TRUSTMF Overnight Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 21, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
TRUSTMF Overnight Fund Direct Growth Plan is at a NAV of ₹1303.8959 as of 20 Sep 2026, with scheme AUM of ₹31 Cr. Its 1-year, 3-year and 5-year returns are 5.14%, 6% and 0%, and the fund sits in the Low Risk category.
Our view is that this is a cash-like overnight fund with steady but modest trailing returns, which makes it more relevant for short parking of money than for return chasing. The portfolio is dominated by TREPS and a Treasury Bill holding, so the fund’s behaviour is driven by very short-duration instruments rather than equity-like market swings.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹1,303.8959 as of 20 Sep 2026 |
| AUM | ₹31 Cr |
| Expense Ratio | 0.07% |
| Launch Date | 18 Jan 2022 |
| Risk Category | Low Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | No exit load |
| Fund Managers | Jalpan Shah, Shradhanjali Panda |
The fund is managed by Jalpan Shah and Shradhanjali Panda.
Source data date: as of 20 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.38% | -3.73% |
| 3M | 1.23% | -3.14% |
| 1Y | 5.14% | -5.31% |
| 3Y | 6% | 6.3% |
| 5Y | 0% | Data not available |
The short-term picture is steady, not spectacular. Over 1M and 3M, the fund has posted small positive returns while the benchmark has been negative, which tells us the fund has behaved more defensively than the index during a weak stretch for the benchmark.
The 1-year return of 5.14% is still positive, but the benchmark comparison matters: the index figure is -5.31% for the same period, so the fund has clearly preserved capital better over the last year. That said, the 3-year return of 6% versus 6.3% for the benchmark shows the gap is small over a longer horizon.
The time pattern also looks smooth rather than volatile. The return path does not show abrupt swings, which is consistent with an overnight fund invested largely in cash equivalents and Treasury bills. The trade-off is visible in the 5-year figure of 0%, which we would read as a reminder that this is primarily a liquidity and stability tool, not a long-horizon growth engine.
In our view, the recent behaviour is more useful for short parking of surplus cash than for compounding over several years. The fund has stayed ahead of the benchmark in the near term, but the longer stretch suggests it broadly tracks a low-volatility money-market style outcome rather than building a clear return premium.
Source data date: as of 20 Sep 2026
Should you BUY or HOLD TRUSTMF 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 TRUSTMF Overnight? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| TRUSTMF Overnight Fund Direct Growth Plan | 5.14% | 6% | 0% |
| Axis Liquid Fund Direct Growth Plan | 6.58% | 7.01% | 6.4% |
| Aditya Birla SL Liquid Fund Direct Growth Plan | 6.57% | 7.01% | 6.41% |
| Sundaram Liquid Fund Direct Growth Plan | 6.57% | 7% | 6.38% |
| JioBlackRock Liquid Fund Direct Growth Plan | 6.57% | Data not available | Data not available |
| Nippon India Liquid Fund Direct Growth Plan | 6.55% | 6.98% | 6.38% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On 1-year returns, the fund trails the liquid-fund peers listed here, all of which are around 6.55% to 6.58% versus 5.14% for this fund. That tells us the recent return profile is more conservative than the peer set, even before considering that this is an overnight strategy.
The longer-term comparison is mixed. Where 3-year figures are available, the fund’s 6% is below the peer figures around 6.98% to 7.01%, while the 5-year result of 0% is well below the 5-year figures in the mid-6% range for the liquid funds shown. The short-term and long-term stories therefore point in the same direction: lower return capture than the peers listed here, but also a simpler overnight portfolio design.
Source data date: as of 20 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| TREPS 01-Sep-2026 | Cash & Cash Equivalents and Net Assets | 95.89% |
| 182 Days Tbill (MD 10/09/2026) | Treasury Bills | 3.21% |
| Net Receivables / (Payables) | Cash & Cash Equivalents and Net Assets | 0.9% |
The largest holding is TREPS 01-Sep-2026 at 95.89%, so the portfolio is extremely concentrated in overnight liquidity instruments. The next holding, a 182-day Treasury Bill, is far smaller at 3.21%, which means there is a sharp drop from the dominant position to the rest of the portfolio.
That gap is important because it shows that the fund’s day-to-day movement is likely to be driven mostly by the TREPS exposure, with the Treasury Bill and receivables acting as minor supporting positions. With only three disclosed holdings, there is no long tail here; the disclosed portfolio is compact and highly focused.
The top three holdings account for 100% of the disclosed portfolio, so there is no visible spread across many smaller positions. For investors, that usually means the fund is designed for liquidity and stability first, and only a limited amount of diversification across instruments beyond the main overnight parking exposure.
Source data date: as of 20 Sep 2026
Who should invest
This fund is suited to investors who want very low volatility and are comfortable accepting modest return outcomes in exchange for liquidity. The Low Risk label and the short-term, stable return pattern make it relevant for parking surplus cash, emergency reserves or money that may be needed soon.
A longer investment horizon does not change the basic role of the fund much, because the return profile is built around overnight instruments rather than growth assets. The main trade-off is that the fund can help protect capital better than a weak equity benchmark stretch, but it is unlikely to compete with higher-return debt or market-linked options over time.
It is therefore more appropriate for conservative investors who value stability over upside, and for holding periods where capital preservation matters more than compounding.
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 20 Sep 2026
Frequently asked questions
What is the current NAV of TRUSTMF Overnight Fund Direct Growth Plan?
Its NAV is ₹1303.8959 as of 20 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 5.14% for 1 year, 6% for 3 years and 0% for 5 years.
How has it done versus the benchmark?
It has held up better than the benchmark over 1M, 3M and 1Y, while the 3Y result is slightly below the benchmark’s 6.3%.
How does it compare with the liquid-fund peers shown here?
Its 1-year return of 5.14% is below the peer figures shown, and its 3-year and 5-year figures are also weaker where those comparisons are available.
Is there a minimum SIP requirement?
No minimum SIP amount is stated here.
Who manages the fund and what is the exit load?
The fund is managed by Jalpan Shah and Shradhanjali Panda. There is no exit load.
Bottom line
TRUSTMF Overnight Fund Direct Growth Plan has delivered a calm, short-term return profile rather than standout compounding, and that pattern is consistent with its overnight structure. Compared with the benchmark, it has been steadier in the recent periods, but the peer table shows weaker return capture than the liquid funds listed here. The portfolio is heavily concentrated in TREPS, which reinforces the fund’s stability-first character. In our view, it fits conservative investors looking for liquidity and low volatility more than those seeking higher long-run growth.
Published on 21 September 2026 at 11:10 AM 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.