Mirae Asset Overnight Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mirae Asset Overnight Fund Direct Growth Plan had a NAV of ₹1414.233 as of 17 Sep 2026 and a scheme AUM of ₹1,727 Cr. Its 1-year, 3-year and 5-year returns are 5.28%, 6.09% and 5.73% respectively, and the fund sits in the Low Risk category.
Our view is that this is a conservative overnight fund with steady, low-volatility characteristics rather than a return-seeking allocation. The portfolio is dominated by cash and short-dated treasury exposure, so the return profile is shaped more by liquidity management and accrual than by market moves.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹1,414.233 as of 17 Sep 2026 |
| AUM | ₹1,727 Cr |
| Expense Ratio | 0.08% |
| Launch Date | 15 Oct 2019 |
| Min SIP | ₹99 |
| Risk Category | Low Risk |
| Benchmark | Nifty 50 |
| Fund Category | Liquid |
| Exit Load | No exit load |
| Fund Managers | Pranavi Kulkarni |
The fund is managed by Pranavi Kulkarni.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.4% | -3.66% |
| 3M | 1.26% | -3.71% |
| 1Y | 5.28% | -7.13% |
| 3Y | 6.09% | 5.82% |
| 5Y | 5.73% | 5.72% |
Recent performance has been stable rather than exciting. The fund’s 1-month and 3-month returns were positive, while the benchmark was negative over the same horizons. That tells us the portfolio has been doing what an overnight fund is meant to do: protect capital well and keep returns close to the money-market carry available in the portfolio.
Over the 1-year period, the fund stayed comfortably positive at 5.28% while the benchmark was still negative. That gap matters for a conservative investor because it shows resilience when equity-oriented reference returns are under pressure, even though the benchmark itself is not a natural fit for an overnight strategy.
The longer view is quieter. The 3-year return of 6.09% is slightly above the benchmark’s 5.82%, while the 5-year return of 5.73% is almost identical to the benchmark’s 5.72%. In our view, that pattern points to consistency more than surprise: the fund has largely tracked a narrow band of steady accrual returns, with only mild variation across periods.
Compared with its own short-term run, the fund has not shown a sharp change in character over the longer horizon. The return pattern remains smooth, and the time pattern of returns suggests limited drawdown behaviour and gradual compounding rather than abrupt jumps. For investors, that is useful when the priority is liquidity and stability first, and higher growth only second.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD Mirae Asset Overnight?
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 Overnight? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mirae Asset Overnight Fund Direct Growth Plan | 5.28% | 6.09% | 5.73% |
| Bank of India Overnight Fund Direct Growth Plan | 5.51% | 6.21% | 5.83% |
| 360 ONE Overnight Fund Direct Growth Plan | 5.31% | Data not available | Data not available |
| Baroda BNP Paribas Overnight Fund Direct Growth Plan | 5.29% | 6.08% | 5.72% |
| Nippon India Overnight Fund Direct Growth Plan | 5.29% | 6.09% | 5.73% |
| JioBlackRock Overnight Fund Direct Growth Plan | 5.28% | 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 slightly below the strongest peer in this set, but the spread is small and the whole group stays tightly bunched. On 3-year and 5-year numbers where data is available, the fund is close to the peer cluster and broadly in line with the better-established overnight options.
That tells us the story is not about standout outperformance or weakness. The short-term comparison is nearly flat across the set, while the longer-term numbers also remain close together, which reinforces the idea that this category is designed for consistency rather than return dispersion. Where a peer lacks longer-term figures, the comparison is limited to the visible 1-year result.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 5.10% REVERSE REPO | Cash & Cash Equivalents and Net Assets | 95.9% |
| 182 DAYS TREASURY BILLS (MD 03/09/2026) | Treasury Bills | 2.89% |
| 182 DAYS TREASURY BILLS (MD 18/09/2026) | Treasury Bills | 1.44% |
| TREPS | Cash & Cash Equivalents and Net Assets | 1.26% |
The largest holding, 5.10% REVERSE REPO, is extremely dominant at 95.9%. That means the fund is carrying most of its assets in a cash-like instrument, which is consistent with an overnight strategy and likely to keep day-to-day movement limited.
The next holdings are much smaller at 2.89%, 1.44% and 1.26%. The drop from the first position to the rest is steep, so the portfolio is not spread evenly across many active bets. Instead, a small number of short-duration instruments may carry most of the fund’s behaviour, with the reverse repo position likely to have the greatest influence.
Because the table discloses all four holdings and the combined weight is 100%, the portfolio looks highly concentrated in a liquid, short-term structure rather than in a long tail of securities. That concentration is not unusual for an overnight fund, but it does mean the investor experience should be understood as short-horizon cash management rather than diversified asset allocation.
Source data date: as of 17 Sep 2026
Who should invest
This fund suits investors who want very low volatility and are comfortable with a cash-like return profile. The Low Risk label, the tight return pattern and the heavy reverse repo exposure all point to a conservative fit, especially for parking money temporarily rather than chasing growth.
The better fit is a short investment horizon or a temporary holding where liquidity matters. The main trade-off is that the fund can preserve stability well, but it is not designed to produce meaningfully high returns, and its benchmark comparison confirms that the gains tend to stay in a narrow band.
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 |
No exit load.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of Mirae Asset Overnight Fund Direct Growth Plan?
The current NAV is ₹1414.233 as of 17 Sep 2026. The fund has a small positive day-to-day change, which is consistent with an overnight-style product.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 5.28%, the 3-year return is 6.09% and the 5-year return is 5.73%. These figures point to a steady return pattern rather than a volatile one.
How does the fund compare with its benchmark?
The fund has been ahead of the benchmark over 1M, 3M and 1Y, while the 3Y and 5Y figures are very close. That suggests the fund has been broadly consistent with its reference path over longer periods.
How does the fund compare with other overnight funds?
The fund sits close to the peer cluster on visible return figures. Its 1-year return is slightly below the strongest peer in the set, while its 3-year and 5-year returns remain broadly in line with the established group.
Does the fund allow SIP investing?
Yes, SIP investing is allowed. The fund also has a minimum SIP amount, but we are not listing that figure here.
What is the risk profile, portfolio mix and exit load?
The fund is in the Low Risk category and is heavily tilted toward 5.10% reverse repo, with smaller treasury-bill and TREPS positions. It has no exit load.
Bottom line
Mirae Asset Overnight Fund Direct Growth Plan looks like a steady overnight option with a very low-volatility profile and a portfolio anchored in cash-like instruments. Its recent returns are close to its longer-term pattern, and the peer comparison shows a tight cluster where differences are small rather than decisive. For investors, the main appeal is stability and liquidity; the trade-off is that return potential stays modest and should be viewed as parking money, not as a growth engine.
Published on 18 September 2026 at 4:30 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.