Kotak Manufacture in India Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Kotak Manufacture in India Fund Direct Growth Plan has a NAV of ₹23.349 as of 16 Sep 2026 and an AUM of ₹3,126 Cr. Its 1-year, 3-year and 5-year returns are 13.5%, 19.06% and 0%, and it is tagged as High Risk. Our view is that the fund fits investors who are comfortable with sharp price swings and want a manufacturing-themed equity allocation, but the recent run has been uneven and the benchmark pattern remains a useful check on its consistency.
The fund has moved ahead of the benchmark over 1 year and 3 years, while the 5-year figure is not available as a meaningful long-term track record. That mix suggests a fund that can participate well in favourable phases, but it still needs a full market cycle to prove steadier compounding across different conditions.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹23.349 as of 16 Sep 2026 |
| AUM | ₹3,126 Cr |
| Expense Ratio | 0.56% |
| Launch Date | 22 Feb 2022 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 0.50% on or before 90D, Nil after 90D |
| Fund Managers | Harsha Upadhyaya, Abhishek Bisen |
The fund is managed by Harsha Upadhyaya and Abhishek Bisen.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.18% | -4.41% |
| 3M | 4.01% | -3.6% |
| 1Y | 13.5% | -7.76% |
| 3Y | 19.06% | 5.74% |
| 5Y | Data not available | Data not available |
The recent picture is mixed but still constructive. Over 1 month, the fund fell, yet it declined less than the benchmark, which tells us it did not fully escape the weak tape but held up better than the index. Over 3 months, the fund recovered while the benchmark stayed in negative territory, and that is an important sign that the portfolio has been able to rebound faster when conditions improved.
The broader trend is stronger than the short-term wobble suggests. The 1-year return is well ahead of the benchmark, and the 3-year return also compares favourably, so the fund has shown an ability to compound through a longer stretch rather than only in one brief rally. That said, the pattern is not perfectly smooth: the month-by-month movement shows reversals along the way, which is normal for a high-risk equity fund but still relevant for investors who dislike drawdowns.
We read the longer window as more informative than the latest month. The fund has outpaced the benchmark across the available 1-year and 3-year periods, while the benchmark itself has remained weak over those same horizons. In our view, that combination points to genuine relative strength, but it also means the fund’s recent resilience should be tested against future market phases before treating it as a stable pattern.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD Kotak Manufacture in India?
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 Kotak Manufacture in India? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Kotak Manufacture in India Fund Direct Growth Plan | 13.5% | 19.06% | Data not available |
| ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan | 69.8% | 36.32% | Data not available |
| HDFC Pharma and Healthcare Fund Direct Growth Plan | 25.31% | Data not available | Data not available |
| Kotak Healthcare Fund Direct Growth Plan | 25.27% | Data not available | Data not available |
| Motilal Oswal Active Momentum Fund Direct Growth Plan | 24.51% | Data not available | Data not available |
| PGIM India Healthcare Fund Direct Growth Plan | 22.75% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the available 1-year numbers, this fund trails the stronger peer readings in the table, although it still beats the benchmark by a wide margin. The 3-year figure is more competitive relative to the peers with available data, because only one comparison fund has a disclosed 3-year return and it is higher. That means the short-term picture is less impressive than the best peer results, while the longer-view comparison is more balanced.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Rubicon Research Limited | Domestic Equities | 4.85% |
| Sun Pharmaceutical Industries Ltd. | Healthcare | 4.76% |
| Mahindra & Mahindra Ltd. | Automobile & Ancillaries | 3.94% |
| Divis Laboratories Ltd. | Healthcare | 3.78% |
| TVS Motor Company Ltd. | Automobile & Ancillaries | 3.47% |
| Tata Steel Ltd. | Iron & Steel | 3.42% |
| Reliance Industries Ltd. | Crude Oil | 3.06% |
| Maruti Suzuki India Limited | Automobile & Ancillaries | 2.82% |
| Hero Motocorp Ltd. | Automobile & Ancillaries | 2.79% |
| Bharat Electronics Ltd. | Capital Goods | 2.68% |
The largest holding is Rubicon Research Limited at 4.85%, so no single stock dominates the portfolio on its own. The weight then steps down gradually through the top 10, with the tenth holding at 2.68%; that is a fairly measured drop rather than a dramatic gap, which suggests the visible part of the portfolio is spread across several meaningful positions.
The top 10 holdings together account for approximately 35.57% of the portfolio, and the full disclosed holding count is 57. That combination points to a portfolio that is not concentrated in just a few names, even though the top positions may still have greater influence on short-run outcomes. In our view, the mix across healthcare, automobiles, steel, energy and capital goods may help reduce dependence on a single theme, but the fund remains equity-heavy and can still move sharply when those sectors reprice.
For investors, the main takeaway is that the fund appears to balance a set of active positions rather than rely on one oversized bet. That may support more diversified return drivers, but it also means performance can depend on how several sectors behave together, not only on one stock’s outcome.
To see all holdings, visit the Kotak Manufacture in India Fund Direct Growth Plan page
Source data date: as of 16 Sep 2026
Who should invest
This fund suits investors with a high tolerance for volatility and a long enough horizon to ride through uneven phases. The 1-year and 3-year returns show that it can outperform the benchmark, but the month-to-month path has not been smooth, so short holding periods may feel uncomfortable.
The trade-off is straightforward: you get access to an actively managed equity portfolio with a manufacturing tilt and a track record that has been better than the benchmark over the available 1-year and 3-year windows, but you must accept higher drawdown risk. The portfolio’s spread across 57 disclosed holdings may soften single-stock dependence, yet the fund still sits in the High Risk bucket and can be sensitive to market swings.
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: 0.50% if units are sold on or before 90 days; nil after 90 days.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of Kotak Manufacture in India Fund Direct Growth Plan?
The NAV is ₹23.349 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The returns are 13.5% for 1 year, 19.06% for 3 years and Data not available for 5 years.
How does the fund compare with the benchmark?
It has beaten the benchmark over 1 year and 3 years, and it also held up better than the benchmark over 1 month and 3 months.
How does it compare with the peer funds listed here?
Its 1-year return is below the strongest peer readings shown, while its 3-year return is ahead of the one peer with a disclosed 3-year figure.
What is the minimum SIP amount?
The minimum SIP is ₹100.
Who manages the fund and what is the risk profile?
The fund is managed by Harsha Upadhyaya and Abhishek Bisen, and it carries a High Risk tag. That combination makes it more suitable for investors who can handle volatility.
Bottom line
Kotak Manufacture in India Fund Direct Growth Plan has a stronger 1-year and 3-year record than its benchmark, but the recent monthly movement has been choppy, so the short-term path is less steady than the longer-term picture. Among the peer funds shown, its 1-year return is more modest, while the disclosed 3-year comparison is more constructive. The portfolio is spread across 57 holdings, with no single position dominating, which may help diversify stock-specific risk. Overall, it looks better suited to high-risk investors with patience for a full market cycle.
Published on 17 September 2026 at 2:07 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.