PGIM India Ultra Short Term Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
PGIM India Ultra Short Term Fund Direct Growth Plan has a NAV of ₹38.373 as of 09 Sep 2026 and manages ₹211 Cr. Its 1-year, 3-year and 5-year returns are 6.38%, 7.1% and 6.45%, and the fund carries a Balanced Risk tag. Our view is that the fund has delivered steady compounding rather than sharp bursts of outperformance, which may suit investors looking for a relatively measured debt-oriented allocation with moderate return expectations.
The benchmark comparison is mixed, with the fund ahead over 3 years and 5 years but slightly behind over 1 year. That pattern, along with a concentrated portfolio built around cash equivalents, CDs, treasury bills and selected debt instruments, suggests a portfolio that is designed more for stability than for aggressive return chasing.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹38.373 as of 09 Sep 2026 |
| AUM | ₹211 Cr |
| Expense Ratio | 0.4% |
| Launch Date | 01 Jan 2013 |
| 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 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.57% | -4.69% |
| 3M | 1.86% | 0.93% |
| 1Y | 6.38% | -7.16% |
| 3Y | 7.1% | 6% |
| 5Y | 6.45% | 5.87% |
The recent 1-month and 3-month numbers show a fairly calm pattern, with the fund edging higher while the benchmark was more uneven. That matters because this scheme has not relied on a single strong month to carry the overall record; instead, the path appears gradual and controlled.
Over 1 year, the fund’s return is positive while the benchmark is negative, which gives the fund a clear advantage in that window. The 3-year and 5-year periods tell a more balanced story: the fund stays modestly ahead of the benchmark, but the margin is not wide. That means the scheme has added value over time, yet it has done so in a disciplined way rather than through large outperformance spikes.
The longer pattern also suggests less volatility than the benchmark. The benchmark has swung more sharply in the shorter windows, while the fund has kept a smoother direction of travel. For investors, that usually points to a portfolio that may be better suited to capital preservation plus moderate compounding than to trying to win quickly in every market phase.
In our view, the 3-year and 5-year record is the more important signal here. The fund has shown that it can keep pace with, and slightly improve on, the benchmark across longer stretches, even if the most recent year is not dramatically ahead of it.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD PGIM India Ultra Short Term?
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 Ultra Short Term? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| PGIM India Ultra Short Term Fund Direct Growth Plan | 6.38% | 7.1% | 6.45% |
| Nippon India Ultra Short Term Fund Direct Growth Plan | 7.11% | 7.61% | 6.98% |
| Axis Ultra Short Term Fund Direct Growth Plan | 6.9% | 7.48% | 6.77% |
| Invesco India Ultra Short Term Fund Direct Growth Plan | 6.88% | 7.38% | 6.61% |
| DSP Ultra Short Term Fund Direct Growth Plan | 6.86% | 7.46% | 6.66% |
| ICICI Pru Ultra Short Term Fund Direct Growth Plan | 6.85% | 7.45% | 6.77% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund trails the leading peer on 1-year return and also sits below the stronger peer figures across 3-year and 5-year periods. Even so, the gaps are not extreme, and its longer-term record remains in the same broad band as the peer set. That means the fund looks more like a steady participant in the group than a standout mover in either direction.
The short-term comparison and the longer-term comparison do not tell exactly the same story. On recent numbers, a few peers are ahead, but the fund’s 3-year and 5-year results still hold up reasonably well. For investors, that creates a familiar trade-off: accept a slightly lower return profile than the stronger peers in exchange for a smoother path and a portfolio that is built around more defensive money-market and short-duration instruments.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Clearing Corporation of India Ltd. | Cash & Cash Equivalents and Net Assets | 15.11% |
| Axis Bank Ltd. # | Certificate of Deposit | 6.99% |
| Export Import Bank of India ** # | Certificate of Deposit | 6.87% |
| HDFC Bank Ltd. ** # | Certificate of Deposit | 6.43% |
| Kotak Mahindra Bank Ltd. ** # | Certificate of Deposit | 6.41% |
| 364 Days Tbill Red 22-07-2027 | Treasury Bills | 4.76% |
| 8.97% Muthoot Finance Ltd. | Corporate Debt | 4.75% |
| 7.71% REC Ltd. ** | Corporate Debt | 4.74% |
| Aditya Birla Money Ltd. ** | Commercial Paper | 4.73% |
| Small Industries Development Bank of India | Commercial Paper | 4.73% |
The largest holding, Clearing Corporation of India Ltd., accounts for 15.11% of the portfolio, so it is likely to have greater influence than any other single position in the short term. After that, the weights step down fairly quickly into the 6% range, which shows that the fund does not depend on one oversized holding alone.
By the tenth holding, the allocation has eased to 4.73%, so the spread from the top position to the tail of the displayed bucket is noticeable but not extreme. The top 10 holdings account for approximately 65.52% of the portfolio, which suggests a portfolio that is reasonably concentrated in its disclosed core positions while still leaving room for a longer tail across the remaining holdings.
Because there are 23 disclosed holdings in total, the visible list only captures part of the full picture. Even so, the current structure suggests a strong emphasis on liquid and relatively short-duration instruments, which may help contain portfolio swings while still allowing the fund to seek modest carry.
To see all holdings, visit the PGIM India Ultra Short Term Fund Direct Growth Plan page
Source data date: as of 09 Sep 2026
Who should invest
This fund may suit investors who are comfortable with a Balanced Risk profile and want something steadier than an equity-led product. The return pattern over 1 year, 3 years and 5 years shows consistent compounding, while the benchmark comparison suggests the fund has generally kept up or stayed ahead over longer stretches, with the recent 1-year period a little softer than the strongest peer outcomes.
The main trade-off is clear: investors may give up some upside versus the better peer numbers in exchange for a more measured path and a portfolio anchored in cash equivalents, CDs, treasury bills and debt securities. That can make it more suitable for a short-to-medium horizon where predictability matters more than chasing the highest return in every window.
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 09 Sep 2026
Frequently asked questions
What is the current NAV of PGIM India Ultra Short Term Fund Direct Growth Plan?
The current NAV is ₹38.373 as of 09 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 6.38%, the 3-year return is 7.1% and the 5-year return is 6.45%.
How does the fund compare with its benchmark?
It has done better than the benchmark over 1 year, 3 years and 5 years. The 1-year gap is the widest because the benchmark was negative while the fund stayed positive.
How does it compare with peer funds on available return data?
Several peers have slightly stronger 1-year, 3-year and 5-year numbers, but this fund stays close to the group on longer periods. The difference is more about degree than direction.
Is there a minimum SIP amount?
No minimum SIP amount is stated here.
Who manages the fund and what is the exit load?
The fund is managed by Puneet Pal and Akhil Dhar. There is no exit load.
Bottom line
PGIM India Ultra Short Term Fund Direct Growth Plan has shown a steadier longer-term pattern than its recent 1-year comparison suggests. It remains close to the better peer outcomes over 3 years and 5 years, while its portfolio structure leans heavily on liquid instruments and short-duration debt exposures. The Balanced Risk profile and the absence of an exit load make it a measured option for investors who want moderate compounding with less emphasis on sharp short-term swings.
Published on 10 September 2026 at 4:04 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.