Parag Parikh Liquid Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 15, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Parag Parikh Liquid Fund Direct Growth Plan is a liquid fund with a current NAV of ₹1571.4197 as of 14 Sep 2026 and scheme AUM of ₹6,721 Cr. Its 1-year, 3-year and 5-year returns are 6.46%, 6.71% and 6.07% respectively, and the risk category is Balanced Risk.
Our view is that this is a fund for investors who want liquid-fund behaviour with a measured return profile rather than sharp swings. The portfolio is built around short-duration money-market and debt instruments, so the return pattern is steadier than equity-like funds, but the benchmark comparison shows that recent periods have been more supportive than the weaker one-year stretch in the index.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹1,571.4197 as of 14 Sep 2026 |
| AUM | ₹6,721 Cr |
| Expense Ratio | 0.1% |
| Launch Date | 11 May 2018 |
| Min SIP | ₹1,000 |
| 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 | Tejas Soman, Mansi Kariya, Aishwarya Dhar |
The fund is managed by Tejas Soman, Mansi Kariya, and Aishwarya Dhar.
Source data date: as of 14 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.52% | -3.66% |
| 3M | 1.63% | -1.91% |
| 1Y | 6.46% | -7.62% |
| 3Y | 6.71% | 6.22% |
| 5Y | 6.07% | 5.84% |
The recent return pattern is better than the benchmark over 1M, 3M and 1Y, and that matters because the index has been weak over the same windows. In our view, that makes the fund look more resilient in the recent stretch even though the absolute return numbers are still moderate rather than aggressive.
Over the longer 3-year and 5-year periods, the fund has stayed close to the benchmark, with a small edge in both cases. That tells us the fund has not relied on a single strong market phase; instead, it has compounded in a fairly controlled way across multiple periods.
The time pattern also suggests a relatively choppy path rather than a one-way line. There are short stretches of softness, but the broader trend still points to gradual compounding, which is what many liquid-fund investors tend to value more than bursts of upside.
Compared with the benchmark, the fund appears stronger in the recent windows and still slightly ahead across the multi-year periods. That combination gives it a more balanced story than the index itself, which has had a weak one-year showing.
Source data date: as of 14 Sep 2026
Should you BUY or HOLD Parag Parikh 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 Parag Parikh Liquid? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Parag Parikh Liquid Fund Direct Growth Plan | 6.46% | 6.71% | 6.07% |
| Aditya Birla SL Liquid Fund Direct Growth Plan | 6.6% | 7.02% | 6.41% |
| Axis Liquid Fund Direct Growth Plan | 6.6% | 7.02% | 6.4% |
| Sundaram Liquid Fund Direct Growth Plan | 6.6% | 7.01% | 6.38% |
| JioBlackRock Liquid Fund Direct Growth Plan | 6.59% | Data not available | Data not available |
| Edelweiss Liquid Fund Direct Growth Plan | 6.57% | 7.02% | 6.39% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the recent one-year view, the fund sits a little below several peers that are at 6.57% to 6.60%, so the short-term picture is competitive but not the strongest in this set. The longer-term picture is closer, because the fund’s 3-year and 5-year returns remain near the peer cluster rather than moving far away from it.
That creates a split story: recent returns trail the better one-year peer numbers by a small margin, while the multi-year record remains broadly in line with the stronger liquid-fund group on available figures. In our view, the short-term comparison and the longer-term comparison are directionally similar, but the gap is more visible at 1 year than over 3 years or 5 years.
Source data date: as of 14 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 91 Days Tbill (MD 03/09/2026) | Treasury Bills | 7.44% |
| NTPC Limited (23/09/2026) | Commercial Paper | 4.82% |
| Union Bank of India (24/09/2026) | Certificate of Deposit | 4.08% |
| Bank of Baroda (15/09/2026) | Certificate of Deposit | 3.71% |
| Export Import Bank of India (09/09/2026) # | Commercial Paper | 3.71% |
| Union Bank of India (14/10/2026) | Certificate of Deposit | 3.69% |
| Export Import Bank of India (04/11/2026) | Commercial Paper | 3.68% |
| Canara Bank (23/11/2026) # | Certificate of Deposit | 3.67% |
| Rep12_310826 | Cash & Cash Equivalents and Net Assets | 3.66% |
| Small Industries Dev Bank of India (21/09/2026) | Commercial Paper | 3.34% |
The largest holding is 91 Days Tbill (MD 03/09/2026) at 7.44%, which is sizeable for a liquid fund but still not overwhelming on its own. The step-down from the largest position to the tenth is gradual rather than abrupt, moving from 7.44% to 3.34%, so the portfolio does not look dependent on one dominant line item.
The top 10 holdings account for approximately 41.8% of the portfolio. With 44 disclosed holdings in total, the fund appears to spread exposure across a fairly long tail, which may reduce reliance on any single issuer while still leaving the largest positions likely to have greater influence on short-term outcomes.
The mix of treasury bills, commercial paper, certificates of deposit and cash-like exposure suggests a portfolio designed for liquidity and controlled credit exposure. That structure may help the fund keep volatility contained, although individual short-dated instruments can still move the return profile from period to period.
To see all holdings, visit the Parag Parikh Liquid Fund Direct Growth Plan page
Source data date: as of 14 Sep 2026
Who should invest
This fund suits investors who are comfortable with a liquid-fund style profile and want comparatively steady compounding rather than sharp upside. The Balanced Risk label and the return pattern suggest a conservative-to-moderate fit, especially for investors who value liquidity and a short holding horizon more than market-style growth.
The main trade-off is that the fund has been steadier than the benchmark in weaker recent windows, but its longer-term returns remain moderate. For an investor comparing liquid-fund options, the question is less about chasing high returns and more about accepting a controlled return profile in exchange for short-term stability.
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 a declining scale from Day 1 to Day 6: 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 and 0.0045% on Day 6. There is no exit load on or after 7 days.
Source data date: as of 14 Sep 2026
Frequently asked questions
What is the current NAV of Parag Parikh Liquid Fund Direct Growth Plan?
The current NAV is ₹1571.4197 as of 14 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The 1-year return is 6.46%, the 3-year return is 6.71% and the 5-year return is 6.07%.
How does the fund compare with its benchmark?
It has outpaced the benchmark across 1M, 3M, 1Y, 3Y and 5Y. The gap is most visible over 1 year, while the 3-year and 5-year edges are smaller.
How does it compare with other liquid funds on available return data?
Its recent 1-year return is slightly below several peers that are around 6.57% to 6.60%, while its 3-year and 5-year returns remain close to the peer group range on available figures.
What is the minimum SIP amount?
The minimum SIP amount is ₹1000.
Who manages the fund and what is the exit load?
The fund is managed by Tejas Soman, Mansi Kariya and Aishwarya Dhar. Exit load declines from Day 1 to Day 6 and is nil on or after 7 days.
Bottom line
Parag Parikh Liquid Fund Direct Growth Plan shows a steadier multi-year profile than the benchmark, with recent periods also holding up better than the index. Against peer liquid funds, the one-year return is a touch softer, but the 3-year and 5-year numbers stay close to the peer cluster. The Balanced Risk tag, short-dated debt-heavy portfolio and broad spread across 44 holdings make it suitable for investors who want liquidity and controlled volatility more than standout upside.
Published on 15 September 2026 at 4:18 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.