UTI 10 year Constant Maturity Gilt Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
UTI 10 year Constant Maturity Gilt Fund Direct Growth Plan has a NAV of ₹13.3059 as of 16 Sep 2026 and a scheme AUM of ₹111 Cr. Its 1-year, 3-year and 5-year returns are 3.44%, 6.88% and 0% respectively, and the scheme carries a Medium Risk label. Our view is that this is a niche debt fund for investors who are comfortable with gilt-linked mark-to-market swings and want exposure to government securities rather than credit risk.
The fund’s return pattern has been uneven in the near term, but the longer track shows a more stable compounding profile over 3 years than over 1 year. With most of the portfolio parked in government securities, the return path is likely to depend more on rate movements than on security selection. That makes the fund relevant for conservative debt allocators who can tolerate volatility and prefer sovereign exposure.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹13.3059 as of 16 Sep 2026 |
| AUM | ₹111 Cr |
| Expense Ratio | 0.22% |
| Launch Date | 01 Aug 2022 |
| Min SIP | ₹500 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Debt |
| Exit Load | No exit load |
| Fund Managers | Jaydeep Bhowal |
The fund is managed by Jaydeep Bhowal.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.16% | -4.41% |
| 3M | 0.57% | -3.60% |
| 1Y | 3.44% | -7.76% |
| 3Y | 6.88% | 5.74% |
| 5Y | Data not available | Data not available |
The fund has held up better than the benchmark over the recent 1-month and 3-month windows, even though both have been choppy. That tells us the portfolio has been able to absorb some short-term rate pressure more effectively than the benchmark reference, which has been weaker over the same spans.
Over 1 year, the fund is still positive while the benchmark is negative, which is a clear difference in behaviour. The 1-year period suggests the fund has managed the recent environment better than the benchmark, but the path has not been smooth enough to call it a steady climb.
The 3-year return is stronger than the benchmark, and that is the more relevant signal for a gilt fund built around constant maturity exposure. Even so, the fund’s 5-year return is not available, so we would avoid stretching the short history into a longer track record story.
Overall, the recent sequence points to a fund that can be volatile in the short run but has still kept its 3-year compounding ahead of the benchmark. For investors, that means the main question is not whether it can move, but whether they are comfortable with interest-rate sensitivity.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD UTI 10 year Constant Maturity Gilt?
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 UTI 10 year Constant Maturity Gilt? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| UTI 10 year Constant Maturity Gilt Fund Direct Growth Plan | 3.44% | 6.88% | Data not available |
| SBI 10 Year Constant Maturity Gilt Fund Direct Growth Plan | 3.50% | 6.90% | 5.68% |
| UTI 10 year Constant Maturity Gilt Fund Direct Growth Plan | 3.44% | 6.88% | Data not available |
| DSP 10 year Constant Maturity Gilt Fund Direct Growth Plan | 2.08% | 6.24% | 4.91% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the available 1-year numbers, the fund sits very close to the SBI scheme and ahead of DSP. That makes the short-term picture relatively competitive, even though the gap to the best available peer is not wide.
On 3-year performance, the fund is also close to SBI and ahead of DSP, which supports the view that its medium-term compounding has been respectable within this set. The bigger contrast appears in the 5-year column, where one peer has a reported figure and another does not, while this fund also lacks a 5-year reading.
That gives the peer set two different stories: the recent and 3-year numbers look closely matched among the better-known schemes here, while the 5-year view is less comparable because not every fund has a usable figure. For us, the cleaner conclusion is that this scheme has kept pace in the shorter comparisons rather than clearly separating itself over longer horizons.
Source data date: as of 16 Sep 2026
Want to know more? Log in to Univest for more mutual fund insights.
Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 06.94% Gsec Mat- 11/05/2036 | Government Securities | 44.63% |
| 6.79% Govt Bonds – 07/10/2034 | Government Securities | 13.33% |
| 06.48% Gsec Mat- 06/10/2035 | Government Securities | 13.01% |
| 07.18% Gsec Mat -24/07/2037 | Government Securities | 12.68% |
| 6.68% Gsec Mat- 07/07/2040 | Government Securities | 8.63% |
| Net Current Assets | Cash & Cash Equivalents and Net Assets | 4.66% |
| 07.06% Gsec Mat- 27/07/2041 | Government Securities | 1.96% |
| 7.24% Gsec Mat- 18/08/2055 | Government Securities | 0.86% |
The largest holding is 06.94% Gsec Mat- 11/05/2036 at 44.63%, which is a very large single position for a debt portfolio. That size means the fund may be meaningfully influenced by how that security behaves, especially when government bond yields move.
The weight then falls sharply through the next few holdings, from 44.63% to 13.33%, 13.01% and 12.68%. The tenth disclosed holding is not available because only eight holdings are disclosed, but even within those eight, the allocation is still heavily tilted to sovereign paper rather than spread across a wide mix.
All eight disclosed holdings together account for 99.76% of the portfolio, which leaves very little outside the stated lines. In our view, that points to a concentrated but transparent structure, where the fund’s behaviour is likely to be driven primarily by a few government securities and a small cash buffer.
Source data date: as of 16 Sep 2026
Who should invest
This fund may suit investors who want sovereign bond exposure and can handle moderate swings in net asset value. The Medium Risk label and the short-term dips show that it is not built for people who want a smooth return path.
A longer horizon makes more sense here, because the 3-year result is stronger than the 1-year result and the portfolio is shaped by interest-rate moves. The main trade-off is that you get government-security exposure and low expense costs, but you must accept that returns can rise and fall when bond yields shift.
Compared with the benchmark, the fund has been better in recent periods, and that supports its case for investors looking beyond very short holding periods. The portfolio is also fairly concentrated in a few gilt positions, so the scheme fits investors who understand that a constant maturity strategy can be rate-sensitive rather than stable in the short run.
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 16 Sep 2026
Frequently asked questions
What is the current NAV of UTI 10 year Constant Maturity Gilt Fund Direct Growth Plan?
The current NAV is ₹13.3059 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 3.44%, the 3-year return is 6.88%, and the 5-year return is Data not available.
How has the fund compared with the benchmark?
It has done better than the benchmark over 1 month, 3 months, 1 year and 3 years. The benchmark is weaker over the same recent periods, especially over 1 year.
How does the fund compare with peer schemes on available return data?
Its 1-year and 3-year returns are close to SBI 10 Year Constant Maturity Gilt Fund Direct Growth Plan and ahead of DSP 10 year Constant Maturity Gilt Fund Direct Growth Plan on the figures available here. The 5-year view is less complete because not every scheme has a usable figure.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Jaydeep Bhowal, and the exit load is nil. That means units can be redeemed without an exit-load charge.
Bottom line
UTI 10 year Constant Maturity Gilt Fund Direct Growth Plan has shown a mixed short-term pattern, but its 3-year return is stronger than its 1-year result and ahead of the benchmark. Against the available peer set, it stays close to the better-known schemes on recent and medium-term returns. The portfolio is heavily concentrated in government securities, led by one very large gilt holding, so the fund is best understood as a rate-sensitive debt strategy rather than a broad diversified bond fund.
Published on 17 September 2026 at 3:33 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.