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 had a NAV of ₹25.3148 as of 16 Sep 2026 and a scheme AUM of ₹503 Cr. Its 1-year, 3-year and 5-year returns are 3.48%, 13.99% and 14.98%, respectively, and the scheme is marked High Risk. Our view is that it suits investors who can stay through mid-cap volatility and want a plain index-based approach rather than an active stock-picking style.

The fund’s longer-term return profile is materially stronger than its recent one, which suggests that short-term movement can be uneven even when the multi-year compounding has been better. That makes it more suitable for investors with a longer horizon who can accept a choppier ride in exchange for participation in the midcap segment.

Quick facts

Particular	Details
NAV	₹25.3148 as of 16 Sep 2026
AUM	₹503 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 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.61%	-4.41%
3M	-1.68%	-3.6%
1Y	3.48%	-7.76%
3Y	13.99%	5.74%
5Y	14.98%	5.67%

The recent pattern is mixed. Over 1 month, the fund declined a little more than the benchmark, while over 3 months it fell less than the benchmark and therefore held up better in the short run. That is a reminder that the path has not been smooth, even though the fund remains aligned to a mid-cap segment that can move quickly in both directions.

The longer view is more constructive. The 1-year figure is positive while the benchmark is negative, which shows that the fund has been ahead over that stretch. The 3-year and 5-year numbers are also well above the benchmark, so the broader compounding picture is stronger than the recent monthly weakness might suggest. This is the kind of profile that can reward patience, but it also means investors need to be comfortable with periods when returns do not move in a straight line.

For investors comparing time frames, the key takeaway is that the fund’s recent softness does not erase its stronger multi-year history. The 5-year return is only slightly below the 3-year return, which suggests the gain profile has been steadier over the longer window than over the latest month. Against the benchmark, the fund has been ahead across every shown horizon except the 1-month period, so the broad directional story remains favorable even though short-term behaviour is uneven.

Source data date: as of 16 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	3.48%	13.99%	14.98%
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	Data not available

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

The fund’s 1-year return is far below the highest peer figures shown, while its 3-year and 5-year returns sit below the strongest peer numbers that are available for those horizons. That said, the comparison is not one-sided: some peers have no longer-horizon figures available, so the more relevant read is that this fund has delivered steadier multi-year compounding than its own short-term result might imply, but it has not matched the strongest peer outcomes on the periods that are available.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
BSE Ltd.	Finance	3.14%
The Federal Bank Ltd.	Bank	2.06%
Multi Commodity Exchange of India Ltd.	Finance	2.03%
Laurus Labs Ltd.	Healthcare	1.74%
One 97 Communications Ltd.	IT	1.69%
Hero Motocorp Ltd.	Automobile & Ancillaries	1.65%
Coforge Ltd.	IT	1.62%
Indusind Bank Ltd.	Bank	1.57%
PB Fintech Ltd.	IT	1.52%
Bharat Heavy Electricals Ltd.	Capital Goods	1.51%

The top 10 holdings account for approximately 18.53% 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., is 3.14%, which is meaningful but still moderate for a single position in a diversified index fund. The drop from the first holding to the tenth is gradual rather than sharp, moving from 3.14% to 1.51%, so the portfolio does not appear to depend heavily on just one or two names at the top of the list.

That said, the displayed top 10 still add up to only 18.53% of the portfolio, and the full disclosed holding count is 83. That combination suggests a longer tail of positions beyond the headline names, which may spread influence more widely across the portfolio rather than leaving it concentrated in a very small cluster. The fund therefore may behave like a broad mid-cap basket, with its individual large holdings important but not overwhelmingly dominant.

Source data date: as of 16 Sep 2026

Who should invest

This fund may suit investors who are comfortable with High Risk exposure and who can hold through short-term swings. The recent 1-month and 3-month behaviour shows that returns can fluctuate, while the 3-year and 5-year figures point to better compounding over a longer horizon.

It is a more natural fit for investors who want mid-cap participation through an index strategy and who can accept that the benchmark comparison may look weak in some short windows but stronger over longer ones. The main trade-off is between the possibility of improved long-run growth and the reality of a choppier short-term path.

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 16 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 ₹25.3148 as of 16 Sep 2026.

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

The 1-year, 3-year and 5-year returns are 3.48%, 13.99% and 14.98%, respectively.

How has the fund done against its benchmark?

It has been ahead of the benchmark on 1-year, 3-year and 5-year returns, while the 1-month figure is slightly weaker and the 3-month figure is better.

How does it compare with the peer funds shown here?

Its 1-year return is below the strongest peer figures shown, and its 3-year and 5-year returns are also below the best available peer numbers on those horizons. Some peers do not have longer-horizon figures available, so the comparison is based on the periods that are shown.

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 15 days, and nil after 15 days.

Bottom line

The fund’s recent short-term performance is weaker than its longer-term picture, but the 3-year and 5-year numbers still point to better compounding than the benchmark. It has not matched the strongest peer figures shown on the available horizons, yet the overall return trend is more encouraging than the latest month alone suggests. With a High Risk profile and a portfolio whose largest holding is moderate rather than dominant, it is best viewed as a fit for patient investors who can tolerate uneven stretches in pursuit of mid-cap growth exposure.

Published on 17 September 2026 at 9:49 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.