HDFC NIFTY G-Sec Apr 2029 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
HDFC NIFTY G-Sec Apr 2029 Index Fund Direct Growth Plan is an index gilt fund with a current NAV of ₹13.0144 as of 17 Sep 2026 and scheme AUM of ₹152 Cr. Its 1-year, 3-year and 5-year returns are 5.01%, 7.50% and 0%; the risk category is Balanced Risk. Our view is that it fits investors who want government-securities exposure with a defined maturity profile, but the recent return path has been uneven and should be weighed against the benchmark behaviour.
For investors who can hold through interest-rate swings, the portfolio’s heavy tilt toward two government securities may appeal as a relatively focused gilt strategy. The main trade-off is that the fund has delivered modest recent gains, while its benchmark comparison has been weaker in the periods where the fund stayed positive.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹13.0144 as of 17 Sep 2026 |
| AUM | ₹152 Cr |
| Expense Ratio | 0.2% |
| Launch Date | 10 Mar 2023 |
| Min SIP | ₹100 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Anupam Joshi, Sankalp Baid |
The fund is managed by Anupam Joshi and Sankalp Baid.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.26% | -3.66% |
| 3M | 0.66% | -3.71% |
| 1Y | 5.01% | -7.13% |
| 3Y | 7.50% | 5.82% |
| 5Y | Data not available | Data not available |
The fund’s short-term picture is better than the benchmark because it has held up while the benchmark has stayed negative over 1 month, 3 months and 1 year. That said, the fund’s own 1-month return is slightly negative, which tells us the recent path has not been smooth even though the broader 1-year result remains positive.
Over 3 years, the fund has outpaced the benchmark, which supports a more constructive longer-term read than the benchmark’s steadier but lower return. The gap is meaningful because the benchmark has already recovered into positive territory, yet the fund has still maintained a higher 3-year return.
The movement pattern also points to a fund that can fluctuate around a narrow range rather than compounding in a straight line. For investors, that means the return outcome has been positive over the longer window, but the ride has included periods where short-term performance softened before recovering again.
There is no 5-year return figure here, so our view is that the more relevant comparison is between the 1-year and 3-year windows. On that basis, the fund has been more resilient than the benchmark in the recent cycle, while still showing enough drift to remind investors that gilt-linked index outcomes can vary with interest-rate moves.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD HDFC NIFTY G-Sec Apr 2029 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 NIFTY G-Sec Apr 2029 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| HDFC NIFTY G-Sec Apr 2029 Index Fund Direct Growth Plan | 5.01% | 7.50% | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 29.31% | 30.01% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.45% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.13% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.68% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 17.57% | 18.84% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
Among the funds listed here, the current fund’s 1-year return is much lower than the equity-oriented peers, which is consistent with its gilt-oriented behaviour rather than equity-style upside. Its 3-year return is also below the strongest peer figures available, though it remains positive and still ahead of the benchmark’s 3-year return.
The comparison does not tell a single story: the fund looks modest in short-term absolute return terms, but its longer horizon is steadier than many peers with very high 1-year numbers. That difference matters because the fund is designed around government securities, so its return profile is naturally more muted than equity-heavy peers while still giving a clearer longer-term improvement than the benchmark.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 7.1% GOI Mat 180429 | Government Securities | 75.56% |
| 7.59% GOI Mat 200329^ | Government Securities | 20.64% |
| Net Current Assets | Cash & Cash Equivalents and Net Assets | 2.59% |
| TREPS – Tri-Party Repo | Cash & Cash Equivalents and Net Assets | 1.22% |
These four disclosed positions cover the full portfolio, and the largest holding alone is 75.56%, which gives the fund a very strong tilt toward a single government security. The second holding is also sizable at 20.64%, so the portfolio is clearly built around just two bond exposures rather than a wide spread of smaller bets.
Weight falls sharply after the top two positions, with the remaining cash and repo items accounting for only 2.59% and 1.22%. That pattern suggests the fund is likely to have greater influence from the yield and price movements of the two government securities than from a broad basket of smaller holdings.
Because the disclosed holdings already add up to 100%, the portfolio looks highly concentrated in what it holds on a visible basis. That concentration may help the fund stay close to its target structure, but it also means investors are accepting a narrower set of rate-sensitive exposures rather than a diversified mix across many instruments.
Source data date: as of 17 Sep 2026
Who should invest
This fund suits investors who are comfortable with moderate risk and want a government-securities-based allocation rather than an equity-led growth profile. The Balanced Risk label, the positive but uneven 1-year and 3-year returns, and the concentrated gilt portfolio all point to a product that can work better for investors who understand interest-rate sensitivity.
The better fit is typically a medium- to longer-term horizon, because the fund’s return path has not been linear and short stretches can be soft. The main trade-off is accepting lower upside than equity peers in exchange for a more bond-focused approach that has still improved on the benchmark over 3 years.
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 |
No exit load applies.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of HDFC NIFTY G-Sec Apr 2029 Index Fund Direct Growth Plan?
Its current NAV is ₹13.0144 as of 17 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 5.01% and the 3-year return is 7.50%. The 5-year return is Data not available.
How has the fund done against the benchmark?
It has done better than the benchmark over 1 month, 3 months, 1 year and 3 years. The 3-year comparison is especially useful because the fund’s 7.50% return is above the benchmark’s 5.82% return.
How does it compare with the peer funds listed here?
Its 1-year return is much lower than the equity-oriented peer figures shown here, while its 3-year return is also below the stronger peer numbers available. Even so, its profile is more bond-like than those peers.
Does the fund have a minimum SIP amount?
Yes. The minimum SIP amount is ₹100.
Who manages the fund, and what is the exit load?
The fund is managed by Anupam Joshi and Sankalp Baid. No exit load applies.
Bottom line
This fund has a steadier longer-term profile than its benchmark, but the recent return pattern has still been uneven and the 1-year outcome is modest compared with the equity-oriented peers listed here. Its risk label and highly concentrated holding mix make it best understood as a focused government-securities strategy rather than a broad diversification tool. For investors who want a rate-sensitive allocation and can live with a narrower portfolio, the fund’s appeal lies in its bond-heavy structure and its better 3-year showing versus the benchmark.
Published on 18 September 2026 at 12:17 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.