Mirae Asset Liquid Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mirae Asset Liquid Fund Direct Growth Plan has a NAV of ₹3,001.3733 as of 17 Sep 2026 and a scheme AUM of ₹17,358 Cr. Its 1-year, 3-year and 5-year returns are 6.43%, 6.94% and 6.35% respectively, and the scheme sits in the Balanced Risk category.
Our view is that this is a cash-management style liquid fund with steady but moderate return delivery rather than sharp outperformance. The portfolio is built around short-dated money-market and debt instruments, which supports stability, but the returns also track a relatively restrained pattern versus the benchmark over longer periods.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹3,001.3733 as of 17 Sep 2026 |
| AUM | ₹17,358 Cr |
| Expense Ratio | 0.09% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹99 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Liquid |
| Exit Load | 0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, NIL on or after 7D |
| Fund Managers | Pranavi Kulkarni |
The fund is managed by Pranavi Kulkarni.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.51% | -3.66% |
| 3M | 1.59% | -3.71% |
| 1Y | 6.43% | -7.13% |
| 3Y | 6.94% | 5.82% |
| 5Y | 6.35% | 5.72% |
The recent pattern is stronger than the benchmark at every displayed horizon. Over 1M and 3M, the fund stayed positive while the benchmark remained negative, which points to steadier short-term behaviour than the index has shown in the latest stretch.
The 1-year return is also comfortably ahead of the benchmark, though the broader 3-year and 5-year numbers are more measured. That tells us the fund has not relied on a single strong phase; instead, it has delivered a fairly even return profile over time.
From the time pattern, the fund looks relatively stable rather than volatile. There is some variation through the 3-year and 5-year paths, but the overall direction is gradual and controlled, which is consistent with a liquid fund designed to preserve capital while earning incremental return.
For longer investors, the key point is that this scheme has kept ahead of the benchmark on the shown return measures, but not by a wide margin over the longer windows. That makes the fund more of a consistency story than a high-growth story.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD Mirae Asset Liquid?
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 Liquid? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mirae Asset Liquid Fund Direct Growth Plan | 6.43% | 6.94% | 6.35% |
| Aditya Birla SL Liquid Fund Direct Growth Plan | 6.59% | 7.02% | 6.41% |
| Axis Liquid Fund Direct Growth Plan | 6.59% | 7.01% | 6.4% |
| Sundaram Liquid Fund Direct Growth Plan | 6.58% | 7% | 6.38% |
| JioBlackRock Liquid Fund Direct Growth Plan | 6.57% | Data not available | Data not available |
| Nippon India Liquid Fund Direct Growth Plan | 6.56% | 6.99% | 6.37% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
Against peers with available data, the fund’s 1-year return sits a little below the strongest recent figures in this set, where several schemes are clustered between 6.56% and 6.59%. The gap is small, but it does show that the fund has kept pace without leading that short-term pack.
On 3-year and 5-year numbers, it also trails the better figures shown here by a modest margin. That makes the comparison look consistent: the fund is competitive, but its longer-term return profile is slightly softer than the strongest available peer results. The one exception is that JioBlackRock Liquid Fund does not yet provide longer-period figures, so the shorter window is the only one that can be compared there.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Reliance Retail Ventures Ltd. (MD 23/09/2026)** | Commercial Paper | 5.17% |
| Bharat Petroleum Corporation Ltd. (MD 24/09/2026)** | Commercial Paper | 4.73% |
| TREPS | Cash & Cash Equivalents and Net Assets | 3.91% |
| 91 Days Treasury Bills (MD 24/09/2026) | Treasury Bills | 3.59% |
| 91 Days Treasury Bills (MD 17/09/2026) | Treasury Bills | 3.45% |
| Hindustan Petroleum Corporation Ltd. (MD 29/09/2026)** | Commercial Paper | 3.15% |
| Small Industries Development Bank of India (MD 10/11/2026)**# | Certificate of Deposit | 2.85% |
| Bank of Baroda (MD 06/11/2026)**# | Certificate of Deposit | 2.42% |
| Indian Oil Corporation Ltd. (MD 25/09/2026)** | Commercial Paper | 2.29% |
| 91 Days Treasury Bills (MD 12/11/2026) | Treasury Bills | 2.28% |
The top 10 holdings account for approximately 33.84% of the portfolio.
To see all holdings, visit the Mirae Asset Liquid Fund Direct Growth Plan page
The largest holding is 5.17%, which is not oversized for a liquid fund and suggests no single position dominates the scheme on its own. The fall from the first holding to the tenth is gradual rather than abrupt, which points to a spread across multiple short-duration instruments rather than a very top-heavy book.
Even so, the displayed holdings together make up only about a third of the portfolio, while the disclosed holding count is 76. That combination suggests a meaningful tail beyond the visible positions, so the fund may not be overly dependent on just a handful of names.
The mix of commercial paper, treasury bills, certificates of deposit and TREPS also indicates a liquidity-oriented structure. In our view, that may help the fund keep cash-like characteristics while still aiming to earn incremental return from short-dated paper.
Source data date: as of 17 Sep 2026
Who should invest
This fund may suit investors who are comfortable with low-to-moderate return variability and want a liquid parking option rather than a growth-heavy allocation. The Balanced Risk label and the short-dated portfolio mix suggest a structure designed to stay relatively steady.
It also fits a shorter-to-medium holding horizon where the aim is to keep money accessible while seeking returns that have stayed ahead of the benchmark on the periods shown. The trade-off is simple: steadier behaviour and liquidity, but without the stronger upside that equity-oriented schemes can deliver.
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 applies on very short holding periods and reduces day by day at the start. It is 0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, and NIL on or after 7D.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of Mirae Asset Liquid Fund Direct Growth Plan?
The current NAV is ₹3,001.3733 as of 17 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 6.43%, the 3-year return is 6.94%, and the 5-year return is 6.35%.
How does it compare with the benchmark?
It has outperformed the benchmark across the displayed 1M, 3M, 1Y, 3Y and 5Y periods. The gap is especially clear in the shorter windows, where the benchmark is negative and the fund remains positive.
Which peer funds show similar return patterns?
Aditya Birla SL Liquid Fund Direct Growth Plan, Axis Liquid Fund Direct Growth Plan and Sundaram Liquid Fund Direct Growth Plan all show slightly stronger 1Y, 3Y and 5Y figures. JioBlackRock Liquid Fund Direct Growth Plan shows only a 1Y figure, with longer-period data not available.
What is the minimum SIP amount?
The minimum SIP amount is ₹99.
Who manages the fund and what is the exit load?
The fund is managed by Pranavi Kulkarni. Exit load starts at 0.007% for Day 1, then reduces each day through Day 6, and becomes NIL on or after 7D.
Bottom line
Mirae Asset Liquid Fund Direct Growth Plan has shown a steadier short-term picture than the benchmark and a measured longer-term return trend that stays competitive, though not especially aggressive. Compared with the peer set shown here, it is broadly in the same range but a touch softer on the longer windows. The portfolio leans on short-dated commercial paper, treasury bills, certificates of deposit and cash equivalents, which supports the fund’s liquid and relatively stable profile.
Published on 18 September 2026 at 3:38 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.