Mirae Asset CRISIL IBX Gilt Index – April 2033 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 21, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mirae Asset CRISIL IBX Gilt Index – April 2033 Index Fund Direct Growth Plan has a NAV of ₹13.4215 as of 18 Sep 2026 and an AUM of ₹209 Cr. Its 1-year, 3-year and 5-year returns are 4.1%, 7.28% and 0%, and the fund sits in the Medium Risk category.
Our view is that this is a focused gilt index fund with a conservative government-securities portfolio, but its return profile has been uneven. The recent 1-year result is positive, while the longer 3-year record is steadier than the benchmark’s, which has been weaker over the same periods. That mix may suit investors who want gilt exposure and can accept modest return swings rather than seeking high growth.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹13.4215 as of 18 Sep 2026 |
| AUM | ₹209 Cr |
| Expense Ratio | 0.11% |
| Launch Date | 20 Oct 2022 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Pranavi Kulkarni |
The fund is managed by Pranavi Kulkarni.
Source data date: as of 18 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.92% | -3.73% |
| 3M | 0.4% | -3.14% |
| 1Y | 4.1% | -5.31% |
| 3Y | 7.28% | 6.3% |
| 5Y | Data not available | Data not available |
The fund’s short-term pattern has improved from the benchmark. Over 1 month and 3 months, the fund stayed close to flat to slightly negative, but it still held up better than the benchmark, which was more subdued. That matters for a gilt index fund, because investors often value relative stability and drawdown control as much as headline return.
The 1-year figure is more meaningful: 4.1% for the fund versus -5.31% for the benchmark. That gap shows the fund has done materially better than the benchmark over the past year, even though the benchmark itself has been under pressure. For an investor, the takeaway is that this fund has not merely tracked a weak benchmark; it has outpaced it over the same stretch.
Looking at the 3-year record, the fund’s 7.28% return is ahead of the benchmark’s 6.3%. The margin is not dramatic, but it suggests the longer trend has been slightly stronger for the fund than for the index it is meant to follow. The 5-year line is not available, so we would avoid extending the recent trend too far into the future.
Overall, the recent path and the 3-year trend point in the same direction: modest positive compounding with lower turbulence than the benchmark’s weaker patches. That makes the fund more about duration-sensitive fixed-income exposure than about chasing sharp upside.
Source data date: as of 18 Sep 2026
Should you BUY or HOLD Mirae Asset CRISIL IBX Gilt Index – April 2033 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 Mirae Asset CRISIL IBX Gilt Index – April 2033 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mirae Asset CRISIL IBX Gilt Index – April 2033 Index Fund Direct Growth Plan | 4.1% | 7.28% | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 31.6% | 30.84% | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.71% | Data not available | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.44% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 21.24% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 18.45% | 19.9% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund’s 1-year return is much lower than the strongest comparison figures shown here, but that is expected because the peers listed span very different index themes. Within the table, the fund’s 3-year return is lower than the most aggressive equity-oriented peers, yet it remains the only gilt-style return in this set and has stayed positive. The short-term comparison and the longer-term comparison therefore tell different stories: the fund is not built to match equity-like upside, but it has still delivered a steadier fixed-income outcome than its own benchmark.
Source data date: as of 18 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 6.28% Government of India (MD 14/07/2032) | Government Securities | 23.44% |
| 7.26% Government of India (MD 22/08/2032) | Government Securities | 20.11% |
| 7.26% Government of India (MD 06/02/2033) | Government Securities | 19.42% |
| 6.68% Government of India (MD 27/01/2033) | Government Securities | 16.67% |
| 7.95% Government of India (MD 28/08/2032) | Government Securities | 10.12% |
| 8.32% Government of India (MD 02/08/2032) | Government Securities | 7.72% |
| TREPS | Cash & Cash Equivalents and Net Assets | 2.04% |
The largest holding is a 6.28% Government of India security maturing in July 2032 at 23.44%, which is a meaningful single-position weight for a gilt strategy. After that, the weights step down gradually rather than collapsing into a long tail, with several government securities still carrying double-digit allocations.
That pattern suggests the portfolio may be fairly concentrated in a handful of dated government securities rather than spread evenly across many positions. The top seven disclosed holdings together account for 99.52% of the portfolio, and the table already covers all seven disclosed holdings, so there is very little visible residue outside these positions.
Because all disclosed holdings are government securities or cash-like TREPS, the portfolio may behave like a tight duration bet on sovereign yields rather than a broad fixed-income mix. That can make the fund more sensitive to interest-rate moves, while also keeping credit risk restrained by the sovereign nature of the holdings.
Source data date: as of 18 Sep 2026
Who should invest
This fund may suit investors who are comfortable with medium risk and who understand that gilt returns can move with interest rates. The 1-year, 3-year and benchmark figures show a fund that has been positive over the longer windows and steadier than the benchmark in weaker patches, but not one built for rapid capital growth.
We think the better fit is a medium-term to longer-term horizon, where an investor wants sovereign bond exposure and can accept some return variation. The main trade-off is straightforward: you gain cleaner government-securities exposure and relatively low expense drag, but you should not expect equity-like upside or consistent double-digit gains.
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 18 Sep 2026
Frequently asked questions
What is the current NAV of Mirae Asset CRISIL IBX Gilt Index – April 2033 Index Fund Direct Growth Plan?
Its NAV is ₹13.4215 as of 18 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 4.1%, the 3-year return is 7.28%, and the 5-year return is Data not available.
How has it done versus the benchmark?
Over 1 year, the fund has returned 4.1% versus -5.31% for the benchmark. Over 3 years, it has returned 7.28% versus 6.3% for the benchmark.
How does it compare with the peer funds listed here?
Its 1-year and 3-year returns are below the equity-oriented peer figures shown, but those funds follow very different themes. Within this set, the fund’s own gilt-style performance has still been positive over the longer windows.
Does the fund have a minimum SIP amount?
The minimum SIP amount is not listed here.
What are the risk profile, holdings and exit load?
The fund is in the Medium Risk category and is invested mainly in Government of India securities, with TREPS as a small cash-like holding. It has no exit load, and the fund manager listed is Pranavi Kulkarni.
Bottom line
This gilt index fund has shown a better recent and 3-year return pattern than its benchmark, but its profile remains that of a measured sovereign-debt strategy rather than a high-growth product. Compared with the peer figures shown, its returns are much more modest, yet that comparison is not a fair like-for-like test because the listed peers are in very different themes. The portfolio is heavily anchored in government securities, which keeps credit risk restrained while making rate sensitivity important for investors to watch.
Published on 21 September 2026 at 9:48 AM 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.