360 ONE Overnight Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

360 ONE Overnight Fund Direct Growth Plan is an overnight-oriented liquid scheme with a current NAV of ₹1,063.9469 as of 16 Sep 2026 and scheme AUM of ₹126 Cr. Its 1-year, 3-year and 5-year returns are 5.31%, 0.00% and 0.00%, and the risk category is Low Risk.

Our view is that this fund suits investors who want very low portfolio movement and a cash-like holding pattern rather than a return-seeking core allocation. The return profile is modest, and the portfolio is dominated by reverse repo and short-dated money-market instruments, so the fund is built more for stability and liquidity than for meaningful capital growth.

Quick facts

Particular	Details
NAV	₹1,063.9469 as of 16 Sep 2026
AUM	₹126 Cr
Expense Ratio	0.07%
Launch Date	10 Jul 2025
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	No exit load
Fund Managers	Milan Mody

The fund is managed by Milan Mody.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.39%	-4.41%
3M	1.25%	-3.60%
1Y	5.31%	-7.76%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent return pattern is steady rather than dramatic. Over 1M and 3M, the fund has shown small positive movement, which fits an overnight strategy where the main objective is to preserve capital and keep day-to-day volatility low.

The 1-year return of 5.31% is the most useful headline figure here because the fund was launched only on 10 Jul 2025, so longer trailing periods are not available in a meaningful way. Against the benchmark, the gap is wide: the fund has stayed positive while Nifty 50 has been negative across 1M, 3M and 1Y in the figures available to us.

That comparison is important, but it should not be read as a signal that the fund is trying to outperform equities. The portfolio structure tells a different story: reverse repo, certificate of deposit and treasury bills dominate the holdings, so the return path is driven more by short-term money-market conditions than by market beta.

For investors, the main takeaway is consistency. The fund’s short-term behaviour has been stable, and the limited track record does not suggest any sharp swings or a return profile that depends on market direction. It looks built for parking money rather than chasing high compounding.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD 360 ONE 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
360 ONE Overnight Fund Direct Growth Plan	5.31%	Data not available	Data not available
Bank of India Overnight Fund Direct Growth Plan	5.51%	6.21%	5.83%
Baroda BNP Paribas Overnight Fund Direct Growth Plan	5.29%	6.08%	5.72%
Nippon India Overnight Fund Direct Growth Plan	5.29%	6.09%	5.73%
JioBlackRock Overnight Fund Direct Growth Plan	5.28%	Data not available	Data not available

Among the peer set, this fund’s 1-year return sits close to the middle of the cluster, with only a narrow spread separating it from the better and weaker short-term figures. That tells us the fund is broadly in line with the overnight category’s expected return band rather than standing out on recent growth.

The longer-horizon comparison is less favourable where data is available. The peers with 3-year and 5-year figures have posted stronger outcomes, while this fund cannot yet show those time spans because of its shorter operating history. In that sense, the comparison is not about a weaker record so much as a more limited track record.

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The short-term picture and the longer-term picture therefore tell different stories: recent returns are orderly, but the absence of a longer history means investor confidence has to rest more on portfolio construction and liquidity preference than on a multi-year record.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Reverse Repo	Cash & Cash Equivalents and Net Assets	82.9%
Indian Bank (01/09/2026) #	Certificate of Deposit	9.29%
182 Days Tbill (MD 03/09/2026)	Treasury Bills	7.11%
Net Receivables / (Payables)	Cash & Cash Equivalents and Net Assets	0.67%

The single largest holding is Reverse Repo at 82.9%, which is unusually dominant even for a short-duration cash-management style portfolio. That size tells us the fund’s day-to-day behaviour is likely to be driven primarily by cash-like placements rather than by a diversified spread of credit or duration exposures.

Weight falls away sharply after that. The next holding is Indian Bank certificate of deposit at 9.29%, followed by a 182-day treasury bill at 7.11%, and then net receivables/payables at 0.67%. The drop from 82.9% to 9.29% is steep, so the portfolio is not balanced evenly across positions.

Only four holdings are disclosed in total, and the top disclosed positions account for 99.97% of the portfolio. In our view, that concentration may reduce complexity and may support liquidity management, but it also means a very small set of short-term instruments is likely to have greater influence on returns and stability than in a more diversified debt fund.

Source data date: as of 16 Sep 2026

Who should invest

This fund is best suited to investors with a low risk tolerance and a very short holding horizon. The low-risk profile, the short-term return pattern and the money-market-heavy portfolio all point toward use as a temporary parking option rather than a long-term wealth-building engine.

The main trade-off is simple: you get stability and liquidity-oriented positioning, but you should not expect equity-like growth or a long performance record. The fund has held up better than the benchmark in the periods available, yet its own return profile remains modest. Investors who want a steadier place for surplus cash may find that trade-off acceptable.

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 360 ONE Overnight Fund Direct Growth Plan?

The current NAV is ₹1,063.9469 as of 16 Sep 2026.

What are the 1-year, 3-year and 5-year returns?

The 1-year return is 5.31%. The 3-year and 5-year returns are not available because the fund’s history is shorter than those horizons.

How has the fund performed against Nifty 50?

It has been ahead of the benchmark in the periods shown. The fund is positive across 1M, 3M and 1Y, while Nifty 50 is negative in those same periods.

How does it compare with peer overnight funds?

Its 1-year return of 5.31% is close to the peer cluster. Peers with longer histories show higher 3-year and 5-year figures where those numbers are available, but this fund does not yet have those trailing periods.

Is there a minimum SIP amount?

No minimum SIP amount is stated here. The fund does allow SIP investments.

Who manages the fund and what is the exit load?

The fund is managed by Milan Mody. The exit load is nil, so no exit load is charged on sale.

Bottom line

360 ONE Overnight Fund Direct Growth Plan has a short, stable return record and a portfolio that is heavily concentrated in reverse repo and other very short-term instruments. Its recent performance is steady, but the longer-term trailing record is not yet available because the fund has a limited history. Against peers, the 1-year result is close to the group, while the benchmark comparison remains clearly favourable in the periods shown. It fits investors who want low-risk cash management more than return acceleration.

Published on 17 September 2026 at 9:48 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.