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 has a NAV of ₹26.6026 as of 28 Aug 2026 and an AUM of ₹487 Cr. Its 1-year, 3-year and 5-year returns are 12.9258%, 17.7893% and 17.9947%, and the scheme sits in the High Risk bucket. Our view is that the fund has delivered strong multi-year compounding, but the recent 1-year pace is more moderate, which makes it more suitable for investors who can stay invested through mid-cap volatility.

Because the portfolio is overwhelmingly mid-cap in nature, it can behave differently from broad market benchmarks and may move more sharply in both directions. The fund can fit investors who want index-based mid-cap exposure with a long horizon and who are comfortable accepting uneven shorter-term swings in exchange for higher long-term return potential.

Quick facts

NAV	₹26.6026
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 28 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	1.64%	-0.85%
3M	5.77%	3.39%
1Y	12.93%	-2.29%
3Y	17.79%	6.40%
5Y	17.99%	7.13%

The fund has been ahead of the benchmark across every period shown, and the gap is especially wide over 1 year, 3 years and 5 years. That tells us the strategy has not merely tracked market movement; it has compounded materially better than the benchmark over time. The 3-year and 5-year outcomes are close to each other, which suggests the longer-term path has been fairly steady rather than dependent on a single strong phase.

Recent behaviour is softer than the longer-term picture but still positive. The 1-month and 3-month figures point to a milder short-term trend than the multi-year returns, so the fund has not stayed in a straight upward line. Even so, the recent numbers remain above the benchmark, which supports the view that the portfolio has continued to hold up better than the reference index.

The time pattern also shows the kind of movement investors usually expect from a mid-cap index fund: phases of drawdown, recovery and renewed compounding. The fund’s 1-year path looks more uneven than its 3-year and 5-year results, but the longer runway still leaves the overall return profile strong. For investors, that combination means the fund has rewarded patience, while short holding periods may feel choppy.

Source data date: as of 28 Aug 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	12.9258%	17.7893%	17.9947%
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	35.235%	31.2535%	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	32.3519%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	32.0816%	Data not available	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	31.9037%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	31.8928%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the 1-year measure, the fund trails several of the peer funds listed here, so its recent return has been more restrained than the strongest short-term numbers in the set. However, the fund’s 3-year and 5-year figures are still meaningfully positive and far more complete than many of the peer entries, several of which do not yet have longer-horizon histories available.

That creates a useful split between short-term and longer-term comparison. In the near term, the fund has not matched the fastest-moving peer outcomes, but over longer periods it has shown a stronger established track record than peers with missing multi-year data. For investors, that means the fund looks less like a short-term momentum story and more like a mid-cap compounding option with a fuller return history.

Source data date: as of 28 Aug 2026

Portfolio: where your money goes

Market-cap mix: Large-cap 4.02%, mid-cap 92.33%, small-cap 3.52% and other 0.13%.

Sector	Weight	Top holdings
FINANCE	14.38%	HDFC ASSET MANAGEMENT COMPANY LIMITED (3.47%), BSE LIMITED (2.63%)
HEALTHCARE	10.33%	DR. LAL PATH LABS LIMITED (1.69%), LUPIN LIMITED (1.12%)
AUTOMOBILE & ANCILLARIES	9.84%	HERO MOTOCORP LIMITED (1.47%), ASHOK LEYLAND LIMITED (1.01%)
BANK	8.93%	THE FEDERAL BANK LIMITED (1.43%), INDUSIND BANK LIMITED (1.2%)
IT	7.57%	PERSISTENT SYSTEMS LIMITED (1.22%), PB FINTECH LIMITED (1.18%)

The portfolio is clearly tilted toward mid-caps, with 92.33% in that bucket and only small sleeves in large-cap and small-cap names. That makes the scheme’s behaviour likely to be driven mainly by mid-cap market sentiment rather than by defensive large-cap exposure. The allocation also fits the fund’s High Risk label, because the core portfolio is concentrated in the segment that tends to move more sharply.

Among sectors, Finance at 14.38% is the largest allocation, and it is notably above Healthcare at 10.33%. Automobile & Ancillaries, Bank and IT follow in a fairly tight band, so Finance may have the greatest influence on portfolio behaviour, while the other major sectors could shape returns in a more balanced way. The spread does not look overly narrow, but it does show a clear first preference.

Overall, the mix suggests a portfolio that is broad enough across sectors to avoid dependence on a single theme, while still being concentrated enough in mid-caps to remain sensitive to market cycles. That balance can support stronger upside during favourable periods, but it can also make the ride less even when mid-cap leadership fades.

Source data date: as of 28 Aug 2026

Who should invest

This fund suits investors who can tolerate High Risk and who are comfortable with a mid-cap portfolio that may move sharply over shorter periods. The 1-year return is positive but less striking than the longer-term figures, so the fund looks better aligned with patient capital than with money that may be needed soon.

The stronger 3-year and 5-year outcomes suggest a longer holding horizon is important if an investor wants the full effect of compounding. The main trade-off is straightforward: the portfolio offers index-based access to a mid-cap segment with strong historical long-term returns, but that comes with a less stable short-term path than a broad large-cap strategy.

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: 0.25% on or before 15D, Nil after 15D.

Source data date: as of 28 Aug 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 ₹26.6026 as of 28 Aug 2026.

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

The fund’s 1-year, 3-year and 5-year returns are 12.9258%, 17.7893% and 17.9947%.

How has the fund performed versus its benchmark?

It has outpaced the benchmark in every period shown. The gap is especially wide over 1 year, 3 years and 5 years, which points to stronger compounding than the benchmark.

How does it compare with the peer funds listed here?

Its 1-year return is below several of the peer funds shown, but its 3-year and 5-year numbers are still strong and more established than many peers that do not yet have longer histories available.

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 nil after 15D.

Bottom line

Aditya Birla SL Nifty Midcap 150 Index Fund Direct Growth Plan shows a clear contrast between a steadier long-term record and a milder recent run. It has stayed ahead of the benchmark across the periods shown, while peer comparison suggests the short-term return is less striking than some alternatives. The High Risk label and the heavy mid-cap mix mean the fund is likely to remain sensitive to market cycles. For investors who want mid-cap exposure and can accept that unevenness, the fund’s long-horizon pattern is the more relevant takeaway.

Published on 31 August 2026 at 5:03 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.