HDFC CRISIL-IBX Financial Services 9-12 Months Debt Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
HDFC CRISIL-IBX Financial Services 9-12 Months Debt Index Fund Direct Growth Plan is an early-stage debt index fund with a NAV of ₹10.3726 as of 16 Sep 2026 and scheme AUM of ₹957 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the official risk category is Balanced Risk. Our view is that the fund is still building a visible track record, so it suits investors who can accept limited history and are comfortable with a portfolio anchored in financial-services debt instruments.
The current return pattern is modest in the near term, while the portfolio is built around debt, money-market style liquidity and select financial-sector exposures. That combination may appeal to investors looking for a defined, shorter-duration credit allocation rather than a high-growth equity-style outcome.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹10.3726 as of 16 Sep 2026 |
| AUM | ₹957 Cr |
| Expense Ratio | 0.0% |
| Launch Date | 24 Mar 2026 |
| Min SIP | ₹100 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | No exit load |
| Fund Managers | Anupam Joshi, Praveen Jain |
The fund is managed by Anupam Joshi and Praveen Jain.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.48% | -4.41% |
| 3M | 1.9% | -3.6% |
| 1Y | Data not available | Data not available |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
Recent performance has been steadier than the benchmark. The fund has posted small positive returns over both the 1-month and 3-month windows, while the benchmark has stayed negative in both periods. That tells us the fund has so far held up better in a difficult market stretch.
The short history matters, though. The scheme launched only in March 2026, so there is no meaningful 1-year, 3-year or 5-year return record yet. For that reason, the current performance picture is better read as an early snapshot than as proof of a durable pattern.
Within the available window, the movement looks contained rather than sharp. That is consistent with a debt-index style structure, where the aim is usually to limit large swings instead of chasing aggressive upside. In our view, the recent profile is more about stability relative to the benchmark than about strong absolute growth.
Because the benchmark has weakened more visibly over the same periods, the fund currently looks less volatile than the reference index. Even so, the lack of longer history means investors should avoid reading too much into the current gap.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD HDFC CRISIL-IBX Financial Services 9-12 Months Debt 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 HDFC CRISIL-IBX Financial Services 9-12 Months Debt Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| HDFC CRISIL-IBX Financial Services 9-12 Months Debt Index Fund Direct Growth Plan | Data not available | Data not available | Data not available |
| Axis Nifty50 Equal Weight Index Fund Direct Growth Plan | Data not available | Data not available | Data not available |
| Axis Nifty Energy Index Fund Direct Growth Plan | Data not available | Data not available | Data not available |
| Groww Nifty Smallcap 250 Momentum Quality 100 Index Fund Direct Growth Plan | Data not available | Data not available | Data not available |
| SBI CRISIL-IBX 10:90 Gilt+SDL Index-Dec 2029 Index Fund Direct Growth Plan | Data not available | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The peer set does not give us a usable long-term comparison because the available return fields are unavailable for every fund listed here. What we can say is that the fund’s short-term numbers are positive while the benchmark is negative, so the current run is comparatively better on the recent window. The absence of usable 1-year, 3-year and 5-year peer figures means the short-term story is clearer than the long-term one.
That makes the current comparison useful mainly as a recent-behaviour check. On the numbers available today, the fund has been more resilient than the benchmark, but there is not enough peer-return history here to support a stronger conclusion about durability versus the peer set.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 8.3% Tata Capital Ltd. | Corporate Debt | 10.47% |
| TREPS – Tri-Party Repo | Cash & Cash Equivalents and Net Assets | 9.47% |
| 7.71% REC Limited.^ | Corporate Debt | 7.84% |
| Panatone Finvest Ltd.^ | Commercial Paper | 7.62% |
| 7.6% Power Finance Corporation Ltd.^ | Corporate Debt | 5.23% |
| 8.1167% Bajaj Finance Ltd.^ | Corporate Debt | 5.23% |
| 8.25% Mahindra & Mahindra Financial Services Ltd.^ | Corporate Debt | 5.23% |
| 8.277% SMFG India Credit Company Ltd^ | Corporate Debt | 5.23% |
| Kotak Mahindra Bank Limited^ | Certificate of Deposit | 5.08% |
| Small Industries Development Bank | Certificate of Deposit | 5.04% |
The largest holding is 8.3% Tata Capital Ltd. at 10.47%, so no single line item dominates the disclosed book by itself. The next holdings also remain in a fairly tight band, with weights mostly between about 5% and 9%, which suggests the visible allocation is balanced across several issuers rather than concentrated in one name.
The drop from the largest holding to the tenth is not steep in a structural sense, because the tenth holding still carries 5.04%. That kind of spread may reduce reliance on one credit position, while still leaving several of the largest holdings with meaningful influence on overall performance.
The top 10 holdings account for approximately 66.44% of the portfolio, and the fund discloses 26 holdings in total. That means the visible core is fairly significant, but there is also a longer tail beyond the top 10. Our view is that this shape may provide some diversification, while the larger positions are still likely to have greater influence on returns and credit behaviour.
To see all holdings, visit the HDFC CRISIL-IBX Financial Services 9-12 Months Debt Index Fund Direct Growth Plan page
Source data date: as of 16 Sep 2026
Who should invest
This fund may suit investors who want a debt-oriented allocation with a Balanced Risk profile and can accept that the scheme is very new. The main appeal is its steadier recent behaviour versus the benchmark, but the trade-off is that there is no meaningful long-term return history yet.
In our view, the better fit is someone with a moderate risk tolerance and a shorter-to-medium investment horizon who is mainly interested in controlled exposure to financial-services debt instruments. The portfolio shape suggests a spread across multiple issuers, which may help reduce dependence on a single holding, but it also means returns can still be shaped by credit and rate conditions.
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 16 Sep 2026
Frequently asked questions
What is the current NAV of HDFC CRISIL-IBX Financial Services 9-12 Months Debt Index Fund Direct Growth Plan?
The current NAV is ₹10.3726 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year, 3-year and 5-year returns are all not yet available in a meaningful way because the scheme is newly launched. The current visible performance window is the 1-month and 3-month return track.
How has it performed versus the benchmark recently?
It has done better than the benchmark in the recent windows available. The fund shows positive 1-month and 3-month returns, while the benchmark is negative in both periods.
How does the fund compare with the peer funds listed here?
The short-term comparison is the only usable one here, and the fund’s recent returns are positive while the peer table does not provide usable long-term return figures for a direct comparison. That makes the current comparison more useful for recent behaviour than for long-run conclusions.
Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹100.
What are the portfolio and exit-load features?
The portfolio is led by 8.3% Tata Capital Ltd. at 10.47%, with the top 10 holdings together accounting for approximately 66.44% of the portfolio. There is no exit load, and the fund is managed by Anupam Joshi and Praveen Jain.
Bottom line
This fund’s recent returns look steadier than the benchmark, but it does not yet have a meaningful 1-year, 3-year or 5-year history. The peer comparison adds little long-term clarity because the available return fields are not usable, so the main evidence today comes from the short-term behaviour. The portfolio is spread across multiple financial-services debt positions, with a sizeable core and a longer tail, which may make the exposure more balanced than concentrated.
Published on 17 September 2026 at 4:22 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.