SBI Contra Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 28, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
SBI Contra Fund Direct Growth Plan has a current NAV of ₹411.26 as of 08 Sep 2026 and an AUM of ₹47,589 Cr. Its 1-year, 3-year and 5-year returns are -0.77%, 10.89% and 15.49%, respectively, and the fund is in the High Risk category.
Our view is that this is a large, actively positioned equity scheme for investors who can tolerate sharp short-term swings in pursuit of longer-term compounding. The recent one-year setback is softer than its 3-year and 5-year record, so the fund looks better suited to patient investors who can handle uneven phases rather than those seeking steady month-to-month consistency.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹411.26 as of 08 Sep 2026 |
| AUM | ₹47,589 Cr |
| Expense Ratio | 0.76% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 0.25% on or before 30D, 0.10% after 30D but before 90D, Nil after 90D |
| Fund Managers | Dinesh Balachandran |
The fund is managed by Dinesh Balachandran.
Source data date: as of 08 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.43% | -4.69% |
| 3M | 2.69% | 0.93% |
| 1Y | -0.77% | -7.16% |
| 3Y | 10.89% | 6.00% |
| 5Y | 15.49% | 5.87% |
The recent picture is uneven, but not weak in every slice. Over 1 month and 1 year, the fund has fallen, yet it has still held up better than the benchmark in both periods. That tells us the scheme has not escaped volatility, but it has cushioned downside better than the index in the short run.
The medium-term record is stronger. The 3-year return is 10.89%, ahead of the benchmark’s 6.00%, and the 5-year return is 15.49%, well above the benchmark’s 5.87%. That gap matters because it shows the fund has not only recovered from difficult stretches but has also compounded faster over longer holding periods.
The time pattern also matters. The fund has shown a clear ability to move through softer phases and later rebuild, rather than follow a straight line upward. For investors, that usually means the opportunity set is tied to patience: the scheme can add value over time, but the ride can be choppy and short-term disappointment is possible even when the longer record is stronger.
Compared with the benchmark, our view is that the fund’s recent weakness is milder than the index’s, while its longer horizon results are materially better. That combination suggests a style that has been willing to look different from the market and has, over time, turned that difference into stronger compounded returns.
Source data date: as of 08 Sep 2026
Should you BUY or HOLD SBI Contra?
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 SBI Contra? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| SBI Contra Fund Direct Growth Plan | -0.77% | 10.89% | 15.49% |
| Kotak Contra Fund Direct Growth Plan | 3.42% | 15.10% | 14.58% |
| Invesco India Contra Fund Direct Growth Plan | 0.65% | 14.65% | 13.58% |
| Motilal Oswal Contra Fund Direct Growth Plan | Data not available | Data not available | Data not available |
| Bandhan Contra Fund Direct Growth Plan | Data not available | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
In the peer set, the fund’s 1-year return trails Kotak Contra Fund Direct Growth Plan and Invesco India Contra Fund Direct Growth Plan, while still showing a smaller drawdown than the benchmark over the same period. That means the recent picture is softer than some peers, even though it has not been the weakest in a market sense.
The longer record is more competitive. At 3 years, it is below Kotak Contra Fund Direct Growth Plan and Invesco India Contra Fund Direct Growth Plan, but at 5 years it edges both of them. So the comparison is mixed: the fund has lagged some peers in the medium term, yet it has delivered the strongest 5-year figure among the named funds with available data.
That split between short-term and long-term outcomes is important. It suggests the fund’s style may go through phases where it does not lead recently, but its longer horizon numbers have still held up well relative to peers with disclosed figures.
Source data date: as of 08 Sep 2026
Want to know more? Log in to Univest for more mutual fund insights.
Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| TREPS | Cash & Cash Equivalents and Net Assets | 7.11% |
| Reliance Industries Ltd. | Crude Oil | 4.75% |
| ICICI Bank Ltd. | Bank | 4.55% |
| HDFC Bank Ltd. | Bank | 4.54% |
| Biocon Ltd. | Healthcare | 3.47% |
| Kotak Mahindra Bank Ltd. | Bank | 2.87% |
| Punjab National Bank | Bank | 2.78% |
| Indus Towers Ltd. | Telecom | 2.62% |
| GAIL (India) Ltd. | Gas Transmission | 2.29% |
| Torrent Power Ltd. | Power | 2.29% |
The top 10 holdings account for approximately 37.27% of the portfolio.
To see all holdings, visit the SBI Contra Fund Direct Growth Plan page
The largest disclosed holding is TREPS at 7.11%, which is meaningful but not dominating by itself. After that, the weights step down fairly quickly into the mid-4% range and then toward the low-2% range, so no single equity position appears to control the visible core of the fund.
That pattern suggests a portfolio where a handful of larger positions may have greater influence, but the top disclosures still leave room for a broader tail. With 64 total holdings and the top 10 accounting for 37.27%, the disclosed positions appear spread across a reasonably wide set of names rather than heavily concentrated in just a few stocks.
We would read this as a diversified active portfolio with a visible cash-equivalent buffer, which may help temper day-to-day swings without removing equity risk. The mix of banks, a crude-oil name, healthcare, telecom, gas transmission and power also points to a multi-sector approach rather than a narrow theme.
Source data date: as of 08 Sep 2026
Who should invest
This fund fits investors who are comfortable with High Risk equity exposure and can stay invested through uneven patches. The 1-year figure is negative, but the 3-year and 5-year numbers are clearly stronger, and both have stayed ahead of the benchmark over those longer windows.
That makes the scheme more suitable for a longer horizon than a short tactical allocation. The main trade-off is accepting short-term volatility in exchange for the possibility of stronger compounding over time, especially if the fund’s style again finds favour after weaker stretches.
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 as 0.25% on or before 30 days, 0.10% after 30 days but before 90 days, and nil after 90 days. The exit load is not charged after the holding period ends.
Source data date: as of 08 Sep 2026
Frequently asked questions
What is the current NAV of SBI Contra Fund Direct Growth Plan?
The current NAV is ₹411.26 as of 08 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -0.77%, the 3-year return is 10.89%, and the 5-year return is 15.49%.
How does SBI Contra Fund Direct Growth Plan compare with its benchmark?
It has done better than the Nifty 50 over 3 years and 5 years, while the benchmark has been weaker over the 1-year period.
How does it compare with the other contra funds listed here?
Its 1-year return trails Kotak Contra Fund Direct Growth Plan and Invesco India Contra Fund Direct Growth Plan, but its 5-year return is higher than both among the named peers with available data.
Is there a minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Dinesh Balachandran. Exit load is 0.25% on or before 30 days, 0.10% after 30 days but before 90 days, and nil after 90 days.
Bottom line
SBI Contra Fund Direct Growth Plan has a choppier recent record than its medium- and long-term history, but the longer windows still look stronger than the benchmark. Against the peer set with available figures, the fund is mixed in the short run and more competitive over five years. The portfolio shows a fairly wide spread across 64 holdings, with no single disclosed position overwhelming the whole scheme. This is a High Risk equity fund for investors who can tolerate volatility and wait for the longer compounding story to play out.
Published on 10 September 2026 at 12:20 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.