Motilal Oswal Nifty MidSmall India Consumption Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 15, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Motilal Oswal Nifty MidSmall India Consumption Index Fund Direct Growth Plan currently has a NAV of ₹9.517 as of 11 Sep 2026 and a scheme AUM of ₹24 Cr. Its 1-year, 3-year and 5-year returns are -8.44%, 0% and 0%, and it sits in the High Risk category. Our view is that this is a niche consumption-themes index fund for investors who can tolerate sharp swings and are comfortable with a relatively young scheme that has not yet built a long published return record.
The benchmark comparison remains mixed: the fund has lagged over 1 year but shown a better 3-month reading than the benchmark. Given the concentrated consumer-led mix and the limited track record, it may suit investors who want targeted exposure to consumption-linked businesses and can stay invested through volatility rather than expecting smooth near-term outcomes.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹9.517 as of 11 Sep 2026 |
| AUM | ₹24 Cr |
| Expense Ratio | 0.62% |
| Launch Date | 19 Nov 2024 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | 1% on or before 15D, Nil after 15D |
| Fund Managers | Swapnil P Mayekar, Rakesh Shetty |
The fund is managed by Swapnil P Mayekar and Rakesh Shetty.
Source data date: as of 11 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -4.8% | -3.66% |
| 3M | 1.67% | -1.91% |
| 1Y | -8.44% | -7.62% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The fund’s short-run pattern has been uneven. The 1-month reading is weaker than the benchmark, but the 3-month number is ahead, which tells us the fund has been able to recover some ground after a softer stretch. That kind of pattern is not unusual for a themed index strategy, especially one linked to consumption names that can move differently from the broader market.
Over 1 year, the fund remains slightly behind the benchmark. The gap is not wide, but it does show that the strategy has not yet produced a clear edge over a plain-market reference point. For investors, that matters because an index fund is often expected to track its chosen exposure closely and avoid large surprises in either direction.
The longer horizon is harder to judge because 3-year and 5-year figures are not available. That means we cannot build a mature compounding story yet, and the short record should be treated as a live snapshot rather than a full cycle view. Our reading is that recent resilience is encouraging, but it is not enough on its own to offset the fund’s still-short history.
Relative to the benchmark, the last few months have been better than the 1-year headline suggests. Still, the overall picture is one of volatility first and consistency later. Investors who use it may want to view it as a tactical consumption allocation rather than a core, all-weather equity holding.
Source data date: as of 11 Sep 2026
Should you BUY or HOLD Motilal Oswal Nifty MidSmall India Consumption 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 Motilal Oswal Nifty MidSmall India Consumption Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Motilal Oswal Nifty MidSmall India Consumption Index Fund Direct Growth Plan | -8.44% | Data not available | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 32.61% | 29.92% | Data not available |
| Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan | 26.23% | Data not available | Data not available |
| Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan | 26.22% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 26.18% | Data not available | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 25.91% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the available 1-year numbers, this fund trails every peer in the table, which shows that the recent stretch has been materially softer than the alternatives listed here. The 3-year and 5-year fields are largely unavailable for the peer set as well, so the comparison is mostly a recent-performance snapshot rather than a full-cycle contest. That makes the short-term gap more important, but it also limits how far we can extend the comparison.
What stands out is that the fund’s short-term recovery has not yet translated into a stronger headline 1-year result. Several peer funds have far firmer recent gains, while this scheme is still in negative territory. At the same time, the absence of longer histories across most peers means the table does not support a deeper long-horizon judgment from a balanced cycle perspective.
Source data date: as of 11 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Hero Motocorp Limited | Automobile & Ancillaries | 7.63% |
| Dixon Technologies (India) Limited | Consumer Durables | 6.64% |
| Info Edge India Ltd | IT | 5.44% |
| FSN E-Commerce Ventures Limited | Retailing | 5.16% |
| Fortis Healthcare Limited | Healthcare | 5.1% |
| Marico Limited | FMCG | 4.68% |
| Swiggy Limited | Retailing | 4.31% |
| Vodafone Idea Limited | Telecom | 4.25% |
| The Phoenix Mills Limited | Realty | 3.82% |
| Radico Khaitan Limited | Alcohol | 3.79% |
The top 10 holdings account for approximately 50.82% of the portfolio.
To see all holdings, visit the Motilal Oswal Nifty MidSmall India Consumption Index Fund Direct Growth Plan page
The largest holding, Hero Motocorp Limited, carries a weight of 7.63%, so it may have greater influence on the scheme’s day-to-day movement than the smaller names. The next few positions also remain meaningful, which suggests the portfolio is not dominated by a single company alone.
Weight does fall steadily from the first holding to the tenth, with the tenth position at 3.79%. That decline is not abrupt, but it is enough to show that the biggest names contribute more than the tail. In our view, that creates a moderate layer of concentration within the listed top holdings.
At the same time, the top 10 account for 50.82% of the portfolio, while 30 holdings are disclosed in total. That points to a portfolio that is spread across a fair number of names, but with the leading positions still likely to matter more than the smaller ones. For an index strategy built around a consumption theme, that balance may be important for investors who want focused exposure without relying on just one or two companies.
Source data date: as of 11 Sep 2026
Who should invest
This fund suits investors who can handle high day-to-day variation and who are comfortable with a themed equity exposure rather than a broad market core. The 1-year loss, the better 3-month rebound and the lack of a long published track record all point to a scheme that is still proving itself across market phases.
The main trade-off is clear: you get targeted exposure to consumption-linked businesses, but you must accept that the journey can be uneven. Investors with a longer horizon and a willingness to tolerate volatility may find that easier to hold than those looking for steady short-term outcomes.
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: 1% on or before 15D, Nil after 15D.
Source data date: as of 11 Sep 2026
Frequently asked questions
What is the current NAV of Motilal Oswal Nifty MidSmall India Consumption Index Fund Direct Growth Plan?
The current NAV is ₹9.517 as of 11 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -8.44%, while the 3-year and 5-year returns are Data not available.
How does the fund compare with its benchmark?
Over 1 year, the fund at -8.44% is slightly behind the benchmark at -7.62%. Over 3 months, the fund has done better than the benchmark, but the 1-month reading is weaker.
How does the fund compare with the peer funds listed here?
On the available 1-year figures, the fund is behind the peer schemes shown in the comparison table. The longer-horizon fields are mostly not available for those peers, so the comparison is mainly about recent performance.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Swapnil P Mayekar and Rakesh Shetty. The exit load is 1% on or before 15D and nil after 15D.
Bottom line
This fund’s shorter-term pattern is more constructive than its 1-year number, but the overall record is still limited and remains softer than the benchmark on the main trailing figure. Compared with the peer set shown here, the recent 1-year outcome is weaker, while the portfolio suggests a focused consumption tilt with meaningful weight in a handful of holdings. The High Risk label fits the kind of volatility investors should expect, so it is best viewed as a specialised equity exposure for those comfortable with theme-led swings and a longer holding period.
Published on 15 September 2026 at 4:09 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.