LIC MF Equity Savings Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

LIC MF Equity Savings Fund Direct Growth Plan is at ₹32.6932 as of 04 Sep 2026, with scheme AUM of ₹37 Cr. Its 1-year, 3-year and 5-year returns are 4.08%, 9.03% and 7.77%, and the risk category is Medium Risk. Our view is that this is a measured hybrid option for conservative-leaning investors who want balance rather than aggressive equity exposure, although the recent return pattern has been softer than the medium-term trend.

The fund also carries a lower-volatility description, and its portfolio has a large cash-and-liquid component alongside equity positions. That mix can help moderate day-to-day swings, but it also means returns may not keep pace with a stronger equity-led rally. The fund’s behaviour looks more suited to investors who value steadier participation and can stay invested through uneven market phases.

Quick facts

The fund is managed by Siddharth Panjwani and Pratik Shroff.

Source data date: as of 04 Sep 2026

Performance

The recent picture is mixed but not weak. Over one month, the fund was broadly flat and held up better than the benchmark, which suggests some cushioning in a choppy phase. Over three months, it improved more than the benchmark as well, although the gap is not large enough to signal a sharp change in character.

The stronger point is the medium-term record. The 3-year return is above the benchmark, and the 5-year return also stays ahead of it. That tells us the fund has been able to compound at a steadier pace than the index over a fuller cycle, even if the pace is not especially fast. The 1-year number is lower than the 3-year figure, so the latest stretch has not matched the better medium-term rhythm.

The time pattern also points to a fund that tends to move in smaller steps than a pure equity product. It does not show the kind of sharp upward swing that usually comes with high-beta equity exposure. For investors, that can be useful if the aim is smoother participation, but it also means the upside may feel restrained when markets are strong.

Against the benchmark, the fund looks ahead across all the displayed periods, with the clearest advantage over 1 year and 3 years. Our view is that the performance profile fits a balanced mandate rather than a return-chasing one. The key question is not whether it can beat the market every quarter, but whether its steadier compounding suits the investor’s tolerance for moderate risk.

Source data date: as of 04 Sep 2026

Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On the current 1-year number, this fund trails several of the listed peers, especially the stronger recent performers. That gap is meaningful because the recent period is where investors usually feel the immediate comparison most sharply. The 3-year and 5-year numbers also sit below the better peer figures available here, which suggests the fund has been more modest in compounding than the stronger names over fuller periods.

At the same time, the peer set does not tell one single story. One peer has missing longer-period figures, so the comparison is cleaner on the funds with complete records. Even so, the pattern is consistent: the LIC fund’s longer-term returns are competitive only on a steadier, not leading, basis. The short-term and longer-term comparisons both point to a balanced, but not standout, return profile.

Source data date: as of 04 Sep 2026

Portfolio: where your money goes

The largest holding, TREPS, is 21.48%, which is substantial on its own and shows that a significant portion of the portfolio is parked in cash-like instruments. The next holding, LIC MF Liquid Fund-Dr PLN-GR, is also sizeable at 9.89%, so the top two positions together already shape a meaningful part of the fund’s profile before the equity book begins to matter.

After that, the individual equity weights fall quickly into a narrow band. The tenth holding is 1.69%, so the gap from the largest position to the tenth is wide, and the portfolio does not rely on one or two equity bets alone. That kind of spread may reduce the chance that any single stock dominates day-to-day movement, although the cash and liquid allocation still remains the most visible anchor.

Because the displayed top 10 holdings account for approximately 47.8% of the portfolio and the full disclosed set runs to 61 holdings, the fund appears to use a fairly long tail beyond the biggest names. Our view is that this structure may help balance stock-specific risk, but it also means the equity upside is likely to be shaped by a diversified collection of moderate-weight positions rather than a concentrated high-conviction book.

To see all holdings, visit the LIC MF Equity Savings Fund Direct Growth Plan page

Source data date: as of 04 Sep 2026

Who should invest

This fund suits investors who can accept Medium Risk and who prefer a steadier hybrid profile over a pure equity approach. The 1-year return has been softer than the 3-year and 5-year figures, but the longer record still stays ahead of the benchmark, which points to patience being more important than short-term momentum.

It can fit a medium-term or longer holding period if the goal is to participate in market growth with some cushioning from cash-like and liquid exposure. The trade-off is clear: the portfolio’s defensive tilt may help with stability, but it may also limit the pace of gains when risk assets are strongly rising.

Tax and exit load

Exit load: Nil upto 12% of units and 1% for remaining units on or before 3M, Nil after 3M.

Source data date: as of 04 Sep 2026

Frequently asked questions

What is the current NAV of LIC MF Equity Savings Fund Direct Growth Plan?

The current NAV is ₹32.6932 as of 04 Sep 2026.

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

The 1-year return is 4.08%, the 3-year return is 9.03% and the 5-year return is 7.77%.

How does the fund compare with the benchmark?

It is ahead of the benchmark across the displayed 1-year, 3-year and 5-year periods. The gap is widest over 1 year, while the longer periods still show a steady lead.

How does the fund compare with the peer funds shown here?

Its recent and longer-term returns are below several of the peer funds listed here, though one peer does not have longer-period figures available. The comparison suggests a steadier profile rather than a leading return profile.

What is the minimum SIP amount?

The minimum SIP amount is not stated here, so it should be checked before starting a systematic plan.

Who manages the fund and what is the exit load?

The fund is managed by Siddharth Panjwani and Pratik Shroff. The exit load is nil up to 12% of units and 1% for the remaining units on or before 3 months, and nil after 3 months.

Bottom line

LIC MF Equity Savings Fund Direct Growth Plan looks steadier than fast-moving. Its shorter-term return has been softer than its medium-term record, but the longer horizon still stays ahead of the benchmark, and the portfolio carries a noticeable cash-like anchor that supports the fund’s defensive tone. Compared with the peer set shown here, the return profile is more restrained than several alternatives. That makes it more relevant for investors who value balance, moderate risk and a hybrid structure over strong upside chasing.

Published on 5 September 2026 at 5:14 PM IST