SBI Conservative Hybrid Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
SBI Conservative Hybrid Fund Direct Growth Plan currently has an NAV of ₹83.8297 as of 17 Sep 2026 and a scheme AUM of ₹10,226 Cr. Its 1-year, 3-year and 5-year returns are 4.51%, 8.12% and 8.47% respectively, and the fund sits in the Medium Risk category.
Our view is that this is a steady conservative hybrid option rather than a fast-growth fund. The recent 1-year return has been softer than its longer-term track, while the 3-year and 5-year figures point to more stable compounding over time. With a portfolio led by corporate debt and cash-like instruments, it may suit investors who want measured participation in growth with a lower-volatility profile.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹83.8297 as of 17 Sep 2026 |
| AUM | ₹10,226 Cr |
| Expense Ratio | 1.05% |
| Launch Date | 07 Jan 2013 |
| Min SIP | ₹500 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Hybrid |
| Exit Load | Nil for 10% of investment and 1% for remaining Investment on or before 1Y, Nil after 1Y |
| Fund Managers | Saurabh Pant, Mansi Sajeja |
The fund is managed by Saurabh Pant and Mansi Sajeja.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.8% | -3.66% |
| 3M | 0.51% | -3.71% |
| 1Y | 4.51% | -7.13% |
| 3Y | 8.12% | 5.82% |
| 5Y | 8.47% | 5.72% |
Short-term behaviour has been mixed, but it is still better than the benchmark. The fund was slightly negative over 1 month, yet the benchmark fell more sharply, and the 3-month return turned mildly positive while the benchmark remained weaker. That pattern matters because conservative hybrid funds are often judged on their ability to limit damage when markets are choppy, and this fund has done that better than the benchmark in the recent window.
The 1-year return is lower than the 3-year and 5-year figures, which tells us the latest stretch has been softer than the fund’s broader compounding trend. Even so, the fund stayed well ahead of the benchmark over 1 year, while the benchmark was negative over that period. That gap suggests the portfolio’s lower-volatility structure has helped cushion downside more effectively than a pure equity benchmark.
Over 3 years and 5 years, the fund has held a reasonably consistent pace. The 3-year return at 8.12% and the 5-year return at 8.47% are close to each other, which points to a fairly stable long-term pattern rather than a sharp surge followed by a drop. Compared with the benchmark’s 5-year 5.72% and 3-year 5.82%, the fund has maintained the better compounding path across longer holding periods.
In our view, the main takeaway is that this is not a momentum-led fund. Its recent returns are modest, but its longer-term record is more dependable than the benchmark’s in the periods shown, which is what matters for a conservative hybrid allocation.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD SBI Conservative Hybrid?
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 SBI Conservative Hybrid? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Nippon India Conservative Hybrid Fund Direct Growth Plan | 6.75% | 8.49% | 8.2% |
| Baroda BNP Paribas Conservative Hybrid Fund Direct Growth Plan | 4.69% | 8.28% | 7.41% |
| Parag Parikh Conservative Hybrid Fund Direct Growth Plan | 4.64% | 9.13% | 9.31% |
| SBI Conservative Hybrid Fund Direct Growth Plan | 4.51% | 8.12% | 8.47% |
| Aditya Birla SL Conservative Hybrid Fund Direct Growth Plan | 4.33% | 8.39% | 7.92% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On 1-year performance, the fund trails the strongest peer in this set, though it remains close to the middle of the group. The 3-year and 5-year numbers are steadier, but a few peers have been stronger over the longer horizon, especially on 5-year compounding. That means the short-term comparison and the longer-term comparison do not tell exactly the same story: recent returns are adequate, while the longer-term picture is more moderate than the better peer outcomes shown here.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| National Bank for Agriculture and Rural Development | Corporate Debt | 5.81% |
| LIC Housing Finance Ltd. | Corporate Debt | 4.87% |
| TREPS | Cash & Cash Equivalents and Net Assets | 3.67% |
| Muthoot Finance Ltd. | Corporate Debt | 3.37% |
| Bharti Telecom Ltd. | Corporate Debt | 3.26% |
| Cholamandalam Investment & Finance Co. Ltd. | Corporate Debt | 3.14% |
| Adani Power Ltd. | Corporate Debt | 2.92% |
| JTPM Metal Traders Ltd. | Corporate Debt | 2.9% |
| REC Ltd. | Corporate Debt | 2.65% |
| Torrent Power Ltd. | Corporate Debt | 2.45% |
The top holding is National Bank for Agriculture and Rural Development at 5.81%, which is large enough to matter but not large enough to dominate the portfolio by itself. The weight then steps down gradually through the next several positions, with the tenth holding at 2.45%, so there is no single outsized concentration within the visible list.
The top 10 holdings account for approximately 35.04% of the portfolio, which suggests that the fund is spread across a longer tail of positions rather than relying only on a few names. That matters in a conservative hybrid fund because credit and cash allocations can provide a stabilising base, while individual debt positions may still influence short-term movement. With 52 disclosed holdings in total, the exposure appears broad enough to reduce reliance on any one holding, even though the largest positions can still shape returns.
In our view, the visible portfolio mix points to a measured, diversified structure. The leading names are mostly corporate debt exposures, and that may support the fund’s steadier profile over time. It could also mean returns are more driven by carry and credit selection than by sharp market rallies.
To see all holdings, visit the SBI Conservative Hybrid Fund Direct Growth Plan page
Source data date: as of 17 Sep 2026
Who should invest
This fund is best viewed by investors who are comfortable with Medium Risk and want a conservative hybrid allocation rather than a pure equity-style outcome. The 1-year return is softer than the 3-year and 5-year record, but the longer-term pattern is steady and has stayed ahead of the benchmark across the periods shown.
It may suit a medium- to long-term horizon, especially for investors who value a smoother ride and can accept that upside may be more limited than in equity-heavy funds. The main trade-off is that the portfolio may help reduce volatility, but that generally comes with more moderate return potential than a more aggressive allocation. The debt-heavy, diversified structure supports that profile.
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
- Nil for 10% of the investment and 1% for the remaining investment if units are sold on or before 1 year.
- No exit load after the holding period of 1 year.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of SBI Conservative Hybrid Fund Direct Growth Plan?
The current NAV is ₹83.8297 as of 17 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 4.51%, 8.12% and 8.47% respectively.
How does the fund compare with the Nifty 50 benchmark?
It has outperformed the benchmark across the periods shown. The benchmark return was -7.13% over 1 year, 5.82% over 3 years and 5.72% over 5 years.
How does it compare with peer funds on return figures?
Its 1-year return is below Nippon India Conservative Hybrid Fund Direct Growth Plan at 6.75%, while its 3-year and 5-year returns are solid but below the strongest longer-term peer figures shown here.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the risk profile?
The fund is managed by Saurabh Pant and Mansi Sajeja. It is classified as Medium Risk, which fits its conservative hybrid structure and debt-heavy portfolio mix.
Bottom line
SBI Conservative Hybrid Fund Direct Growth Plan shows a softer recent year than its longer-term record, but the 3-year and 5-year returns still point to stable compounding. It has also held up better than the benchmark across the periods shown. Compared with peers, the fund is competitive but not the strongest on the longer horizon. The portfolio is led by corporate debt holdings and a meaningful cash-like allocation, which supports a steadier profile for investors who prefer balance over sharp upside.
Published on 18 September 2026 at 3:10 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.