Mirae Asset Banking and Financial Services Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mirae Asset Banking and Financial Services Fund Direct Growth Plan is at ₹22.885 as of 15 Sep 2026, with an AUM of ₹2,356 Cr. Its 1-year, 3-year and 5-year returns are 4.17%, 11.37% and 12.38% respectively, and the scheme sits in the High Risk category.
Our view is that this is a focused banking and financial services fund with a clear sector tilt, so the return pattern and portfolio concentration matter more than a broad-market comparison. The recent 1-year result is modest, but the longer-term track record is steadier, which may suit investors who can tolerate sharp swings and want sector-specific exposure rather than a diversified core equity allocation.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹22.885 as of 15 Sep 2026 |
| AUM | ₹2,356 Cr |
| Expense Ratio | 0.55% |
| Launch Date | 11 Dec 2020 |
| Min SIP | ₹99 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 1Y, Nil after 1Y |
| Fund Managers | Abhijith Vara |
The fund is managed by Abhijith Vara.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.63% | -4.81% |
| 3M | -0.69% | -3.63% |
| 1Y | 4.17% | -8.27% |
| 3Y | 11.37% | 5.59% |
| 5Y | 12.38% | 5.58% |
The fund’s short-term pattern has been uneven, but it has still held up better than the benchmark over 1 month, 3 months and 1 year. That matters because the benchmark has been negative over the 1-year window, while this fund stayed positive, so the recent stretch has been stronger than the broad market reference in relative terms.
The longer view is more constructive. The 3-year and 5-year returns are both above the benchmark, which points to better compounding over a full market cycle than the index did in the same periods. At the same time, the recent 1-month and 3-month numbers show that the path is not smooth, so investors should expect the fund to move around more than a diversified equity core.
We also see a useful contrast between the recent and longer-term periods. The fund has not been consistently strong every month, but the 3-year and 5-year figures suggest that its sector exposure has still translated into meaningful cumulative gains. For investors, that means the key question is less about whether the fund can beat every short window and more about whether they are comfortable with a high-risk, sector-led return pattern.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Mirae Asset Banking and Financial Services?
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 Banking and Financial Services? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mirae Asset Banking and Financial Services Fund Direct Growth Plan | 4.17% | 11.37% | 12.38% |
| ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan | 69.8% | 36.32% | Data not available |
| Kotak Healthcare Fund Direct Growth Plan | 26.51% | Data not available | Data not available |
| Motilal Oswal Active Momentum Fund Direct Growth Plan | 25.46% | Data not available | Data not available |
| HDFC Pharma and Healthcare Fund Direct Growth Plan | 25.31% | Data not available | Data not available |
| PGIM India Healthcare Fund Direct Growth Plan | 23.52% | 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 well below the strongest 1-year figures in this peer set, but that gap needs context because several peers are sector- or theme-led funds with very different return patterns. On the 3-year horizon, this fund’s 11.37% sits above the available 3-year figure for the ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan and is more complete than most peers whose 3-year data is not available.
The 5-year comparison is also constructive because this fund has a positive 5-year return while the only peer with a 5-year figure here shows data not available. Taken together, the short-term peer comparison looks softer, but the longer-term picture is steadier than the limited peer data suggests. That mix supports a view that the fund’s appeal lies in its fuller multi-year record rather than in the most recent one-year stretch.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Ltd. | Bank | 13.98% |
| HDFC Bank Ltd. | Bank | 13.46% |
| State Bank of India | Bank | 8.87% |
| Axis Bank Ltd. | Bank | 7.86% |
| Kotak Mahindra Bank Ltd. | Bank | 4.21% |
| TREPS | Cash & Cash Equivalents and Net Assets | 4.08% |
| Bajaj Finance Ltd. | Finance | 3.43% |
| L&T Finance Ltd. | Finance | 3.04% |
| SBI Life Insurance Co. Ltd. | Insurance | 2.93% |
| Kfin Technologies Ltd. | Business Services | 2.91% |
The top 10 holdings account for approximately 64.77% of the portfolio.
To see all holdings, visit the Mirae Asset Banking and Financial Services Fund Direct Growth Plan page
The largest position, ICICI Bank Ltd. at 13.98%, is sizeable enough to have greater influence on the fund’s day-to-day movement than most other holdings. HDFC Bank Ltd. is close behind at 13.46%, so the top two positions alone make the portfolio feel meaningfully bank-heavy before the rest of the list is considered.
After the first two names, the weights step down fairly quickly to 8.87%, 7.86% and 4.21%. By the tenth holding, the weight is 2.91%, which shows that influence is spread beyond the very top names, but not evenly. The gap between the leaders and the tail of the top 10 suggests that a few positions may still drive a large part of the return experience.
That view is reinforced by the fact that the top 10 holdings together account for 64.77% of the portfolio, across 29 disclosed holdings in total. In our view, this is a concentrated portfolio rather than a broadly dispersed one, so investors should be comfortable with the impact that bank and financial names can have on outcomes.
Source data date: as of 15 Sep 2026
Who should invest
This fund is better suited to investors with a high tolerance for volatility and a willingness to hold through uneven stretches. The 1-year result is modest, while the 3-year and 5-year returns are stronger, so the fund fits an investor who can look beyond short-term swings and accept that a sector fund will not behave like a diversified equity holding.
The benchmark comparison is important here: the fund has outpaced the benchmark over 1 year, 3 years and 5 years, but the ride has not been smooth. The concentrated portfolio also means returns may be shaped heavily by a few banking and financial names, which can amplify gains or drawdowns. That trade-off is the main price of seeking focused sector exposure.
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
1% if units are sold on or before 1 year; nil after 1 year.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of Mirae Asset Banking and Financial Services Fund Direct Growth Plan?
The current NAV is ₹22.885 as of 15 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 4.17%, the 3-year return is 11.37% and the 5-year return is 12.38%.
How does the fund compare with the benchmark?
It has outperformed the Nifty 50 over 1 year, 3 years and 5 years. The benchmark figures are -8.27%, 5.59% and 5.58% for those periods.
How does it compare with the peer funds shown here?
Its 1-year return is below the strongest peer figures in the comparison set, but its 3-year return is above the available 3-year figure for one peer and its 5-year return remains positive. That makes the longer-term profile more stable than the short-term one.
What is the fund’s risk category and key portfolio trait?
It is in the High Risk category, and its portfolio is concentrated in banking and financial names. The top 10 holdings account for 64.77% of the portfolio.
What is the exit load and who manages the fund?
The exit load is 1% if units are sold on or before 1 year, and nil after 1 year. The fund is managed by Abhijith Vara.
Bottom line
This fund’s recent performance is softer than its longer-term record, but the 3-year and 5-year numbers still sit ahead of the benchmark. In the peer set shown here, the one-year result trails the strongest short-term figures, while the longer-term profile remains more constructive. The portfolio is tightly focused, with banking and financial holdings carrying most of the weight, so the fund is best viewed as a high-risk, sector-led equity option for investors who can accept sharper swings in exchange for focused exposure.
Published on 16 September 2026 at 4:50 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.