Mirae Asset ELSS Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 11, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mirae Asset ELSS Tax Saver Fund Direct Growth Plan is at ₹57.01 as of 10 Sep 2026, with an AUM of ₹26,427 Cr. Its 1-year, 3-year and 5-year returns are 2.72%, 11.97% and 11.08% respectively, and the scheme sits in the High Risk category. Our view is that it has shown steadier medium-term compounding than its short-term result suggests, but the recent return pattern still leaves it best suited to investors who can stay invested through equity drawdowns and are comfortable with ELSS lock-in.
The fund’s portfolio is anchored by large financials and a handful of other active positions, which can support upside when the portfolio’s core bets work and also create noticeable swings when they do not. That makes it more appropriate for long-horizon tax-saving investors who value equity exposure and can live with uneven shorter-term outcomes.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹57.01 as of 10 Sep 2026 |
| AUM | ₹26,427 Cr |
| Expense Ratio | 0.56% |
| Launch Date | 28 Dec 2015 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | No exit load after holding period |
| Fund Managers | Neelesh Surana |
The fund is managed by Neelesh Surana.
Source data date: as of 10 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.67% | -4.06% |
| 3M | 4.89% | 1.37% |
| 1Y | 2.72% | -7.31% |
| 3Y | 11.97% | 6.07% |
| 5Y | 11.08% | 5.91% |
The fund has recovered better than the benchmark over the recent three-month and one-year windows. The 1-year return is modest at 2.72%, but it still compares well against the benchmark’s negative 1-year return, which tells us the portfolio held up better through the more difficult part of the cycle. That is a useful sign for investors who care about downside control as much as upside capture.
Over a longer horizon, the picture is more balanced and more constructive. The 3-year return of 11.97% and the 5-year return of 11.08% both sit above the benchmark’s 6.07% and 5.91%. This suggests the fund has compounded ahead of the index across the medium-to-long term, even though the pace has not been especially fast in the latest year. In other words, recent performance is weaker than the longer-term trend, but not so weak that it breaks the broader pattern.
The short-term time path also shows a choppier ride than the long-term numbers alone might imply. There was a recovery phase after earlier weakness, followed by a softer patch in the latest month. For an ELSS fund, that kind of uneven movement is not unusual, but it does mean investors need patience. The fund’s main merit here is that it has converted a difficult benchmark backdrop into positive medium-term compounding.
Source data date: as of 10 Sep 2026
Should you BUY or HOLD Mirae Asset ELSS Tax Saver?
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 Mirae Asset ELSS Tax Saver? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mirae Asset ELSS Tax Saver Fund Direct Growth Plan | 2.72% | 11.97% | 11.08% |
| Quant ELSS Tax Saver Fund Direct Growth Plan | 14.4% | 14.49% | 15.61% |
| Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan | 13.44% | 22.35% | 17.6% |
| JM ELSS-Tax Saver Fund Direct Growth Plan | 8.95% | 16.04% | 14.66% |
| ITI ELSS Tax Saver Fund Direct Growth Plan | 7.31% | 17.13% | 13.4% |
| Sundaram LT Micro Cap Tax Adv Fund-Sr IV- Direct Growth Plan | 7.26% | 11.36% | 15.84% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On recent numbers, the fund trails the stronger peer 1-year figures by a clear margin, even though it is still ahead of the benchmark. The longer view is also mixed: its 3-year and 5-year returns are respectable, but they are below the leading peer outcomes available here. That combination tells us the fund has been steadier than the benchmark yet less powerful than the more aggressive peers over the same horizons.
For readers comparing style, the gap is most visible in the 1-year window, while the medium-term numbers are closer but still lower than the better-performing peers. So the peer set suggests a different story from the benchmark comparison: the fund has beaten the index, but it has not matched the sharper compounding delivered by the stronger peers in this group.
Source data date: as of 10 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Ltd. | Bank | 8.91% |
| ICICI Bank Ltd. | Bank | 5.26% |
| Laurus Labs Ltd. | Healthcare | 4.56% |
| Reliance Industries Ltd. | Crude Oil | 4.47% |
| State Bank of India | Bank | 4.11% |
| Axis Bank Ltd. | Bank | 3.43% |
| PB Fintech Ltd. | IT | 2.8% |
| Bharti Airtel Ltd. | Telecom | 2.66% |
| Infosys Ltd. | IT | 2.47% |
| Delhivery Ltd. | Logistics | 2.43% |
The top 10 holdings account for approximately 41.1% of the portfolio.
To see all holdings, visit the Mirae Asset ELSS Tax Saver Fund Direct Growth Plan page
The largest holding, HDFC Bank Ltd. at 8.91%, is meaningful but not dominant on its own. The next few positions are also sizable, yet the weight drops steadily as we move down the list, with the tenth holding at 2.43%. That step-down suggests the fund may not be reliant on a single position, but the top names still have more influence than the smaller holdings below them.
Because the top 10 holdings together make up 41.1% of the portfolio, the fund appears moderately concentrated in its visible core positions while still leaving room for a broad tail across 56 disclosed holdings. That balance may help it participate in equity upside without becoming overly dependent on one stock. At the same time, the listed holdings show a clear tilt toward banks, which could make portfolio behaviour more sensitive to financial-sector trends.
Overall, the structure looks like a core-satellite equity portfolio rather than an ultra-diversified basket. The main positions could drive returns, but the longer tail may also soften the impact if one or two large holdings move differently from the rest.
Source data date: as of 10 Sep 2026
Who should invest
This fund is better suited to investors with a high tolerance for equity volatility and a long enough horizon to ride through uneven phases. The High Risk label fits the return pattern: the fund has improved over 3 years and 5 years, but the latest 1-year result is still modest. That means the main trade-off is accepting short-term inconsistency in exchange for the possibility of stronger medium-term compounding than the benchmark has delivered.
It also suits ELSS investors who want tax-saving equity exposure and can work with the three-year lock-in. The portfolio’s large-bank tilt and the concentration in the top holdings may matter more to investors who prefer smoother paths, because returns are likely to be influenced by a relatively small set of positions. For more cautious investors, the uneven short-term behaviour may be harder to tolerate.
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 after holding period
Source data date: as of 10 Sep 2026
Frequently asked questions
What is the current NAV of Mirae Asset ELSS Tax Saver Fund Direct Growth Plan?
The current NAV is ₹57.01 as of 10 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 2.72%, 11.97% and 11.08%.
How does the fund compare with the NIFTY 50 benchmark?
It has done better than the benchmark across the 1-year, 3-year and 5-year periods shown here. The gap is especially visible over 1 year, where the fund is positive while the benchmark is negative.
How does it compare with the peer funds listed here?
Its recent and medium-term returns are below the strongest peer figures shown here, even though they are still ahead of the benchmark. The peer set indicates that other ELSS funds in the group have delivered faster compounding over the same horizons.
What is the minimum SIP for this fund?
The fund allows SIP investments starting from ₹500.
Who manages the fund and what is the exit load?
Neelesh Surana manages the fund. No exit load applies after the holding period.
Bottom line
Mirae Asset ELSS Tax Saver Fund Direct Growth Plan has a mixed but coherent story: the latest year is subdued, while the 3-year and 5-year numbers are more convincing and sit ahead of the benchmark. Against peers, however, the fund is more measured than the stronger return leaders. Its High Risk profile and bank-heavy top holdings mean it is not built for investors who want a smooth path. For long-term ELSS investors who can handle equity swings, it offers a sensible tax-saving equity option with a reasonably broad portfolio base.
Published on 11 September 2026 at 5:54 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.