PGIM India Money Market Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
PGIM India Money Market Fund Direct Growth Plan stands at ₹1,475.6155 as of 15 Sep 2026, with an AUM of ₹125 Cr. Its 1-year, 3-year and 5-year returns are 6.41%, 7.19% and 6.59%, and the scheme is tagged as Balanced Risk.
Our view is that this is a steady-return fund rather than a high-velocity performer. The portfolio is built around short-dated debt and cash-like instruments, so the return pattern looks smoother than equity-style funds and is suited to investors who want measured compounding with lower day-to-day drama.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹1,475.6155 as of 15 Sep 2026 |
| AUM | ₹125 Cr |
| Expense Ratio | 0.21% |
| Launch Date | 06 Mar 2020 |
| Min SIP | ₹1,000 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | No exit load |
| Fund Managers | Puneet Pal, Akhil Dhar |
The fund is managed by Puneet Pal and Akhil Dhar.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.49% | -4.81% |
| 3M | 1.80% | -3.63% |
| 1Y | 6.41% | -8.27% |
| 3Y | 7.19% | 5.59% |
| 5Y | 6.59% | 5.58% |
The fund has been stable over the recent periods, with small positive returns over 1M and 3M and a strong 1Y figure. That profile fits a lower-volatility debt-style product more than a cyclical equity allocation. The short-term pattern does not show sharp swings, which matters for investors who prefer smoother NAV movement.
Against the benchmark, the fund has clearly outpaced it over 1M, 3M and 1Y. Over 3Y and 5Y, the margin is narrower but still positive, which suggests that the fund has not only protected the trend but also compounded a little better over time. That makes the recent stretch look consistent with the longer-term pattern rather than a one-off jump.
The 3Y and 5Y return profile is especially important here because it shows that the fund has stayed close to the benchmark’s long-run path while keeping a modest edge. We do not see a dramatic acceleration in the latest numbers; instead, the fund appears to have delivered a fairly even return stream. For investors, that usually matters more than chasing a short burst of outperformance.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD PGIM India Money Market?
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 Money Market? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| PGIM India Money Market Fund Direct Growth Plan | 6.41% | 7.19% | 6.59% |
| ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan | 69.16% | 37.12% | Data not available |
| HDFC Pharma and Healthcare Fund Direct Growth Plan | 27.47% | Data not available | Data not available |
| SBI Automotive Opportunities Fund Direct Growth Plan | 27.05% | Data not available | Data not available |
| Kotak Healthcare Fund Direct Growth Plan | 26.51% | Data not available | Data not available |
| Motilal Oswal Active Momentum Fund Direct Growth Plan | 25.46% | 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 figures, the fund trails the more aggressive peer set by a wide margin, which is not unusual because those funds are carrying a very different return pattern. The more useful read-through is that this fund’s 3-year and 5-year returns are steady and positive, while most of the peer rows do not offer comparable long-horizon figures. That leaves the comparison split between a conservative compounding profile here and a much sharper, but less comparable, short-term return profile elsewhere.
Source data date: as of 15 Sep 2026
Want to know more? Log in to Univest for more mutual fund insights.
Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Kotak Mahindra Bank Ltd. ** # | Certificate of Deposit | 8.50% |
| Canara Bank ** # | Certificate of Deposit | 7.78% |
| National Bank for Agriculture & Rural Development ** # | Certificate of Deposit | 7.77% |
| Punjab National Bank # | Certificate of Deposit | 7.76% |
| Fedbank Financial Services Ltd. ** | Commercial Paper | 7.74% |
| Small Industries Development Bank of India # | Certificate of Deposit | 7.74% |
| Bank of Baroda ** # | Certificate of Deposit | 7.72% |
| HDFC Bank Ltd. ** # | Certificate of Deposit | 7.72% |
| Union Bank of India ** # | Certificate of Deposit | 7.71% |
| Clearing Corporation of India Ltd. | Cash & Cash Equivalents and Net Assets | 6.21% |
The largest holding is Kotak Mahindra Bank Ltd. ** # at 8.50%, which is meaningful but not extreme for a short-term fixed-income style portfolio. The weights from the top position to the tenth stay in a fairly tight band, which suggests the fund is not leaning on one oversized exposure for its return profile.
The top 10 holdings together account for 76.65% of the portfolio, and the fund discloses 16 holdings in total. That points to a portfolio that is still fairly concentrated in its largest positions, but not narrowly so. The visible mix is also dominated by certificate of deposit exposures, with one commercial paper position and one cash-and-equivalent line, so the return pattern may be shaped more by credit quality and short-duration positioning than by broad market moves.
Because the displayed holdings make up a large share of the portfolio, they could have greater influence on the fund’s near-term behaviour. At the same time, the spread across 16 disclosed holdings helps reduce dependence on any single line item. For investors, that combination usually indicates a controlled, income-oriented allocation rather than a highly concentrated bet on a few securities.
To see all holdings, visit the PGIM India Money Market Fund Direct Growth Plan page
Source data date: as of 15 Sep 2026
Who should invest
This fund suits investors who are comfortable with a moderate risk tag and want a return pattern that is steadier than equities. The 1-year result is better than the benchmark, while the 3-year and 5-year numbers show a modest but persistent edge rather than a sharp surge.
The right horizon is medium term or longer, because the longer return periods give a better sense of the fund’s consistency. The main trade-off is that the fund is unlikely to match the upside of high-growth peer funds in strong market phases, but it may offer a more even ride and a more controlled portfolio structure.
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 PGIM India Money Market Fund Direct Growth Plan?
The NAV is ₹1,475.6155 as of 15 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 6.41% for 1 year, 7.19% for 3 years and 6.59% for 5 years.
How has it performed versus the benchmark?
It has outpaced the benchmark across 1M, 3M, 1Y, 3Y and 5Y. The widest gap is in the 1-year period, where the fund is positive and the benchmark is negative.
How does it compare with the peer funds listed here?
Its 1-year return is much lower than the more aggressive peer funds shown here, but those peers are carrying very different return patterns. The fund’s 3-year and 5-year figures are steady, while most peer rows do not show comparable long-horizon numbers.
What is the minimum SIP amount?
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 Akhil Dhar. The exit load is nil, so no exit load applies when units are sold.
Bottom line
PGIM India Money Market Fund Direct Growth Plan looks like a steady compounding option rather than a return-chasing one. Recent performance is consistent with its longer-term pattern, and the fund has stayed ahead of the benchmark across the periods shown. Against the peer set listed here, its long-horizon figures look more measured, but the comparison is not one of the same style of return profile. The portfolio is spread across 16 disclosed holdings, with the largest positions clustered in short-term fixed-income instruments.
Published on 16 September 2026 at 3:01 PM 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.