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 ₹1,061.6543 as of 30 Aug 2026 and a scheme AUM of ₹254 Cr. Its 1-year, 3-year and 5-year returns are 5.35%, Data not available and Data not available, while the risk category is Low Risk. Our view is that it suits conservative cash-allocation needs more than long-horizon equity-style compounding, because the portfolio is dominated by cash equivalents and very short-duration instruments.

The fund has delivered a steady 1-year return, but the longer history is not yet available in the same way, so the main check is whether the recent pattern has stayed orderly versus its benchmark. On that basis, it has been relatively stable, and the portfolio mix supports that profile.

Quick facts

Metric	Value
NAV	₹1,061.6543
AUM	₹254 Cr
Expense Ratio	0.07%
Launch Date	10 Jul 2025
Min SIP	₹0
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 30 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	0.41%	-0.85%
3M	1.28%	3.39%
1Y	5.35%	-2.29%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent profile is quite steady. Over 1 month, the fund stayed positive while the benchmark was negative, which points to a calmer short-term path. That said, the 3-month period was weaker than the benchmark, so the fund did not lead every recent stretch.

Over 1 year, the fund held up well with a 5.35% return, while the benchmark finished at -2.29%. That gap suggests the scheme has done its job as a low-volatility parking option rather than as a market-tracking return play.

The return path also looks relatively controlled when we compare the shorter windows: the fund’s movement has been modest, without the sharp swings that typically matter in riskier categories. For investors, that means the main appeal is stability and liquidity orientation, not high upside.

Because the fund has been available for a shorter period, the longer-horizon comparison does not yet add much evidence. Still, the recent return pattern is consistent with an overnight-style product that aims to preserve short-term capital rather than chase the benchmark.

Source data date: as of 30 Aug 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	5.35%	Data not available	Data not available
Bank of India Overnight Fund Direct Growth Plan	5.54%	6.24%	5.82%
Baroda BNP Paribas Overnight Fund Direct Growth Plan	5.33%	6.11%	5.70%
Nippon India Overnight Fund Direct Growth Plan	5.32%	6.12%	5.72%
Mirae Asset Overnight Fund Direct Growth Plan	5.31%	6.12%	5.72%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

The fund’s 1-year return is close to the peer group band, though Bank of India Overnight Fund Direct Growth Plan is slightly ahead on the same measure. Baroda BNP Paribas Overnight Fund Direct Growth Plan, Nippon India Overnight Fund Direct Growth Plan and Mirae Asset Overnight Fund Direct Growth Plan all sit in a narrow range around it, so the near-term gap is small.

The bigger difference appears in the longer-window figures available for the peer set. Those peers show stronger 3-year and 5-year numbers than the current fund can yet display, while this scheme does not have comparable longer-history figures available in the same format. That means the short-term comparison looks competitive, but the longer-term peer picture is fuller and slightly stronger.

So the peer set tells two stories at once: the current fund is broadly in line on recent return, yet the established peer histories show more evidence of longer-run compounding. For a low-risk overnight scheme, that distinction matters more for history depth than for headline aggressiveness.

Source data date: as of 30 Aug 2026

Portfolio: where your money goes

Market-cap bucket	Weight
Large cap	0%
Mid cap	0%
Small cap	0%
Other cap	100%

Sector	Weight	Top holdings
CASH & CASH EQUIVALENTS AND NET ASSETS	89.39%	REVERSE REPO (88.32%), TREPS (1.3%)
COMMERCIAL PAPER	5.64%	AXIS FINANCE LIMITED (01/07/2026)** (1.73%), BAJAJ FINANCE LIMITED (01/06/2026) (0.88%)
CERTIFICATE OF DEPOSIT	2.97%	UNION BANK OF INDIA (01/06/2026) # (0.88%), INDUSIND BANK LIMITED (01/06/2026) # (0.66%)
TREASURY BILLS	2%

The portfolio is entirely in the other-cap bucket, which fits the nature of an overnight liquid scheme. There is no equity-style market-cap exposure here, so behaviour should be driven by cash-like instruments rather than stock-market moves.

The largest sector, cash and cash equivalents plus net assets, is materially larger than the next bucket. At 89.39%, it dominates the portfolio, while commercial paper is much smaller at 5.64% and certificates of deposit are 2.97%. That concentration is normal for this kind of fund and suggests short-term liquidity management is the main function.

Reverse repo at 88.32% is the single most important holding line and may have the greatest influence on day-to-day portfolio behaviour. Commercial paper and certificates of deposit add a small amount of spread-seeking exposure, but they do not change the core profile. Treasury bills at 2% round out a very defensive construction.

Source data date: as of 30 Aug 2026

Who should invest

This fund is better suited to investors who want low-risk, short-horizon parking for money rather than meaningful growth ambition. Its Low Risk tag, small one-year gain, and defensive portfolio mix point to capital stability and liquidity as the main goals.

The trade-off is straightforward: you get a calmer holding pattern, but you should not expect equity-like upside or long-run wealth creation. It can fit conservative investors who want a short holding period and are comfortable with returns that usually stay close to cash-market conditions. The recent return pattern and peer comparison both support that practical, preservation-first use case.

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 30 Aug 2026

Frequently asked questions

What is the current NAV of 360 ONE Overnight Fund Direct Growth Plan?
Its current NAV is ₹1,061.6543 as of 30 Aug 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 5.35%. The 3-year and 5-year returns are Data not available.

How has it done versus the benchmark?
Over 1 year, the fund returned 5.35% while the benchmark returned -2.29%. Over 1 month, the fund was also positive at 0.41% while the benchmark was -0.85%.

How does it compare with peer overnight funds on recent return?
Its 1-year return of 5.35% sits close to the peer cluster. Bank of India Overnight Fund Direct Growth Plan was slightly higher at 5.54%, while several other peer funds were near 5.31% to 5.33%.

What is the minimum SIP amount?
The minimum SIP amount is ₹0.

Who manages the fund and what is the exit load?
The fund is managed by Milan Mody. The exit load is nil, so there is no exit load on redemption.

Bottom line

360 ONE Overnight Fund Direct Growth Plan has a stable short-term return pattern and a low-risk profile that matches its cash-heavy portfolio. The recent figures are modest but orderly, and the fund stays broadly in line with peer overnight schemes on 1-year return. What stands out most is the defensive construction: reverse repo and other cash-like instruments dominate, so the scheme is built more for liquidity and capital preservation than for return chasing.

Published on 31 August 2026 at 2:29 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.