Aditya Birla SL Nifty Midcap 150 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Aditya Birla SL Nifty Midcap 150 Index Fund Direct Growth Plan currently has a NAV of ₹26.314 as of 01 Sep 2026 and a scheme AUM of ₹487 Cr. Its 1-year, 3-year and 5-year returns are 10.4%, 16.55% and 17.02%, and the fund sits in the High Risk category.

Our view is that this is a long-horizon mid-cap index option for investors who are comfortable with sharp swings and want market-linked participation rather than a defensive profile. The long-term return record has been stronger than the benchmark figures provided here, but the recent path has been more uneven, so the fund is better suited to investors who can stay invested through volatility.

Quick facts

Particular	Details
NAV	₹26.314 as of 01 Sep 2026
AUM	₹487 Cr
Expense Ratio	0.44%
Launch Date	05 Apr 2021
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	0.25% on or before 15D, Nil after 15D
Fund Managers	Mehul Dama, Priya Sridhar

The fund is managed by Mehul Dama and Priya Sridhar.

Source data date: as of 01 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.67%	-2.9%
3M	4.43%	6.01%
1Y	10.4%	-2.9%
3Y	16.55%	6.01%
5Y	17.02%	6.43%

The near-term pattern has been mixed. Over 1 month, the fund was less negative than the benchmark, which suggests it held up better in a weak patch. Over 3 months, though, the benchmark recovered more strongly, so the fund did not fully keep pace in that window.

The 1-year figure stands out because the fund posted a positive return while the benchmark was negative. That tells us the fund has handled the broader stretch better than the benchmark, even if the path was not smooth. The time pattern also shows periods of weakness followed by recovery, which is typical of a mid-cap strategy.

Longer term, the 3-year and 5-year returns show a steadier compounding picture. The fund’s 3-year and 5-year returns are both well ahead of the benchmark’s corresponding returns, which indicates stronger multi-year wealth creation in this period. Our view is that the recent softness does not change the broader longer-term story, but it does remind investors that shorter windows can move differently from the full-cycle trend.

Source data date: as of 01 Sep 2026

Should you BUY or HOLD Aditya Birla SL Nifty Midcap 150 Index?

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
Aditya Birla SL Nifty Midcap 150 Index Fund Direct Growth Plan	10.4%	16.55%	17.02%
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	33.63%	29.13%	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	27.9%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	27.62%	Data not available	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	27.38%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	27.38%	Data not available	Data not available

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

The current fund trails the stronger 1-year returns shown by the comparison set, especially the thematic index funds listed here. Its longer-term 3-year and 5-year returns are more substantial than the available multi-year figures for the peer funds that disclose them, which gives the fund a steadier long-run profile than the short-term comparison alone suggests.

The short-term and longer-term pictures are therefore different. In recent periods, several peers have posted faster 1-year gains, but the fund’s multi-year numbers remain more balanced and better established. That makes the comparison useful for investors who care more about full-cycle consistency than about the strongest one-year burst.

Source data date: as of 01 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
BSE Ltd.	Finance	3.57%
The Federal Bank Ltd.	Bank	2.12%
Laurus Labs Ltd.	Healthcare	1.69%
Hero Motocorp Ltd.	Automobile & Ancillaries	1.67%
Multi Commodity Exchange of India Ltd.	Finance	1.64%
Indusind Bank Ltd.	Bank	1.6%
Persistent Systems Ltd.	IT	1.44%
Coforge Ltd.	IT	1.43%
AU Small Finance Bank Ltd.	Bank	1.42%
Bharat Heavy Electricals Ltd.	Capital Goods	1.42%

The top 10 holdings account for approximately 18% of the portfolio.

To see all holdings, visit the Aditya Birla SL Nifty Midcap 150 Index Fund Direct Growth Plan page

The largest holding, BSE Ltd. at 3.57%, is meaningful but not dominant. The drop from the largest holding to the tenth holding is fairly gradual, moving from 3.57% to 1.42%, which suggests that the visible part of the portfolio is not concentrated in a single name.

The combined weight of the top 10 holdings is 18%, while the portfolio discloses 83 holdings in total. That points to a broad spread across many positions, with the longer tail likely reducing the influence of any single stock. At the same time, the leading positions may still matter more for short-term movement because they sit at the top of the allocation list.

Overall, the structure may offer diversification across a fairly wide set of holdings, but investors should still expect the fund to reflect mid-cap market swings because the portfolio sits in an equity index framework and carries a High Risk profile.

Source data date: as of 01 Sep 2026

Who should invest

This fund is more suitable for investors who can tolerate marked ups and downs and who have a long enough horizon to let multi-year compounding work. The High Risk label and the uneven short-term pattern mean it is not a comfort-first choice, but the stronger 3-year and 5-year numbers show why patience can matter.

The main trade-off is between the possibility of stronger long-run participation and the reality of short-term volatility. Investors who want steadier return paths may find the swings difficult, while those comfortable with mid-cap movement may view the fund as a reasonable index-based route to that segment. The benchmark comparison and the peer set also suggest that short windows can look very different from longer holding periods.

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 15D, and there is no exit load after 15D.

Source data date: as of 01 Sep 2026

Frequently asked questions

What is the current NAV of Aditya Birla SL Nifty Midcap 150 Index Fund Direct Growth Plan?

The current NAV is ₹26.314 as of 01 Sep 2026.

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

The fund’s 1-year return is 10.4%, its 3-year return is 16.55% and its 5-year return is 17.02%.

How does the fund compare with its benchmark?

It has outpaced the benchmark over 1 year, 3 years and 5 years in the periods shown here. The benchmark figures are -2.9% for 1 year, 6.01% for 3 years and 6.43% for 5 years.

How does it compare with the peer funds shown here?

The fund trails the peer set on 1-year returns in this comparison, while its 3-year and 5-year figures are more established than those of several peers that do not disclose longer histories. The short-term and longer-term comparisons do not tell the same story.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Mehul Dama and Priya Sridhar. The exit load is 0.25% on or before 15D, and it is nil after 15D.

Bottom line

This fund’s recent path has been mixed, but its multi-year record is stronger than the benchmark figures shown here. In the peer comparison, the one-year return is softer than the leading recent gains, yet the longer-term numbers are more meaningful for investors who can stay invested. The High Risk profile, broad portfolio spread and mid-cap orientation make it a better fit for patient investors who are comfortable with volatility and want index-style exposure rather than a smoother ride.

Published on 2 September 2026 at 10:02 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.