Kotak Gilt Fund-PF&Trust Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 21, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Kotak Gilt Fund-PF&Trust Direct Growth Plan had a NAV of ₹114.005 as of 18 Sep 2026 and a scheme AUM of ₹2,107 Cr. Its 1-year, 3-year and 5-year returns are 3.13%, 5.72% and 5.44% respectively, and the fund carries a Medium Risk label. Our view is that this is a relatively steady gilt fund rather than a fast-moving return story, with portfolio construction and benchmark-sensitive behaviour that suit investors who are comfortable with moderate interest-rate movement.
The fund’s longer-term return pattern is modest but stable, and recent performance has not materially changed that profile. For investors looking for debt allocation with government-securities exposure and no exit load after the holding period, the main trade-off is lower upside than more aggressive debt categories in exchange for a more conservative mandate.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹114.005 as of 18 Sep 2026 |
| AUM | ₹2,107 Cr |
| Expense Ratio | 0.47% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹100 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Debt |
| Exit Load | No exit load after holding period |
| Fund Managers | Abhishek Bisen |
The fund is managed by Abhishek Bisen.
Source data date: as of 18 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.59% | -3.73% |
| 3M | 0.84% | -3.14% |
| 1Y | 3.13% | -5.31% |
| 3Y | 5.72% | 6.30% |
| 5Y | 5.44% | 5.79% |
In the near term, the fund has held up better than the benchmark. Over 1 month and 3 months, the fund stayed positive while the benchmark was negative, which points to relatively smoother short-term behaviour in the recent period.
The 1-year picture is also clearly better than the benchmark: 3.13% for the fund versus -5.31% for the benchmark. That gap suggests the fund has preserved value more effectively through the latest cycle, even if the absolute return remains modest.
The longer view is more subdued. The fund’s 3-year and 5-year returns remain positive, but both are slightly below the benchmark’s figures. That tells us the fund has not outpaced the benchmark across full market cycles, even though it has been steadier in the latest phase. The 3-year path also looks less erratic than the benchmark’s sharper swings, which is consistent with a gilt fund that tends to move differently from equity-oriented market indices.
For investors, the main takeaway is that recent resilience is stronger than the longer-term relative picture. The fund’s return pattern points to a portfolio that can behave defensively when the benchmark is weak, but it has not shown a persistent edge over the benchmark across 3-year and 5-year horizons.
Source data date: as of 18 Sep 2026
Should you BUY or HOLD Kotak Gilt Fund-PF&Trust?
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 Gilt Fund-PF&Trust? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Kotak Gilt Fund-PF&Trust Direct Growth Plan | 3.13% | 5.72% | 5.44% |
| Bandhan Gilt Fund Direct Growth Plan | 7.74% | 7.92% | 6.38% |
| UTI Gilt Fund Direct Growth Plan | 5.39% | 6.70% | 5.74% |
| Franklin India Gilt Fund Direct Growth Plan | 5.33% | 6.43% | 5.35% |
| Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan | 4.63% | 7.55% | 5.76% |
| Axis Gilt Fund Direct Growth Plan | 4.51% | 7.12% | 5.96% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund trails the stronger peer return figures on a 1-year basis, where several peers have delivered materially higher gains. UTI Gilt Fund Direct Growth Plan and Franklin India Gilt Fund Direct Growth Plan also sit above it on the 1-year measure, while Bandhan Gilt Fund Direct Growth Plan has a much stronger recent figure.
The longer-term comparison is mixed. On 3-year and 5-year figures, the fund remains below several peers, which tells us its steadier recent behaviour has not translated into stronger compounded outcomes versus the more competitive peer set. At the same time, the gap is narrower on the 5-year horizon than on the 1-year measure, so the short-term and longer-term stories are not identical. Recent resilience looks better than the full-cycle return profile.
Source data date: as of 18 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 7.24% Central Government – 2055 | Government Securities | 19.47% |
| 6.9% Central Government – 2065(^) | Government Securities | 15.50% |
| Triparty Repo | Cash & Cash Equivalents and Net Assets | 14.10% |
| 6.48% Central Government – 2035(^) | Government Securities | 8.75% |
| 91 Days Treasury Bill 03/09/2026 | Treasury Bills | 8.30% |
| 182 Days Treasury Bill 03/09/2026 | Treasury Bills | 4.74% |
| 7.8% Tamil Nadu State Govt – 2041 – Tamil Nadu(^) | Government Securities | 4.31% |
| 7.49% Karnataka State Govt – 2035 – Karnataka | Government Securities | 3.93% |
| 7.55% Karnataka State Govt – 2035 – Karnataka | Government Securities | 2.65% |
| 6.88% Bihar State Govt – 2035 – Bihar | Government Securities | 2.26% |
The top 10 holdings account for approximately 84.01% of the portfolio.
To see all holdings, visit the Kotak Gilt Fund-PF&Trust Direct Growth Plan page
The largest holding, 7.24% Central Government – 2055, stands at 19.47%, which is large enough to matter meaningfully for returns and duration sensitivity. The next positions are also substantial, but the drop from the first holding to the tenth is pronounced, suggesting that the portfolio is anchored by a few major fixed-income positions rather than evenly spread across many small ones.
The displayed holdings are heavily tilted toward government securities and Treasury Bills, with cash and repo also appearing among the larger positions. That mix may keep credit quality relatively plain-vanilla, but it also means performance is likely to be driven mainly by interest-rate movements and the bond curve rather than by security selection in riskier credit assets.
With 25 disclosed holdings and more than four-fifths of the portfolio represented by the top 10, the structure appears reasonably concentrated at the top while still leaving a longer tail beyond the largest positions. In our view, that can support a clearer portfolio profile, though the largest holdings could still have greater influence than smaller positions if yields shift sharply.
Source data date: as of 18 Sep 2026
Who should invest
This fund is better suited to investors who can accept moderate price movement and want exposure to government securities through a gilt strategy. The Medium Risk label suggests it is not designed for very short holding periods or for investors seeking steady equity-like upside.
The return pattern points to a fund that has been more resilient recently than its benchmark, but the 3-year and 5-year outcomes remain modest. That makes it more appropriate for a medium to longer horizon, where investors can tolerate periods of muted returns in exchange for the relative stability that often comes from gilt exposure.
The key trade-off is straightforward: the portfolio may behave more defensively than riskier debt categories, but the longer-term return profile has not shown a consistent edge over the benchmark or the stronger peer figures. Investors who value government-securities exposure and are comfortable with interest-rate sensitivity may find the profile aligned with their needs.
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 | 12.50% | Long-term capital gains tax |
Exit load: No exit load after holding period.
Source data date: as of 18 Sep 2026
Frequently asked questions
What is the current NAV of Kotak Gilt Fund-PF&Trust Direct Growth Plan?
The current NAV is ₹114.005 as of 18 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 3.13% for 1 year, 5.72% for 3 years and 5.44% for 5 years.
How has the fund performed against its benchmark?
It has outperformed the benchmark over 1 month, 3 months and 1 year, but it trails the benchmark on the 3-year and 5-year figures.
How does it compare with peer gilt funds?
Its 1-year return is below several peer funds, and its 3-year and 5-year figures also sit below the stronger peer return levels shown here.
What is the exit load?
There is no exit load after the holding period.
Who manages the fund and what is the portfolio style?
Abhishek Bisen manages the fund. The portfolio is led by government securities, Treasury Bills and triparty repo, with the top 10 holdings accounting for approximately 84.01% of the portfolio.
Bottom line
Kotak Gilt Fund-PF&Trust Direct Growth Plan has looked steadier recently than its benchmark, especially over 1 month, 3 months and 1 year, but the 3-year and 5-year outcomes remain more modest. Against peers, the latest return figure is weaker than several listed funds, while the longer-term figures are also generally below the stronger peer numbers. The portfolio is anchored by government securities and Treasury Bills, which keeps the structure clear and rate-sensitive. It may suit investors who want gilt exposure and can accept moderate risk without expecting standout return acceleration.
Published on 21 September 2026 at 11:00 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.