42% | 6.64% |
| LIC MF Ultra Short Term Fund Direct Growth Plan | 6.74% | 7.22% | 6.29% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the recent numbers, the fund trails the strongest peer by a small margin on 1-year return, but it stays close to the group and remains ahead of some peers on the same period. The 3-year and 5-year figures are also competitive, with the fund sitting near the middle of the available range rather than separating sharply in either direction.
The short-term and longer-term pictures are broadly aligned, which matters for a debt scheme. We do not see a case where the latest return is much weaker than the longer-run profile; instead, the fund’s recent performance is slightly softer than the best peer, while its longer-term results remain solid and stable relative to the field.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| TREPS | Cash & Cash Equivalents and Net Assets | 10.94% |
| HDFC Bank Ltd. (MD 14/12/2026)# | Certificate of Deposit | 6.65% |
| Punjab National Bank (MD 10/02/2027)# | Certificate of Deposit | 5.88% |
| 8.55% Motilal Oswal Home Finance Ltd. (MD 07/01/2027)** | Corporate Debt | 3.63% |
| National Bank for Agriculture and Rural Development (MD 26/02/2027)**# | Certificate of Deposit | 3.51% |
| 7.64% REC Ltd. (MD 30/04/2027) | Corporate Debt | 2.66% |
| 7.60% Power Finance Corporation Ltd. (MD 20/02/2027)** | Corporate Debt | 2.43% |
| 7.22% Export-Import Bank of India (MD 03/08/2027)** | Corporate Debt | 2.42% |
| 8.02% Cholamandalam Investment & Finance Co. Ltd. (MD 27/02/2029)** | Corporate Debt | 2.42% |
| 8.33% Tata Projects Ltd. (MD 24/06/2027)** | Corporate Debt | 2.42% |
The largest single holding, TREPS, is 10.94%, which gives the portfolio a meaningful cash-like anchor. The next few positions are also in the mid-single digits, and the tenth holding is still 2.42%, so the weight does not fall off sharply after the first few lines.
The top 10 holdings together account for approximately 42.96% of the portfolio. That suggests a fairly balanced spread across the visible positions, with room for a longer tail because the portfolio has 46 disclosed holdings in total.
In our view, this mix may help limit reliance on any one security while still leaving the portfolio sensitive to the performance of its largest CDs and corporate debt positions. The structure looks more diversified than a very concentrated debt portfolio, but the top holdings still could have greater influence than the smaller names farther down the list.
To see all holdings, visit the Mirae Asset Ultra Short-Term Fund Direct Growth Plan page
Source data date: as of 15 Sep 2026
Who should invest
This fund may suit investors with moderate risk tolerance who want a debt-oriented allocation that has stayed positive across short, medium and longer windows. The Balanced Risk label and the short-duration style point to a steadier experience than equity funds, but the return profile is still linked to market conditions and rate cycles.
The fund appears most relevant for an intermediate to longer investment horizon, where the 3-year and 5-year track record matters more than a single quarter’s move. The main trade-off is that the scheme aims for steadier compounding, not very high upside, so investors give up equity-style growth in exchange for a calmer return path and stronger resilience versus the benchmark in weaker periods.
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 Mirae Asset Ultra Short-Term Fund Direct Growth Plan?
Its NAV is ₹1430.5927 as of 15 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The fund’s returns are 6.71% for 1 year, 7.41% for 3 years and 6.67% for 5 years.
How does the fund compare with the benchmark?
It has beaten the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The gap is most visible in the recent periods, where the benchmark was negative and the fund stayed positive.
How does it compare with peer funds on available return data?
Its 1-year, 3-year and 5-year returns are competitive and sit close to the stronger peers in the list. The fund is a little below the best 1-year figure available, but its longer-term numbers remain solid.
What is the expense ratio?
The expense ratio is 0.17%.
What is the exit load and who manages the fund?
There is no exit load. The fund is managed by Basant Bafna.
Bottom line
Mirae Asset Ultra Short-Term Fund Direct Growth Plan has shown a steadier return pattern than its benchmark, especially over the latest 1-month, 3-month and 1-year periods, while also holding up well over 3 years and 5 years. Compared with the available peer set, it stays competitive without standing far away from the group. The portfolio’s largest holding is TREPS, and the disclosed holdings are spread across 46 positions, which gives the scheme a measured debt profile rather than a highly concentrated one.
Published on 16 September 2026 at 4:33 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.