Aditya Birla SL Retirement Fund-40 Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Aditya Birla SL Retirement Fund-40 Direct Growth Plan had a NAV of ₹21.812 as of 02 Sep 2026 and an AUM of ₹114 Cr. Its 1-year, 3-year and 5-year returns are 6.43%, 12.45% and 10.09% respectively, and it sits in the High Risk bucket. Our view is that this is a retirement-oriented fund that has delivered reasonable medium-term compounding, but its short-term profile remains modest and the portfolio mix calls for a patient investor with a long horizon.

The fund looks more suited to investors who can accept equity-market swings in exchange for longer holding periods. The 5-year return is below the 3-year pace, and that tells us the recent path has been less smooth than the medium-term record. The mix of cash, banks, sovereign bonds and large-cap equities may help temper some volatility, but the High Risk label still matters.

Quick facts

The fund is managed by Mohit Sharma and Harshil Suvarnkar.

Source data date: as of 02 Sep 2026

Performance

The recent numbers show a mixed but still constructive picture. Over 1 month, the fund was slightly negative, but it held up better than the benchmark, which fell more sharply. Over 3 months and 1 year, the fund turned positive while the benchmark stayed weaker on both horizons, so the fund has clearly handled the latest stretch better than the index.

The longer record is more balanced. The 3-year return of 12.45% is ahead of the benchmark’s 5.8%, and the 5-year return of 10.09% also stays above the benchmark’s 6.3%. That tells us the fund has added value versus the benchmark over both medium and longer horizons, even though the most recent monthly move was not strong.

The pattern in the return path suggests a fund that has had a choppier ride at times, but one that recovered well after weaker phases and kept building over time. For investors, that matters because the fund does not appear to deliver smooth month-to-month progression; instead, it seems to rely on staying invested long enough for the longer compounding effect to show through.

Our read is that the fund’s recent behaviour is somewhat softer than its 3-year and 5-year outcomes would suggest, but not inconsistent with a higher-risk retirement strategy. The benchmark comparison also shows that the scheme has generally done better than NIFTY 50 across the reported horizons, which supports its case as a long-term rather than tactical holding.

Source data date: as of 02 Sep 2026

Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the recent one-year measure, the fund trails the stronger peer returns shown by ICICI Pru Retirement Fund-Hybrid Aggressive Plan Direct Growth Plan and ICICI Pru Retirement Fund-Pure Equity Plan Direct Growth Plan, while remaining below Aditya Birla SL Retirement Fund-30 Direct Growth Plan as well. The longer record is steadier: its 3-year and 5-year returns are ahead of the Tata options listed here, but still below the higher-return ICICI retirement funds and the Aditya Birla SL Retirement Fund-30 Direct Growth Plan. That gives the peer picture two different messages: softer near-term momentum, but a middle-of-the-pack longer-term outcome among the funds shown.

Source data date: as of 02 Sep 2026

Portfolio: where your money goes

The largest disclosed holding is TREPS at 7.54%, which is meaningful for liquidity management but not dominant on its own. The tenth holding is State Bank of India at 2.55%, so the drop from first to tenth is fairly measured rather than abrupt. That usually points to a portfolio where influence may be spread across several positions instead of being driven by a single name.

The top 10 holdings account for approximately 42% of the portfolio, which suggests a moderate level of concentration in the listed positions. At the same time, 56 holdings are disclosed in total, so the visible book extends well beyond the largest names and may reduce dependence on just a few stocks or bonds. The mix of cash, financials, government securities, IT, healthcare and other large businesses also suggests the fund is not relying on one narrow theme.

Because the fund has more holdings beyond the ten shown, the disclosed leaders are only part of the story. Still, the combination of a 7.54% largest position, a 42% top-10 share and a 56-holding slate indicates a portfolio that is not extremely concentrated, even though the top positions can still have a noticeable effect on returns.

To see all holdings, visit the Aditya Birla SL Retirement Fund-40 Direct Growth Plan page

Source data date: as of 02 Sep 2026

Who should invest

This fund is best viewed by investors who are comfortable with High Risk and can stay invested for a long horizon. The 3-year and 5-year returns show that the scheme can build value over time, but the weaker 1-year reading and the slightly negative 1-month move remind us that the journey may not be smooth.

It fits investors who want retirement-style exposure and are willing to accept market fluctuations in exchange for longer compounding. Compared with NIFTY 50, the fund has been ahead over the reported 1-year, 3-year and 5-year periods, which is a positive sign, but its peer comparison shows that stronger retirement funds have also been available in the same universe.

The key trade-off is between the possibility of better long-run outcomes and the reality of short-term volatility. A patient investor who can absorb that unevenness may find the structure sensible; a shorter-horizon investor may find the risk level harder to live with.

Tax and exit load

Exit load: No exit load.

Source data date: as of 02 Sep 2026

Frequently asked questions

What is the current NAV of Aditya Birla SL Retirement Fund-40 Direct Growth Plan?

The current NAV is ₹21.812 as of 02 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 6.43%, 12.45% and 10.09%.

How does the fund compare with its benchmark?

It has outperformed NIFTY 50 across the reported 1-month, 3-month, 1-year, 3-year and 5-year periods. The gap is especially clear over 1 year and over the longer 3-year and 5-year horizons.

How does it compare with the listed peer funds?

Its 1-year return is lower than the stronger peer figures shown, while its 3-year and 5-year returns are ahead of the Tata retirement funds in the list. The peer set also includes retirement funds with higher medium-term returns than this scheme.

Is there a minimum SIP amount?

Yes. The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Mohit Sharma and Harshil Suvarnkar. The exit load is no exit load.

Bottom line

Aditya Birla SL Retirement Fund-40 Direct Growth Plan shows a clear split between a softer recent stretch and a firmer longer-term record. It has stayed ahead of NIFTY 50 over the reported horizons, but the peer set includes schemes with stronger 1-year, 3-year and 5-year returns. The portfolio is not dominated by one holding, and the top positions are spread across cash, banks, sovereign debt and large companies. That makes it more suitable for investors who can tolerate High Risk and stay invested for the long run.

Published on 3 September 2026 at 12:40 PM IST