PGIM India Overnight Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
PGIM India Overnight Fund Direct Growth Plan is suitable for conservative investors who want a low-risk liquid-style allocation with very limited portfolio complexity. Its NAV is ₹1,420.5793 as of 15 September 2026, and the scheme AUM is ₹153 Cr. Its 1-year, 3-year and 5-year returns are 5.15%, 6.02% and 5.68%, respectively, and the official risk category is Low Risk.
Our view is that the fund has kept a steady long-term profile, with returns that stay close to its own recent trend and slightly ahead of the benchmark over longer stretches. The portfolio is extremely concentrated and appears built almost entirely around cash-equivalent and treasury-bill exposure, which supports stability more than return chasing.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹1,420.5793 as of 15 Sep 2026 |
| AUM | ₹153 Cr |
| Expense Ratio | 0.14% |
| Launch Date | 27 Aug 2019 |
| Risk Category | Low Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | No exit load |
| Fund Managers | Sandeep Devan, Puneet Pal |
The fund is managed by Sandeep Devan and Puneet Pal.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.38% | -4.81% |
| 3M | 1.23% | -3.63% |
| 1Y | 5.15% | -8.27% |
| 3Y | 6.02% | 5.59% |
| 5Y | 5.68% | 5.58% |
The recent pattern is steady rather than dramatic. Over 1 month and 3 months, the fund has continued to move in small increments, which fits an overnight-style strategy where capital preservation and liquidity matter more than sharp spikes in value.
The 1-year return of 5.15% is meaningfully better than the benchmark’s -8.27%, while the 3-year and 5-year figures remain close to one another and both sit above the benchmark by a small margin. That tells us the fund has maintained a fairly consistent compounding path instead of swinging around the benchmark’s more volatile behaviour.
The longer-term picture is also stable. The 5-year return of 5.68% is only slightly above the benchmark’s 5.58%, so the fund is not trying to stretch for extra return at the cost of higher variation. For investors, that usually signals a cash-like holding where predictability is more important than outperformance.
The shorter-term series and the multi-year numbers point in the same direction: limited drawdown behaviour and gradual growth. That consistency is useful for parking money temporarily, but it also means the fund is unlikely to look exciting when compared with more return-seeking categories.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD PGIM India Overnight?
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 Overnight? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| PGIM India Overnight Fund Direct Growth Plan | 5.15% | 6.02% | 5.68% |
| Axis Liquid Fund Direct Growth Plan | 6.6% | 7.02% | 6.4% |
| Sundaram Liquid Fund Direct Growth Plan | 6.6% | 7.01% | 6.38% |
| Aditya Birla SL Liquid Fund Direct Growth Plan | 6.59% | 7.02% | 6.41% |
| JioBlackRock Liquid Fund Direct Growth Plan | 6.58% | 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.
The fund’s 1-year return trails the liquid-fund peers listed here, which have all posted mid-6% annual figures over the same horizon. That gap matters more in the short term than in the longer term, because the fund is designed for stability rather than return maximisation.
On 3-year and 5-year numbers, the fund sits below the peer figures that are available, but the spread is still measured rather than wide. That keeps the story consistent: the fund has been dependable, yet it has not matched the better long-term compounding seen in the peer set.
Short-term and long-term comparisons do not tell conflicting stories here. Both point to a cautious fund that preserves value well, but gives up some return potential versus the stronger peer numbers available in this group.
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 |
|---|---|---|
| Clearing Corporation of India Ltd. | Cash & Cash Equivalents and Net Assets | 97.33% |
| 364 Days Tbill Red 10-09-2026 | Treasury Bills | 2.61% |
The largest holding, Clearing Corporation of India Ltd., accounts for 97.33% of the portfolio, so it is likely to have the greatest influence on day-to-day behaviour. The second holding is just 2.61%, which means the weight drops sharply after the first position.
Because only two holdings are disclosed and they together account for 99.94% of the portfolio, the fund is highly concentrated in very short-duration, low-risk instruments. That concentration may support stability and liquidity, but it also means there is little diversification across different issuers or sectors.
The gap between the largest and smallest disclosed holding is wide, so the portfolio is not spread across a long tail of positions. In practical terms, the first holding matters far more than the rest, and the visible construction suggests a very focused overnight deployment rather than a broadly diversified basket.
Source data date: as of 15 Sep 2026
Who should invest
This fund is most suitable for investors with low risk tolerance who want short-term parking rather than equity-style growth. The Low Risk label, the very steady return path, and the near-cash portfolio profile all point to a conservative holding that is better suited to capital preservation and liquidity needs.
A longer horizon is not essential for understanding this fund, but an investor still needs to accept that the return profile will usually stay modest. The main trade-off is straightforward: you gain stability and limited volatility, but you give up the higher return potential that other liquid or debt alternatives may offer at different times.
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 Overnight Fund Direct Growth Plan?
The NAV is ₹1,420.5793 as of 15 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The returns are 5.15% for 1 year, 6.02% for 3 years and 5.68% for 5 years.
How does the fund compare with its benchmark?
It has been ahead of the benchmark over 1 year, 3 years and 5 years. The gap is most visible over 1 year, where the fund stayed positive while the benchmark was negative.
How does it compare with peer liquid funds on return figures?
The fund’s available return figures are below the peer returns listed here, especially on the 1-year measure. The peer set shows stronger 1-year and multi-year numbers in the available comparisons.
What is the risk category of this fund?
The fund is classified as Low Risk. Its portfolio is also concentrated in cash-equivalent and treasury-bill exposure, which fits that profile.
Who manages the fund and is there an exit load?
The fund is managed by Sandeep Devan and Puneet Pal. There is no exit load.
Bottom line
PGIM India Overnight Fund Direct Growth Plan has delivered a steady, low-volatility path, with the shorter-term trend and the multi-year record both pointing to consistency rather than surprise. It compares favourably with the benchmark over the periods shown, but it sits behind the stronger peer return figures available here. The portfolio is extremely concentrated, with one holding dominating the fund, which supports a very cautious profile. That makes it more suitable for investors seeking stability and liquidity than for those seeking higher returns.
Published on 16 September 2026 at 1:30 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.