Aditya Birla SL Retirement Fund-40 Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 3, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Aditya Birla SL Retirement Fund-40 Direct Growth Plan looks like a high-risk retirement-oriented solution with a ₹21.147 NAV as of 15 Sep 2026 and a scheme AUM of ₹116 Cr. Its 1-year, 3-year and 5-year returns are 1.17%, 10.36% and 8.79%, respectively, and the fund is tagged as High Risk.
Our view is that the fund suits investors who can stay patient through uneven short-term moves and are comfortable with equity-led volatility. The longer holding periods are more supportive than the recent 1-year number, while the portfolio still carries a meaningful cash and government-securities sleeve alongside financials and large-cap equities.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹21.147 as of 15 Sep 2026 |
| AUM | ₹116 Cr |
| Expense Ratio | 1.01% |
| Launch Date | 11 Mar 2019 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Solution Oriented |
| Exit Load | No exit load |
| Fund Managers | Mohit Sharma, Harshil Suvarnkar |
The fund is managed by Mohit Sharma and Harshil Suvarnkar.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.54% | -4.81% |
| 3M | 0.13% | -3.63% |
| 1Y | 1.17% | -8.27% |
| 3Y | 10.36% | 5.59% |
| 5Y | 8.79% | 5.58% |
The recent picture is mixed, but not weak across every horizon. Over 1 month, the fund fell less than the benchmark, and over 3 months it moved into slightly positive territory while the benchmark stayed negative. That tells us the strategy has held up better than the index in a choppy patch, even though the 1-year return is still modest at 1.17%.
The stronger message comes from the longer periods. The 3-year return of 10.36% and 5-year return of 8.79% are both ahead of the benchmark’s 5.59% and 5.58%. That gap suggests the fund has compounded better than Nifty 50 over a full market cycle, even if the shorter window has been uneven.
The time pattern also suggests some recovery after a softer phase. The 1-year path shows a drawdown and later stabilisation rather than a smooth climb, while the 3-year and 5-year paths show a more durable upward trend. For investors, that means the fund has not been a straight-line compounder, but its longer-run behaviour has been more constructive than its recent 1-year return alone may imply.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Aditya Birla SL Retirement Fund-40?
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 Aditya Birla SL Retirement Fund-40? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Aditya Birla SL Retirement Fund-40 Direct Growth Plan | 1.17% | 10.36% | 8.79% |
| Aditya Birla SL Retirement Fund-30 Direct Growth Plan | 11.24% | 14.92% | 11.8% |
| Tata Retirement Sav Fund – Prog Plan Direct Growth Plan | 7.73% | 12.85% | 11% |
| Tata Retirement Sav Fund – Mod Plan Direct Growth Plan | 7.39% | 12.13% | 10.87% |
| ICICI Pru Retirement Fund-Hybrid Aggressive Plan Direct Growth Plan | 5.77% | 16.4% | 14.68% |
| SBI Retirement Benefit Fund-Aggressive Hybrid Plan Direct Growth Plan | 5.21% | 9.02% | 11.33% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the recent 1-year measure, the fund trails the strongest peer figures by a wide margin, even though it has held up better than the benchmark. Over 3 years and 5 years, its return profile remains above the benchmark, but it is still below the stronger peer numbers available in the table, especially among the other retirement-focused funds.
That creates a clear split between short-term and longer-term comparison. The fund’s recent steadiness versus Nifty 50 is a positive sign, but the peer set shows that other schemes have delivered much stronger compounded outcomes over both 3 years and 5 years. For readers comparing retirement-focused options, this fund looks more modest on growth and more balanced on near-term stability than several peers.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| TREPS | Cash & Cash Equivalents and Net Assets | 7.96% |
| ICICI Bank Ltd. | Bank | 6.64% |
| Government of India (06/10/2035) | Government Securities | 6.28% |
| HDFC Bank Ltd. | Bank | 3.86% |
| Infosys Ltd. | IT | 3.18% |
| Government of India (22/04/2064) | Government Securities | 2.9% |
| Reliance Industries Ltd. | Crude Oil | 2.89% |
| Sun Pharmaceutical Industries Ltd. | Healthcare | 2.85% |
| Ultratech Cement Ltd. | Construction Materials | 2.8% |
| State Bank of India | Bank | 2.62% |
The top 10 holdings account for approximately 41.98% of the portfolio.
To see all holdings, visit the Aditya Birla SL Retirement Fund-40 Direct Growth Plan page
The largest position is TREPS at 7.96%, which is sizeable but not overwhelming on its own. After that, the weights step down fairly quickly into single-digit holdings, with ICICI Bank Ltd. at 6.64% and Government of India (06/10/2035) at 6.28%.
By the tenth holding, the allocation has eased to 2.62%, so the portfolio is not built around one dominant security. The mix of cash equivalents, government securities, banks and a few large companies suggests a spread across defensive and cyclical exposures, while the disclosed top 10 still account for 41.98% of the portfolio. With 55 disclosed holdings overall, the scheme may still rely on a longer tail beyond the visible leaders.
That structure can matter for how the fund behaves in changing markets. The visible book is concentrated enough that the largest names may influence returns, but it is also broad enough to avoid excessive dependence on one or two positions. For a retirement-oriented scheme, that balance may help smooth the ride, even if it does not remove equity-market volatility.
Source data date: as of 15 Sep 2026
Who should invest
This fund fits investors who can accept High Risk and hold through uneven short-term moves. The 1-year return is weak at 1.17%, but the 3-year and 5-year figures are more supportive, and both are ahead of the benchmark over those horizons.
The trade-off is straightforward: recent performance has been softer than the longer-run trend, and the portfolio still carries meaningful equity exposure even with cash equivalents and government securities in the mix. That makes it more suitable for a long horizon, especially for investors who want a retirement-oriented structure and are comfortable with a path that may be volatile before it compounds more steadily.
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 15 Sep 2026
Frequently asked questions
What is the current NAV of Aditya Birla SL Retirement Fund-40 Direct Growth Plan?
The current NAV is ₹21.147 as of 15 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 1.17% over 1 year, 10.36% over 3 years and 8.79% over 5 years.
How does the fund compare with Nifty 50?
It has beaten Nifty 50 over 3 years and 5 years, while the 1-year return has been much softer than the benchmark’s longer-term comparison point.
How does it compare with other retirement-focused peers?
Its recent and long-term returns are below several peer schemes in the list, especially on the 1-year, 3-year and 5-year measures available for comparison.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
What are the fund’s risk and exit-load features?
The fund is tagged High Risk. It currently has no exit load, so redemption does not attract an exit-load charge.
Bottom line
Aditya Birla SL Retirement Fund-40 Direct Growth Plan has a mixed recent record, but its longer-horizon numbers are more reassuring than its 1-year return. It has also stayed ahead of the benchmark over 3 years and 5 years, even though several peer funds have delivered stronger compounded returns. The portfolio is not narrowly dependent on one holding, with TREPS, banks, government securities and large companies all visible in the top positions. For investors with a long horizon and comfort with High Risk, it is a measured retirement-style option rather than a fast-growth one.
Published on 16 September 2026 at 12:16 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.