PGIM India CRISIL IBX Gilt Index – Apr 2028 Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
PGIM India CRISIL IBX Gilt Index – Apr 2028 Fund Direct Growth Plan is at ₹12.8951 as of 17 Sep 2026, with scheme AUM of ₹21 Cr. Its 1-year, 3-year and 5-year returns are 5.16%, 7.12% and 0%, respectively, and the risk category is Balanced Risk. In our view, this is a narrow-duration gilt index fund that has held up better than its benchmark over the recent periods, but the return profile still reflects rate sensitivity rather than steady equity-like compounding.
The fund is better suited to investors who understand that gilt returns can move meaningfully with interest-rate expectations. Its current portfolio is highly concentrated in Government of India securities, which makes the fund’s direction closely tied to sovereign bond pricing and the maturity profile embedded in the index.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹12.8951 as of 17 Sep 2026 |
| AUM | ₹21 Cr |
| Expense Ratio | 0.33% |
| Launch Date | 22 Feb 2023 |
| Min SIP | ₹1,000 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Puneet Pal, Sandeep Devan |
The fund is managed by Puneet Pal and Sandeep Devan.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.13% | -3.66% |
| 3M | 1.06% | -3.71% |
| 1Y | 5.16% | -7.13% |
| 3Y | 7.12% | 5.82% |
| 5Y | Data not available | Data not available |
The recent profile has been more stable than the benchmark. Over 1 month and 3 months, the fund stayed slightly positive while the benchmark was negative, which suggests the portfolio has not been moving in lockstep with the broader equity benchmark during the latest stretch. That said, the return levels are modest, so this is not a story of strong upside momentum.
Over 1 year, the fund’s 5.16% return sits well above the benchmark’s -7.13%. This gap is large enough to show meaningful relative resilience, even if it should not be read as an equity-style beat. The fund’s path over the year also looks choppier than a simple straight line, which is consistent with a bond index that can react quickly to changing rate expectations.
The 3-year picture is different. The fund has returned 7.12% versus 5.82% for the benchmark, so it is still ahead on the longer window, but the edge is more moderate than in the 1-year period. That tells us the recent outperformance has strengthened rather than reversed the longer pattern. The 5-year figure is not available, so we avoid drawing any longer history conclusion beyond the fund’s short public track record.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD PGIM India CRISIL IBX Gilt Index – Apr 2028?
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 PGIM India CRISIL IBX Gilt Index – Apr 2028? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| PGIM India CRISIL IBX Gilt Index – Apr 2028 Fund Direct Growth Plan | 5.16% | 7.12% | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 29.31% | 30.01% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.45% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.13% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.68% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 17.57% | 18.84% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the latest 1-year figure, the fund trails the stronger peer returns by a wide margin, with the peer set showing several funds in the high-teens to high-twenties range. That comparison matters because it shows the fund has not matched the recent upside available in more growth-oriented index funds.
At the same time, the fund’s 3-year return is healthier than several peers with unavailable longer histories, and it is higher than the 3-year figure shown by ICICI Pru Nifty Pharma Index Fund Direct Growth Plan. The short-term and longer-term peer comparisons therefore tell different stories: the recent 1-year reading is modest, but the 3-year outcome is steadier and more defensible for a gilt strategy.
Source data date: as of 17 Sep 2026
Want to know more? Log in to Univest for more mutual fund insights.
Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 6.64% Government of India | Government Securities | 35.93% |
| 7.17% Government of India | Government Securities | 31.09% |
| 8.28% Government of India | Government Securities | 29.34% |
| Net Receivables / (Payables) | Cash & Cash Equivalents and Net Assets | 2.15% |
| Clearing Corporation of India Ltd. | Cash & Cash Equivalents and Net Assets | 1.49% |
The largest holding is 6.64% Government of India at 35.93%, which is a substantial single exposure for a fund that tracks a narrow gilt index. The next two government security positions are also large, so the portfolio’s return behaviour is likely to be strongly influenced by movements in a small set of sovereign bonds rather than by a broad spread of issuers.
The weight does not fall sharply after the top three because the disclosed portfolio stops there; what we can see is already highly concentrated. The fifth holding is only 1.49%, which shows that the disclosed cash and settlement items are minor compared with the bond positions. With only five disclosed rows and the top holdings accounting for 100% of the portfolio, this is a tightly focused portfolio where each sovereign line may have meaningful influence.
That concentration can help keep the fund aligned with its index objective, but it also means the fund is unlikely to behave like a diversified debt portfolio. For investors, the main takeaway is that interest-rate moves and bond-price changes in these government securities may matter more than security selection in a broader sense.
Source data date: as of 17 Sep 2026
Who should invest
This fund fits investors who can accept bond-market fluctuations and who want a gilt-oriented exposure rather than a diversified hybrid or equity fund. The Balanced Risk tag, modest but positive 1-year and 3-year returns, and the concentration in Government of India securities all point to a product that is sensitive to rates but still designed around sovereign debt.
The better-fit horizon is medium term or longer, because short stretches can be uneven even when the longer pattern is more stable. The main trade-off is straightforward: you get a focused gilt allocation with a relatively low expense ratio, but you also accept that the return path may not be smooth and may lag higher-growth peer categories when risk assets are strong.
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 17 Sep 2026
Frequently asked questions
What is the current NAV of PGIM India CRISIL IBX Gilt Index – Apr 2028 Fund Direct Growth Plan?
The current NAV is ₹12.8951 as of 17 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 5.16%, its 3-year return is 7.12%, and its 5-year return is not available.
How has the fund done against its benchmark?
It has outperformed the benchmark over 1 month, 3 months, 1 year and 3 years. The 1-year comparison is the clearest, with the fund at 5.16% versus -7.13% for the benchmark.
How does it compare with the peer funds shown here?
Its 1-year return is lower than several peer returns shown here, but its 3-year return is still ahead of the peer with a visible 3-year figure in the table. The short-term and longer-term comparisons do not tell the same story.
Is there a minimum SIP amount?
Yes, the minimum SIP amount is ₹1,000.
Who manages the fund and what is the exit load?
The fund is managed by Puneet Pal and Sandeep Devan. There is no exit load.
Bottom line
PGIM India CRISIL IBX Gilt Index – Apr 2028 Fund Direct Growth Plan has shown a clearer recent improvement than its benchmark, and its 3-year return still sits ahead of the benchmark as well. The peer set shows stronger recent returns in other categories, but this fund’s own pattern is more consistent with a gilt strategy than with a high-growth equity fund. The portfolio is heavily concentrated in Government of India securities, so the main question for an investor is whether that rate-sensitive profile matches their horizon and tolerance for bond-market swings.
Published on 18 September 2026 at 11:50 AM IST
Explore mutual funds with Univest
Review mutual fund data, compare performance and explore fund insights on Univest.
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.