Nippon India Diversified Equity Flexicap Passive FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Nippon India Diversified Equity Flexicap Passive FoF Direct Growth Plan is at ₹20.7398 as of 15 September 2026, with an AUM of ₹224 Cr. Its 1-year, 3-year and 5-year returns are -3.09%, 8.68% and 8.79%, and the fund sits in the High Risk bucket.
Our view is that this is a portfolio for investors who can tolerate sharp short-term swings and are comfortable with an equity-heavy, passive fund-of-funds structure. The 5-year number is steady, but the 1-year result is weak, so the fund looks more suitable for a longer horizon than for short tactical allocation.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹20.7398 as of 15 Sep 2026 |
| AUM | ₹224 Cr |
| Expense Ratio | 0.21% |
| Launch Date | 01 Jan 2021 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | No exit load |
| Fund Managers | Shirish Guthe |
The fund is managed by Shirish Guthe.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -4.37% | -4.81% |
| 3M | -1.59% | -3.63% |
| 1Y | -3.09% | -8.27% |
| 3Y | 8.68% | 5.59% |
| 5Y | 8.79% | 5.58% |
The recent pattern is mixed, but the fund has been less weak than the benchmark over the last 1 month, 3 months and 1 year. That matters because the benchmark itself has been under pressure in the shorter windows, yet the fund has still held up a little better than the index in each of those periods.
The longer view is more constructive. The 3-year and 5-year returns are both ahead of the benchmark, which tells us the fund has added value over a fuller market cycle rather than relying on a very recent rebound. The 5-year result also sits just above the 3-year figure, so the long-run compounding profile looks stable rather than erratic.
What stands out most is that the 1-year number is negative even though the 3-year and 5-year figures are positive. That usually points to a fund that has faced a difficult recent stretch after a more durable earlier run. In our view, this is more important than the small monthly fluctuations, because it suggests investors need patience before expecting the longer-term pattern to dominate again.
Against the benchmark, the fund is ahead across all the periods shown here, but the margin is narrow in the short windows and more meaningful over 3 and 5 years. That makes the recent drawdown feel more like a cyclical setback than a structural break in the fund’s longer record.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Nippon India Diversified Equity Flexicap Passive FoF?
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 Nippon India Diversified Equity Flexicap Passive FoF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Nippon India Diversified Equity Flexicap Passive FoF Direct Growth Plan | -3.09% | 8.68% | 8.79% |
| SBI Silver ETF FOF Direct Growth Plan | 75.06% | Data not available | Data not available |
| Kotak Silver ETF FoF Direct Growth Plan | 74.67% | 44.26% | Data not available |
| Axis Silver FoF Direct Growth Plan | 73.7% | 44.39% | Data not available |
| Zerodha Silver ETF FoF Direct Growth Plan | 73.46% | Data not available | Data not available |
| Nippon India Silver ETF FOF Direct Growth Plan | 72.65% | 43.94% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The current fund’s 1-year return is far weaker than the peer set shown here, while the peers with silver exposure post very strong short-term numbers. On the longer view, the fund’s 3-year and 5-year returns are positive, but the available peer figures in those periods are materially higher where disclosed. So the short-term and longer-term comparisons both point to a fund that is steadier than the benchmark, yet clearly behind the strongest peer return figures available in this comparison set.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Nippon India ETF Nifty 100 | Domestic Mutual Funds Units | 69.92% |
| Nippon India ETF Nifty Midcap 150 | Domestic Mutual Funds Units | 16.84% |
| Nippon India Nifty Smallcap 250 Ind Funddi Pl-Grop | Domestic Mutual Funds Units | 12.30% |
| Triparty Repo | Cash & Cash Equivalents and Net Assets | 1.16% |
The largest holding is Nippon India ETF Nifty 100 at 69.92%, which is large enough to shape the fund’s day-to-day behaviour on its own. The next two positions, at 16.84% and 12.30%, are much smaller, so the weight drops sharply after the first holding and then tapers again into cash and cash equivalents.
Because the disclosed holdings list contains only four rows and those four rows add up to 100%, the portfolio appears tightly focused rather than spread across a long tail of smaller positions. That concentration means the fund may be more influenced by the performance of a few underlying exposures than by a broad collection of minor holdings.
In practical terms, the fund’s design may create a fairly direct ride on the underlying equity mix it owns through other funds and ETFs. That can support smoother implementation of a diversified allocation, but it also means investors should be comfortable with the fact that the largest building block carries most of the weight.
Source data date: as of 15 Sep 2026
Who should invest
This fund fits investors with a high tolerance for volatility and a clear willingness to stay invested for several years. The 1-year weakness shows that returns can move sharply in the short run, while the 3-year and 5-year figures suggest the longer holding period has been more rewarding.
The main trade-off is between short-term discomfort and long-term participation in an equity-led portfolio that has generally stayed ahead of the benchmark over fuller periods. The portfolio structure is also concentrated in a few underlying funds and ETFs, so investors need to accept that the return path may not be smooth even when the longer-term picture is constructive.
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: No exit load.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of Nippon India Diversified Equity Flexicap Passive FoF Direct Growth Plan?
The current NAV is ₹20.7398 as of 15 September 2026.
How has the fund performed over 1 year, 3 years and 5 years?
Its 1-year return is -3.09%, its 3-year return is 8.68%, and its 5-year return is 8.79%.
How does the fund compare with the benchmark?
It has stayed ahead of the Nifty 50 across the periods shown here. The gap is small over 1 month and 3 months, and wider over 3 years and 5 years.
What is the risk category of this fund?
The fund is in the High Risk category. That matches its equity-linked structure and its weaker short-term return pattern.
Which holdings make up the portfolio?
The portfolio is led by Nippon India ETF Nifty 100 at 69.92%, followed by Nippon India ETF Nifty Midcap 150 at 16.84% and Nippon India Nifty Smallcap 250 Ind Funddi Pl-Grop at 12.30%.
Who manages the fund and what is the exit load?
The fund is managed by Shirish Guthe. There is no exit load.
Bottom line
The fund’s recent performance is softer than its 3-year and 5-year record, so the short-term picture is less comfortable than the longer-term one. It has still held up better than the benchmark across the periods shown, but the peer comparison shows much stronger 1-year figures in the peer set where those numbers are available. With a High Risk profile and a portfolio concentrated in a few underlying holdings, this looks better suited to investors who can stay patient through uneven stretches.
Published on 16 September 2026 at 5:56 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.