DSP Nifty Midcap 150 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
DSP Nifty Midcap 150 Index Fund Direct Growth Plan has a NAV of ₹10.2249 as of 16 Sep 2026 and an AUM of ₹17 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0% respectively, and the scheme sits in the High Risk category. In our view, this is a fund for investors who are comfortable with sharp midcap swings and are looking for index-style exposure rather than an active manager-driven outcome.
The appeal is straightforward: the expense ratio is 0.0%, the minimum SIP is ₹100, and the portfolio is built around midcap names that can move more sharply than large-cap funds. The trade-off is also clear: short track record, volatile recent behaviour and returns that have not yet established a long history of compounding.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹10.2249 as of 16 Sep 2026 |
| AUM | ₹17 Cr |
| Expense Ratio | 0.0% |
| Launch Date | 11 Dec 2025 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Anil Ghelani, Diipesh Shah, Neha Rathi |
The fund is managed by Anil Ghelani, Diipesh Shah and Neha Rathi.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -4.6% | -4.41% |
| 3M | -1.66% | -3.6% |
| 1Y | 0% | 0% |
| 3Y | 0% | Data not available |
| 5Y | 0% | Data not available |
The recent pattern has been weak, with the 1-month return falling more than the benchmark and the 3-month figure staying negative even though it has held up better than the benchmark over that stretch. That tells us the fund has not been a smooth short-term ride, but it has also not simply mirrored every leg of the benchmark’s weakness.
Because the fund launched on 11 Dec 2025, there is no long operating history here. The 1-year reading is effectively flat, so we do not yet have a meaningful compounding story. For a fresh index fund, that matters: investors are paying for market exposure, but they are also still waiting to see how the tracking profile settles over a longer cycle.
Against the benchmark, the fund looks slightly better over 3 months and slightly worse over 1 month. That mixed picture suggests that the short-term path has been uneven rather than consistently in step with the benchmark. We would treat the current record as too short to draw strong conclusions about persistence, but it is already clear that near-term volatility can be material.
In practical terms, this is a fund where timing and holding period matter. A short holding window could leave investors exposed to the kind of negative swing seen in the latest monthly move, while a longer horizon is more appropriate if the aim is simply to stay invested in midcap growth cycles.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD DSP Nifty Midcap 150 Index?
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 Nifty Midcap 150 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| DSP Nifty Midcap 150 Index Fund Direct Growth Plan | 0% | 0% | 0% |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 29.31% | 30.01% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.45% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.13% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.68% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 17.57% | 18.84% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund’s recent return is far below the peer set’s available 1-year figures, which are all meaningfully positive. That gap is especially visible against the more specialized index funds in the table, some of which have posted returns in the low-20s or even near 30% over one year.
On longer periods, the picture is less straightforward because the fund does not yet have meaningful 3-year or 5-year history to compare, while a few peers do. Where longer numbers are available, they are still clearly positive for some peers, which highlights how early this fund is in its own history. The short-term and longer-term comparison therefore tell different stories: the short-term table captures underwhelming early performance, while the limited longer horizon mainly shows that this scheme is still too new for a full judgement.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| BSE Limited | Finance | 3.13% |
| Federal Bank Limited | Bank | 2.05% |
| Multi Commodity Exchange of India Limited | Finance | 2.02% |
| Laurus Labs Limited | Healthcare | 1.74% |
| One 97 Communications Limited | IT | 1.69% |
| Hero Motocorp Limited | Automobile & Ancillaries | 1.65% |
| Coforge Limited | IT | 1.61% |
| Indusind Bank Limited | Bank | 1.56% |
| Bharat Heavy Electricals Limited | Capital Goods | 1.51% |
| PB Fintech Limited | IT | 1.51% |
The largest holding is BSE Limited at 3.13%, so the fund does not rely on one oversized position to drive the portfolio. The drop from the first holding to the tenth is only 1.62 percentage points, which tells us the top end of the portfolio is fairly balanced rather than dominated by a single stock.
That said, the displayed top 10 still account for 18.47% of the portfolio, and the fund holds 83 disclosed names in total. This combination suggests a reasonably broad spread across positions, with a meaningful tail beyond the largest names. In our view, that structure may reduce dependence on any one holding, while still leaving individual midcap names capable of influencing returns.
Because the weights are relatively close together near the top, performance may be shaped more by group-level market moves than by a single stock outcome. The portfolio therefore looks diversified within its disclosed set, but not in a way that removes midcap-style volatility.
To see all holdings, visit the DSP Nifty Midcap 150 Index Fund Direct Growth Plan page
Source data date: as of 16 Sep 2026
Who should invest
This fund is more suitable for investors who can tolerate High Risk and who are comfortable with uneven short-term moves. The short history and weak recent return pattern make it better suited to a longer holding horizon, where the objective is to participate in midcap cycles rather than depend on steady near-term gains.
The main trade-off is simple: you get broad midcap index exposure with a very low stated expense ratio, but you also accept the higher volatility that comes with this part of the market. The portfolio is spread across many holdings, which may reduce single-stock dependence, yet the fund can still move sharply when midcap sentiment turns.
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 16 Sep 2026
Frequently asked questions
What is the current NAV of DSP Nifty Midcap 150 Index Fund Direct Growth Plan?
The current NAV is ₹10.2249 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 0%, 0% and 0% respectively.
How has the fund performed versus its benchmark?
It has been slightly weaker than the benchmark over 1 month and slightly better over 3 months. The longer history is too short to build a full comparison story.
How does it compare with the peer funds listed here?
Its 1-year return is well below the available peer figures in this set. A few peers also have positive 3-year results, while this fund is still too new for a meaningful longer-history comparison.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund and what is its exit load?
The fund is managed by Anil Ghelani, Diipesh Shah and Neha Rathi. It has no exit load.
Bottom line
This is a new, high-risk midcap index fund with a very short record and a flat long-term return profile so far. Recent behaviour has been uneven and weaker than the benchmark over the latest month, while peer funds with longer histories have posted stronger available returns. The portfolio is spread across 83 disclosed holdings, with no single position dominating. That makes it a fit mainly for investors who want disciplined midcap exposure and can accept early-stage volatility while the fund builds a longer track record.
Published on 17 September 2026 at 1:10 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.