HSBC Overnight Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 21, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
HSBC Overnight Fund Direct Growth Plan is currently at a NAV of ₹1443.6344 as of 20 September 2026, with scheme AUM of ₹4,535 Cr. Its 1-year, 3-year and 5-year returns are 5.27%, 6.07% and 5.73% respectively, and the scheme sits in the Low Risk category.
Our view is that this is a steady cash-management style fund rather than a return-chasing option. The portfolio is heavily anchored in reverse repos and TREPS, so the movement is usually narrow and the fund is better suited to investors who value stability, liquidity and low volatility over higher upside.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹1,443.6344 as of 20 Sep 2026 |
| AUM | ₹4,535 Cr |
| Expense Ratio | 0.06% |
| Launch Date | 22 May 2019 |
| Min SIP | ₹1,000 |
| Risk Category | Low Risk |
| Benchmark | Nifty 50 |
| Fund Category | Liquid |
| Exit Load | No exit load |
| Fund Managers | Abhishek Iyer, Rahul Totla |
The fund is managed by Abhishek Iyer and Rahul Totla.
Source data date: as of 20 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.4% | -3.73% |
| 3M | 1.26% | -3.14% |
| 1Y | 5.27% | -5.31% |
| 3Y | 6.07% | 6.3% |
| 5Y | 5.73% | 5.79% |
Over the recent 1-month and 3-month windows, the fund has stayed positive while the benchmark has been negative. That gap matters for a low-volatility product, because it shows the scheme has continued to preserve value even when the benchmark was soft.
The longer picture is more measured. The 1-year return is 5.27%, while the 3-year and 5-year returns are 6.07% and 5.73%; that points to a fairly stable compounding path rather than sharp swings. The fund is slightly behind the benchmark over 3 years and 5 years, but it has clearly held up better over the short run.
The time pattern also suggests muted day-to-day movement. There is no sign of a large drawdown or a sudden jump in the fund’s path, which is consistent with an overnight-oriented strategy. For investors, that usually means the main appeal is capital stability and predictability, not the chance of outpacing the market over longer cycles.
In that sense, the recent numbers and the multi-year numbers tell a similar story: modest but steady growth, with little evidence of aggressive return chasing. That profile is useful when the goal is parking money for short durations or keeping a liquid allocation relatively calm.
Source data date: as of 20 Sep 2026
Should you BUY or HOLD HSBC 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 HSBC Overnight? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| HSBC Overnight Fund Direct Growth Plan | 5.27% | 6.07% | 5.73% |
| Axis Liquid Fund Direct Growth Plan | 6.58% | 7.01% | 6.4% |
| Aditya Birla SL Liquid Fund Direct Growth Plan | 6.57% | 7.01% | 6.41% |
| Sundaram Liquid Fund Direct Growth Plan | 6.57% | 7% | 6.38% |
| JioBlackRock Liquid Fund Direct Growth Plan | 6.57% | Data not available | Data not available |
| Nippon India Liquid Fund Direct Growth Plan | 6.55% | 6.98% | 6.38% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the latest 1-year figure, the fund trails the stronger liquid-fund peers in this set, where the available numbers are clustered around the mid-6% range. That means its recent return profile is more restrained than the better recent performers among comparable schemes.
Over 3 years and 5 years, the gap remains modest but visible versus the peer set that has available longer-term figures. The fund’s 6.07% and 5.73% sit below the 7.01% and 6.4% area shown by the stronger comparables, so the longer-run picture is also somewhat softer.
The interesting part is that the fund’s own short-term path is calmer than the benchmark and its longer-term path is steady, but the peer comparison still shows that steadiness has come with a return trade-off. For investors, that is the central comparison: lower turbulence, but not the strongest return stream among liquid funds in this group.
Source data date: as of 20 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Reverse Repos | Cash & Cash Equivalents and Net Assets | 83.57% |
| TREPS | Cash & Cash Equivalents and Net Assets | 12.75% |
| 182 Days Treasury Bill 18-Sep-2026 | Treasury Bills | 1.98% |
| 182 Days Treasury Bill 10-Sep-2026 | Treasury Bills | 1.32% |
The largest holding, Reverse Repos, carries 83.57% of the portfolio, so it is likely to have the greatest influence on the fund’s day-to-day behaviour. TREPS adds another 12.75%, which means the portfolio is still overwhelmingly concentrated in cash-like instruments.
The weight falls away quickly after the first two positions. The treasury-bill holdings are 1.98% and 1.32%, so there is a sharp drop from the dominant liquidity sleeve to the smaller government-security positions.
Because the table includes every disclosed holding and the combined disclosed weight is 99.62% across four holdings, the portfolio looks highly concentrated rather than spread across a long tail. That structure may help explain the fund’s low-volatility profile, while also limiting the scope for meaningfully higher returns.
Source data date: as of 20 Sep 2026
Who should invest
This fund is best viewed by investors who want low volatility and a short holding horizon. The Low Risk profile and the mostly cash-like portfolio make it suitable for parking money where stability matters more than return surprise.
The return pattern also matters here: the fund has produced steady, mid-single-digit gains over 1, 3 and 5 years, but it has generally lagged the better liquid-fund peers on the available figures. The trade-off is straightforward: you are accepting calmer movement and a defensive portfolio in exchange for a return stream that is usually more modest than the stronger names in the category.
If the purpose is liquidity management, temporary cash deployment or a conservative sleeve inside a broader allocation, this profile fits well. If the main aim is higher growth, the fund’s benchmark behaviour and portfolio mix point to a more restrained outcome.
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 20 Sep 2026
Frequently asked questions
What is the current NAV of HSBC Overnight Fund Direct Growth Plan?
The current NAV is ₹1443.6344 as of 20 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 5.27%, the 3-year return is 6.07% and the 5-year return is 5.73%.
How has the fund performed against the benchmark?
The fund has been ahead of the benchmark in the recent 1-month, 3-month and 1-year periods, but it is slightly behind over 3 years and 5 years.
How does it compare with the peer funds shown here?
Its 1-year return is below the better peer figures shown here, and its 3-year and 5-year returns are also somewhat softer than the stronger liquid-fund comparables available for those periods.
What is the minimum SIP amount?
The minimum SIP amount is ₹1,000.
Who manages the fund and what is the exit load?
The fund is managed by Abhishek Iyer and Rahul Totla. There is no exit load.
Bottom line
HSBC Overnight Fund Direct Growth Plan has delivered a steady, low-volatility return path, with recent performance stronger than the benchmark’s short-run behaviour but slightly softer than the longer-run benchmark trend. Compared with the peer set shown here, its return profile is more restrained, especially on the available 1-year, 3-year and 5-year figures. The portfolio is dominated by reverse repos and TREPS, so it fits a defensive, liquidity-focused role rather than a growth-seeking one.
Published on 21 September 2026 at 11:06 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.