Kotak Money Market Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Kotak Money Market Fund Direct Growth Plan currently has a NAV of ₹4,897.8451 as of 03 Sep 2026 and an AUM of ₹30,296 Cr. Its 1-year, 3-year and 5-year returns are 6.66%, 7.42% and 6.69% respectively, and the scheme carries a Medium Risk label. Our view is that this is a steady debt fund rather than a high-variation return story, with performance that has been broadly contained and more suited to conservative investors who want relatively measured movement.

The fund’s long-term returns are close to its benchmark’s 5-year pace, while shorter periods show modest improvement without sharp swings. That profile, along with a portfolio built around money-market and treasury instruments, points to a fund that may fit investors looking for stability over aggressive capital growth.

Quick facts

The fund is managed by Deepak Agrawal and Manu Sharma.

Source data date: as of 03 Sep 2026

Performance

The fund has been more consistent than the benchmark over the recent periods, especially over 1 year, where the benchmark has been negative while the fund remained positive. That gap matters because it suggests the portfolio has been doing a better job of preserving steady returns through different rate and market conditions than the benchmark used here.

Over 3 years, the fund’s return is still ahead of the benchmark, and the same is true over 5 years, though by a narrower margin. That tells us the fund has not only handled short-term noise reasonably well, but has also compounded at a rate that remains slightly better than the benchmark across longer holding periods.

The 1-month and 3-month figures show a calm pattern rather than a dramatic burst of upside. We would read that as a sign of controlled movement, which is consistent with a money-market style debt portfolio. The recent behaviour does not break away from the longer-term trend; instead, it looks like a continuation of modest, stable compounding.

At the same time, the returns are not high enough to frame this as an aggressive yield play. The fund’s role is more about keeping performance orderly while avoiding the sharper drawdowns that can appear in riskier debt or hybrid strategies.

Source data date: as of 03 Sep 2026

Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return is a little below Union, Bank of India, LIC MF, Tata and Bandhan in this peer set, so the near-term showing is steady rather than standout. On 3-year and 5-year figures, it is competitive and slightly stronger than the peers with full long-term histories shown here, which suggests the longer picture is firmer than the most recent 12 months.

That split matters: the fund has enough consistency to stay in the same conversation as other money-market funds, but its latest 1-year number does not lead the pack. The 3-year and 5-year readings are more reassuring for investors who care about smoother compounding over time rather than chasing the strongest short-term move.

Source data date: as of 03 Sep 2026

Portfolio: where your money goes

The largest disclosed holding is National Bank for Agriculture & Rural Development** at 10.26%, which gives the fund a clear anchor in short-term debt instruments. The tenth holding is 3.08%, so the weight drops fairly quickly from the top position to the end of the visible list, even though the gap is not extreme for a debt portfolio.

The top 10 holdings account for approximately 47.89% of the portfolio, and the fund has 42 disclosed holdings in total. That combination suggests the visible book is spread across a reasonably long tail rather than concentrated in only a handful of names, but the largest positions may still have meaningful influence on near-term behaviour.

We would read the mix as deliberate and defensive. Certificates of deposit dominate the visible list, with treasury bills also present, so the portfolio appears built around short-duration, high-quality instruments that may support steadier returns and limit sudden swings.

To see all holdings, visit the Kotak Money Market Fund Direct Growth Plan page

Source data date: as of 03 Sep 2026

Who should invest

This fund suits conservative investors who are comfortable with a Medium Risk profile and want a debt allocation that has stayed relatively steady across different return windows. The 1-year, 3-year and 5-year pattern points to consistency rather than high upside, and the benchmark comparison shows it has held up better than the benchmark across the measured periods.

The main trade-off is that investors may get smoother behaviour and modest compounding, but not the stronger return swings that can sometimes come with higher-risk debt categories. A longer horizon can help the 3-year and 5-year pattern matter more than any single short period, although the recent numbers suggest the fund has remained stable even in shorter windows.

Tax and exit load

No exit load after holding period.

Source data date: as of 03 Sep 2026

Frequently asked questions

What is the current NAV of Kotak Money Market Fund Direct Growth Plan?

The current NAV is ₹4,897.8451 as of 03 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year return is 6.66%, the 3-year return is 7.42% and the 5-year return is 6.69%.

How does the fund compare with its benchmark?

It has outperformed the benchmark across the measured periods. The benchmark’s 1-year figure is negative, while the fund remains positive, and the fund is also ahead over 3 years and 5 years.

How does it compare with the peer funds listed here?

Its 1-year return is slightly below several peer funds in the table, but its 3-year and 5-year returns remain competitive and ahead of the peers shown with full long-term data.

Is there a minimum SIP amount mentioned for this fund?

No minimum SIP amount is listed here. The fund allows SIP investing, but the minimum amount is not specified.

What is the risk profile, and who manages the fund?

The fund carries a Medium Risk label. It is managed by Deepak Agrawal and Manu Sharma, and its portfolio is built mainly around certificates of deposit and treasury bills.

Bottom line

Kotak Money Market Fund Direct Growth Plan looks more like a stability-oriented debt option than a return-chasing one. Its recent numbers are steady, its longer-term returns remain competitive against the benchmark and the peer set shown here, and its visible portfolio is built mainly from certificates of deposit and treasury bills. For investors who want measured compounding and a conservative-style debt allocation, the fund’s profile is internally consistent and easy to understand.

Published on 4 September 2026 at 10:03 AM IST